Lake Rabun 2010 Sales Summary

LAKE RABUN SUMMARY

RECENT SALES

11 Hartwell Lane, listed by Re/Max for $2,275,000 sold furnished for $1,650,000.

UNDER CONTRACT

299 Stillhouse Lane is quietly under contract by private parties and should close in December.

5618 Brandon Mill Road, listed for $650,000 is under contract.

ACTIVE

There are approximately 56 homes for sale on Lake Rabun, representing about 12% of the homes on Lake Rabun.  The closing of 12 homes in 2010 on Lake Rabun is a significant number as it comes close to the peak of 13 homes closed in 2006.

BANK OWNED

There are currently 4 bank owned properties remaining for sale on Lake Rabun:

769 Lake Rabun Road  - 

 $5,588,000

6352 Lake Rabun Road  - $629,000 - very last home on Lake Rabun Road across from bridge

5628 Lake Rabun Road  - $550,000 - the old marina

5731 Lake Rabun Road  - $450,000 - concrete block home in the no wake zone

Lake Burton 2010 Sales Summary

LAKE BURTON SUMMARY

RECENT SALES

2289 Blalock Goldmine, listed for $1,650,000 by Harry Normal Realtors Luxury Lake and Mountain, sold for $1,280,000 to a Harry Norman customer.

1067 E. Wildcat recently reduced to $999,000 from an original list price of $2.6m sold for $925,500.  This was a foreclosure situation.

536 Deer Hill Road, was sold before listed to a Lake Team customer for $1,745,000.  This is a very special lot and has potential for an extraordinary new home. This represents a continued lot sale trend. 

518 Moccasin Creek, listed for $995,000 by Harry Norman Realtors Luxury Lake and Mountain sold to a Harry Norman customer for $800,000.

UNDER CONTRACT

The Pointe, listed for $10,900,000 by Harry Norman Realtors Luxury Lake and Mountain.

91 Biltmore, listed for $3,995,000 by Harry Norman Realtors Luxury Lake and Mountain.

1583 Blalock Goldmine Road, is under contract at an undisclosed price to a Lake Team customer before being listed .

PRICE REDUCTIONS

2804 Moccasin Creek Road, has been reduced to $2,595,000.

NEWLY LISTED

87 Lynchburg Lane has been listed for $3,800,000 by Harry Norman Realtors.

BANK OWNED

There are currently two bank owned properties on the market:

1598 Timpson Cove Road -- $1,125,000

1662 Timpson Cove Road -- $999,000

ACTIVE

There are approximately 127 homes for sale on Lake Burton, representing about 11% of the homes on Lake Burton.  If every home that is presently under contract sells, there will be a total of 29 homes sold in 2010 to date.  In 2009, only 13 homes sold on Lake Burton, so the number of sales is greatly improved. Lot / tear downs have been extremely strong this year, with 12 under contract or already sold.

2010 Winding Down but 2011 Will Start Strong

As 2010 winds down, there are still a number of lake properties under contract and scheduled to close either by the end of this year or in early 2011. 

On Lake Burton, 112 Whipoowill, listed for $10,900,000; 1584 Blalock Goldmine (under contract before being listed at an undisclosed price; 91 Biltmore, listed for $1,745,000; 546 Deer Hill (under contract before listed); 1067 E. Wildcat, listed for $999,000; and 518 Moccasin Creek, listed for $995,000 all remain under contract.

On Lake Rabun, 229 Stillhouse Lane (FSBO) is under contract as is 5618 Brandon Mill Road, listed for $650,000.

Another Lake Team Sale on Lake Burton

Another Lake Team Sale. 460 Moccasin Creek Road on Lake Burton, listed for $2,100,000 by Michael McGaughey with Harry Norman Realtors, Luxury Lake & Mountains sold today for $1,787,500.

Price Increase on Lake Burton

643 Limberlost Trail, listed by Harry Norman Realtors, Luxury Lake & Mountains, was recently repriced at $2,995,000. The market on Lake Burton is extremely strong this quarter and this price increase reflects that. For more information, contact Michael McGaughey at 706-982-9030 or Craig Kettles @ 706-982-9031. Harry Norman Realtors, Luxury Lake & Mountains, 706-212-0228 (office).

Lake Rabun Home Auctioned

769 Lake Rabun Road, a bank owned property, was auctioned today by a private auction company. The winning bid for this home, last listed for $5,588,000, was reportedly $1,4000,000. However, It is unlikely that Mountain Heritage Bank, the owner of this home, will accept such a low bid for this special property. This is the home that Jennifer Aniston rented while filming "Wanderlust" the past few months.

