10 Tips for Buying Waterfront Property on Lake Wedowee
Jul. 20, 2009
10 Tips for Buying Waterfront Property on Lake Wedowee
By Leisel Caldwell
1. Find a real estate agent who is experienced and knowledgeable about the Lake Wedowee market. Lake property has different characteristics to consider than traditional homes and land and the average agent does not have this detailed knowledge. Choosing the right agent can save you time, effort and aggravation in finding the right lake property for the right price.
2. Give considerable thought on how you will be using the property. Do you want a simple weekend get-a-way with little upkeep? Do you want a large home so you can accommodate a large number of people? Are you considering on renting out the property? Give your real estate agent as many details as possible.
3. Don't buy without setting foot on the property first. You should take the time to look it over closely and inspect it yourself. If possible locate a copy of the site plan so you can determine exactly where the property lines are. If not, make obtaining and approving a survey a condition of the purchase contract.
4. Look into loans early. Since waterfront properties are more expensive than other properties, loans will often fall into the jumbo mortgage category. Lenders will therefore only consider very qualified buyers. You should start the process before you look at property because it can take a lot longer than a normal home loan. Also, when it comes time to make an offer, being pre-approved will strengthen your negotiating position with the seller.
5. Talk to the neighbors. Ask them what they think of the developer and the area. Are they happy with how their house was built? Were the amenities completed by the developer as promised? If they love living there, they'll tell you - if they hate it, they'll tell you that too.
6. Understand Lake Wedowee’s water level changes. Lake Wedowee’s water level changes in the winter months and with severe drought. This can make a difference in your access to the water and your view in winter months. Normal summer pool level is 793’ mean sea level and the normal winter pool level is 785” mean sea level.
7. Check on lot size requirements. Make sure the lot you're looking at will support a house of the size you want.
8. Find out what you can do with the property. Get a copy of the Restrictive Covenants for the subdivision or development to know what is allowed. If you want to make changes to your waterfront property, such as adding a dock or a seawall, you will need to contact Alabama Power Shoreline for guidelines and procedures to verify what you can do and getting the proper permits.
9. Check out road access and utility connections. If the property is remote, make sure you know who is responsible for maintaining the road. Many banks require a Road Maintenance Agreement before they will lend on remote property. If you're planning on building, make sure that you will have access to electricity, water, sewage and other utilities. Never assume that you can just "hook up".
10. When making an offer. When you make the purchase offer, make it conditional on a satisfactory home inspection and/or an inspection of the land. For example, if you don't have access to sewage lines, make the offer conditional on your ability to obtain permits for a septic system. Plus, you should always make your offer contingent on your ability to obtain financing.
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What kind of market is Lake Wedowee, Ala.?
Apr. 28, 2008
Many are wondering what is wrong with our Market...
Everyone who knows anything about real estate will tell you real estate is “local”. Just exactly what does that mean? It means what is being bought and sold in New York City, New Orleans or Miami has no impact on what is being bought and sold in Wedowee, Alabama.
Okay, what does influence the local market? The two most important factors are:
#1 The number of homes for sale (inventory) and the number of buyers currently looking at those homes
#2 The price buyers are willing to pay or can get financed
Comparable sales for the last 6 to 12 months is the best indicator of what buyers are willing to pay. Please know we are not talking about the list (asking) price but the sold price! Comparable sales of like kind properties help us to know what a buyer is willing to pay for a typical size and style house or lot located in our current local market. An appraiser will use comparable sales to arrive at an educated opinion of market value for a property being sold or financed. A lending institution or an astute buyer does not want to pay or finance a property for more than what it can be sold for in the current market.
When we have more buyers than we have homes for sale it is called a “sellers market” if we have more homes for sale than we have buyers it is called a “buyers market”. With a seller's market, prices are increasing and good listings sell quickly. In a buyer's market prices are subject to decrease and the days on the market are for longer periods of time. We are currently in a buyer's market on Lake Wedowee in most price ranges.
Just a few years ago it was possible to purchase a nice cabin or home with what we considered “good water” for under $250,000. We had an abundance of buyers looking for lake lots from $75,000 to $200,000 and lake homes in the $200,000 to $400,000 price range. It was a seller's market for those price ranges. So what happened? People got greedy. Sellers got greedy, developers got greedy, agents got greedy and the prices were pushed. And, then pushed some more where now they are right out of the typical buyer's reach.
There are other factors stalling our market too:
Poor construction – no building inspection or building code
Lack of planning for quality growth
Real estate agents competing with buyers and flipping properties
Lack of quality subcontractors and service providers
Bad business practices - lack of ethics - distrust
Lack of hospitality and cooperation
It was fast and furious for a while and the buying was easy. I think in many cases too easy. Our market is now in a time of adjustment, even the good properties are slower to sell.
However, the good news is there will always be those who need or want to sell and those who need or want to buy. The most important person in today's market is the Realtor who knows their market, is honest, trustworthy, loyal, listens and has a true desire to help their customers and clients.
View more entries tagged with: Lake Wedowee,
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Learning the Ropes March 2006
Mar. 9, 2006
By Kelly Caldwell
Things have been pretty interesting in my life lately. This time a year ago I was a news hound for the Alexander City Outlook. Newspapers have been my life for a long time, I started taking pictures for The Randolph Leader when I was a senior at Handley High School. Now, 10 years later, I am no longer a journalist.
I have traded in my handy-dandy reporters notebook and the craziness of being a journalist for real estate contracts and the craziness of being an agent.
For those that have worked with Advantage Realty in the past, you may notice a similarity in the brokers last name and my own. Thats right, Leisel Caldwell and I are mother and daughter. I know, big shocker. But, you see since before I could walk, my mom has been in real estate in Randolph County, and now I have convinced myself (somewhat) that I want to follow in her footsteps.
I left my comfort zone of newspapers in November even though I had begun to make a name for myself. I had covered murder trials, hostage situations and even interviewed a celebrity or two.
I guess the biggest question some of you may be wondering is why the switch. Well to be honest, I havent quite figured it out myself. I do know that newspaper life is not as glamorous as one might think, and I was beginning to get bored with the day to day stuff. (Its not every day a hostage situation happens.) I have been watching my mom for all these years selling real estate and decided, what the heck, it might be fun.
Well, I can tell you this much so far… I am not bored with the day to day stuff. It is definitely challenging, and I love the fact that it is a little bit like newspapers. I am still writing (youre reading exhibit A), I get to meet people from all walks of life and my schedule can change with one phone call.
So regardless of the perceived excitement I left behind, change is good for everyone and this is one change that has surprises around every corner. I guess we will have to wait and see what comes next.
Kelly Caldwell joined Advantage Realty in November 2005 and became an agent in January.
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