Scotty, Home Buyer in 30005

On average, how long are lots in Big Canoe listed before being sold? Is there a higher demand for multi-acre lots?

Asked by Scotty, 30005 Sat Oct 31, 2009

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Scotty,

Demand for lots in Big Canoe has been relatively low in the past couple of years, so there are a limited number of comps by which to give you a really solid answer. There are currently 176 active lot listings, with only 9 lot sales in Big Canoe in the past 12-months. (3 sold and 6 under contract waiting to close.) Average days on market for those that have closed ranged from 49 - 530 DOM, or an "average" of 315. For the pending sales, average DOM was 116, in a range from 21- 279. As you can see it varies widely. There are some lots that have been for sale for months or even years, while others have moved fairly quickly.

There are many factors involved, price of course, but also location and features (such as lake frontage / views, or long range mountain views) that are considered by buyers. This applies equally to the question about lot size. I believe it is a combination of factors buyers are looking for, not just acreage. Only two of the nine pending sales / solds in the past 12-months were lot sizes of greater than 1-acre, while over 100 of those currently listed are listed as having acre-plus lots . . . suggesting that this isn't the singularly most important factor to buyers.

With current inventory levels and sales ratios where they are, Big Canoe's inventory of lots appears to be in the range of 20-years or so. With that much competition, price is clearly going to be a key factor (along with others mentioned above) in determining how long a lot is likely to be on market, and I'm not sure there really is an accurate way to gauge the "average" sale time in the absence of heavier average volume. However, I believe it is safe to say that there are going to be some lots that will remain for sale for a long time before selling.

I hope this answers your question. Please feel free to email me for clarification.

Thanks,

Trent.
1 vote Thank Flag Link Sat Oct 31, 2009
Scotty,

The lot market in Big Canoe is very unique. There are currently 166 lots on the market and according to FMLS as of 2/9/10, 15 sold in the past 12 months. There are others that have sold either through the developer, not in FMLS or by owner - this information isn't as easy to access as FMLS. Of the properties that sold they all offer something very unique - incredible price point, views, or multi-acre (at a great price point). To asnwer your question on multi-acre lots being in high demand - I would say only if it is priced aggressively or offers a one of a kind setting that no other lot offers in Big Canoe. There are opportunities in Big Canoe to purchase .70 acres, however you are completely surrounded by greenspace. It is a buyer's market if you are searching for a homesite in Big Canoe. Please visit my website at http://www.northgeorgialistings.com or feel free to contact me with any additional questions.

Take care,
Chip Perry
0 votes Thank Flag Link Tue Feb 9, 2010
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