Auction of lake front townhomes

At an auction of 16 lakefront townhomes (The Peninsula on Lake Oconee) on Sunday, December 13, all 16 properties sold within about 90 minutes. Many of the homes in the development had sold over the past couple of years for prices ranging from the mid-$400K's to over $700K. Auction prices ranged from $319K to $415K, with buyers paying an additional 8.5% buyers' premium. Total sales exclusive of buyers' premium was $5,827,000 based on the announced winning bids.
These were extremely well-done homes...all have assigned slips, custom interior finish and pool access, and other amenities.
The auction company, SheldonGood & Company, conducted an extremely well planned and executed event. There were ample opportunities for prospective buyers to view the properties in advance, the process was thoroughly explained in advance, and it was held in Atlanta with very strict qualification of prospective buyers.
Several bidders were represented by their buyer's agents from the Lake Oconee area.

2009 residential real estate market for Lake Oconee waterfront and golf course homes

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.

Lake Oconee lake homes and lake lots for sale

Here is what is on the market at Lake Oconee Georgia for six categories of lakefront and golf property as of 6-3-09;

Lakefront homes non-golf: 139 homes from $225K to $2,900K Median: $615K
Lakefront homes gated/golf: 84 homes from $669K to $5,695K Median: $1,540K
Off lake homes gated/golf: 225 homes from $185K to $4,995K Median: $629K

Lakefront lots non-golf: 80 lots from $99K to $1,750K Median: $340K
Lakefront lots gated/golf: 72 lots from $249K to $1,650K Median: $722K
Off-lake lots gated/golf: 363 lots from $38K to $929K Median: $189K