October Lake of the Ozarks Real Estate Update

Last month’s chart detailing the total number of sales per year for the last decade showed that the total property closings has continued to rise each year since 2009 and that the overall average sales price rose this year for the first time since 2006. By extending my research back to 2002, I realized that this year’s sales rank as the fifth highest in a 12 year review falling behind only the peak years of 2004 through 2007. Overall Condos sales and values are continuing to rise. I have selected a segment of the condo market to demonstrate the trends over the past decade showing the sales of two bedroom, waterfront units with boats slips in the chart 1 below. As you can see, in 2004 this unit type brought an average $116,704 sales price. Average pricing peaked in 2007 at $149,131 and the low point was last year’s $118,235. This year’s average has risen to $123,362. Also, in chart 2, I have detailed the sales of lakefront homes built in the 20 year span from 1980 to 2000 with 75’ – 125’ of waterfrontage and square footage of 1200-3000. Average prices have been up and down over the previous 4 years in this particular segment but the current values appear to show signs of stability with some modest growth over the low point in 2010. Data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2004 to September 20, 2013 and all other times represented in the data. This just a summary of sales 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

September Lake of the Ozarks Real Estate Update

The number of properties sold and average sales prices continue to climb this year. Shown below is a chart listing the total number, sales volume (total of dollar volume closed) and average sales price of all properties sold at Lake of the Ozarks in the past 10 years.

The breakdown of property types for 2013 year to date is as follows: Individual home sales account for 59% of the total number sales; lakefront homes 26.5% and non-lakefront homes were 32.2% . While there were more offwater home sales than lakefront, the waterfront homes accounted for 44% of the total sales volume and offwater homes were 22.1% of sales volume. Condominium units: 24% of total sales and 20% of total sales volume. Vacant lots: 10.6% of total sales and 5% of total volume. Of these lot sales, lakefront lots made up 3.2% of number sales and 3.4% of volume while offwater lots were 7.3% of number of sales and 1.6% of total sales volume. Commercial property: 3.1% total sales and 3.6% of total sales volume. Farms: 1.3% of total sales and 1.8% of total sales volume. Townhomes/Villas: 2.1% of total sales and 3.2% of total sales volume. Data has been obtained from the Lake of the Ozarks MLS based on all property type sales over the time frame from January 1, 2004 to August, 2013 and all other times represented in the data. This just a summary of sales 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

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

July Real Estate Market Update

What a terrific June we’ve experienced. Business appears to be booming for lake area restaurants and shops. Parking lots are full, waiting lists are back and the grocery stores are packed. The Lake Race turnout was phenomenal. It was very exciting to see all of the people on the strip and the businesses doing so well. Lake Ozark has really been shining thanks to the hard work of the local business people; my hat is off to them. They are host to so many terrific events this summer. If you haven’t visited the strip area for a while, check it out: Great food, music and shopping. The number of lake home closing is still down slightly with 6% less sold in 2013 vs. 2012 however, other than last year this is still the largest number of sales since 2007. Average lake home sales prices are continuing to climb and are 7% higher than last year. In April they were up 5%, that number rose to 6% in May. An interesting statistic that I haven’t touched on before are the average list price to sales price ratios. In 2004 the lake home number was 100.2%, as the market was heating up into the largest seller’s market I have seen, buyers were paying full price and more to secure the home they wanted. That number fell to a low of 89.9% in 2010 and has risen steadily to the current rate of 93.6%. In 2004 the condo number was 100.4%, a little higher than the lake home market the rate remained over 100% through 2008 and has hovered in the mid 90’s since then. That number falling only to 94.8% at the lowest point and is currently at 96.6%. In reviewing these numbers, we do need to take into consideration that many condo list prices do not include items such as garage or boats slips so that will factor into the sales price being higher than the list in many cases. 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 June 24, 2013 and all other times represented in the data. These are just a few market areas here at the lake; I’ll compare some of the others in future articles. If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com

