The above video shows the home and its adjoining lots being auctioned.

The auction actually included two parcels:

1. The Hangar at Willow Point Airport- 644 Willow Way North – Scrushy owned a hangar there, one of only 2 or 3 at the airport, which is adjacent to the neighborhood of Willow Point.  It was the site of the boat auction a couple of weeks ago.  The shareholders bought it for $435,000.

2. The Waterfront Home and Lots - 1470 Willows End - this is the home and the surrounding lots in Willow Point.  They had an opening bid for $4 million and the shareholdersof HealthSouth bought it for $7.4 million.

I will post more complete analysis and coverage later.  Stay tuned.

For now see some pictures, video, and text I cranked out on the scene at:

Lake Martin Voice on Posterous

Follow me on Twitter – Lake Martin Voice

or become a fan on:

Lake Martin Voice Page on Facebook

Registration is at 10 AM and the auction is at 11 AM central.

I will be putting up pics and video.  I thought this would be a good time to try my new account at Posterous.

So for updated info as the day wears on, see Lake Martin Voice on Posterous.

As always you can also see my Twitter Stream here.

Last month, we saw August’s year to date totals exceed the entire year of 2008.  I speculated in this post that we had a good chance of defeating 2007’s 12 month total of 156 with a strong September.  Sure enough, 24 lakeside homes were sold by all agents in the Lake Martin MLS*, which gave 2009 a total of 162 homes sold.

Another one bites the dust.

Here is a chart showing Lake Martin waterfront property sales by month for the last three calendar years:

All of these big sales months add up.  As you can see from the cumulative chart below, if we look at the entire Lake Martin MLS, including all agents, all brokerages, everything, we sold 137 waterfront homes in the entire year of 2008.  We passed that mark in only 8 months this year.  In all months of 2007, 156 were sold.  So at 162 through 9 months in 2009, we have defeated yet another year.

Supply Remains High

We still have a lot of waterfront homes on the market.  One aspect of September’s sales results that I did not like to see was the increase in homes for sale on Lake Martin.  We were on a nice, seasonal downward slope that I was hoping would take us to more normal levels, away from the step ladder highs we have been witnessing over the past three years.  We increased to 494 homes for sale in September, up from 488 in August.

True, this number is still about 10% down from the all time high of 555 in 2009, but we are still 5% away from the 2008 high of 524. Sellers – YOU MUST CONTINUE TO PRICE AGGRESSIVELY! Please do not take this post as a sign you can ask whatever you want and get it.

Waterfront Lot Sales Remain in a Slump

All of the above info relates to Lake Martin homes, condos, town homes, etc.  It does not contain lots.  The number of waterfront lots sold has not picked up. Our year to date total of 16 in 2009 is on pace to match the 18 sold in all of 2008, and is a far cry from the 34 of 2007.

As with homes, we will need to see an increase in the number of waterfront lots sold before we see any movement in prices.

The Crowne Pointe Effect

To continue a theme started earlier this year, I will attempt to examine the effect of the fire selling of the Crowne Pointe condo complex.  Earlier this year, we discovered that while the condo sales certainly helped prop up the sales numbers for the lake as a whole, it was not the only driver of the sales resurgence.

What about now?  Most of the units in Crowne Pointe are sold and the buyers have closed already.  Now that the dust has mostly settled, what can we say about its effect on the Lake Martin real estate market?

We can see from the above chart that all non single family homes (which includes ALL condos, town homes, etc) sold this year represents about 36% of all sales.  The average from 2006 – 2008 is 18%. Interestingly, the average from 1-1-06 to 9-30-09 is about 20%.

Yes, we still have had a proportionately high number of non-single family homes sold in the waterfront market this year.  But if you remove its influence and back it down to the four year average of 20%, you are only removing about 16 sales, which still puts 2009 ahead of 2008 already.

My answer is the same as July: Crowne Pointe has helped, but has not made, the year’s sales.  2009 is / was strong on its own.

Related Posts:

All Lake Martin Voice Posts on Market Statistics

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all sales on Lake Martin.

While I was waiting I walked up to the top of the hill, near the front stoop of the building.  It has been a while since I had been up there.  It’s a pretty view and was a nice day, so I took some pictures.

Here’s a picture looking south, essentially downstream of the old Tallapoosa River way.  My photo does not do justice of this old Lake Martin view:

Here’s a shot of the Highway 280 / River Bridge looking east:

This is the North Lake Condominiums:

Scrushy once owned this airplane hangar on a private airstrip near the neighborhood of Willow Point at Lake Martin, Alabama.

Here is a shot of the cigarette boat that went for $53,000:

I just missed the big boat’s auction since I went to the Alex City airport and then had to zip down to Willow Point.  By the time I arrived the Sheriff was auctioning the Sea Doos.  Here is a quick video of the action:

There were probably 50 or 60 people there to watch, and probably another 10 real estate agents.  My guess is that about half of those had registered to bid.  The Sea Doos and the golf cart went for about $3,000 each.

