10 Tips for Buying Waterfront Property on Lake Wedowee

We are gearing up for a great 4th of July on Lake Wedowee.

More events will be posted as they draw near!

We have been working for the past several weeks on a great real estate event for Lake Wedowee this weekend. RE/MAX Lakefront will have 10 waterfront lake homes open for your viewing pleasure beginning at 9 a.m. Saturday May 2, 2009. My mom and I will be at three of the homes and will be there to answer all of your questions about the properties.

There will be refreshments (at least something cold to drink on what is forecasted to be a hot day) and we will be registering people for a Cruise4Two certificate to be given away on June 1, 2009.  (I will explain more of that later.)

The three homes we have chosen to include on this tour offer fantastic views of Lake Wedowee.

Leisel will be at 343 Pleasure Point Drive. A 3 bedroom, 2 bath on located off U.S. Highway 431. It is listed at $389,000 and offers so much more than you would think for this price. It has ceramic tile and hardwood floors and the views of the lake are breath taking. You can click on the picture to go to another site with additional pictures and information.

I will be at two houses (luckily, they are side by side) in the Andanley Heights area of the lake. The homes are located on County Road 2402. To get there from town, head west on Highway 48, turn right on County Road 237 (the next right after Lake Wedowee Bait and Tackle, there will be a Dempsey Auction sign and a RE/MAX Lakefront sign pointing the way) At the stop sign turn left onto County Road 240. Take a right on County Road 2402 (Another Dempsey sign and RE/MAX Lakefront sign will point the way) Follow the gravel road past the Dempsey Auction sight and the homes will be on your left. 

Clicking on the pictures will take you to their individual websites. The first home (Lot 7) is offered at $569,000 and is on two levels (a full finished basement with a wet bar) and is full of upgrades.

The second home (Lot 8) is on three levels with two options for a master bedroom. It also offers a sun room on the third floor that offers a virtually unobstructed view of the lake.

Also the owners of these two homes on County Road 2402 will give away a Yamaha VX Cruiser if either (or both) of the homes are sold and closed by July 1. It has a retail value of $8,699 and you can see one at Wedowee Marine. There will also be one at the houses May 2. The owners will also throw in a year of boat storage at Mount Grove Boat Storage if one of the homes is bought and closed before July 1.

Okay, more about the Cruise4Two. Here is the ad that we are using to promote the drawing.  There is no cost to you to register. And Leisel and I will both have forms on Saturday. If for some reason you can't make it on this awesome open house Saturday we can also register you if we show you property before May 31. The certificate is for a 5 Day / 4 Night certificate for two to Mexico, the Bahamas or the Western Caribbean. Port charges, taxes, customs and fullfillment fees are the responsibility of the winner.

Hope to see you Saturday and remember... No One sells more Real Estate than RE/MAX!

We had our share of storms in the area on Good Friday. We had hurricane force winds for a while but thankfully the damage was minimal. I did get a chance to see some of the damage created by the storms. The metal roof of Rice Boat storage was blown off. But to my knowledge there were no casualties from the storm. If you own property on Lake Wedowee, you may want to come over to make sure it didn't receive damage from the storm. We have a lake-wind advisory in effect for today as well with more thunderstorms predicted!

Be safe!

And, remember if you are interested in buying or selling real estate on Lake Wedowee, we've got you covered. Visit us at www.ILoveLakeWedowee.com! Have a great day!

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.

by...Leisel Caldwell

Prospective buyers ask me all the time, "When is the best time of the year to buy a home on Lake Wedowee?" The answer becomes obvious when considering supply and demand. A limited number of lake-front properties are available or will ever become available. Of those for sale and an even more limited number meet the needs of the prospective buyer. When is the right time to buy? As soon as you find the home you desire. The one that fits your lifestyle may come along only once in a lifetime

The Media's focus on nation-wide foreclosure rates and tightening mortgage requirements has lead to some prospective buyers hesitancy to buy because of what they refer to as "current market conditions." Some are less confident in their ability to get financing on second homes and lake lots. Contrary to common perception, many buyers are enjoying better mortgage options and rates than ever before, and they have more properties to choose from. The national downturn and the hesitancy for some prospective buyers, presents a perfect buying opportunity for smart investors.

Lower pool offers buyers greater insight

While some buyers may complain about low lake levels, it is really good to see lake homes and lots when the lake is down. It provides buyers with an unrestricted view of the property and the lay of the lake. Is a dock placed far enough out in the water? Is a quiet and peaceful cove affected by drought? Is the new beach, revealed by the low water level, gently sloped, perfect for children? How does the lake front compare community by community? Observing property at lower water levels provides purchasers with an exceptional opportunity to see what is otherwise easily overlooked in a quick tour of the lake and home.

