SOURCE: J. P. King Auction Company

J. P. King Auction Company

February 22, 2012 10:00 ET

Waterfront Homes, Lots on Lake Martin Selling at Bank-Ordered Real Estate Auction

Seventeen Waterfront Lots and Three Waterfront Homes Are Available for Purchase for the First Time Through a Bank-Ordered Real Estate Auction by J. P. King Auction Company.

ALEXANDER CITY, AL--(Marketwire - Feb 22, 2012) - For anyone who has been searching for any combination of waterfront homes or land, an upcoming real estate auction has what you've been looking for. On March 10, 17 waterfront lots and three waterfront homes will sell at a bank-ordered auction in Alexander City, Ala. The properties are situated in the Cottages at Eagle Point and the Narrow's Point at Water's Edge subdivisions, both overlooking Lake Martin, which covers around 40,000 acres in central Alabama.

The Cottages at Eagle Point consists of a new, premier home and eight lots, with over four miles of water views. The three-story waterfront estate with three bedrooms and 3.5 baths includes an outdoor living space with fireplace and a covered patio, both with lake views.

The remaining eight lots at the Cottages at Eagle Point are landscaped and ready for construction. All the lots and the home have access to a shared community boat dock and have a four-mile lake view.

The Narrow's Point at Water's Edge is a private island accessible by a long driveway, where nine lots and two homes have miles of views of Lake Martin. The island, which is in pre-construction phases, can be sold to individual buyers or it can sell as an entirety and be developed into an estate or retreat.

"The island has a lot of potential for several different development possibilities," said Craig King, president and CEO of J. P. King Auction Company, who will conduct the auction event. "It's great that the bank realizes the several different options for the future of this land, and they are catering to the desires of their potential buyers. The Narrow's Point at Water's Edge would be a great private escape for someone interested in the entirety, but it would be a special smaller development, like the two homes that have already been built."

If the island is purchased in individual lots, the bank will fully develop each lot with water, sewer, power, cable and phone lines. The island also has two homes already built on lots one and two at the Narrow's Point at Water's Edge with three- and two-bedroom homes, respectively. Both homes are on the water with brand new boat docks.

The auction will offer live online bidding on auction day, with seller financing available and no buyer's premium. Several interior lots at Tate Cove will also be offered.

The auction will take place on Saturday, March 10 at 1 p.m. onsite at the Cottages at Eagle Point. Property tours are available on February 25 and 26 and on March 3, 4, 9 and 10. For additional information, including the terms of sale and development specifications for the Narrow's Point at Water's Edge, individuals may contact J. P. King at 800.558.5464 or visit the company's website at www.jpking.com.

About J. P. King: J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Colorado, Kentucky, West Virginia, Oklahoma, California and Montana.

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