Thursday, September 29, 2011

September Real Estate Update

The Worm Has Turned
When Shakespeare used that simple phrase, "The worm has turned," he knew his audience would understand its meaning and origin. A widely used expression even today, it indicates a reversal of an unfavorable situation, but few who use it know why.
"Worm" is a common term for 'dragon.' In fairy tale terms, the flying dragon spewing fire would ravage fields and villages. To be in the dragon's path resulted in inescapable destruction. What a relief when it changed directions.
The latest stats show that our “Lake Dragon” has continued in its new upward direction. Lakefront home sales are higher in 2011 than every year since 2007. 2011 home sales are up by 16% over 2010 and are almost 30% higher than they were back in 2003. The average sales price is also up 3.5% from 2010. Condo sales are not enjoying as quick of a recovery as homes but sales are still slightly up over each of the previous two years however the average sales price is still down. Nationally, all existing home sales were up 21% in July 2011 over July 2010 and in the Midwest sales were up 31.3%.
If you haven’t been to the lake lately, commercial construction has started to roll. A new Golden Corral was completed earlier this summer; CVS Pharmacy is coming up nicely at Eagles Landing with Mennards pad site currently being prepped and Kohls to follow soon. Dierberg’s plans for the former High Point Center include a 15,000SF grocery store along with another large box store. The Osage Beach Expressway is complete from the Osage River to the Grand Glaize Bridge with western completion scheduled by December of this year along with the extension of the Horseshoe Bend Parkway (242) from the HH and Bus 54 junction which is now rough cut all the way through.
Most of the information I have compiled is based on data from the Board of Realtors MLS System from January 1 thru August 15 in each of the previous 10 years. This is intended as a general synopsis of the lake’s real estate market. If you would like detailed information on any specific market at the lake, please let me know.
Any questions? Contact C. Michael Elliott & Associates at 866.Your.Lake or View thousands of lake area listings at You can also log your opinions on Michael’s real estate blog,

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