I cannot remember a better time to buy real estate on Lake Wedowee, taking advantage of choice, opportunity,and special insight, during this prime real estate buying time. If you are currently looking for Lake Wedowee real estate please give Kelly or me a call. We will work very hard to find you the perfect lake front property.

From a whisper to a scream - September Market Update

We have talked about how things are changing on Lake Wedowee and the changes are becoming more evident. There are two dozen homes currently listed that have been reduced in price recently. Some have been drastic reductions (as much as 17 percent) while others have been a gradual decrease.

These numbers are screaming one thing at me and whispering another. On first look you would think prices are adjusting because they were too high in the first place (scream), then one could think all these people are beginning to realize their properties are not attractive to buyers (whisper).

In reality it is a mixture of both. Half of the homes have been sitting on the market for more than five months and have not been sold. Houses have been selling during this time frame, matter in fact 27 homes have sold since April 1. The kicker is the average sell price for those 27 homes is $385,266 and the current average price for the homes that have been reduced is $512,675. Again there is a scream and a whisper. The average buyer is not interested in $400,000 plus lake homes (scream), but many sellers and agents continue to list properties with over inflated prices in a market that won't support their asking prices. (whisper but becoming louder everyday).

There are many homes on this lake for sale worth more than $400,000 but the majority of the buyers are looking for less than $400,000. Actually only nine homes have sold for more than $400,000 this year compared to the 30 homes that have sold for less.

The real estate market is changing nationally and Lake Wedowee is not immune to it. The real estate frenzy of the last few years has softened. In 2005, the seller could set the price and even entertain multiple offers before it sold. That's not the case now. Homes are now sitting on the market for a longer period of time and their is a large increase in the number of homes for sale. The average number of sales (buyers) has stayed the same but we now have more builders, more developers, more agents and more sellers competing for these buyers .

Lake Wedowee has experienced a boom like other areas in the county in the last few years, many have profited over the tremendous increased values of the last few years but the past is in the past. On the national level home sale prices were down 4.3 percent in August and the home inventory is at an 18-year high. We have now hit a plateau and prices have stabilized. No more flipping properties for 50% to 100% profits but stable pricing with a slight increase in the average sales price from 2006. It is a more balanced market for buyers and sellers alike.

To sell a house in today's market, hope is not lost. Like we have said before a house is only worth what a buyer is willing to pay for it. This summer has been an interesting one in that more new homes have sold than existing. Why is this? Builders negotiate, offer buyer incentives stage the house to look its best and do whatever it takes to get it sold. Those who want or need to sell their primary home or second home need to sit up and take notice of what is selling and why. Do not leave it to chance, do your homework. You must price competitively, prepare your home for the market (make it look its best) and enlist the help of a good agent to market your property aggressively to buyers and other agents.

Recommendation by: Ron Winslett

We have recommended many goods and services in the Lake Wedowee area over the last year and we always love to hear from you. A past client (Mr. Ron Winslett) came to us with the idea of recommending a mover, we jumped on the idea as long as Mr. Winslett gave us his personal account of the services he received from All Star Movers. We hope you find the information useful. Also if you have any future ideas for our "May We Recommend" section, please let us know.

It is not too often we step out on limbs and make recommendations on Service Companies, but in the case of "All Star Movers", Winston, Georgia (also licensed in Alabama), and Mr. Ron Motes, this is the exception.

Unfortunately over the span of my 36 year career, I had to move my household far too many times. And, in each of those times, there was always some negative experience. Whether it be major or small, there is no doubt something bad is going to happen. However, in the case with our last (and final move of our lives), we contracted All-Star Moving, Mr. Ron Motes, and Company to move our household from Lake Wedowee to our new home in Carrollton, GA.

Simply put, from beginning to end; from the initial visit and estimates which Mr. Motes accomplished personally, until the last box was removed from his high image trucks, this move was flawless.

With some much interest in homes and in Real Estate in general between Randolph County and Carroll County, GA, there is no doubt, in our minds, "All-Star" should be your first call. Extremely courteous loaders and the crews which handled our household goods and may have been the "Best" your moving dollar can buy. "All-Star's" motto is "22 Years of Reliable and Dependable Service. This certainly was our experience.

