Community & Real Estate
Timing AND financing
are everything

The past two years in the real estate business have been very interesting.  In the early 2000s, prices were skyrocketing.  It was difficult to keep up with the demand.  Most of this was fueled by the twin propellants of consumer confidence and available credit.  Things have changed dramatically.

Also, consumers of second homes have had a change of appetite.  Instead of larger, more expensive “keep up with the Joneses” type homes, their taste buds have asked for smaller and rustically beautiful homes which are more affordable.  In the case of Russell Lands, and a few builders, we have been able to build a few of these “newer” lake homes.

These new homes have been warmly received by lake lovers – old and new.  They have given a large number of people some really good ideas of what a lake home might look like.  Additionally, we have developed a large number of plans for people to consider for their new lake retreat.

At the same time we were designing and building these newer more affordable lake homes, we went through a very extensive repricing process on our waterfront home sites.  We can honestly say that we have priced our lots at very attractive prices, especially when you consider all the new amenities we have added over the last two years.  Russell Crossroads is just one example of these new amenities.

Builders, unfortunately, cannot take advantage of the new designs and lot pricing to keep up with demand.  The over-supply of credit of yesteryear has been replaced by a scarcity of credit capacity to fund their operations.  Rather than being able take advantage of today’s cheaper labor, lower materials pricing and reduced land cost (and offer it to the end user), they are stuck sitting on the sideline waiting for custom work.

This scarcity of credit applies to the consumer as well.  Those who want to take advantage of the lower land cost find themselves in a difficult situation.  Many traditional lending sources, including regional banks, are restrained in the amount of credit available for home sites.  For consumers wanting to capitalize on the low land prices this is a frustrating situation.

A Workable Solution
As we looked at this situation — low prices and low credit availability — it occurred to us that we can provide a solution.  Russell Lands has offered owner financing to qualified purchasers for years.  Since many people preferred to rely on their established banking relationships, we have not advertised this program extensively.

Now we realize, after hearing our customers’ frustrations, that we might be the best source of financing available for those desiring to acquire a great lake lot at Russell Lands On Lake Martin.  Since many people defer construction for a number of years, we extended our financing terms to make the property affordable.

Not only is the financing available, it is also affordable.  Depending on credit-worthiness, our terms allow 80 percent loan-to-value, 4.25 percent annual interest rate, 15-year amortization with a three- to five-year balloon, depending upon the purchaser’s circumstances.  For those desiring to build right away, our Preferred Builders have options for cost-plus or turnkey pricing as well.

If you would like to hear more about these opportunities, and see a price list of available home sites, please call one of our Sales Executives at 877.215.7011 today.  We have a special emphasis on this property pricing and financial package in September.  Take advantage of it while you can!