Lake Side Addition at Hugo Lake - Formerly Sawyer Bluff

The Choctaw County Industrial Authority got a whale of a bargain in 2004 when it purchased some property at Hugo Lake - Sawyer Bluff- one of the camp grounds surrounding the reservoir. They only paid $110,000 for the 64 acres from the U S Army Corp of Engineers. It was a pretty quiet sale.

According to an article published by The Oklahoman, the sale is under investigation by the FBI. Two years after purchasing the property, the Industrial Authority sold 62 of those acres to a local developer for $500,000. Again, it was a pretty quiet transfer. Waterfront lots were mostly contracted VERY early on.

The land was subdivided and many of the lots sold for $45,000 to $50,000 for various size of lot. Many of them less than 1 acres. THERE IS NO RURAL PIPED WATER OR SEPTIC SYSTEM in the addition. You cannot not build a boat dock. Most of the lots are NOT waterfront, Most are not even lake view.

About a month ago, an auction was held to auction off the remaining lots that had not sold. There were lots under contract to buyers at $45,000 (had not closed yet) that had lots adjacent to them that sold for $12,500.

Lots sold for between $5000 and $12,500.

Interesting things happen in the real estate market.