The McEnery Company has provided multiple appraisals of Russell Land development tracts situated on Lake Martin, the most significant of which is a 1,588 acre tract of raw land situated on the west side of Lake Martin. The property maintains 21 ½ miles of shoreline. Lake Martin is a second home haven for the wealthier inhabitants of Birmingham, Montgomery and even Atlanta, GA. The subject represents one of the last truly un-touched acreages of significance in this market, and is located directly across Lake Martin from Willow Point Country Club. The scope of our appraisal analysis required an extensive search of comparable lake-front development transactions across the region, as well as a thorough market analysis of actual lot and finished home pricing around Lake Martin. The valuation methods employed included a traditional land/site valuation, as well as a residual and present value based study that considered development costs, retail pricing on lake lots and expected absorption.
