By Dick Parker
Guest Writer
A month after TVA announced the possibility of lowering Lake Chatuge water levels to repair the spillway and long before the agency has determined a course of action, real estate professionals in Clay County say they are already feeling the impact. The project could require TVA to drop the lake 10 feet below normal winter pool for a period of “up to four years” in the fastest alternative or “up to eight years” in the longest.
Some potential home buyers have told realtors they’re not willing to purchase lakefront homes with such uncertainty.
Debbie Woody, broker and owner of Mountain Sunshine Realty said two clients looking for homes on the lake abandoned their search when they learned of the TVA proposal and she believes that’s just the beginning. “I think the proposed drawdown is going to totally decimate our area,” she said, “worse than the 2008 real estate market collapse.”
Ed Reams, broker and owner of Advantage Chatuge Realty said April data showed more than usual increase in lakefront homes listed for sale, a possible indication that owners want to sell their homes before a potential dip in the market. He was more sanguine when considering the future, quoting the late singer/songwriter Tom Petty. “Most things I worry about never happen anyway,” he said. “It’s human nature to be concerned about what may happen.” A client who bought a lakefront home called Reams with his hair on fire because he thought he would need a Hubble telescope to see the water. My nature is to focus on what we know versus what may happen. It may be that there’s ample cause to have our hair on fire, but maybe not. He said he hopes TVA will find a better alternative for repairing the spillway.
In a recent call with TVA officials, Georgia Congressman Andrew Clyde proposed an alternative for a second spillway that would not require the long-term drawdown. Towns County sole commissioner Cliff Bradshaw, who was also on the call said the proposal is one that “everyone can live with.” TVA officials, he said, listened but were noncommittal as they work through the public comment period.
Tommy Nichols, broker with Carolina Premier Properties and also president of the Hiwassee River Bass Club said he knows of only one boat ramp on the lake long enough to launch with water as low as TVA is currently proposing, 1,908 feet above sea level. “The local economy will be affected drastically if they do something like this,” he said. “TVA has meetings scheduled for this month, and we need to find out more.”
Rick Andrews, broker and owner of Century 21 Black Bear Realty said he asked his agents not to overreact to negative possibilities. “I said to be calm in this, because we have no idea right now what’s going to happen,” he said. “We don’t need to be saying, ‘Oh, my gosh, the lake is going down,’ because we don’t know and saying that now will definitely harm the community. We want to tell the truth, that the TVA is doing a study and that at some point they’re going to be lowering the lake to make repairs.”
All of the brokers noted their responsibility to ensure buyers are aware of the TVA proposals. If one of the four current action proposals is chosen by TVA and lake levels are lowered for multiple years, Reams said, economic impact will reach beyond the real estate industry. “You don’t have to be right smack dab on the lake to be impacted by this,” he said. “If homeowners stop coming up here it’s going to impact restaurants, gas stations and grocery stores. In short everybody’s going to be impacted.”
Woody added, “We’re encouraging everybody to make a comment to the TVA. The only influence that we have is the number of people that will urge them to take into consideration a different option.”
Dick Parker was a reporter with the Atlanta Journal-Constitution. He has collaborated with Chick-Fil-A founder Truett Cathy, PGA golfer Paul Azinger, Georgia secretary of state Brad Raffensperger and others to write their books.