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Take a look at Cottage #41 in Backwater Landing
on Lake Keowee. This cottage is fully renovated
and available today for $369,000
with absolutely stunning lake views!
There are 132 cottages in the original section of Backwater Landing. Now is an excellent time to buy as there are currently thirteen available cottages to choose from, six recent price drops and five direct waterfront options. Three of the cottages come with golf carts (31, 41, 48) and most come fully furnished.
Out of the fifty-three Lake Keowee lakefront homes for sale today, the five direct lakefront cottages for sale in Backwater Landing are the most affordable lakefront homes on the entire lake.
How is that possible?
It's a coastal concept that is quite brilliant. The developer developed similar communities to this in Florida and they are popular in other states where the waterfront property is more valuable than the structures built on it.
When you purchase a cottage in Backwater Landing, you are purchasing the cottage itself and leasing the land beneath it. The land itself can never be sold and is in a family trust. Therefore, no large developer can take it over and build million dollar lakefront mansions, pushing owners out.
Why are there 13 for sale?
Something must be horribly wrong. On the contrary, that is not the case. With 132 cottages in the community the neighborhood hovers between 5 and 10 cottages available at any given time. This is the busiest selling time of the year for the neighborhood.
What are the fees?
There is no HOA. Therefore, there are no HOA assessments. For example, if there was an HOA and they assessed the owners for the newly installed riprap around the neighborhood peninsula, each owner could have been responsible for a near $6,000 assessment. Thankfully, that is not the case.
The monthly regime fee is $609 a month for non direct waterfront cottages and $636 a month for direct waterfront cottages. The monthly fee covers all of the amenities as well as your land lease. With the modified tax structure, this ends up being less than you would pay in taxes for a traditional single family home of the same purchase price. Looking at the Oconee County tax records is most helpful in determining exactly what your taxes would be.
What are the amenities?
The amenities include the maintenance of the front gates, the common areas, the landscaping, clubhouse, pool, gym, beach, boardwalks, boat docks and more.
Does a slip come with the cottage when I purchase?
There are no deeded boat slips as no boat slips are owned or deeded to any cottage. However, when you purchase a cottage, you can get on the boat slip waitlist and rent a slip as soon as you reach the top of the waitlist.
How long is the boat slip waitlist?
The wait for the owners (currently on the waitlist and soon to be on the waitlist) will be shorter than what it has been historically, very soon. The wait has been around two years and it is anticipated that the wait will be closer to one year due to the community getting 30 new boat slips.
These new slips are being built for the luxury home new development, The Ridge at Lake Keowee, within the Backwater Landing gates. However, there are currently only six homes in The Ridge with new construction build-out time being projected to be at least five years.
This means that while the new homes are being built in The Ridge, the new slips can be rented by the owners in the original section of the neighborhood. The current rate is $3,000 a year. If you get to temporarily rent a slip at The Ridge, you will keep your place on the original waitlist and move to a slip closer to your cottage when you reach the top of the waitlist. With the new boat slips coming, the wait time for a slip will be significantly shorter as mentioned above.
There is also available gated, dry boat storage for rent as well. Many owners utilize dry storage while they wait for their slip. If you do not enjoy launching your boat in and out of the lake, there are trusted and skilled locals who perform this service for a fee.
When will the new boat slips be in?
Duke is in the process of sending the new boat slips permit to the Federal Energy Regulatory Commission for their review and approval. Once that is completed, Duke will put together the lease for Backwater Landing and the docks can be finished being fabricated and installed.
Commercial dock permits have a different approval process than residential dock permits. The developer is in the final stages of getting this process completed. The dock manufacturer is already in the process of building the first ten slips.
Why should I buy a cottage now and not just wait until fewer are available?
Purchasing now is wise in that it is currently a buyers market in the neighborhood. There is more available supply for the buyer and because of that there are also six recent price drops. Prices will increase as the supply decreases over time.
Many sellers are offering incentives that are usually not offered. For example, some sellers are offering to pay the buyers new lease fee with an acceptable offer at closing. This is a significant incentive because the new lease fee is 1.5% of the purchase price. Therefore, if you purchase cottage #41 for $369,000, the sellers will pay your $5,535 new lease fee. Ask the agents which cottage sellers are currently offering this incentive to buyers who produce an offer that the sellers accept.
The agents who represent the developer are projecting prices to increase as soon as the new docks are installed. The cottages are projected to be even more valuable when the waitlist for a boat slip is significantly shorter.
I heard there are part-time and full-time cottages. What is that all about?
Ask the agents to give you a copy of the septic tank map for the community. When the community was developed 26 years ago, it was developed with vacationers in mind. Therefore, many of the cottages were on shared septic tanks. There are sections with 2, 3, 4, 5 or even 6 cottages on one septic tank. Due to the capacity of the shared septic tanks, the cottages on shared septic tanks are part-time cottages. This means when you purchase a part-time cottage, it cannot be classified as your primary residence.
