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Lake Lanier And The Real Estate Market
Published Jul 6, 2007
(Updated Jul 16, 2007)
Lake Lanier, the most visited Army Crop Lake in the United States, has a large economic impact on the Atlanta area. It has also become a big player in the metropolitan real estate market.
“The Wells Team” attended a formal class on Lake Lanier. This class, sponsored by our company the Norton Agency, was given by representatives from the US Army Corp of Engineers.
We would like to share some of that information with you.
The Norton Agency, one of the oldest real estate companies in Georgia, has sold more lake property than any other real estate agency. According to Frank Norton Jr., initial lots on the lake sold for $250. Imagine what kind of return you would receive on your investment!
The most important item affecting the lake is the availability of dock permits. At this time there is a moratorium on all dock permits. This moratorium is in effect until the end of August. At the same time, the Army Corp representative told us that there will be a total of 10600 dock permits issued. As of today they are within 100 permits of that number. Once 10600 permits have been reached there will be no more permits issued. If a homeowner fails to renew, or returns their permit, there is not guarantee that the permit will be offered to a new applicant. It appears that we have reached the end of additional permits. THIS IS THE SINGLE MOST IMPORTANT AFFECTING FUTURE REAL ESTATE VALUES ON LAKE LANIER!
Among the topics discussed:
Requirements for a dock, including size, distance from other docks, length of walkways, and type of material that can be used.
Requirements for septic systems on the lake.
Proper transfer of dock permits
Request for clearing of trees, underbrush, and paths on Army Corp property.
Current rain forecast and the effects this will have on the depth of the lake.
Buying an existing house, or a lot on Lake Lanier involves a lot of knowledge of the lake and the regulations that go with it. That is where “The Wells Team” can assist. Our extensive Lake Lanier knowledge (we are both residents of the lake), training, and support from the Norton Agency, can make your purchase much easier. Let us help you find the right location, lot, or house for you.
Lake Lanier prices are not going down. According to Frank Norton Jr., of the the Norton Agency, he predicts that Lake Lanier home sales will rise 7-9% if the lake is below full pool and 12-14% if the lake is at full pool.
This is an opportune time to act. Let us help you.
THE WELLS TEAM,
RANDY WELLS 770-313-5792
BARB DUMONT 404-642-1968
Office Phone# 770-887-0053
Want More Info? Submit Request
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Comments
2 comment(s) on this page. Add your own comment below.
IT's a Long one hang in there
My wife and I are getting near to our retirement age and love Lake Lanier and consider us blessed to have such a wonderful part of God’s creation so close. We decided to take our saving as little as it is and look for a piece of property on the lake so we can have a boat dock and boat for out our grandchildren. We were introduced to a Real Estate agent who is not Knowledgeable with the laws of the lake. I found a peace of property in the multiple listing web site. The two main reasons we were interested in the property was that The multiple listing said 1) DEEP WATER 2) BOAT DOCK PERMIT. So my wife and I visited the property many times and measured the dept of the lake at least 6 X over a period of 2 weeks measuring 3 feet with the understanding the level was low at 3 feet and would go up because it was listed as DEEP WATER in Multiple listing. All seemed fine so we purchased the property and installed a docked for our pontoon boat. Well would you know it after purchasing the property the lake started to go dry from what we understand was a tech problem with the release valves and would be corrected. It causes us to have to move our boat to another dock. We had more grass under our dock then my front lawn. It stayed this way for most of the year. As we got closer to March of this year ( 2007) we had enough water to at least bring our boat back, about 3 feet. After this experience I asked my Real Estate agent if the water was shallow when we purchased it or is this what we can expect it would be at SHALLOW 3’and how can one list it in Multible listing DEEP WATER. She did not know so I called the Army Core of engineers and I was told anyone can put the term DEEP WATER in their listing regardless of the dept. To me and many people THIS IS WHAT IS CALL FALSE ADVERTISING AND MISS LEADING.
That’s like advertising LARGE JUICY HOTDOGS for Sale and giving you pigs in the blanket.
Question … is this common that anything can be said in the multipal listing and that it can be misleading without holding anyone accountable? Does anyone know (I have heard some roomers) that the army core of engineers might consider changing the lake’s level by increasing by 1 foot. I would appreciate any comments. We are at the end of a cove, would it be worth the expense to have some of the cove dredged to increase the water dept below our dock and hopefully increase our value? Is this year’s drought which is what we have been told causing no water again under our dock or is the lake’s discharging policy changing and will it be something we can expect each year?
Thank you for your help and comments Paul W LeMay e-mail pwlemay@bellsouth.net Cell # 404-408-0062
Unfortunately it sounds as if you were not informed that it is up to the Buyer (and a good Buyer's Agent should let you know this), it is up to the Buyer to do their due diligence on the property before their due diligence period expires as according to the contract. This includes, having inspections, surveys, soil tests, etc., done on the home or property. The listing agent advertises a property to the best of their knowledge but only can go by what is told to them by the sellers. There also should have been a Seller's Disclosure Statement signed by both parties attached to the contract.
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