Real Estate Information Archive

Good Day and Happy Thanksgiving. What a great start to a beautiful weekend. It rained, and boy do we need it. The lake housing market continues to tighten for sellers on Lake Hartwell. The good news is that buyers are starting to look for great deals on lakefront properties, and mortgage loan interest rates have declined. Hopefully this will continue and drop some more. If you’re considering buying lake property, don’t let this market slip away.

Here’s some recent “waterfront” activity on Lake Hartwell (source: SC Western Upstate MLS and does not include FSBO and non Upstate MLS listings):

Residential Homes Sold – 18

            Average Days on the Market – 173

            Average List Price - $423,577

            Average Sale Price - $409,466

Waterfront Lots Sold – 9

            Average Days on the Market – 138

            Average List Price - $235,744

            Average Sale Price - $220,555

By: Jay Hufnagel, 770-757-2799, just “Say Jay” for Real Estate

Over the last two days I'ved received emails asking if lake property prices are coming down. In my opinion, I feel that, not only are they coming down, but sellers are more willing to negotiate on offers then they have been in the past.

Some buyers are hesitant about visiting properties until the water levels come back up in the Spring, but they may miss out on some great bargains. And, what better time to see what you're really buying, then when the lake level is low?  

I remember back in 2000 and 2001 when the lake levels (Lake Lanier and Lake Hartwell) were low. This was a great time to buy lake property. Many buyers and investors that bought during this period saw their investment double by 2005. It'll be interesting to see if that duplicates itself after the drought eases and the lakes are back to full. What are your thoughts?

By: Jay  Hufnagel, 770-757-2799, just "Say Jay" for Real Estate  

Please let me know your thoughts on any other websites or sources for good lake information.

By: Jay Hufnagel, Just "Say Jay" 770-757-2799 

Recently I received an email from a potential Lake Hartwell property buyer stating that they received a listing that wasn't quite what they were looking for and didn't understand what "auto notification" was. Here's my response:

Auto Notification is a Multiple Listing Service (MLS) term for providing new listings automatically when they’re entered into the MLS program from members (Real Estate Agents) of the MLS system. When you get a new or changed listing from this service, you’re getting it directly from MLS and receiving it the same time as your Agent.  Some customers/clients feel that their Agent is selecting and sending these listings. That’s not correct. Your Agent lists your search criteria in the MLS system, and the system sends the new listing usually within hours that it’s entered. For new buyers, this is a wonderful service, and most Agents will be more than happy to provide it to you.

Usually I set up the Auto Notification criteria fairly broad so that my customers and clients can get a better feel of the lake and what’s out there. Once we visit a few properties, and they get more familiar with the lake, then I narrow the search and specifically pick out select properties according to what they prefer.

For example, most lake properties are less then ½ acre, but some Lake property buyers want an acre or more. By putting this into the MLS system, the Buyer may not see great properties that normally they’d fall in love with and would give them the privacy that they’re looking for.

Another example:  Some buyers want 4 bedrooms only. In this case, I usually explain that many homes around the lake are listed as 3 bedrooms, but have bonus rooms that also serve as bedrooms. Limiting the search field to 4 bedrooms will eliminate those homes from the search.

Because Auto Notification comes directly from the MLS Service, I ask my customers and clients to have a little patience with what they see, knowing that I may not have previewed the property yet. I’ll be happy to follow up and look at the ones that appear interesting. Those that aren’t what you’re looking for… please forgive me and disregard.

I'd be interested to know your thoughts on this service. Please comment below.

By: Jay Hufnagel ...Just "Say Jay" for Real Estate 770-757-2799

Recently we’ve been seeing multiple articles on Lake Lanier water levels and how they may drop to record lows in the coming months.  Stacy Shelton of The Atlanta Journal-Constitution wrote Thursday, October 11, 2007, that state and local officials reported that Lake Lanier has about three months of storage left.

Wow, that’s scary. If that doesn’t wake people up now on how important Lake Lanier is to the people that depend on it, I don’t know what will. Up until recently, the main source of concern was coming from Lake Lanier property owners and the Lake Lanier Association. After reading the latest articles, it appears that millions of people in and around Atlanta, plus Alabama could be affected. Isn’t it about time that we, as interested parties in the future of Lake Lanier, find out what we can do to have a say in it’s future.

I’m urging my Lake and Home Realty blog readers that know who the decision makers are within the U.S. Army Corps of Engineers, to respond with their names, telephone numbers and email addresses so we can share our suggestions and concerns for the welfare of the lake.

Eventually, the rains will come, and the lake will start to fill up again. Let’s be proactive now, so we can sustain a “full” lake in the future. 

By: Jay Hufnagel ... Just "Say Jay"

My wife and I just celebrated our 30^th wedding anniversary by taking a trip to Charleston, South Carolina for the weekend.

We left our Lake Hartwell cottage on Friday, drove about four hours, and spent a couple of days enjoying the sites, history and great food that Charleston has to offer.  We had lunch at Hank’s and dinner at Hyman’s, two of the finest Seafood Restaurants in Charleston.

You would think we’d hate leaving such a beautiful city, but to tell you the truth, we couldn’t wait getting back to the lake, picking up our Golden Retriever (Blondie) from Red Creek Kennels, and relaxing down at the dock to watch the sunset.

It really makes you appreciate what you have. Even with everything Charleston has to offer, it couldn’t compare to the quiet evenings on the lake, boating to dinner at Weinackers or The Galley, sunsets, and watching our resident Great Blue Heron (we call him “Fraser Crane”) stalking his prey.

Thank God for our special Lake Home.

By: Jay Hufnagel ... Just "Say Jay" for Lake Property

If you’ve been reading the newspaper and watching the news, you know that the overall housing market has really slowed down. So what does that mean for the lake property market?

Real Estate Lake Specialists will tell you that lake home sales have slowed as well, but there are still deals out there. And, that’s exactly what the majority of lake property Buyers are looking for … that “really good deal”.

I’m asked by potential Buyers, “Do you feel lake property Sellers are starting to drop their prices?  Is now the right time to buy lake property”?

It’s interesting to note that, at the same time, I’m getting Sellers asking, “Should I reduce my price or wait until Spring? I know my property is over priced, but why am I not getting any offers, even low ones?

It’s obvious that there are not as many Buyers looking right now. Many of them have been caught in the same situation… trying to sell a property before they can buy another.  But, many lake property and second home buyers, plus Baby Boomers, have money, and they're waiting to take advantage of the market.

In reviewing recent listings on Lake Lanier and Lake Hartwell, I’ve found that many prices have been reduced by 10-20% or more. Plus, in at least one instance, a lake lot on Lanier sold for one third of the original list price. Go figure! I guess the bottom line is still…everything is negotiable, and it’s always going to be a “supply and demand” market.

My suggestion to Buyers, when you see something that “floats your boat”, look at recent comparable sold listings, discuss with your Agent what a good price would be (and what it’s worth to you), and then make an offer (even when it doesn’t come close to the asking price). Some Buyers feel offering a price that is 10% or more below list price is an insult. I don’t agree with that. Things have changed (a slower market, rising interest rates, low water levels and fewer legitimate Buyers). So making an offer now may be your best option.

My suggestion to Sellers… if you’re serious about selling, price your property to sell. Sometimes that’s not what the property next to you is listed for, or what your property was appraised at last year. My opinion has always been, “good lake properties that are priced right will sell” (even in this market).

 So when it comes to buying your dream lake property, find the property you want, decide what its worth to you (the max you’ll pay), and then make the offer. You never know! It could be that “really good deal”.

By: Jay Hufnagel ... Just "Say Jay"