In three weeks, 35 condominiums at Logan Martin Lake’s Lincoln Harbor go on the auction block, and that sale will mark a parting of the ways between the builder and the developer.Lincoln Harbor Development, which is part of Shoreline Real Estate LLC, will be handling “building and marketing, and taking over total control of the site,” according to Lincoln Harbor general manager Jason Kauffman. Compass Real Estate LLC, which built the condos, will be pulling out of the development to pursue other projects, he said.
Signs advertising the Sept. 8 auction of “The Overlook” went up recently within several miles of Lincoln Harbor, which is located just off Talladega County 207, on the east bank of the lake. A little over half the condos in the four four-story buildings have already been sold. The remaining 35 are scheduled to be sold at auction, with 10 to be auctioned “absolute.”
Lincoln Harbor is a “seven-year, $750 million-dollar project,” according to Bob Godard, president of Compass Communities LLC.
“There is almost no debt in the entire project,” Godard said Thursday. “There is no debt on the land. But we all know the (housing) market is slow. What we’ve found out is the only way to sell a home in this market is at auction.”
“The condos turned out great, and (Compass Real Estate is) ready to move on to other projects,” according to Kauffman. “They decided to take the auction route.”
Since Compass was the first builder to start work on the development, Kauffman explained, “we let them go forward, and they took more of a national approach,” advertising in such publications as the Wall Street Journal, USA Today and Southern Living magazine.
“For some reason, marketing (the condos) nationally just didn’t hit,” Kauffman said. “So we decided to go more locally.”
The Overlook was the first project completed at Lincoln Harbor and was built by Compass Real Estate alone. Several “cottages” that contain duplexes, triplexes and quadplexes of 2,200 square feet or more are currently under construction as a joint effort between Shoreline and Compass, Kauffman explained.
“Once we get these condos and cottages sold, we are going to look at getting something different on the ground,” he said. Presently they are working on getting all the utilities brought in, he said, including DSL Internet. By spring they hope to have additional builders involved and have some new projects under way.
Kauffman said the change of direction was made when Compass decided to sell the condos at auction. He said from this point on marketing will be more local. Most of the units sold so far have been bought by people in Alabama and Georgia.
“We’re taking over the marketing and sales approach,” Kauffman said Friday. “We’ve hired ERA King Real Estate. We’ve been working with them over the past several weeks, but we just signed a contract with them this morning.”
Shoreline and Compass are the only builders that have been involved in Lincoln Harbor so far. They planned a total of 952 homes for the 170-acre property – mainly condominiums and cottages, although plans also have been on the drawing board for a lodge perched on a picturesque rocky knoll. Shoreline is in the process of securing the permits required to construct a boardwalk and boat docks along the one-and-a-half-mile shoreline of the community.
“We should have that before the end of the year,” he said. “And they’ll be ready for spring of next year.”
The condominiums that are coming up for auction are elegant apartments with all the amenities: stainless steel appliances and granite countertops in the kitchen, washer and dryer, balconies with a view and – in some of them – fireplaces. Services of every description are available from the concierge.
Doug Cook of Executive Concierge said he provides every service necessary to create a “totally maintenance-free lifestyle,” including arranging for catering, childcare, on-site massage, auto detailing, housekeeping and laundry service, and a tee-time at the golf course.
“I can get tickets to sold-out events,” he added.
An open house at the development will precede the auction, Sept. 1-7.
On the Web: http://lincolnharbor.net/
http://roebuckauctions.com/auction_detail.php?ID=366891