Also present were some of the lawyers representing the HealthSouth shareholders.  Logically, all of the local TV news crews were busy interviewing them.  I believe that one of them was Ralph Cook. Here is a video of another attorney, John Haley, being interviewed:

I talked to a couple of the camera crews about the eventual auction of Scrushy’s lake home at Willow Point.

It is easily the most conspicuous home on the waterfront of Lake Martin.  Currently the plans are for the Sheriff to auction it on the Tallapoosa County Courthouse steps on November 9, 2009.  I don’t expect there to be much bidding going on with it.  My guess is that it will go kind of like a foreclosure auction.  That is, the entity foreclosing (in this case the HealthSouth shareholders) will put in a minimum bid that will be pretty high.  Anyone is welcome to bid above it and buy it but more than likely they will be the highest bidder as they have the biggest stake in it right now.

Click here for Lake Martin Waterfront Foreclosures

Thanks to reader K.L. that requested a list like this today.  It caused me to go into the Lake Martin MLS and update my list of foreclosed (REO) property.  It might not be a perfect list, but it’s the best one I’ve got.  So if you would like to see it, please fill out the form above and I will email you a link to a report I have created on the Lake Martin MLS.

FAQ About Lake Martin Waterfront Foreclosures List

Q1. Why can’t you just post a list here of what lots or homes are foreclosed? Why are you making me fill out a request form?

A1. OK but that’s really 2 questions.  A few reasons:

a. These homes and lots are from the Lake Martin MLS and are not (necessarily) my listings.
b. This list constantly changes and it would be a hassle to update and edit an HTML page.  It would be wrong almost as soon as I hit “Publish.”
c. The Lake Martin MLS allows me to create a “Listing Cart” to house them all, and I can add and subtract as I see changes within the MLS.

Q2. What will you do with my email address after you send?

A2. I will keep it and send you a monthly (or so) email about Lake Martin, unless you tell me you don’t want that.  I do not spam nor do I give, sell, buy, or receive email accounts from anyone or any other company.  My poodle will steadfastly guard your address; any trespassers will receive the full wrath of the horrible breath inexplicably produced by his 6.5 pound body.

Q3. Are Lake Martin foreclosures so special? Do I really need you? Why can’t I go to the huge sites that show the entire country’s foreclosures along with ads for lifestyle meds and “secret” celebrity diet plans?

A3. Yes, we’re special in that Lake Martin is made up of 3 rural counties in east central Alabama.  There is virtually zero online newspaper coverage of legal notices or foreclosures. The huge aggregator websites pick up information that is old, inaccurate, and many times, not waterfront.  More Lake Martin specific foreclosure explanations here.

Q4. I’ve seen your list and it’s wrong.  I know for a fact my [neighbor, friend, relative, insert any noun] had their waterfront home foreclosed on Lake Martin, and it’s not on your list.  Why?

A4. This list only shows you what is actively for sale right now. If a waterfront home was foreclosed last year, and sold three months ago, it won’t be on the list anymore.  Similarly, if the foreclosure has gone through, and the lender has not placed it with a real estate agent yet, it won’t be on the list (yet).  Let me know if you see any errors, I will be happy to correct.

Q5. Do you sell Lake Martin foreclosures?

A5. Absolutely. If you would like me to send you only my foreclosed waterfront listings, let me know.  If you are a lender or some other institution that needs help selling, please contact me and I would be delighted to help and tell you about the specific program I have set up to help lenders manage their foreclosed properties.

Q6.  Where do you get your information?

A6. The Lake Martin MLS, mostly.  You can search it for free from my blog.  I am also a member of the Montgomery Area MLS which occasionally has one or two in there.  All Multiple Listings Services are run by humans and therefore contain errors.  The listing agents for each property are the only ones authorized to input info about that property.

Auction Time:

11:00 AM Central Time, Monday October 19, 2009

What Will Be Auctioned:

According to the Sheriff’s office, only the contents of the airplane hangar will be auctioned at this time.  The auction will NOT include any of the contents of Scrushy’s Lake Martin home at Willow Point, nor the waterfront home itself.

How To View What Will Be Auctioned:

The hangar will be open from 9:00 AM to 11:00 AM on Monday October 19, 2009 for all potential bidders to view the contents.

I asked the Sheriff’s office if they had a list online, they said no.  They have looked for one also and couldn’t find it.  Earlier this year, WSFA posted a list: Contents of Scrushy Airplane Hanger at Lake Martin.  Please note I don’t know if this is official or not.  The Sheriff’s office said that it would be “2 boats, a golf cart, and several personal watercraft.” In a related story, the ex CEO’s wife Leslie is suing to claim ownership of other seized assets.

