Lake Wedowee Market Update

Lake prices escalate dramatically for 3rd straight year

By: Kelly Caldwell

T

he real estate market on Lake Wedowee constantly changes with new homes sales recorded every day. Considering Alabama Power Company owns between 65 to 75 percent of the 272 miles of shoreline, there is only a limited supply available for individual owners and prices have escalated dramatically in recent years.

In 2005, only one home sold for more than $500,000 and just a year later six homes sold for more than that. To date, the most a home sold for has been $875,000*, and now in the first five months of the new year 26 homes are advertised for more than $500,000 with five homes listed for more than $1 million.

Does this mean Lake Wedowee is pricing itself out of attracting the average second-home buyer? Not necessarily. While extremes are out there, the average selling price for a home on Lake Wedowee last year was $318,784 with the lowest sale recorded at $132,500 compared to $287,028 and $128,000, respectively, in 2005.

From a seller’s prospective, this is excellent news. Most know that real estate rarely depreciates in value, it just appreciates at different rates depending on what is happening.

The National Association of Realtors reports the national median existing-home price increased 12.7 percent in 2005 and on Lake Wedowee, the existing-home price increased 10 percent in 2006 based on documented sales*. Since record keeping began in 1968, the national median home price has risen every year, even during recessions and periods of sales decline. Typically, in a balanced market, home values rise at the general rate of inflation plus 1.5 percentage points.

However, there is an interesting statistic to consider in the early months of 2007. Currently there are 81 waterfront homes advertised on ezMLS.com (the main advertising body for Lake Wedowee) with 46 of those coming on the market this year. The average price is $475,400 ($389,900 median) which is quite a leap from the average list price of $337,340 ($328,500 median) from a year ago. Matter in fact it is a 40 percent increase. While this seems like fantastic news for this area, it might not be. It is true there are some extraordinary homes advertised for sale, but are those price tags realistic? Considering only 14 waterfront homes have sold in 2007 (compared to 18 in the same time frame a year ago) it makes me wonder if the market is slowing a little bit. The peak season for waterfront home sales is May through September and it will be interesting to see how buyers react to the current prices of waterfront homes on Lake Wedowee.

*The figures in this report are based on information obtained through www.ezMLS.com, this is just an average and does not include homes sold by owner or other home sales not reported by real estate agents or builders. Randolph County does not have a multiple listing service at this time.

To learnmore about the lake market go to www.RandolphCountyGrapevine.com

Randolph County Housing Statistics 2007

Click on graph to make larger.  

Alabama Housing Statistics

 As reported by The Alabama Real Estate Research and Education Center

 Existing home sales in Alabama increased in February 2007 by 14.7 percent to reach 4,069 units sold. Existing home prices also rose in February to $155,632, an increase of 3.3 percent from January. There were 36,702 homes listed on the market in February, representing a 9.0 month supply of homes in Alabama. To learn more visit: http://www.arerec.cba.ua.edu/Housing%20Stats/stats_index.htm

In Randolph County there were 159 homes listed in March representing  a 14 month supply of homes.

New Ruralism

"New Ruralism"  Brings Homeowners Closer to Nature

   (NewsUSA) - Are nearby golf courses and swimming pools the stuff of an ideal vacation home? Not for a growing number of Americans.  While these amenities are still important luxuries to many vacation and second-home owners, some real estate industry experts say that there’s an influx of homebuyers now purchasing properties that offer them the opportunity to live closer to nature. 

   According to Dan Camp, vice president of Cousins Properties, a Georgia-based real estate developer, the Concept of “new ruralism” is a fast-growing trend in the United States.  A 2006 report by the National Association of Realtors found that as many as 31 percent of vacation and second-home owners want to be close to natural attractions.  Catering to those who seek a renewed connection with natures and the simple pleasures of rural life, some developments are featuring sprawling forests in Lieu of 18-hole golf courses and fish-stocked lakes instead of tennis courts.

   Cousins Properties, for example, is developing a community of 399 luxury homes spread amid 3,000  wooded acres, nearly half  of which are devoted to thepreservation of wild life as well as community recreational use.  The development, called Blalock Lakes, is located in Newnan, GA., about 45 minutes from Atlanta, and will boast courses for clay shooting and quail hunting in addition to three creek-fed lakes.  It will also feature an equestrian center with ready access to multiple nature trails that wind through the property.  A rustic country store and post office will be built just outside the entrance, for a true rural feel. 

   “Places like Blalock Lakes are a look and leave escape, close to home, where the kids can run without  supervision, adults can truly relax and families decide how much or how little they want to socialize,” said Camp. “It’s a getaway to the farm or plantation with out the up keep.” 

   For decades, the land was owned by the Blalock family, which used the site as a retreat for fishing, skiing, Hunting and relaxing.  Today, Blalock Lakes and other such high-end communities are striving to achieve that same kind of retreat to ruralism, one filled with peace, quiet and not a single golf or tennis ball.

 For more information, visit www.blalocklakes.com.

Choo Choo Barbeque Makes the Right Move

A Taste Of Lake Wedowee

                                                                                                     By: Collin White

     I didn’t think too much about Choo Choo Barbeque leaving Douglasville for Wedowee until my husband and I bought a Lake place late last summer.  Since I work in Douglasville, I had eaten there a couple of times and was impressed with the friendliness of the staff and the portion sizes.  I had no complaints with the food, but in growing, bustling Douglasville, it was hard for Choo Choo to stand out among the other 100 plus eating establishments.

Fast forward to a lazy Saturday night at Sunset Point on Lake Wedowee when no one had thought ahead to suppertime.  A quick call to Choo Choo and soon we were eating barbeque sandwiches and fries.  And wow- they were good.  Maybe it was the lake atmosphere…

 This happened a few more times before we finally decided to try dining in instead of taking out.  We loaded up with the neighbors and headed down Highway 431.  The staff was still friendly but the surroundings were remarkably different.  Nothing fancy, but roomy and comfortable for the folks who like to gather up and make eating out a social event.  And the portions…well, it’s safe to say that no one in our circle has ever gone away hungry.

Obviously the specialty of the house is barbeque, and my husband and I prefer the pork.  Sometimes we get the sandwich and other times we get the plate.  Either way, the French fries are a must!  Home cut and just greasy enough to be yummy rather than yucky, the fries are great dipped in ranch dressing.  The onion rings are good too, but my first choice is always the fries.

Once I decided to stray from the traditional barbeque, I tried the Saturday night “Surf and Turf” special.  The steak was very tender and cooked exactly as ordered.  I had the fried shrimp while some of my dinner companions tried the grilled.  While both were tasty, the fried seemed to come out slightly on top.  The salad bar is small but well stocked with a good variety of dressings (I don’t actually put ranch on everything…)

My other favorites are the fried green tomatoes (also great with ranch dressing) and the banana pudding.  I almost cried one Saturday afternoon when I found out that the banana pudding wasn’t going to be ready until Sunday.  But I ate a chilidog and felt a little better.

All in all, Choo Choo Barbeque has made a great move to Wedowee.  They provide a much needed service in Randolph County.  The food is simple but good, the prices are very reasonable, and the portions never disappoint.  Visit more than once and you’ll be greeted like one of the family!

  Collin White and her husband Frank own a cottage at Sunset Point and would live in Wedowee full time if they could.