7650 Rico Road Unit: 23
Rare opportunity to become a part of the private, secluded and charming Rico Lake Community in rural Chattahoochee Hills. Hidden in the woods behind a privacy gate with a winding drive circling the lake, this enclave is largely unknown. There are only 30 lots, each lakefront, and currently only 23 of those lots have homes. This well-maintained cottage is on a heavily wooded lot overlooking the lake and has its own boathouse. The expansive covered porch offers fantastic views and plenty of space for alfresco dining and enjoying nature. A large sunroom spans the width of the house and overlooks the lake. The roomy living and dining area is completely open with beautiful wood floors, wood walls and a vaulted ceiling. The kitchen has plentiful cabinets and a large island. There are two bedrooms, two full bathrooms, and a large laundry room with a storage closet and access to the garage. The 3-car garage is tucked away behind the house. Lots in Rico Lake are leased, so typical mortgage loans are not permitted. The buyer's interest will be a leasehold interest in the land and fee title to the improvements located thereon. Additionally, the Buyer will be required to purchase one share of stock in Rico Corporation for $25,000 and become a shareholder (one of only 30). Rico Corporation owns all the land (about 150 acres) including the 23-acre lake and 30 lots. Shareholders lease their individual lots from Rico Corporation but co-own the entire community with the other shareholders. Current lot rent is $1,500/year. Please read all governing documents or contact listing agent for a detailed understanding of this beautiful lake community and its unique style of ownership. It isn't for everyone, but may be perfect for you!