Market Update

Market Update

  • Riezl Baker
  • 05/29/24
In recent months, the real estate market around Lake Oconee and the surrounding Lake Country has witnessed significant changes. These shifting dynamics are shaping new opportunities and
challenges for both buyers and sellers.
 
Increased Inventory and Extended Market Time
 
One of the most notable changes is the increase in property listings, offering buyers a broader selection of choices. However, properties are now lingering longer on the market compared to
previous years. This trend is a shift back to the typical pace of real estate transactions in the area, reminiscent of the years 2018 and 2019. This period was before the COVID-19 pandemic caused a market anomaly with unusually fast sales and limited inventory.
 
Implications for Buyers and Sellers
 
For prospective buyers, this is undoubtedly positive news. The increased inventory means more
options and less pressure to make swift decisions, possibly leading to better negotiations on purchase prices. Sellers, on the other hand, are advised to exercise patience. Understanding current market
dynamics is crucial; the days of quick sales are less frequent, and price adjustments are becoming more common as the market fluctuates. Sellers need to be realistic about pricing to attract serious buyers.
 
Luxury Market Dynamics
 
Real estate trends around Lake Oconee, particularly in areas like Reynolds, show that more
expensive properties are taking longer to sell due to reduced buyer activity compared to four years ago. Nevertheless, lakefront properties continue to hold their value well, sustained by their enduring appeal and relatively short supply.
 
Performance of Luxury Lake Oconee
 
Despite these shifting market conditions, Luxury Lake Oconee continues to thrive. In the first quarter of 2024, Luxury Lake Oconee took part in over 20% ($43M) of all Lake Country MLS
transaction volume ($209M), and the firm was engaged in 25% of all pending MLS volume for May 2024.
 
Commitment to Service
 
Amid these changes, Luxury Lake Oconee remains committed to delivering high-quality service and achieving the best possible outcomes for our clients. Our team is proactive, leveraging constant marketing efforts and innovative strategies to stay ahead. With several exquisite listings currently available, especially waterfront properties, we are eager to showcase these opportunities to potential buyers.
 
As the market evolves, Luxury Lake Oconee is dedicated to representing the best interests of our clients, ensuring that both buyers and sellers navigate these changes effectively. With a strong track record, years of proven experience and a deep understanding of the market dynamics at Lake Oconee and the surrounding areas, we are your go-to experts for real estate in the region.
Riezl Baker

Riezl Baker

Realtor® | Founding Principal

About The Author

Riezl Baker is an award-winning real estate agent with 22 years of real estate experience at Lake Oconee, Georgia. A resident since 1997, she is well-known for her business accomplishments and extensive community involvement. In 2020, she and her husband Ted co-founded Luxury Lake Oconee Real Estate Group to combine their over 40 years of experience in the Lake Oconee market and with a mission to provide the highest level of service to clients.
 
In 2022, Riezl closed over $131 million in sales and was recognized as “Top Luxury Real Estate Leader'' by The Atlantan magazine and “Real Estate Newsmaker & Achiever'' by RIS Media. She was recognized as a 2021 Top Producer after closing over 70 transactions totaling $115 million and was awarded the Crystal Phoenix Award by the Lake Country Board of REALTORS®. 
 
She is passionate about her community and has been involved on a leadership level for many different organizations. She is the Past Chairman of the St. Mary's Good Samaritan Hospital Board and was part of the original founding Board that steered the opening of the hospital in 2013. She co-chaired the successful 2023 Heart & Soul Gala at The Ritz-Carlton, Reynolds Lake Oconee which raised over $450,000 for the local hospital. In 2010, she and her husband co-founded the Lake Oconee Food & Wine Festival to benefit local education, which has evolved into a three-day destination event at The Ritz-Carlton. An advocate for the arts, Riezl is a Board Director for the Oconee Performing Arts Society (OPAS). She was the President of the Lake Country Board of Realtors® in 2016. The Atlantan magazine awarded her "Expert in Second and Vacation Homes" for 2020 and 2021. She was recognized as a "2021 Top Luxury Real Estate Industry Leader" and was also nominated as "Best Bilingual" and "Best Community Impact" in Georgia.
 
Riezl holds a Bachelor's degree in Hotel and Restaurant Administration and joined the Hyatt Hotels as a Corporate Management Trainee. She worked for the company for seven years in Operations Management and Hospitality Sales in Houston and Atlanta. She served as a Board Director for Meeting Professionals International (MPI), the largest meeting and event industry association, and was the Editor-in-Chief of Breakout, Georgia MPI's monthly publication that is distributed to thousands of members.
 
As the Director of Athens (Ga.) Convention and Visitors Bureau, Riezl developed strategic plans to attract conventions to the city. In 2000, she obtained her real estate license and worked for Reynolds Lake Oconee Properties where she was a top producer for 20 years. 
 
Riezl is a public speaker and has spoken at several national real estate conferences and webinars. She was an invited speaker at a National Empowerment Conference in Las Vegas in 2022 where she spoke about “Successful Entrepreneurship in America.” She was also featured in a 2022 episode of Fox Business Network’s prime-time real estate show Mansion Global. 
 
She and her husband have been married for 26 years and have two children, Stuart, who is a junior at Yale University, and Remi, who attends Interlochen Performing Arts Academy.
 

Community Footprints

  • Co-Founder, LEAD Lake Oconee
  • Board Member, Oconee Performing Arts Society.
  • Board Member, St. Mary’s Good Samaritan Hospital Foundation Board.
  • Past Chairman, St. Mary Good Samaritan Hospital Foundation Board, 2017-2019.
  • Past President, Lake Country Board of REALTORS®, 2016.
  • Co-Founder, Lake Oconee Food and Wine Festival.
  • Three-Year Chair, Heart and Soul Gala Benefit, Ritz Carlton Lake Oconee.
  • Co-Chair, Heart and Soul Benefit Gala, 2022

Work With Riezl

A consistent top producer in the Lake Oconee area, Riezl has been recognized with numerous awards for her business accomplishments and community involvement. Contact Riezl today if you are thinking of selling or buying, or both.

Follow Us on Instagram