For further information or to possibly contact their Company, please call: Mr. Ron Motes General Manager All-Star Movers Winston, GA (770) 577-2142 or Ron's Cell: (770) 316-2340

1. Alabama Power bought 80 acres on Lake Wedowee in the summer of 2006.

2. Alabama Power had a road closed County Road 90 behind D and S Marine in 2006.

3. Agents from one local company have spread the rumor that it is happening and have used it to capitalize on sales.

4. Highway 48 is being resurfaced.

5. Traffic counters are currently on Alabama 48 and U.S. 431.

6. The wet/dry referendum is being talked about for the Feb. primary ballot.

7. Boat Ban Legislation banning boats of a certain size on Lake Wedowee signed into law by Gov. Bob Riley.

8. People in high places are calling asking about a Ritz Carlton coming to Lake Wedowee.

9. Ad on Craigslist describing future plans of a marina, golf course and more by Reynolds Plantation.

10.   Website addresses have been bought connecting “Linger Longer” and “Reynolds” to Lake Wedowee in the last month.

Taken one at the time, these items could be dismissed as a coincidence, but if you think of all 10 items collectively it presents a pretty strong case. While searching Lake Wedowee on Google Monday, I found several interesting addresses which have not been advertised before. The first one getting my attention was www.LakeWedoweeGolf.com. There is only one golf course in Randolph County, and it’s not advertising the Roanoke Country Club’s 9 hole course. It’s actually not advertising anything at the moment. The site shows a picture of a girl with keywords down the side like Lake Wedowee and Wedowee. This doesn’t mean much, but the exact same screen displays if you go to www.LingerLongerLakeWedowee.com; www.ReynoldsLakeWedowee.com and www.ReynoldsWedowee.com.

To explain a little more of how Linger Longer connects to the Reynolds of Oconee, you just need to visit the website. Linger Longer was the name of the family land generations of Reynolds family used. Linger Longer Development Company was created to develop Reynolds Plantation on Lake Oconee. Linger Longer Road is one of the main roads at Reynolds Plantation, and www.LingerLongerCommunities.com is a website dedicated to development of the Reynolds family. A Reynolds Plantation quarterly publication is also called Linger Longer.

Recent thunderstorms aren't going to be enough to help Lake Wedowee's water level. Alabama Power Company announced Monday, to expect Lake Wedowee (also known as Lake Harris) to drop to 789.5 by June 26, which means at that time, Lake Wedowee will be 3.5 feet below full pool.

Lake property owners and boaters should use caution on the lake as water levels continue to drop. Avoid going into shallow areas and be cautious of "stickups" (trees and stumps underwater). If you don’t visit Lake Wedowee regularly, you might want to take your boat out of the water. If the level changes drastically, boats could easily be beached.

The majority of the lakes in Alabama have felt the strains of this drought. Lake Martin (Our sister lake to the south) is down more than seven feet and could drop another foot by June 26. If that occurs, Martin could be at winter water level by July 4.

Memorial Day weekend is to remember those brave men and women that gave their lives for our freedom. That's the dictonary definition if you will... (Don't go looking it up expecting to find that exact wording) But, ever since I can remember it has been the unofficial kickoff to summer.

I have been to beaches in the past, but this weekend I chose to stay on Lake Wedowee. (It might be due to my profession as a real estate agent.) Anyway, even though the lake is down about 3 feet there were still a great deal of people on the lake this weekend either boating or riding a personal watercraft. There weren't (to my knowledge) any serious accidents on Lake Wedowee this weekend, but there was at least one fatality most people might have heard about by now. Marquise Hill, NFL football player, drowned after an apparent jetski accident on Lake Pontchartrain in Louisiana Sunday. It has also been reported he was not wearing a life jacket.

My sincere condolonces go to Mr. Hill's family during this sad time. But, it can also be a learning lesson. Wearing a life jacket is essential to riding a personal watercraft. It doesn't matter if you are an excellent swimmer or you are going just a little ways. ACCIDENTS HAPPEN. I am sure Mr. Hill did not go out Sunday with the intention of having an accident but his death could have been prevented if he would have just thought about what could happen. 

I have seen a few of my neighbors ride PWC's without lifejackets and every time it makes me nervous. I am glad no major accidents happened on Lake Wedowee this holiday weekend, but don't think you are bulletproof when it comes to not wearing your life jacket because you could end up like Mr. Hill. By the way, it is illegal to ride a jetski, seadoo, or other PWC without a lifejacket.

Until next time,

Kelly

Omigoodness. Lake Wedowee has done it!!!! Earlier this month (like a week ago), the million dollar glass ceiling was broken on Lake Wedowee. A house that was listed for $1.4 million in the Hunter Bend area became the highest sale to date. Congratulations to those involved (especially the seller!!!!) I never saw the house in person, but from the pictures it looked amazing.

It just goes to show you that a property is worth what a buyer is willing to pay for it...  If you want to know what we think a buyer is willing to pay for your property give Advantage Realty a call today.