In the middle of east central Alabama lies what was once one of Alabama’s best kept secrets.
Now, thanks in part to the Wall Street Journal, the secret may be out.
Miami residents Matthew Meehan, 43, and his husband, Rod Hildebrant, 66, told the Journal they first heard about Lake Martin in 2015 from one of their employees. After three visits, they were hooked.
“You can jump off the boat, swim down and see 10 feet under the water. The water is that clean and that clear,” Meehan told the Journal.
Their story isn’t unusual, according to Steve Arnberg, vice president of real-estate sales and company broker at Russell Lands. He said said people from all across the South have started to purchase property at the lake.
“Business really began to take off in 2019, especially in the central part of the lake where Russell Lands is located,” Arnberg told Yellowhammer News. “Over the last 10 years we have been adding amenities, like golf (with the new Coore & Crenshaw designed Wicker Point course), dining, marine, shopping, and an extensive forest trail system in our extensive land holdings.
“In addition to the added amenities, we enhanced our lake home designs and our approved builders have been able to provide a high-quality execution in spite of supply chain problems.”
Arnberg told Yellowhammer News COVID actually acted as a catalyst for the market.
“What really added fuel to an already busy market was the social distancing requirements brought on by COVID,” he said. “Lake homes are generally built on larger lots, and piers are ‘distant’ from one property to another. Boating is a fun and health safety activity that the whole family can enjoy.”
Its attraction has been a spark plug for the local economy, as well.
“Lake Martin is more that a scenic beauty; it’s a driving force behind Alexander City’s economic vitality,” said Scott Hardy, the city council pro tem. “Its presence has catalyzed business opportunities, tourism, and job growth, making it an invaluable asset to our community.
“As Alexander City residents, we deeply appreciate the prosperity and opportunities it continues to offer us.”
The area has seen a large amount of price increases, especially in the past five years. This July, the annual average sales price for single-family homes along the Lake Martin shoreline was around $1.3 million.
The price increase paid off for Robert Cobb of Birmingham, the former CEO of Cobb Theaters. He bought a 5,000-square-foot house in 2019 for $630,000 and sold it last year for $2.375 million, records show.
He bought a new lot for $800,000, according to the Journal, citing public records, and built a 6,000-square-foot home. The home was finished last year, but his wife Mary died before it was completed.
However Cobb, 74, told the Journal he spends mostly every summer weekend there and the winter, too.
“You just can’t help but enjoy yourself here,” he told the Journal. “It’s so peaceful and serene.”
Austen Shipley is a staff writer for Yellowhammer News.
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