The Reynolds Plantation developments in Georgia are beautiful reminders of the real estate boom and bust cycle we have experienced in our state. A Ritz Carlton, exclusive golf courses and million dollar lake lots all cover what was just farms and cow pastures a couple of decades ago. But now the developers are fighting bankruptcy, the homeowners are frustrated and the future of one of the state’s most exclusive areas is now in question.
So what better time for the federal government to step in and make things worse? The federal government is currently reviewing the maximum amount they will allow for standard mortgages issued in the U.S. and they are making changes on an arbitrary, county by county basis. As I was checking to make sure none of the changes would affect Fulton County, I noticed that the only county in Georgia negatively impacted is Greene County which includes Reynolds Plantation. In Greene County the federal guidelines will reduce standard mortgage limits from $662,500 to $515,200. That is a reduction of more than $140,000 and the difference will put even more downward pressure on property values in the area. Thanks feds!
The good news though, is that if you happen to have a few hundred thousand laying around you should be able to get a steal on a beautiful place.