More Changes are on the Horizon!
Over the past few weeks, we have finally started to have more properties come on the market than properties sell. I am also seeing an increase in price reductions. These are primarily due to sellers being overly optimistic about pricing in this hot seller’s market.
Bidding wars have cooled slightly as buyers have become weary of the fight and concerned about overpaying. Many are making one offer but refusing to engage in a contest while others are sitting back and biding their time.
Lumber prices dropped recently with reports that costs will be considerably less by the end of this year. That will accelerate new construction more than the lack of inventory has been able to spur activity. The building trades have also been getting their crews back in place after several years of lack of work. Several reputable, capable contractors have relocated to the lake this year and are in place to take advantage of the upcoming construction boom.
2020 was such an unexpected year due to the pandemic. Based on the natural amenities of the lake area and the freedom mentality, we gained national exposure on a level not previously experienced.
I believe this attention and subsequent increase in visitors and property owners will continue to trend upward. I think we are on the cusp of another development expansions here at the lake. We are already seeing a few condominium projects and residential developments take place. By next Spring, I expect to see numerous ground breakings.
I am currently working with an investment group with a condominium project set to break ground this fall. I am also working with developers on a few upcoming lakefront luxury spec homes.
I have been involved in several condominium and residential subdivisions over the years. If you have questions or interest in investment and development property, please give me a call.
I recently listed the “Lake Dale Estate” at $6,550,000 situated on 25 acres and 500 feet of lakefront. We will be hosting an open house mid July by invitation. If you would like the opportunity to visit this exceptional home, please send an email to Karen@YourLake.com, subject line Lake Dale Open and include your name and the email(s) or postal address(es) where you would like an invitation sent.
Michael Elliott has been selling real estate at the Lake of the Ozarks since 1981. He is one of the most respected brokers in the area. If you would like to work with Michael in the sale or purchase of property, or have interest in a career in real estate, contact him at 573.365.SOLD or email@example.com or stop by C. Michael Elliott & Associates, 3738 Osage Beach Parkway.