ATLANTA — Georgia's foreclosure crisis is not just on dry land.
Lenders are repossessing expensive boats at Lake Lanier in record numbers.
One year after the drought, Holiday Marina is busy again with ordinary boats, but vacancy signs are up at slips that once were home to the biggest of the big: houseboats valued at more than $1 million.
Alex Laidlaw, vice president of Westrec Marinas, told Channel 2 Action News reporter Diana Davis, "We had a significant number here at Holiday, over 20, which represents a pretty big population to us. Typically, we are at 95 percent occupied in the docks. Right now, we're about 65 percent. I've got about 30 percent due to foreclosures and people having to sell their boats and get out of them due to the economy."
Some of the boats are more than 80 feet long with more space than many landlocked homes.
Davis toured one boat in foreclosure complete with four bedrooms, a deluxe kitchen and fireplace.
A boat broker told Davis that it's just one of many taken back by banks.
The broker said the owner used to have an even bigger boat – downsized -- and still lost his shirt. His business like most of the other foreclosures at the lake involved development and home building.
Boat broker J.R. Shcwan said he has seen short sales, foreclosures and repossessions.
"Some folks that were in the contracting business were tied to the home industry, so the boat was turned over to the bank for sale," said Shcwan.
The results of an economic impact study that was started at the lake after the drought are about to be released.
Laidlaw told channel 2 that he expects the study to show lake businesses lost about $200 million a year due to both the drought and the economy.