Currently, the part-time cottages are generally less than the full-time cottages depending on their views, positioning and upgrades. The buyer looking to use their cottage as strictly a second home lake getaway can certainly benefit from purchasing a part-time cottage at a lower price.
A good rule of thumb is when you get into the 40's the cottages transition to full-time cottages with some exceptions. For example, Cottage #31 does have its own septic tank, is direct waterfront, fully updated with a golf cart, and can be a full-time residence for $378,000. While next door, Cottage #30 is on a shared septic, is direct waterfront, could be updated to your specific tastes, does not come with a golf cart, is considered part-time capacity and is $315,000.
The buyer seeking to do specific updates and make their lake getaway their own would certainly benefit from purchasing cottage #30. The buyer seeking to potentially make their cottage their full time residence would choose cottage #31.
Of the available cottages for sale, the following are considered part-time capacity cottages because they are on shared septic tanks, (24, 30, 36 and 41). The following available cottages for sale are considered full-time cottages because they have their own septic tanks, (31, 48, 49, 64, 65, 87, 99, 101, 104).
If I purchase a full-time capacity cottage, do I have to live there full-time?
No. Buyers generally purchase the cottage they like the most. The cottages that sell the quickest are typically the direct waterfront cottages that are also fully updated. After direct waterfront, the cottages with the most upgrades, better lake views and positioning sell.
The only buyers who restrict themselves to touring just the full-time capacity cottages are the buyers who want to make their cottage their primary home either when they purchase or in the future.
If a buyer knows they will never live in their cottage full-time, they generally take advantage of the typically lower prices of the part-time cottages. For example, if a buyer today would like a fully updated, direct waterfront, full-time capacity cottage, they could purchase cottage #31 or #64 today. If a buyer wanted a part-time, lakefront cottage, with some cosmetic upgrades needed, they may select cottage #24 or #30.
If a buyer did not have to be directly on the water, there are numerous cottages that have beautiful lake views as well. The way the community was built with tiered rows of cottages ensures that every cottage owner has a lake view. They are all different and have special features you can read in their individual property descriptions, linked below.
This is a lot to digest. Why is it so difficult?
It really isn't! Once buyers understand the concept of the neighborhood, many purchase more than one cottage and get family members and friends to purchase cottages as well. Nearly twenty cottage owners have purchased more than one cottage!
Many buyers who do not purchase in the neighborhood have expressed being given misinformation. In the Upstate, of South Carolina, Backwater Landing is the only neighborhood that offers this type of living. Since it is unique, it is natural that many would find it difficult to understand.
However, contacting the listing agents, who also own a cottage in the neighborhood, will be the quickest way to get all of your questions answered and concerns addressed.
There is no need to miss out on a great opportunity due to a lack of proper education on the product.
Who are the cottages best suited for?
The cottages are great for anyone. However, the majority of the people who buy do so for the following reasons.
- They want to downsize from a larger lake home and not lose the lake life.
- They want to downsize from a larger home and retire on the lake.
- They have a student attending Clemson University and they want to have a place to stay at anytime they choose to visit their Tiger.
- They have a primary home elsewhere and want to have a Lake Keowee getaway to enjoy.
- They want a home on Lake Keowee but do not want to spend a million dollars or more.
If you have any further questions, please contact
Cate@MyUpstateHome.com (864) 567-9744 or Tom@MyUpstateHome.com (864) 616-7529, the listing agents of eight of the thirteen cottages currently for sale.
Visit our website, link below to all available cottages in the original section of Backwater Landing. Visit our YouTube page to view multiple walkthrough video tours of each cottage.
The prices currently range from $249,900 to $378,000. The most recent comp was cottage #8 that sold on July 1, 2024 for $378,000 on a shared septic tank.
Our Backwater Cottage Listings
Cottage #49 Full-Time Capacity $249,900
Newly Painted Interior and Exterior
Cottage #99 Full-Time Capacity $294,000
New Roof and New Appliances
Cottage #30 Part-Time Capacity $315,000
Direct Waterfront and Large Front Porch
Cottage #87 Full-Time Capacity $337,000
Heart Pine Flooring and Fully Updated
Cottage #64 Full-Time Capacity $339,000
Direct Waterfront, Hardwood Floors and Fully Updated
Cottage #48 Full-Time Capacity $340,000
New Roof, Stainless Appliances, Fully Updated, Golf Cart
Cottage #41 Part-Time Capacity $369,000
Fully Updated, Private Parking and Golf Cart
Cottage #31 Full-Time Capacity $378,000
Direct Waterfront, Fully Updated and Golf Cart
Direct
Please forward and share this email with anyone you may know who might be interested in purchasing one of the cottages. This information is as up to date as the listing agents know. However, please ask for any changes or updates as communities can and do modify their structures, policies, rules and regulations from time to time. Education is key in purchasing a unique product and we are here to help every step of the way, from tour to close!
Available Lake Cottages
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