Compared to what we hear about the real estate market in places like Florida, Arizona, and California, our 2009 market at Lake Oconee in Georgia for waterfront and golf community homes seems reasonably sound at low and medium price points.
Lakefront homes sold in our 125 non-gated lake communities are right on pace compared to 2008, with avereage sale price at $456,500, about 9% off the asking price.
Higher priced home sales (those over $1 million) are DOWN about 80%. Since the vast majority of $million+ lakefront homes in our area are located in our five gated golf communities, that's where the greatest pain is being felt. There have been five sales with 2.5 months to go compared with 30 sales in 2008. More telling are two points: the average listed price of the 89 waterfront homes in the golfing communities is nearly $2million; the average price of the 5 properties sold this year is just over $900,000, about 15% off the listed price for those properties.
Off-lake homes in the golf communities are running at about 75% of 2008's pace. Average price for the 34 golf non-lakefront homes sold is $527,700, about 9% off asking price.
We are seeing an increase in potential buying activity this fall as opposed to the spring and summer. Those in the market are serious, have often pre-negotiated a loan or are paying cash, but are shopping for bargains in the under-$million properties.
Shortly I will prepare a similar report for lakefront and golf building lots.
Friday, October 16, 2009
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