When did Alabama Power begin to lease lots on Lake Martin?
Sometime around in the 1960s, Alabama Power allowed people to build homes on the waterfront, but they retained ownership of the land underneath the home. The people own the sticks and bricks, the company owns the dirt. The people paid a monthly lease to do so. Over the years, depending on the opinions of officers at Alabama Power, the homeowners were given the chance to buy the dirt under their homes. No rhyme or reason to it, some years they would decide to sell, other years they would institute leases. That policy continues today. Who knows, they may decide to start selling lots to leaseholders tomorrow. They might not. How does a lot lease work on Lake Martin? These days, when Alabama Power leases a waterfront lot to homeowners, they have a written lease, just like you would for an apartment. The lease specifies the monthly rate (currently around $400), the length of the lease (currently twenty years), and the yearly increase of the rate. The key here is that every lot is different,
