Lake Oconee Condos—Learn about condominiums in the Lake Oconee area

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LAKE OCONEE CONDOS

What is the basic difference between a Condo and a Townhouse?

Answer: A condo is a form of ownership in which you own your unit individually, plus you have an undivided interest in common areas such as hallways and stairs.

If each unit is owned separately, that form of ownership is called “fee simple”.

In a Condo, there is typically an association board of directors that sets policies for the development. Those policies can be far reaching and affect your life.

A Town House is a dwelling unit, generally having 2 or more floors and attached to other similar units via PARTY WALLS.

Town houses are often used in PLANNED UNIT DEVELOPMENTS and CONDOMINIUM developments, which provide for clustered or attached housing and common open space.

Why do some Condo Associations prohibit rentals?

Answer: Many lenders will not make loans to individuals trying to purchase a home in a condo if rentals are >30% . This will make it difficult to sell.

Rental restrictions only apply if they are set up as a town house, so many builders decided to build as “fee simple” town houses, instead of the more common condo townhouses.

What is the difference between a condominium association and a mandatory “homeowners association?"

Answer: A condo association is granted strong powers to make decisions for the good of the condominium.

Those powers include the ability to place liens against the property of owners who refuse to comply or pay fees.

Therefore the condo association is more powerful in enforcement than that available to a “neighborhood association.”

Always consider the power vested in the Condo Board of Directors. That power can affect your rights.

South Bay Lake Oconee

Features Condos built in 2006-2007 with wraparound porch, 2 or 3 bedroom with 2 ½ baths. Finishes include granite counter-tops, slate fireplace surround, stainless steel appliances and hardwood floors.

One of the main attractions of Lake Oconee is the water level is pretty much consistent year-round.  Elevator access to the units mean you don’t have to climb stairs.

When paying 400K plus for a condo on the lake you most certainly want water in the lake year round. The lots alone on Lake Oconee can run several hundred thousand and you still have to build a house for several hundred thousand.

Therefore, the condos in the 400 to 700 thousand range did seem to be fairly priced in 2007 especially for a second home. You are on Lake Oconee with these condos and there is basically no upkeep.

The condos were developed by Place Properties and had 114 units priced from 438k to 699k when built in 2006-2007. All units are flats, with six condos in each three story building. The units have wraparound patios and/or balconies. Six floor plans were offered at the time they were built.

Take I-20 east toward Augusta and take exit 130 (Greensboro) and turn right onto GA 44 and Old Phoenix Road. Turn left and travel approximately 2.5 miles to Colis Road. Turn left and travel 0.3 miles to South Bay at Lake Oconee.

The area features many restaurants that were not there 15 years ago when Reynolds Plantation first opened on Lake Oconee.

The condos are located in the Eatonton—Putnam County area about 90 minutes east of Atlanta. 14 Units are now listed from 295K to 349K as of February 2010.

The majority of the condos at this time have been reduced over 100K. Many of the units for sale are contingent upon Bankruptcy Court approval.

Many are bank owned and have been on the market over six months which means you could probably get an even sweeter deal.

If you are in the market for a Lake condo at a reasonable price—now may be the time to buy if you are properly prepared and ready to buy.

About This Article:

 

The above article was written by Thomas (TJ) Underwood.   Thomas (TJ) Underwood is an active real estate broker in the state of Georgia and is the writer behind The Wealth Increaser, Home Buyer 411,  Home Seller 411, The 3 Step Structured Approach to Managing Your Finances, Managing & Improving Your Credit & Finances for this MILLENNIUM and CREDIT & FINANCE IMPROVEMENT MADE EASY—FREE GUIDE. 

He is the creator of TheWealthIncreaser.com where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner.  He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future. 

You can contact him from a number of sources but the most direct way is to contact him through the contact us block that can be found at the bottom of this page. 

You can also get other highly relevant tips on "living your life more abundantly" and possibly earn revenue at the same time by linking to TheWealthIncreaser.com.

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