Considering buying a home on Lake Chatuge?
That’s a great choice! With more than 130 miles of beautiful shoreline, this 7,000 acre lake has become a wonderful destination for those who love all things outdoors. Nestled in the mountains of North Georgia and North Carolina, this lake has much to offer. But, before buying on Lake Chatuge you need to answer some questions.
First, before buying in any real estate market you need to know the current local market. All real estate is local and knowing the local market will benefit you in the negotiation process. Is it a buyer’s market, a seller’s market, or a balanced market? Normally a 6 month supply of residential inventory is considered a balanced market and less than 6 months is a seller’s market and more than 6 months is a buyer’s market. Last year on Lake Chatuge we averaged approximately 4.3 lake home sales a month. There are currently 9 homes for sale on Lake Chatuge. We are currently in a very strong seller's market.
Next, question: What is your budget?
Can you afford the home that you want on Lake Chatuge? In 2021 the average sold price of a lake home on the Georgia side of Lake Chatuge was a little over 1.1 million and just under $850,000 on the North Carolina side of the lake. Lake prices have risen considerably in the last year. In 2020 the average sold price on the Georgia side of the lake was just under 650,000 and nearly 570,000 on the North Carolina side of Lake Chatuge. That said, there were some lake home sales in the mid 200's and 300's last year.
Next, are you looking for a residential home, condominium, or townhouse? Most of the residential properties on Lake Chatuge are residential homes. There are a few condominium subdivisions on the Georgia side of the lake such as Sunset Bay, Windjammer and Nantahala Bay. There are also a few townhouse developments on the Georgia side of the lake such as the Enclave and Chatuge Landing.
Next, are you looking for a home with your own private dock or will a boat slip in a boat slip community suffice? If you are happy with just having a boat slip on Lake Chatuge you may want to look at communities such as Hidden Fields, Cypress Point, Chatuge Village, McIntosh Cove, Bell Creek Cove, or HyTop. Each of these communities features a community dock area. For example, McIntosh Cove, Bell Creek Cove and Phillip’s Cove provide a large covered community dock and you have an assigned boat slip. Additionally, the aforementioned communities also provide a very nice community pavilion with an outdoor fireplace. Subdivisions such as Chatuge Village and Hy Top feature an uncovered community dock for some of the homes in the subdivision.
Next question: What kind of dock do you need for your boat?
The most sought after dock on Lake Chatuge is a single slip covered dock. That said, we have lake homes that feature double slip party deck docks, covered docks, wood docks, aluminum docks, docks with swim platforms, docks with jet-ski docks, etc. Unlike for example Lake Burton, Lake Chatuge does not feature boathouses on the lake. As Lake Chatuge is controlled by the Tennessee Valley Authority (TVA) the dock must be approved and permitted by the TVA. Accordingly, before you purchase a home with a dock you need to review the TVA paperwork verifying that it is approved by the TVA. In years past, some folks just built docks without the TVA’s permission so it is imperative that you confirm that it is a TVA permitted dock. If you love the home but not the dock, you must have changes made to the dock approved by the TVA.