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Welcome back to Go Gaddis Real Estate Radio. In this segment in our neighborhood spotlight, we are featuring lakefront properties, all of them at Lake Lanier. Also, can you afford to buy a lake house? It's a question I ask myself frequently. I have. Of living on the lake and what are the pros and the cons of living on or near a lake?
Don't forget, we want to connect with you. Go to go gaddis radio.com. That's G O G A D D I S radio.com. Each week we pick one specific manner, Metro Atlanta neighborhood to call out critical changes to let you know as a homeowner how you might have an advantage or in some cases disadvantage in the market.
Today and this week we are feature. Lakefront homes on Lake Lanier, those unfamiliar with Lake Lanier. It is in northeast Atlanta, uh, flowery branches all the way up to Oakwood, Gainesville, Oakwood. Um, it is a huge manmade lake, has a huge earth and dam, uh, very deep. It was built by damning up the, the, the end of.
Um, valley and flooding it basically. So it's my understanding there's still some houses and other things down there. Um, the water coming out of the lake is cold, cold, cold. If you don't believe me, just, uh, get in the Chattahoochee River somewhere near where the dam lets water out. Let's take a look at the prices over the last few years in.
20. There were 523 lakefront homes sold on Lake Lanier. They took an average of 99 days to sell. The average sales price was $701,000. They ranged from a low for a lot of 72,500, up to a high of $3.2 million for that particular. In 2021 home sold, by the way, for 95.7% of their list price. So sellers had to discount the price 4.3% in order to attract a buyer, or in order to get a buyer to, uh, go under contract with them, put it under contract 2021 home prices advanced on Lakeline Air, 153,000 on average.
466 homes, 466 homes sold in 2021. They took an average of 44 days, which was half the marketing time of the 99. The prior year, the average sales price went from $701,000 to $853,000. They ranged from a low of $81,000. Which I said the prior one at 72 5 was a lot. It could very well be a home that maybe almost needed to be torn down.
They ranged from a low of 81,000 to a high of 3.6 million. This is 2021 sales price to list list price ratio, 98.7%, which means sellers had to discount their properties 1.3% in 2021. In order to entice a buyer into entering into a contract in twenty twenty two, three hundred and eight homes sold. So we went from 5 23 in 2020 to 4 66 in 2021 to 308 in 2022, that you can average a 43 days to sell just about the same as the same number of days as it took in 2021.
The average sales price went up. Let's just call it 200,000, 150,000, increase 2020 to 2021, 200,000, increase 2021 to 2022. Average sales price was 1,000,040 $8,000. It range from a low of 200. And $21,000 up to a high of just under 8 million. Wouldn't you love to see an 8 million home of Lake Lanier? I bet that thing had an incredible view.
The average sales price to list price ratio in 2022 was 97.3%, which means sellers had to reduce, sellers had to agree to reduce their price 2.7% in order to get a buyer to go under contract with them. There are currently 84 home. 84 homes listed for sale that say they are waterfront on Lake Lanier. The low asking price is 169,000, and that could very well be a condominium, and the highest asking price is 12 million.
I wanted to see the home that sold for 8 million. Now I wanna see the home that's listed for 12 million. Again, 84 homes sold in the last 365 days total. 277 homes sold. Um, and that means we have 3.63 months worth of supply if we have less than four months. It's a seller's market for in five months worth of supply.
It's a balanced market, more than five months worth of inventory. It is a buyer's market, which means. We are at the very high end of a buyer's, excuse me, a seller's market, a very high end of a seller's market. I want you to think about this average home on Lake Lanier Waterfront. Home on Lake Lanier costs $419,000 in 2010.
Let me say that again. The average home on Lake Lanier Waterfront Home on Lake Lanier costs 419 or 420,000. In 2010, that same home, those same homes on average cost a million dollars. That's almost 600. It's over 600,000 in additional equity and additional value for homeowners on Lake Lanier. I am, as you hear me talk about quite often, I'm planning on moving.
This year I'm actually gonna be out looking for homes myself. Uh, this weekend and through this next week and the following weekend, and I'm, I'm hoping to buy home and put it under contract. And one of the things that I've really wanted to do, and I've wanted to do it for a long time, is I wanted to have a place on the lake.
And for me, I don't know your reason, what your reason would be for having a place on the lake, but for me, uh, Just to look out over a body of water is very relaxing. And if your life is anything like mine, you probably don't have quite as much time, uh, to relax and recharge and regroup and just have some solitude.
And the thought of getting up in the morning really, really early while maybe there's still some haze over the lake and sitting out maybe on a screened in porch or maybe a Florida room that had windows where I've had a good view of the lake and drinking my coffee. I just can't imagine. Well, actually, I was gonna say, I can't imagine anything more relaxing, but I imagined something more relaxing, even while I was saying I can't imagine anything more relaxing.
