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| Name: |
dagwood
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/19/2007 8:27:19 PM
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On Lakehouse.com. Looks like property values are starting to adjust to what they should be.
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| Name: |
Pontoonfisher
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 7:24:11 AM
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This lot may only be worth 99K. It may have shallow water and it looks like it has very little waterfront. Lots that have 150' or more of waterfront and deep year round water will be at least 275K and up. I just don't see prices going down. There are too many people that are willing to pay the current prices, especially people from out of state. Remember, you get what you pay for.
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| Name: |
ecstasypoint
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 8:36:12 AM
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Has anyone noticed the prices they are asking in the Ridge? Most houses are well over a million; several are over 2 million, and some are over 3 million. The lots themselves aren't that much. So even if they're getting over $200 a square foot, they are banking on people badly wanting to be on this lake and in that subdivision and paying a lot of money for the privilege. A Russell agent told me last weekend that the houses ARE selling, but only less than 20% are full-time residents. I saw a map of future planned Russell development and it scared me silly.
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| Name: |
Osms
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| Subject: |
Ridge homes
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Date:
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9/20/2007 9:17:02 AM
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This is the third Showcase for some of those 'featured' homes. Some are worth it, some ain't.
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| Name: |
LifeTime Laker
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 11:07:45 AM
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I know where the 99l lot is. It is in a great area and a steal at 99k IMHO. It doesn't have 150' of waterfront, but it is in a nice deep area. I looked at a lot in that area for my neice a while back and advised her to buy, but she bought a bar in Atlanta instead. Peaceful lake lot, loud bar with obnoxoius drunks. Go figure!!
As for the Ridge, folks are aware that it doesn't take $250sf to build, even if it is on Lake Martin. You can find the same type and quality of homes in subdivisions every where that cost less than half that to build. Some of those 'homes' are the same as typical tract homes in other areas, just built on expensive dirt.
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| Name: |
ecstasypoint
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 11:48:26 AM
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I totally agree. I don't quite get why people would so overpay for lake property when there are nicer and less expensive lots available. I think it's all about the prestige of being able to say you own in the Ridge. But my point was that the lake prices don't seem to be equalizing. They are all over the place with stuff at the lower end falling and the expensive houses creeping up every month. Seems like the drought really hasn't affected the real estate market that much yet. This is related in my mind to the overwhelming optimism that people have about the lake returning to 490. Some declare that it will because they have a lot of money banking on it. Others say it will because they want it to so bad. I just wonder if anyone else is making mental preparations for the fact that it might not. I'm already aware that ltl is sure that the water will definitely be back, and I hope he's right.
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the water will be back, it's a matter of when, not if.
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| Name: |
Feb
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 12:12:22 PM
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I went and looked at the MLS listings. I found three water front lots for the price mentioned,. I did not see any bargains. They were all unimproved.
The only lot with any visiable water had only 50 ft. of water frontage.
MLS listing # 07-12 was .61 acres and had less than 150 ft. of water frontage and no water view depicted.
MLS listing # 07-13 was .47 acres and had lesss than 150 ft of water frontage and the picture depicted a mud flat. (I may of got the actually measurement transposed between the two lots, not sure and did not want to go back and double check.)
The above may of been because of the pictures which just did not show water.
Possibly the referenced lot is not in the MLS. I do not know.
I also know at the Ridge the monthly association fees should be considered as another cost of ownership. I think they are about $150 + a month. Eagle's Point is much higher but include lawn care of a very small lot. (LOL)
I do not think you can form an opinion until you actually go see the place itself.
Building cost are high and lot improvement cost are even higher in my way of thinking.
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| Name: |
LifeTime Laker
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 12:58:18 PM
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Building costs are high feb, but I think grossly inflated around the lake. There is no way you have to spen $250sf to build a nice home. That is what a lot of these homes are being priced at, and that doesn't include the dirt. If you insist on imprting builders from B'ham, Mont. or elsewhere natutally your costs go up. You pay a lot of high priced labor to drive. There are enough contractors locally, both good and bad, that there is no reason to import them. Builders, like anybody else, will charge 'whatever the traffic will bear'. If you hire them to build in the Ridge, they look around and figure they can charge that kind of price.
I disagree about the lower end stuff dropping off. From what I see and hear, it is the lower end stuff (under 500K) that is moving and the high end that is stagnant. The high end builder spec homes in particular. What is suffering is the midrange (500 - 1mil). A lot of these were just small "cabins" that flippers bought back in 04-05 for 3-400k, spent 30-50k 'remodeling and updating' and then went back on the market at 700-800K.
Of course this is just my opinion form observations and conversations with folks. I would be interested to get John C.'s opinion on this.
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We may not see full pool next year either. That will be a first that I am aware of, 2 years in a row of no full pool. But you have to realize, this is the WORST drought in recorded history, and there are no signs of it changing in the near future. There are LOT bigger concerns to me and others about the affect of this drought than whether I can tie a boat up at my pier. There are businesses all up and down the rivers and lakes of Alabama that are suffering. Cities are worried about water supplies and yes even WWTP's have to worry too, as many of them discharge into smaller creeks that are literally drying up.
You are right though, it is definitely WHEN not IF.
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| Name: |
Feb
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 2:11:03 PM
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I do not want to seem argumentative, but the variables to home building are considerable. The square footage of the home is considered the same but there is a difference between 12 ft. ceiling and even much higher and your typical 8 ft. ceilings in most local homes. Here are some additonal considerations:
1, The amount of decking or covered verandas which are not included in sq. footage cost. My new place has almost as much of this as it does heated/cooled space, but my sq. footage cost is quoted upon the design heated/cooled footage.