MLS 3091255

MLS 3091255

October Lake of the Ozarks Real Estate Update

Current market data is showing recovery in both number of lake homes sold as well as an increase in property values based on the year to date average sales prices in some areas. While the overall average 2012 sales price of a lake home based on the entire lake area stats is down 6.5% over last year the number of sales is up 15.8%. 2012 is up almost 30% compared to the 2010 market low and there are currently 106 lake homes scheduled to close. It is also interesting to note that 2011 foreclosures represented 9.8% of lake homes sales. That number is down to just 6.9% in 2012. Average sales prices of privately owned lake homes are 40% higher than the sale prices of bank owned homes. I thought I’d break down a few different areas of the lake this month to give you a better snapshot of how some of these areas compare from 2011 to 2012 and to each other. I know you’ve heard “all real estate is local” but this goes even further in showing just how hyper-local it is. Turkey Bend in Osage Beach: Sales prices are up 8.2% with number of lake home sales up from 14 to 16. There are 25 homes currently available and there are 5 homes under contract. Horseshoe Bend & Lake Ozark West of Dam (non Four Seasons): Sales prices are up 5.8% with number of lake home sales more than doubled and area up from 21 to 47. There are 50 homes currently available and there are 8 homes under contract. Four Seasons on Horseshoe Bend: Sales prices are down 26% with number of lake home sales up from 31 to 38. There are 43 homes currently available and there are 7 homes under contract. Porto Cima on Shawnee Bend: Sales prices are down 21.2% with number of lake home sales up from 14 to 16. There are 36 homes currently available and there are 2 homes under contract. The Villages at Shawnee Bend: Sales prices are down 16.7% with number of lake home sales down from 4 to 2. Please note one of the 2 sales this year was a distressed short sale. There are 14 homes currently available and there are no homes under contract. Shawnee Bend (non Porto Cima/Villages): Sales prices are up 3% with number of lake home sales up from 14 to 16. There are 97 homes currently available and there are 6 homes under contract. Data has been obtained from the Lake of the Ozarks MLS based on lakefront home sales over the previous 3 years. These are just a few market areas here at the lake, I’ll compare some of the others in future articles. If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com

September Lake of the Ozarks Real Estate Update

The latest data, just as my previous reports, further solidifies a recovery trend. The number of lake homes sold this year is up 39.9 percent above the low point of 2010. That’s a gain of 5.4 percent from last month’s recovery number of 34.5 percent. Sales prices fell 8 percent from 2011. When the market peaked in terms of units sold in 2006 it took until 2008 for the sales prices to quit climbing. I feel we’ll see the same in reverse during recuperation. The low peak for units sold was in 2010 and I believe by the end of 2012, we will see values to begin to increase across the market. We have already experienced this in a few select price points and property types here at the lake. Reports from Realtor.com show residential listing inventory has fallen 19.3 percent from July 2011. This trend, along with a 2.6 percent year-over-year median list price increase last month, points to some stability in the real estate market slowly coming along this year. The area with the greatest inventory reduction is Oakland, California. In the Top 10 turnaround towns, according to Realtor.com, the lowest median time on the market is less than two months. In the case of Oakland, less than one month. If all real estate is local, what’s this have to do with the market at Lake of the Ozarks? Just as we lagged behind the nation in experiencing a drop in values as well as units sold, I feel we are ahead of much of the country in an improving marketplace. That being said, we are primarily a second and vacation home area. When the rest of the country sees improvement in the full time residential areas, it opens the door for more of these homeowners to look to second home purchases. Condo sales are still up 17.8 percent over the 2009 low spot however, we did loose some ground over last month with a drop of almost 10 percent from the 27.4 percent increase I reported in August’s column. Sales prices were down only a slight 1.2%. Fall appears to be coming on strong, condo and lake homes currently under contract total over a fourth of all the condos and lake homes closed so far this year. If you’ve been hesitant to list your home, I feel that this fall will be an excellent time to get in or back in the marketplace. If you would like a detailed sales report on your specific property type or neighborhood, or would like information on the best buys at the lake, contact C. Michael Elliott & Associates at866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com