At this point, it seems the only way to know for sure is to show up and inspect yourself.

Where Will The Auction And Viewing Take Place:

The auction will be at the T.C. Russell Field Airport – 997 T C Russell Dr, Alexander City, AL 35010. Edited 10-19-09 – It was at Scrushy Airplane Hangar at Willow Point Airfield.

What about Scrushy’s Lake Martin home and its contents?

The waterfront home in the neighborhood of Willow Point on Lake Martin will be auctioned on November 9.  I will post more details about that auction later.

DISCLAIMERS:

As with any auction, caveat emptor. Do your own research and due diligence.  Do not rely on anything I have posted.  I plan to be in attendance and may very well bid on something, so satisfy yourself as to the ownership, reliability, or any other aspect of anything you plan to buy.  I am no expert.

I have been lucky enough to work a lot with Allison and Bryan over the past couple of years, even selling a home for them.  My wife and I have become friends with them, so it’s a real treat to see their work being highlighted at Lake Martin and beyond.

This latest masterpiece has a lot of features.  One of the biggest is that they incorporated two commercial grade glass roll up electric doors. They put them on the lakeside of the home, one leading out from the kitchen and the other from the greatroom both lead out to the huge screened porch.  Wow.  When you open both doors, the lake breeze cools the entire house, and it feels like you’re outside.

I walk through many homes each week, and I take a lot of pictures, mostly to document for reference.  But when I walked through this home, I took pictures with the thought of, “I’ve got to show my wife this.” I could go on and on about the home, how their smart design accomodates many people, how it melds into the land and lake, etc. etc.  Lake Mag does a much better job: read the text here.

As Lake Martin homeowners, they “get” the lake life.  This isn’t their first Lake Martin job, and some exciting project in the future ensure it is far from their last.

You can view the online version of the magazine here.

I toured this Lake Martin home back in the spring when it was under construction.  I took the below photos.  Sure, they don’t look like much when you put them against Kenneth Boone’s pictures above.  But hey, he’s a pro, right?

Do you have pictures of Lake Martin homes, wildlife, scenery, or anything else you would like to share? Why not show us all and upload them to the I Love Lake Martin group on Flickr. If you don’t have a Flickr account already, sign up. It’s free and easy to keep your public and private photos separate.

Broker Kent Brenner has been moved in and rolling at least since July 4th.  I have been meaning to post a welcome here on my blog and just have dropped the ball.  Kent has also recently added several agents to his fold, and I congratulate each and every one of them on it and wish them the best.

I like having new neighbors here at Nail’s.  It has been fun to be able to chat, share ideas, and keep current on all the news.

It also has turned Kowaliga into Lake Martin’s surprising real estate central.  If you count up the agents at RealtySouth, Lake Breeze across the street, the recently added folks to ReMax, plus little ole me, you get quite a few realtors packed in our cozy commercial area.  The more the merrier, I say.

Waterfront real estate sales* on Lake Martin in August 2009 absolutely destroys its prior year rival – selling 31 homes and posts the best month since 33 homes were sold May of 2006.  In the past 12 months, the current month’s number of lake homes sold has beaten the prior year 11 out of 12 times.

Apparently consumer confidence is coming back to Lake Martin homes. The 31 waterfront lake homes sold in August 2009 kills August 2008’s number of 20 and represents the best number of sales since the 33 sold in May of 2006.

Lake Martin Sales For 2009 In Total

If we apply the Lake Martin MLS total of 31 to the previous year to date total, we see that it brings a total of 138 homes. This is better than all 12 months of 2008 when 137 were sold, and it puts us on pace to beat 2007’s 12 month total of 156.

Lots Of Supply Keeps Pressure On Prices

The Lake Martin MLS shows that active listings did drop this month, but we are still near historic highs. This transitory market condition – rising number of sales but flat pricing – keeps the pressure on sellers to not raise their prices. Buyers have started to clue in to the opportunity on Lake Martin.

Predictions For Lake Martin Real Estate This Fall

I think prices will continue to be tight. I think the number of sales will drop off of this high for September, but they will be enough to beat last year, and to spell defeat for 2007.

Lake Martin Real Estate Market Talking Points

• Market wide, number of sales through 8-31-09 have already surpassed 2008’s 12 month total
• By 9-30-09 we will likely have more sales then 2007’s 12 month total
• August 2009’s 31 sales was the best month of sales since May of 2006 sold 33
• High inventory continues to pressure sellers to keep prices low

Maybe I should have started this post with my talking points.

Here’s to the Clinch!!

(*)Disclaimers: All of the above info was taken from the Lake Martin Area Association of Realtors Multiple Listing Service. Accuracy is not guaranteed but deemed reliable. The above does not include sales by FSBOs or developers that sell privately and not through the MLS. But, I do think that the above represents a very large majority of all sales on Lake Martin.