Lake Martin has seen a surge in real estate sales along its shoreline with single-family vacation homes commanding an average price of $1.3 million.
Steve Arnberg, vice president of real estate sales at Russell Lands, reported a significant increase in home prices in just the last five years. Specifically in Alexander City, Dadeville, and Tallassee, in addition to residential neighborhoods like The Ridge, Willow Point, The Heritage, and StillWaters. A new Russell Lands development dubbed Wicker Point Golf Club is set to open in September, with lots seeing bids in excess of $1 million.
In July, the annual average sales price for a single-family home clocked in at roughly $1.3 million. To put things into perspective, that’s around a 95 percent spike from just four years prior, when residences along Lake Martin’s 800-mile shoreline were going for $668,000. Among the area’s recent buyers is Bruce Pearl, head coach of Auburn University’s men’s basketball team, who picked up a property in an upscale resort-style development known as The Ridge in 2019. Pearl shelled out a cool $900,000 for his waterfront lot and estimated he put in about $3 million into building his 8,000-square-foot lakeside mansion.
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