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Ridge Market Report
Record year for highly amenitized community
The Ridge is the largest waterfront development on Lake Martin. Since the first release of waterfront lots in 2003, Russell Lands has developed and sold over 525 waterfront properties. The sales rate, even with the effects of the “Great Recession,” have been pretty impressive for Lake Martin.
Sales in The Ridge for the last year*, however, have set a new standard. Over the last year, 73 Ridge waterfront properties were sold with a gross dollar volume of $75,143,428. To put that into perspective, 14% of all the properties currently developed in The Ridge sold to new property owners last year.
Virtually all property types in The Ridge were selling. Residential homes sold at a brisk pace with 32 single-family transactions. The gross sales price for that period was $54,319,178, and the average sales price was $1,697,474, both of which are the highest levels recorded on Lake Martin for the year. The Ledges townhome units, which do not have a high-turnover rate, had four of the existing 24 units sell during last year with an average price of $570,000.
Our Realtors® report that many more homes would have sold had more been available. With dwindling house supply, potential owners shifted their attention to waterfront lots instead with 37 waterfront lots selling at an average price of $510,195. This total sales tally was only exceeded on one occasion—in 2004. The current average sales price, however, is roughly double the values recorded in that year.
Buyers for The Ridge were drawn to the community for a number of reasons. The development of and the care for quality amenities was the primary factor driving purchases according to our sales team. Potential owners see the difference immediately as they drive through the main entry. The consensus among Ridge homeowners and visitors alike is that the neighborhood exudes a “resort feel,” from the beautifully manicured entry on Windermere Road and long entry road to the manned and gated main entry adjacent to one of its several resident parks.
The Ridge Club
The Ridge Marina
The Ridge Beach Park
The amenity package is highlighted by The Ridge Club, a world-class, 10-acre recreation complex with clubhouse, multi-level pool, fitness center, tennis courts, and event and sports lawns is centrally located just behind the security-gated entry. The Ridge also has one of the largest public marinas in the country—The Ridge Marina. This marina has over 100 covered wet-slips, 800 slips in the large dry-storage facility, boat sales, boat service, year-round boat launch, and gas docks.
The Ridge, in addition to the two world-class facilities noted above, offers miles of sidewalks, nature trails, a 12-acre lakeside entry park, and a lakeside beach club as additional amenities. Care for these amenities and the lush Ridge landscaping are managed by the full-time staff at The Ridge.
Home design and construction in The Ridge have consistently set the trends on Lake Martin. Russell Lands has developed thoughtful protective covenants for the community and provides guidance for lake home construction through The Ridge Architectural Review Committee. While these factors are not as visible as a 14,000-square-foot clubhouse complex, they are proven enhancements to property values, which continue to increase.
Future growth for The Ridge
The Ridge (view map) is a multiple-phase development. The final phase of waterfront property, consisting of 15 waterfront homesites, on the mainland section of the community will be offered for sale beginning July 7, 2021 (click here for details). That would leave only The Ridge Island as future lakefront property for this very successful development.
Planning for when to develop The Ridge Island is frequently discussed at Russell Lands. Given the complexity of the development of a lake island, property sales may not occur in the near term.
To stay abreast of what is happening in The Ridge or to find available property, please contact one of our Sales Executives at 256.215.7011 today.
* The sales tallies above occurred June 1, 2020, through May 31, 2021. Sales were pulled from Russell Lands sales reports. Information on private sales may not necessarily be available for this report.