Lake Sinclair Blog

If you are thinking of purchasing lake property in Georgia, don't do it until you check out lake sinclair. www.lake-sinclair.com

If you don't know the Lake Sinclair market, you can't assume how much our values dropped.

Immediately after the sign went up on this new listing we got a call.  The agent hadn't even taken inside photos yet to put on the web site because the owners were packing up and moving out and boxes were everywhere.

It's over 4000 sq. ft. and a wonderful Lake Sinclair home on two lots.

A showing was scheduled. 

An offer followed.

It was very low.

Now of course we'd done a CMA using recent sales.  BUT, the owners knowing what the market is like had also hired a local appraisal firm to give them a current appraisal.  So we went with a very close to appraised value listing price. $425,000.

And taking into consideration that the home is also being sold nearly completely furnished we feel it's listed near what it should bring.

The owners did counter the offer we received on the property.

The potential purchaser then sent us an email that said:

I bought my home in Somewhere Else, GA two years ago for $400,000 and now it's only worth $200,000.  So I want to buy this home at the "current discounted proeprty price"

Our reply included a couple of things:

1.* Our sales price decrease on lake property was 4.4 % in 2007, 6.3% in 2008 and in 2009 mean sales prices are now higher than the same period last year or January of this year.  So the time for falling prices on Lake Sinclair is NOT NOW!

2. Real estate price increases and declines are not the same in different locations.  Our market has faired much better than national averages.  I lost a lot more of my 401K than I did my home equity.

So if any other potential buyers would be interested in seeing this lovely home... here's a link to lots more information.

*Statisics from data in the Millegeville MLS.

 

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Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

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7 commentsTammy Lankford • September 24 2009 02:22PM
If you don't know the Lake Sinclair market, you can't assume how much…
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Immediately after the sign went up on this new listing we got a call. The agent hadn't even taken inside photos yet to put on the web site because the owners were packing up and moving out and boxes were everywhere. It's over 4000 sq. ft. and a… more