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Archive for June, 2007

6 Questions To Ask At An Auction On Lake Martin

June 24th, 2007 Buying Tips, Lake Martin, Real Estate Tips, Seller Tips John 7 Comments

Lake Martin Auction property home25 waterfront condos are being auctioned at Harbor Pointe in Stillwaters on July 7th.  Five of those will be absolute.  This auction follows on the heels of one earlier this spring.  Is this a sign of the times on Lake Martin?  Does this signal an end to the seller’s market? Are auctions a way to get a good deal on Lake Martin property?

Like any real estate transaction, every auction is uniqueThe person that does the homework will either come out of it with a fair price or avoid paying too much.

What questions should buyers ask before attending an auction at Lake Martin?

1.  Is this an absolute auction?  Always clarify this, but usually an absolute auction means that they must sell on that day, regardless of price.  Even if someone bids $1 for a Lake Martin condo, they must sell.  If it is not absolute, then ask what the reserve price is.  I’m sure they won’t tell you that, but no harm in asking. 
 
2.  How many / which parcels are absolute? The Harbor Pointe auction will have 5 out of 25 absolute.  But,  if you see an ad for a different auction that says “40 condos for sale, absolute auction” maybe only 2 will be absolute. You want to be clear as to which are absolute and you want to make sure that you’re under the tent when they’re selling the absolute ones.
 
3.  Have these properties been for sale before?  The auction company may or may not know the answer, or they may or may not be obliged to tell you.  Here’s where your Lake martin real estate property auctionresearch comes in the picture.  How well do you know the Lake Martin market?  Or Stillwaters? Or Harbor Pointe? If the lake properties have been for sale recently, the listing prices can give you an idea of the seller’s expectations. 
 
4.  What do you have to do to be a qualified bidder?  Usually you can give them a check for like $5,000 or something or a letter from the bank, usually it is better to set this up ahead of time, the week before the auction.
 
5.  What are the fees to the buyer?  Usually the buyer pays a fee above and on top of the bid amount  - this could be 5% to 10% - to cover the cost of the auction and the auctioneer fees.  This is sometimes a big part of their pitch to sellers.  They say, why pay realtor fees of 6% when you can make the buyer pay 10%?  Sellers think they are saving money but it all comes down to what is net to them anyway, and buyers figure that in when they bid and reduce their top number by, say, 10%.  Whatever.
 
6.  Will you send me the rules of the auction ahead of time? I ask for those.  I read everything.  Every auction is a bit different.  Maybe I will spot something that I didn’t think to ask about originally.
 
Sometimes I have Lake Martin buyers ask me about things like this, where I am neither the listing agent nor involved in any way. If they are interested, I can call the auction company for the buyer and register them as a potential bidder.  The auction company usually pays an extremely small “referral fee” to realtors like me when they register a buyer that is a high bidder.  This doesn’t cost the buyer a penny more because the buyer’s fee will be the same whether I call them or the buyer calls them directly.  But if I do call, I can ask them all of the above questions and give my analysis.
 
Lake Martin home auctionIn the case of the Harbor Pointe auction, I would run a buyer a report of all of the sales in Harbor Pointe in the last 2 years, and give a bidder an idea of what the exact market price should be on a condo there.  This gives you a pretty precise point to bid up to without getting hurt too bad.  Again, it won’t cost a dime more, and could arm you with a lot of information for the auction.  If my registered buyer is not a high bidder, they don’t owe me a penny.
 
I will definitely be watching the auction at Harbor Pointe to see what happens. (Thanks, Kirk, for the idea for this post!)

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New Lake Martin Lunch Spot: Green Valley Market & Cafe

June 23rd, 2007 Dining, Lake Martin, Lake Martin Area Info, Lake Martin Living John 3 Comments

Lake Martin lunch restaurantLake Martin has another great dining choice! The Green Valley Market and Cafe is now open.

The Green Valley Market is located in the Eclectic or Kowaliga area of Lake Martin, next to the Kudzu Corner. They are located on Highway 229 about halfway between where 229 intersects highway 50 at Castaway Island Road, and where 229 intersects highway 63 (aka Kowaliga Road) in downtown Kowaliga.

The Green Valley Market and Cafe sells sandwiches, and offers a good assortment of meat at their meat counter. If you need a lotGreen Valley market outside of food for your Fourth of July party, you may want to ask them about their catering. One of the newer trends on Lake Martin is selling ready to eat casseroles and such for people who don’t want to cook yet would like some home cookin. They sell a lot of the warm up and eat type of fare, which I am sure is very good. They also sell boutique looking spices, and little gifts, etc.

Lake Martin real estate lunchI have tried just about every sandwich they make, and I must say, I am pleasantly surprised. They serve the sandwiches with sides like potato salad or pasta salad, but my favorite is the black bean salad. Usually a lunch menu on the fru fru side does not do much for me, but their sandwiches taste really good. They use good quality meat and give generous portions. It is a great choice if you are looking for something other than fried foods.

Check them out! I recommend them heartily and wish them the best. Their phone is (334)857-3663. Street address is 2415 Red Hill Road, Eclectic, Alabama, 36024.

Related post: Four Great Lunch Meals Around Lake Martin

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Russell Lands’ Fireworks Are On, But Don’t Try At Home

June 14th, 2007 Lake Martin, Lake Martin Area Info, Lake Martin History, Lake Martin Living John 4 Comments

Lake Martin real estate propertyLake Martin’s Fireworks Display on the Fourth of July is one of the best things about the lake area. After years of watching the fireworks show at the lake has caused me to be jaded and judgmental of any other claims to have “the best” fireworks show in the land.

Many have worried that this year’s severe drought would prevent Russell Lands from putting on their annual patriotic display. After the state fire marshall banned fireworks in 33 drought affected counties, rumors have been flying around Lake Martin that there would be no fireworks show.

Fear Not! The fireworks show is on! Russell Lands General Counsel Steve Forehand confirmed in a letter that they do plan to have the fireworks display this year. Russell Lands has a “special permit from the Alabama Forestry Commission and the State Fire Marshall.”

If you would like to see the fireworks, you can drive to the Lake Martin Amphitheater for the best view. It’s about a mile south of Kowaliga Bridge on highway 63. The Sweet Young Uns, Muse, and Harbor Lights will be playing after the fireworks.

By boat, you can pretty much see them at any point from Kowaliga Bridge to Martin Dam, which will be packed with thousands of boats. If you want an unimpeded view, go to the Cocktail Slough, directly north of the Amphitheater. If you go by boat, take caution. This event makes for the most dangerous time to drive a boat on Lake Martin. Combine the darkness, drunk boat drivers, inexperienced boat drivers, and (this year) exposed islands and it can be a madhouse.

Back to the Russell Lands letter – if you rent a Russell Lands cabin, watch out. Forehand Lake Martin property real estate fireworksreminds you that it is against your lease to shoot fireworks on the property – and it “could result in termination of your lease.” That would be a shame.

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