We are feeling the shift to a buyers' market on Smith Lake
Huntsville, AL (PRWEB) September 24, 2007
An absolute auction was held at Emerald Valley Estates on Smith Lake in Alabama. "We are feeling the shift to a buyers' market on Smith Lake," stated Justin Dyar, a Realtor in the area. At the auction twenty lots were to be auctioned absolute regardless of price. Savvy builders and investors were on hand. Many lots were sold at a 50 percent discount. "This is the time for the smart buy," Dyar also told us. Prices have risen dramatically from 2004 through 2007.
"We have noticed a big downward trend in internet leads for Smith Lake Property," reported by the owner of CondosandResorts.com. According to them the leads began trailing off in early March; the time in which the lakefront market should have been firing up. It was likely the early stages of the real estate slump felt over the summer. With the rise of waterfront property values in the Southeast, lakefront property in northern Alabama still remains an affordable place to purchase waterfront property as compared to other resort destinations in the area. On average, vacant waterfront lots on Smith Lake are selling for $1,200-$2,000 per waterfront foot, where other lakes in the southeast are selling for twice that amount.
Many new developments are taking place on the lake each year; including garden homes, condos and new waterfront subdivisions. Most of these developments have easy access from Interstate 65 on the East side of Smith Lake. Most buyers of waterfront property desire a low maintenance property allowing the enjoyment of the water as much as possible. Several new homes on the lake are designed with minimal yard maintenance and lots of natural landscaping. Most developments have 15 to 50 vacant lots available upon initial offering. At this time, no subdivision on Smith Lake requires owners to build at a certain time. So, buy the property now, and build when the time is right. Many will buy a vacant waterfront lot intending to build 5 to 20 years out. There is a migration of people who own Huntsville Alabama and Huntsville Homes for sale, mainly for second homes and vacation homes.
The market slow down we have seen in the last six months is just a correction in the market. The market will settle over the winter and likely return in the spring of 2008. For the lakefront bargain hunter Smith Lake offers a solid investment, price, seclusion, nature and fun.