Getting close to retirement.
You've saved and are ready to buy that lakefront property you've been dreaming of.
GULP - sticker shock sets in when you realize boomers everywhere are making the same move. High demand has driven prices far beyond where they were when you started thinking about this a decade or so ago.
What do you do? Seek out nice lakes in remote locations? Give up your dream? Or make strategic compromises that allow you to be where you want to be, with most of what you want.
Since 2005, I've been helping buyers follow their dreams. And I have good news - its still possible to get most of what you want at a price you can afford - if you are willing to make compromises.
Last week, two families purchased lots with private lake front at prices well below the median price.
For $150K, one couple purchased a lot on Lake Oconee with an amazing view, in a neighborhood with lovely newer homes. It had a gentle slope, uncomplicated soil report, and qualifies for a "max dock".
When we talk about prices on Lake Oconee, we have to separate properties in the gated golf communities, where the median lake front lot sold in 2023 is a record $1.4M, from the many low key communities "outside the gates. But even there, the median sold price is $215K.
So why did they get this deal? Simple - the lot is located towards the back of the Sugar Creek bay, and will never be a deep water lot even with dredging. But for this couple, that's ok! They are going to have the privacy and views that matter to them, and enjoy fishing and kayaking on their own dock. And its on budget.
For $85K, another couple secured a lot on Lake Sinclair with an amazing view, and in a location on the north end close to public lands that will never be developed. With almost 120ft of private frontage, they will be allowed a double boathouse and deep water is just a few hundred feet from shore. They will have some dredging cost, but will be able to enjoy boating and fishing with few limitations.
Lake Sinclair is about 30 miles south of I-20, so its a further reach from metro Atlanta. Its an older lake, without the famed gated golf communities that dominate Lake Oconee, so prices are generally more budget friendly. Still, median price this year for private lakefront lots is $132K.
The lot pictured above is a great option for someone planning a small cottage on the lake. Big Rock lot has beautiful views, and is nestled between a cute A-frame and a protected natural area that cannot be developed. Water depth will likely not exceed 3-4ft with dredging. County water is available, and the soil report is good. The catch? Its a small buildable footprint. Price is right - $67,500.
If you are thinking about finding a lake front bargain lot - get in touch. I love helping people follow their dreams.
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