The past three months have been occupied with my move to Coldwell Banker Lake Oconee Realty. I'm now ready to resume blog listings. The move was occasioned by my sense of needing to reinvigorate and recharge my business. I was very fortunate to have been with a very successful non-franchised broker for 7 years, and my departure was on excellent terms on both sides. My former broker very generously permitted me to move my listings with the sellers' consent...all 14 listings stuck with me.
The normal trajectory in our local market is to begin with a franchised company, then move to an independant as an agent gains experience. Mine was just the reverse. After over seven years of consistent $million-plus performance, the new year will be a challenge, but it seems that activity is beginning to resume. My intent with this blog was to avoid personal references as much as possible, and stick to the Lake Oconee / Lake Sinclair market itself, and after this explanation of the past 3 months, that is what I plan to do.
Wednesday, March 31, 2010
Tuesday, December 15, 2009
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.
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.
Thursday, November 12, 2009
Jumbo loans for Lake Oconee waterfront homes in Greene County
The $662,500 limit for conforming jumbo loans in Greene County, Georgia, has been continued until September 10, 2010. Greene is the only county in Georgia that qualifies for this limit...all other counties in Georgia are limited to $417,000. Given Greene County's millage rates among the 5 lowest of Georgia's 159 counties, and the attraction of the county as a premier golfing and lakefront destination for full-time and second homes, the real estate market here offers a unique opportunity for value-seeking buyers.
Friday, October 16, 2009
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.
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.
Tuesday, September 22, 2009
Reynolds Plantation - Reynolds Landing merge
Reynolds management announced yesterday that membership programs for Reynolds Plantation, Reynolds Great Waters, and Reynold Landing will be merged. Basically, this adds one new course for the Plantation owners and opens multiple memberships to Reynolds Landing owners. Reynolds Landing will also be renamed The Landing at Reynolds.
This change seems to me to benefit all three communities, and it significantly upgrades the status of Reynolds Landing (now The landing at Reynolds)...the developer has made significant upgrades to the infrastructure during the past 3 years and it is solidly included in the new Lake Oconee Academy school zone.
This change seems to me to benefit all three communities, and it significantly upgrades the status of Reynolds Landing (now The landing at Reynolds)...the developer has made significant upgrades to the infrastructure during the past 3 years and it is solidly included in the new Lake Oconee Academy school zone.
Thursday, August 27, 2009
The "Due Diligence" period when buying lake and golf property
A couple of years ago, Georgia began using a Due Diligence period as an option for buying real estate. Its effect has been to simplify the process for both buyers and sellers between acceptance of an offer and closing.
The Due Diligence period is part of the initial Purchase and Sale agreement by which the buyer makes an offer on the sellers' property. It is a period mutually agreed by both parties during which the buyer conducts all investigation of the property...home inspections, surveys, soil tests, neighborhood eveluations...whatever the buyers choose to do to assure themselves that they wish to proceed to closing.
The typical Due Diligence period ranges from 7 days to a month, and during that period the buyer may terminate his agreement and have the earnest money refunded, no questions asked. Obviously, the seller wants this period to be as short as possible, while the buyers want as much time to evaluate the property as they can get.
If the buyer finds deficiencies in the property, there is a proceedure for revealing the deficiency to the seller and negotiating a solution...either the seller fixes the problem, or a price is agreed to reduce the purchase price and enable the buyer to fix it after purchase.
Advantage to the buyer?..the contract can be unilaterally terminated and the earnest money refunded for any reason during the Due Diligence period.
Advantage to the seller?..the property is "off the market" for a limited period of time; once the buyer passes the Due Diligence period without terminating the agreement, and any other special stipulations are met (there may be a financing contingency that extends beyond the Due Diligence period), the earnest money is non-refundable.
My observation is that, properly handled, the entire process is less prone to dragging out over weeks or months, and both parties know exactly what is expected of them.
The Due Diligence period is part of the initial Purchase and Sale agreement by which the buyer makes an offer on the sellers' property. It is a period mutually agreed by both parties during which the buyer conducts all investigation of the property...home inspections, surveys, soil tests, neighborhood eveluations...whatever the buyers choose to do to assure themselves that they wish to proceed to closing.
The typical Due Diligence period ranges from 7 days to a month, and during that period the buyer may terminate his agreement and have the earnest money refunded, no questions asked. Obviously, the seller wants this period to be as short as possible, while the buyers want as much time to evaluate the property as they can get.
If the buyer finds deficiencies in the property, there is a proceedure for revealing the deficiency to the seller and negotiating a solution...either the seller fixes the problem, or a price is agreed to reduce the purchase price and enable the buyer to fix it after purchase.
Advantage to the buyer?..the contract can be unilaterally terminated and the earnest money refunded for any reason during the Due Diligence period.
Advantage to the seller?..the property is "off the market" for a limited period of time; once the buyer passes the Due Diligence period without terminating the agreement, and any other special stipulations are met (there may be a financing contingency that extends beyond the Due Diligence period), the earnest money is non-refundable.
My observation is that, properly handled, the entire process is less prone to dragging out over weeks or months, and both parties know exactly what is expected of them.
Wednesday, August 19, 2009
Survey recommended for Lake Oconee lakefront and golf property
A survey is recommended prior to buying any real estate. I will focus on the reasons relevant to buying property on the lake and in gated communities.
Lakes Oconee and Sinclair are managed by Georgia Power Company, and the actual lakefront is actually leased from Georgia Power (there are some exceptions on Sinclair). All buildings and permanent structures must be no closer to the water's edge than either the Georgia Power property line, or 65' to 100', depending on the county, whichever is greater.
An "as built" survey will show whether there is any incursion over this line. In one case, the lakeside deck was about 6" over; the seller was unaware of this and it required the sellers' obtaining a waiver from Georgia Power. No problem, as long as the new owner knew about it before completing the sale. The buyer had paid for the survey and it gave him the information he needed during his due diligence period.
This survey will also show the location of seawalls and docks, which will be needed should the owner decide to renovate or alter the dock in the future.
In two other instances, golf properties were found to have an incursion (by the developer) onto the owners' property...in one instance, the cart path and part of the ladies' tee were actually on his lot. In another, a small section of a cul-de-sac was the incursion. In each case, the owner had the option of pursuing the issue legally, but it was critical information that could have derailed a future sale had it not been know and disclosed to future buyers.
A survey for a typical lot around an acre or so costs around $400, and can benefit both the buyer and the seller.
Lakes Oconee and Sinclair are managed by Georgia Power Company, and the actual lakefront is actually leased from Georgia Power (there are some exceptions on Sinclair). All buildings and permanent structures must be no closer to the water's edge than either the Georgia Power property line, or 65' to 100', depending on the county, whichever is greater.
An "as built" survey will show whether there is any incursion over this line. In one case, the lakeside deck was about 6" over; the seller was unaware of this and it required the sellers' obtaining a waiver from Georgia Power. No problem, as long as the new owner knew about it before completing the sale. The buyer had paid for the survey and it gave him the information he needed during his due diligence period.
This survey will also show the location of seawalls and docks, which will be needed should the owner decide to renovate or alter the dock in the future.
In two other instances, golf properties were found to have an incursion (by the developer) onto the owners' property...in one instance, the cart path and part of the ladies' tee were actually on his lot. In another, a small section of a cul-de-sac was the incursion. In each case, the owner had the option of pursuing the issue legally, but it was critical information that could have derailed a future sale had it not been know and disclosed to future buyers.
A survey for a typical lot around an acre or so costs around $400, and can benefit both the buyer and the seller.
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