New Listing on Lake Rabun

his home on Lake Rabun in the river section, has just been listed by The Lake Team, for $695,000. Equal housing opportunity.

Lake Burton Home Sold

133 Deer Hill Road, offered for sale by owner for $1,790,000, sold today to a happy lake team customer. At the request of the buyer and seller, the sales price remains confidential.

Another Property Has Sold on Lake Burton

3461 Moccasin Creek Road, listed for $2.195m by Harry Norman Realtors, sold recently for $1.735m.

Sale Pending on Lake Rabun

3994 Brandon Mill Road, listed for $1,299,000 by The Lake Team, is now under contract.

10th Lot/Tear Down Sold on Lake Burton in 2010

322 Albany Lane on Lake Burton, listed by Ed West Realty, just sold for $900,000. This makes the 10th lot/tear down to sell on Lake Burton in 2010. The average list price for these 10 lots was $1,330,750, the average selling price was $1,006,800 and the average days on market is 364.

Another Property Has Sold on Lake Burton

This home, located at 4000 Meeting House Mountain Road on Lake Burton and listed by Better Homes and Gardens Metro Brokers, just sold to a Lake Team client for $1,100,000.

Lake Burton Home Sold

This home located at 146 Watkins Cove on Lake Burton, has just sold.  The home was listed by Harry Norman Realtors, Luxury Lake and Mountains for $1,565,000 and sold for $1,200,000.

Another Lake Burton Property Under Contract

This home located at 2289 Blalock Goldmine on Lake Burton, is now under contract.  The home is listed by Harry Norman Realtors, Luxury Lake and Mountains for $1,650,000

Another Lake Burton Property Under Contract

This home located at 91 Biltmore on Lake Burton, is now under contract.  The home is listed by Harry Norman Realtors, Luxury Lake and Mountains for $3,995,000.

Lake Rabun Home Under Contract

1069 Wexford Way, listed by Harry Norman Realtors, is under contract to a Lake Team client.

Highest Priced Home Ever on Lake Burton Now Under Contract

The Pointe, tri-listed for $10,900,000 by three agents with Harry Norman Luxury Lake and Mountains (Michael McGaughey, Julie Barnett & Crawford Grice)  is now under contract.

Another Sale on Lake Rabun

This bank owned home in the river section of Lake Rabun has just closed for $1,045,000.

Home Under Contract on Lake Rabun

Located on the Pigeon Run section of Lake Rabun, this home listed by Remax for $2,275,000 is now under contract.

Another Tear Down Sold on Lake Burton

This home on Lake Burton closed today for $775,000.  It was last listed for $975,000.  To date there have been 8 tear downs or lots sold on Lake Burton this year, with another 2 under contract.  These properties are selling at an average of 75% of their last listed price.

Lake Rabun Price Reduction

This spectacular home at 3994 Brandon Mill Road on Lake Rabun, listed by The Lake Team, has been reduced to  $1,299,000.

Another Home on Lake Burton is Under Contract

Listed by Michael McGaughey for $2.1m, this home at 460 Moccasin Creek on Lake Burton is now under contract.

Drawdown Schedule for Lake Burton, Rabun and Seed Announced by Georgia Power

RABUN DRAWDOWN:  Drawdown scheduled for Lake Rabun. We plan to lower Lake
Rabun approximately eight feet (8’) starting October 25, 2010. Lake Rabun
will begin to refill on November 18, 2010 and returning to normal operating
level by November 25, 2010.

SEED DRAWDOWN:  Drawdown scheduled for Lake Seed.    We plan to lower Lake
Seed approximately twelve feet (12’) starting November 18, 2010.  Lake Seed
will begin to refill on December 20, 2010 and returning to normal operating
level by December 31, 2010.

BURTON DRAWDOWN:  Drawdown scheduled for Lake Burton.    We plan to lower
Lake Burton approximately eight feet (8’) starting October 18, 2010.  Lake
Burton will begin to refill on February 1, 2011 and returning to normal
operating level by May 1, 2011.

During the drawdown, fluctuations may occur on a daily basis due to
generation demand, rainfall, or other events.

To receive a construction permit for new structures or for maintenance of
existing structures, a construction application will have to be submitted,
along with plans, to Georgia Power for review and approval. Residents
planning to build a new seawall will need to complete a Buffer Disturbance
Request form that will have to be approved by County LIA before a permit
will be issued by Georgia Power.

If you have questions regarding the drawdown or if we can assist you in any
way, please do not hesitate to call the GPC office at 1-(706)-782-4014.

Lake Burton Home Under Contract

This F.S.B.O. home on Lake Burton, is now under contract to a Lake Team client.

