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Saturday, May 26, 2012

Lake Wedowee Real Estate Update


Lake Wedowee Real Estate Update

By Leisel Caldwell
Managing Broker
 RE/MAX Lakefront



The Lake Wedowee market continues to see buyer activity. Since the first of the year there have been 11 (22 transactions) reported lake house sales and 8 (16 transactions) lake lot sales by local agents. The lake house sales vary in range from a low sale of  a foreclosed townhome at $85,000 to a recent closing of $700,000 on a large custom home located in the south part of the lake. Out of the 10 documented sales 6 sold for under $230,000 and 4 of these houses were foreclosed properties. Foreclosures have definitely played a big part in reducing the market values on Lake Wedowee in the last 12 months. The good news is there are fewer foreclosures currently on the market and we are seeing increases in traditional sales and prices offered. Based on recent reports there are 6 lake houses under contract with the majority of the list prices in the high $200's. This is a good indicator values are taking a turn for the better for lake houses.                                   
Lake lots are another story. The sale of lake lots continues to be very sluggish and the very cheap is what makes up the majority of sales, with 5 out of the 8 documented sales being $60,000 or less. Lake lot sales suffers from a double whammy due to the lack of financing options and the sizeable inventory of reasonably priced pre-owned lake houses currently for sale. Why build when you can buy for less. This will change as the inventory of lake houses priced under $300,000 disappears. Savvy investors should be looking at the lake lot market. Lots of lots for sale and prices are low. More good news includes sales in other areas of our county and surrounding areas. Most sales are in the range of $60,000 to $100,000. If you have a stable income and feel secure with your job it is an excellent time to buy. With the lower prices and low interest rates, you have a tremendous opportunity to buy more with lower payments.


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