What would be for me, what for me would be more relaxing would be to have a hot tub. Out behind the home on the lake where I could sit in the hot tub in the morning and see the lake and have a wonderful view and drink my cup of coffee. So let's continue on the discussion. By the way, if you've just joined me, you are listening to Go Gaddis Real Estate Radio right here on AM nine 20.
The answer, we were just giving a market update on the housing. At Lake Lanier over the last three years, if you are the type of parent who doesn't want a monkey around with your kid's education or the school's effect on home values, best way. To make sure you are fully educated is to get a School Chimp report.
Go to Go gaddis radio.com. Click on School Chimp. Download your report. If you are looking for homes for sale and you're having a hard time finding what you want and you think it's just not there, you could be looking on the wrong website. I suggest you go to sure mls.com. That is S U R E M L s.com. Sure.
mls.com. S U R E M ls.com. Summer is almost here and Lake Living might be on your mind just like it is on my mind. And since we discussed lake values, we thought they're providing maybe a list of pros and cons about living on the lake would be a really good thing to do. Actually, before we jump into that, I want to talk a little bit about whether or not you can afford a homeowner lake, cuz I worry about all the additional costs.
You know, lake houses are a, you know, a dream for many people just like me. But the reality of owning a vacation home can be quite different from what you imagine. And so certain things you need to remember in order to consider the cost of ownership, you gotta add maintenance, other hidden expenses. You gotta think about property taxes, which are probably higher on a lake insurance, which is higher on a lake.
Maintenance cost. When you have exposure to elements like you would have more of on a lake, can be more. Uh, if you are on a lake, you're gonna wanna dock, you're gonna wanna boat. All that is expensive. Uh, you also have utility, utility cost, or hidden cost. Um, you know, utilities such as electricity, water, and gas can be more expensive than a city.
Internet service can also sometimes be difficult. I don't think it would be at Lake Lanier. And if you plan to visit the lake house, you'll have to pay for transportation. You'll have to fen furnish the house and finished it all up. You'll need two of everything. Um, one of the negatives. That you will have guests want to visit your home and you don't wanna say no and it makes sense for them to want to visit your home, and that may be a good or a bad thing.
If you're interested in taking a look at a lake house, I say reach out to us. We have a lake expert on the team, someone who's been selling real estate in Atlanta for almost 30 years. Her name is Debbie and you can reach her by going to go gaddis radio.com. Clicking on contact us, say, have the lake lady, give me a call.
Or you can just call 7 7 0 4 9 7 0 0 0 0 and again, ask the lake Lady give you a call. Let's take a look at the pros and cons of Lake Living. We were doing a little bit of that. Uh, before, but the pros are, and this is so, so amazing to me, thinking about these, the air you breathe by the lake will help you live longer.
Research has shown that the air near a lake or a sea is charged with negative ions that have a positive effect on your body. They work to balance serotonin levels in your body, which are associated with mood and stress, and that's why you feel less tension when you're. The sounds you hear near the lake will help you rest better if you visit a spa or gone for a massage.
You know, calming sounds come from the facility speakers. Those sounds on the city are often sounds of water lapping against the shore or waves breaking on rocks. Yeah, sounds can be very relaxing and I agree with that. The blue color of the lake will help you unwind living near a lake. Combat stress by putting you close to nature.
Physiologically, your brain and your body change when you are communing with nature, and that is so true. My favorite place to be is in my yard. Your body will get stronger living near a lake cuz you'll have opportunities for water sports and staying active. Your investment at a lake house will grow in value and you have lots of beauty in your surroundings.
This is certainly not always the case, but most often. The cons of living near the lake. Everybody loves you and they want to come visit your house. And unfortunately, some creatures, like mosquitoes that love water, uh, can take a bite out of your lake fun and you will feel it in your pocket. Lake living can be costly because of all the additional expenses.
I am so glad that you chose to join us for another week's edition of Go Gaddis Real Estate Radio, right here on AM nine 20. The answer if you're looking to sell your home anytime in the next six months. Go to go ga us radio.com. Click on contact us and take advantage of our seller confidence plan.
Selling a home can be very confusing. There's so many options. You can sell for cash or you could do a market sale, or you could improve it and sell it, or you could buy your new home first. Before you sell your existing home, we will look at all the different options for you and your situation and make the best recommendations to you.
It's called our Seller Confidence plan. Go gaddis radio.com is where you go. Click on contact. Thanks for joining us for another week show. We'll, we'll be back next Saturday at 9:00 AM I hope you have a great week. Take care, Atlanta.