Lake Rabun Bank Owned Property Under Contract

This home on Lake Rabun, listed for $1,249,000 by Remax is now under contract.

Another Lake Burton Property Under Contract

245 Albany lane, listed by Ed West Realty for $1.395m, is now under contract.

Lake Burton Price Reduction

106 Scenic Lake Drive, listed by Harry Norman Realtors, on Lake Burton was reduced today to $2.995m. The original asking price was $4.795m.

Lake Burton Home Under Contract

This home at 150 Rainbow Village Lane, listed by Remax for $975,000, is now under contract.

Price Reduction on Seed Lake

This home at 38 Butternut, listed by Harry Norman Realtors, has been reduced to $1,050,000.

Lake Burton Home Under Contract

This home at 4000 Meeting House Mountain Road listed by Better Homes and Gardens Metro Brokers for $1,200,000 is now under contract.

Lake Burton Home Under Contract

This home at 146 Watkins Cove, listed by Harry Norman Realtors for $1,565,000, is now under contract.

229 E. Wildcat Rd. on Lake Burton Sold for $2,800,000

Originally listed for $3.85m by Harry Norman Realtors, this home on Lake Burton closed this week for $2,800,000.

Hollywood in Rabun County

Hollywood is busy working on "Wanderlust" starring Jennifer Aniston and Paul Rudd.  Check out the directors blog at http://www.davidwain.com/blog/
Filming began in Habersham county this week and the talent is reportedly staying in Rabun County.

Price Reductions on Lake Burton

Price reduction on Lake Burton.  This terrific log home on Lake Burton, listed by Michael McGaughey of Harry Normanb Realtors,  has been reduced to $2.1m.

Lake Burton Home Under Contract

840 Moccasin Creek Road, listed by Harry Norman Realtors, for $995,000 is now under contract.

Another Lake Burton Property Under Contract

4179 Hwy 197, listed by Remax for $799,000 is now under contract.

Under Contract on Lake Burton

322 Albany Lane, listed by Ed West Realty for $1.35m is under contract.

24 Dakota Lane on Lake Burton sold last week for an undisclosed price.  The home was listed by Harry Norman realtors for $7.3m

New Listing on Lake Burton

This home on Lake Burton on Moccasin creek was just listed by Harry Norman Realtors and is for sale for $1.75m.

Another Sale on Lake Rabun

This home at 76 Guy Hall Lane on Lake Rabun, listed by Remax, recently sold for $1.775m

Lake Burton Sales Review

For 2010, there have been 12 homes sold and there are another 2 under contract.  2010 is looking to be a better year in terms of sales.  The $1.5m to $2m price point has not seen a sale since 2008.  This was the strongest price range for 2008, so it is curious that there have been no sales in this range for 2009 and 2010.    We are a ways from reaching the peak of 2007 in terms of the number of homes sold, but we will have more homes sold above the $3m price point this year than in any of the previous years.

Lake Rabun Sales Review

The average number of homes sold on Lake Rabun per year for the past 10 years is 9 homes. With three months to go in this year, 6 homes have already sold and another 2 are under contract. 2006 was the best year in terms of the number of homes sold with 13 homes sold in one year. There are still several bank owned homes for sale on Lake Rabun at great prices.

229 E. Wildcat Rd. on Lake Burton now Under Contract

This home, listed for $3.395m is now under contract.

2170 Lake Rabun Road Under Contract

This home listed for $1,399,000 is now under contract.

Another Home Under Contract on Lake Rabun

76 Guy Hall Lane, listed at $1.995m is now under contract.

Price Reductions on Lake Burton

4065 Blalock Goldmine has been reduced in price from $7.85m to $7.1m

6 Nova Scotia has been reduced to $1.595m from $1.75m.

Lake Burton Home Under Contract

This home listed by Michael for $599,000 is now under contract.

$7.3m Home Under Contract on Lake Burton

Lake Burton property listed for $7.3m is now under contract.  Another big sale for Lake Burton.

Lake Rabun Stats

The following chart shows the history of homes sold as well as those currently under contract on Lake Rabun. For more information, visit our website or send us an email .

The Lake Team

Craig Kettles has joined my team and will be assisting me in providing the finest representation for both buyers and sellers on all of the Rabun County lakes. Visit my website or email us at rabun@me.com .

Lake Burton & Lake Rabun Homes Sold in 2010

For a list of the homes that have been sold on Lake Rabun and Lake Burton as of 7/27/2010 click here.
There are other homes that have been sold that were not sold through a realtor. I have listed these on the wwww.burton-rabun.com