1. Not many choices: It is mid-December and there are only 212 ACTIVE waterfront properties, and 353 waterfront properties SOLD in 2017.
2. There was a significant “Average Price” spike in 2017: Only +/-46% of Lake Martin properties are under $500k.
3. Sometimes the best lots are older properties: Think about it…original homeowners on Lake Martin built on the biggest, deepest, “longest view” lots.
4. New Construction costs: labor, materials are on the financial upswing…but that’s not the biggest new construction shockers! Your seawall, pier/dock and boat slips can average $50,000-$75,000 or more. So, consider cost of lot + “waterfront access amenities” before even breaking ground that can put a dent in your budget. Finding existing homes with seawall amenities is a money saver.
5. Good bones: a lot of homes around the lake were built with open “cabin” floor plans. This is also the latest trend in new construction. Why “start from scratch” when you can simply update the fun finishes – “aesthetic factors” that you read about in magazines and see on Pinterest and YouTube.
Here is a prime example of a potential remodel:
Welcome to 16 South Pin Oak Lane in Smith Mountain Estates, Jackson’s Gap, Alabama.
Top Features: 1) Brick exterior 2) Open floor plan 3) Master suite on waterfront side 4) Short and long term rental opportunities 5) Seawall, pier, and covered boathouse…room to park 4 boats & jet skis!
This property is priced well below $400K. Call Paige Patterson (205-616-8046) to learn more about this property and other Luxury Lake Martin Waterfront Homes.