A two-day campaign to peddle waterfront lots at a new Thurmond Lake development in Lincoln County yielded $43 million in sales commitments, according to the developer.
Atlanta-based Land Resource Companies, developer of the 954-acre Stillwater Coves gated community, said in a press release Tuesday it sold 340 home sites during a heavily promoted campaign Saturday and Sunday.
"The response to the Stillwater Coves community was incredible and we could not be more pleased with the weekend's events," said Bryce Grafton, the site's sales manager.
With waterfront lot prices as high as $300,000, the development was marketed heavily in major cities such as Atlanta - and in areas farther south, such as hurricane-weary Florida.
Potential buyers were courted with catered dinners, live music, helicopter and boat rides and a professionally managed fireworks display.
Once all those sales are completed and deeds are recorded, it will bring in plenty of property tax revenue for the rural county, says Kenny Adair, the chief tax appraiser.
"Eventually, it will be lots of revenue, but that will be down the road," he said, estimating it will be one to two years before deeds are recorded and tax bills can be prepared for the area's inflated values.
With reported sales of $43 million factored into the county's current millage, the resulting ad valorem tax revenues would be $461,888 in actual tax dollars, Mr. Adair said.
That figure, which does not include the value of homes that will eventually occupy those lots, is a far cry from the site's 2001 tax appraisal, which valued the entire 954 acres at only $325,000, yielding an annual tax bill of about $3,500.
Reach Rob Pavey at 868-1222, ext. 119, or firstname.lastname@example.org.
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