2. Type of flooring - as an example I am using primarily Italian tile vs. Mexican tile. Italian tile is fired 6 time and Mexican tile only twice. I was able to obtain Italian tile 25% cheaper from Mobile, AL than the local flooring company wanted for Mexican tile. The cost also included me footing the bill for the installers in a hotel for two weeks. Therefore, you can get ripped by local businesses. Not saying this is always the case.
3. Counter tops and top of the line cabinets are an additonal expense. How about solid wood cabinets vs. some other crap? Granite and Quartz counter tops in the kitchen and baths. By the way Granite and Quartz are the same cost, but Quartz is far superior since it does not require frequent sealing and is available in better color patterns.
4. Exposed beams in the ceiling are an additional cost which generally have to be wrapped by a superior wood material.
5. Many - many other considerations such as light fixtures, ceiling fans, the number of electrical connections/cable/phone. You will normally find much higher quality and appearance in higher priced homes.
6. Appliances are another significant cost driver. A simple updraft for an island range top is more expensive than any other appliance in the kitchen. (about 3 to 4 grand depending upon size)
7. What are the quality of the doors and windows? A mahogany entrance door can easily set you back many thousands (like well over five grand). Just call for a quote from the firm that adverisizes in the local lake magazines. I got a solid mahogany double entrance door for a couple of grand less from a firm in Eclectic. It had to be special ordered from Texas.
8. The list could go on from door knobs to security systems and etc.
I did not pay nearly the amount quoted in the other post per sq. ft., but rest assured it was not as cheap as buying a home of equal quality built 20 years ago. Building cost are up as is the price of labor which is a part of it.
Others can confirm or disagree with what I have said. Maybe, I am just stupid and getting ripped all the way around.
I am a Yankee you know. Raised in Dothan, Alabama but been spoiled by the rest of the world.
It is going to be nice to get back home.
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| Name: |
Osms
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| Subject: |
FEB
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Date:
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9/20/2007 2:31:55 PM
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Boy, you sound like a man that just found out that he's got to spend 1/2 the cost of his house in the last two weeks. Costs of finish work will kill ya'.
The big surprise for me was the extra costs of building on a hillside. That adds a bunch to the cost.
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| Name: |
LifeTime Laker
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 3:12:55 PM
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You make my point feb. You are putting in 'extra' upgrades and still staying below what some local builders are trying to charge for 'standard' items. And yes, sometimes the locals do try to price gouge, unfortunately. But the smart builders, like yourself, find ways to work around this.
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| Name: |
magator2
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 3:39:01 PM
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So, are you willing to share where you found the Italian tile?
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| Name: |
Feb
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 5:18:41 PM
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I understand your guesiton. My point was one tile is far superior to the other (you probably already know Mexican tile is far inferior to Italian tile and is what you find in lesser construction), My personal experience was on prices of obtaining a superior product for a lesser cost. I will only say both sources are major business and in the phone books. I would once again be accused of being a hypocirte if I started naming specific establishments.
So, you can not compare cost per sq. ft. as an average without more specifics. There are reason why cost per sq. ft. will vary and it not just flooring cost.
If you are building your on personal home, you need to check around and be aware. The major quailty builders as in the Ridge are very familiar with what is higher quality and what is of lesser high grade. I think they have their sources. I am sure most of the high quality products are not available at a reasonable price in the local area or establishments due to demand. They just do not currently handle enough of higher grade building supplies to provide a cost reduction in their orders. It does not mean they are less than reputable.
You will not find vinyl or aluminum siding in the Ridge, since they use Hardi Plank which will cost about 15 to 20% more in price. This is a gustimate on my part and could be wrong. (Disclaimer)
To further emphasise my point, there has to be a higher sq. ft. cost for 12 ft. ceiling than 8 ft. ceilings and the other things I mentioned like amount of decking.
I have no special connections.
I am using a local family owned builder.
You are right OSMS about where the cost start to really occur, but in my case it was bid up front. There are a lot of improvement that you may select as progress occurs but are not mandatory. Then there are thing like lot improvements and landscaping that are not always recognized by the owner up front. They will cost you one way or the other.
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| Name: |
LifeTime Laker
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/20/2007 6:24:09 PM
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My point feb, is that some of the houses in the Ridge, and all the others I am sure, are built with standard features but still carry the upgrade pricing. It is a fact that you can take the same plans and build two very different houses. You can spend about as little or as much as you want. The quality is just not there in some of the high end houses. Of course, it is showing too. Some of those houses have been on the market a long time. Anyone spending million + is looking for quality and not going to buy an inferior product just because it is on the lake.
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| Name: |
8hcap
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/21/2007 2:37:29 PM
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You are absolutely correct in that assessment. We made the tour and about 1/2 of the homes have obvious cost savings features that stood out like a sore thumb. But I will go with Feb on this one. Home prices psf can vary from $85 for a production home in Atlanta to $1,000 or the sky is the limit for a custom home. I would guess that the average cost of a ridge spec home (heated and cooled suare footage) was over $225. You must remember that most of these houses were built during a time of extremely high materials cost and limited labor availability. These problems are greatly magnified at the lake. Materials are just now coming down and the demand for housing has slowed to nothing so labor will begin to come down once current contracts are completed which will not be a long time. Frankly, the next 12 months may be the best time to build a house on the lake.
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| Name: |
Feb
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| Subject: |
Lakefront Lot for $99k
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Date:
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9/21/2007 3:24:27 PM
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Wish I had waited a year. LOL
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