August Lake of the Ozarks Real Estate Update

A couple of months ago I discussed the issues and concerns of business and commercial property owners located on the west side of the Grand Glaize Bridge. I shared my opinion that this is an excellent time to look at investing in this area and that it is primed for future growth. Two new developments have come to my attention since that time. The Hamptons on the Lake Condominium Complex located at the 19 mile marker off of Jeffries Road has been in foreclosure. A new developer has contracted to purchase the existing building, remaining unsold units and land for future buildings and is scheduled to close by mid-August. This developer has a good track record both here at the lake and in other resort areas. If you have interest in learning more about this, please let me know. I currently have two completed investor owned units that are available at a price considerably lower than where the new units are reportedly going to be priced. Another developer is moving forward with a new planned complex on Kalfran Drive at the 20 mile marker. Towne Harbour Entertainment and Hospitality District will be located at the former Kalfran Lodge property and will include sites for a 3-star hotel, marina slips, condominium and townhouses, restaurants, retail and other hospitality space. The property includes over 2,000 feet of lakefrontage with highway access and great visibility. Last month I reported that the amount of lake homes closed were down 6% from 2012, this gap has closed to 2.3%. In actual numbers, that is only a difference of 8 home sales. The average sales price has continue to trend upward, last month we were up 7% over 2012, as of the date of this article, average sales prices are up 10.4% over last year Year over year growth is up 12.4% in the number of condominium units closed in 2013 vs. 2012 with the average sales price up slightly at 1.5% higher in 2013. This year’s average condo sales price is the highest since 2004. Data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2012 to July 25, 2013 and all other times represented in the data. These are just a few market areas here at the lake. If you would like a detailed sales report and value for your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com. You can view thousands of lake area listings with photos and virtual tours at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com