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.