If you're planning to sell a waterfront lot on Georgia's 19,000 acre Lake Oconee you better be patient!
After several great years from 2004 to 2006, sales have really slowed, with just 18 lot sales recorded in 2009 in the Lake Country MLS - down from a peak of 97 in 2005. Currently, there are 146 lots listed (thats a distressing 97 months of inventory)
Average sales price continues to stay well above the 2005 level - but with so few sales thats likely due to the mix of sales rather than a reflection of value trend. Average sale price in 2009 for a lake lot with private frontage was $543,000.
While sellers in general are staying firm in pricing, there are a few bargains to be had. For example, you can buy a beautiful lakefront lot in one of our gated golf communities for under $300K - we haven't seen prices like that since 2004.
If you are thinking about lakefront living - take a look at the Lake Oconee area, midway between Atlanta and Augusta. With so few bargains and so many lots on the market - you need a professional to find you the best deals! Good market or bad, I get deals done.
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