Articles & News
Property values for Russell Lands neighborhoods double the market average
There is an old saying in real estate: “The three biggest factors that influence property values are location, location, location.” That does raise a fundamental question. What makes for a good location? According to our sales data, it is proximity to “amenities, amenities, amenities.”
This important reality drives our investment in and management of amenities. While it is true that Lake Martin is the really big amenity, there are other amenities that matter and further support increased property values. Amenities such as marinas, neighborhood clubhouses, restaurants, grocery stores, fitness centers, extensive trail system, tennis courts, and golf courses all add significantly to the quality of life at Lake Martin.
Russell Lands has made significant investments in amenities, and for those who really know Lake Martin, these amenities create a strong sense of place. A partial listing of Russell Lands amenities reads like a lake amenity “Hall of Fame.” What would Lake Martin be without these amenities—Willow Point Golf & Country Club, The Ridge Club, Kowaliga Marina, The Ridge Marina, Catherine’s Market, SpringHouse, and Kowaliga Restaurant?
Proximity to those and many other amenities have a direct impact on property values. Several years ago, we started tracking property values in Russell Lands neighborhoods in relation to the overall market. Our initial desire was to measure what difference, if any, amenities had on the value of waterfront property.
As the old saying goes, numbers don’t lie. And when we put numbers into graphic form, not only does truth show through, but we can have confidence when deciding on whether or not to add an amenity. The chart below shows the tremendous difference that amenities make on the value of real estate.
Russell Lands neighborhoods are closest to the amenities and businesses listed above, and because of that proximity, values are the highest. The chart dates back to 2011, which is the approximate date that Catherine’s Market, SpringHouse, and the Russell Forest were all open and operating.
The chart shows in red the price of the rolling average for a single-family lake home as reported to the local MLS. The green line shows the rolling average price of a lake home if you take out the sales price of lake homes in our neighborhoods. The blue line tracks the rolling average price of lake homes in Russell Lands neighborhoods.
As you can see, in 2011, the spread between our neighborhoods and the rest of the lake was narrower. As more amenities were introduced over time, and as people began to use and appreciate those amenities, the gap widened to the point that the value of a single-family home in a Russell Lands neighborhood is twice the value of a home in a non-Russell neighborhood.
In short, amenities do matter, especially when they are in the center of your neighborhood!
More amenities being created
Russell Lands is not finished with the development of lakefront communities. While we have nearly completed the development and sales activity in the Willow Point area and on the mainland section of The Ridge, we still have significant waterfront properties to develop.
In fact, we recently announced the commencement of another major amenity, a Coore & Crenshaw-designed golf course on the east side of our land holdings with an adjacent lakefront development, The Heritage.
We are still in the early stages of development, but over the next several months, we will announce decisions related to the Golf Club, the amenities for the community (because they matter), and the property release schedule. If you would like to stay informed about this exciting new Russell Lands neighborhood, reach out to one of our Sales Executives at 256.215.7011 or send them an e-mail request for information.