How did you get started with your natural resource career?
If you could be or do anything else, what would it be? 
Monday, June 2, 2014
June
Lake of the Ozarks Real Estate Update
Lakefront
Home and Condo Sales
Home and Condo Sales
This
month I have compiled the data on lakefront home and condo sales for a 10 year
overview of the market. The chart
represents sales in 2005 thru 2014 comparing January 1 thru May 15 of each year
and was obtained from the Lake of the Ozarks/Bagnell Dam AOR
MLS.
month I have compiled the data on lakefront home and condo sales for a 10 year
overview of the market. The chart
represents sales in 2005 thru 2014 comparing January 1 thru May 15 of each year
and was obtained from the Lake of the Ozarks/Bagnell Dam AOR
MLS.
As
you look at the average sales prices, you can follow the rising values up to the
2008-09 time frame. In 2009-2010 values
began to fall then bumped up and down through today. I cringe to say this, but based on what I see
from working daily in this market as well as looking at the sales data, many
properties are realistically worth what they were in
2005.
you look at the average sales prices, you can follow the rising values up to the
2008-09 time frame. In 2009-2010 values
began to fall then bumped up and down through today. I cringe to say this, but based on what I see
from working daily in this market as well as looking at the sales data, many
properties are realistically worth what they were in
2005.
I
realize that this data combines all property types and locations. There are many areas that I see decent value
increases while other still continue to remain stagnant or even lose value. If you would like a detailed sales report and
value for your specific property type or neighborhood, please contact
me.
realize that this data combines all property types and locations. There are many areas that I see decent value
increases while other still continue to remain stagnant or even lose value. If you would like a detailed sales report and
value for your specific property type or neighborhood, please contact
me.
Michael
has been selling real estate at 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, contact him at C. Michael Elliott
& Associates at 573.365.SOLD. You
can also view each month’s article, ask questions and offer your opinion on his
blog at www.AsTheLakeChurns.com and Search and view thousands of lake area
listings at www.YourLake.com
has been selling real estate at 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, contact him at C. Michael Elliott
& Associates at 573.365.SOLD. You
can also view each month’s article, ask questions and offer your opinion on his
blog at www.AsTheLakeChurns.com and Search and view thousands of lake area
listings at www.YourLake.com
Thursday, May 1, 2014
May
Lake of the Ozarks Real Estate Update
Home
Warranty Plans
Warranty Plans
Frequently
in the home buying or selling process, buyers encounter homes whose sellers are
offering home warranties. Both buyers
and seller (and some agents) are frequently under the impression that these
warranties cover most, if not all, costs to repair or replace things that fail
in the home.
in the home buying or selling process, buyers encounter homes whose sellers are
offering home warranties. Both buyers
and seller (and some agents) are frequently under the impression that these
warranties cover most, if not all, costs to repair or replace things that fail
in the home.
A
home warranty is a contractual agreement provided to an owner of a house by any
of a number of different types of entities. In the case of this article, I am
referring to “home warranty” companies.
The home warranty industry was founded in 1971 by American Home
Shield. In the strictest legal sense a
warranty of any kind must adhere to guidelines set at the states' and federal
government's levels. But the word “warranty” is not always used explicitly to
mean a legal warranty is being conveyed. Usually, a home warranty is not a
warranty at all but rather a home service contract that covers the repair and/or
replacement costs of home appliances, plumbing, heating and cooling and
electrical systems, and possibly other components. Coverage and costs vary
significantly across home warranty companies and home warranty contracts do not
cover all home repairs.
home warranty is a contractual agreement provided to an owner of a house by any
of a number of different types of entities. In the case of this article, I am
referring to “home warranty” companies.
The home warranty industry was founded in 1971 by American Home
Shield. In the strictest legal sense a
warranty of any kind must adhere to guidelines set at the states' and federal
government's levels. But the word “warranty” is not always used explicitly to
mean a legal warranty is being conveyed. Usually, a home warranty is not a
warranty at all but rather a home service contract that covers the repair and/or
replacement costs of home appliances, plumbing, heating and cooling and
electrical systems, and possibly other components. Coverage and costs vary
significantly across home warranty companies and home warranty contracts do not
cover all home repairs.
Some
home plans are more expensive and cover more items while others are more
limited. Most require that you pay a
service fee, around $50 to $100 per incident and also have a maximum amount that
they will pay per covered item and a limit on what they will pay in total. Be sure that you are aware of what the
coverage exclusions are and if the company pays the full cost of replacing an
item or its depreciated value.
home plans are more expensive and cover more items while others are more
limited. Most require that you pay a
service fee, around $50 to $100 per incident and also have a maximum amount that
they will pay per covered item and a limit on what they will pay in total. Be sure that you are aware of what the
coverage exclusions are and if the company pays the full cost of replacing an
item or its depreciated value.
Some
common complaints that home warranty clients have about warranty companies
are: 1. Deny the claim citing
homeowner's maintenance negligence or “pre-existing
problem”
common complaints that home warranty clients have about warranty companies
are: 1. Deny the claim citing
homeowner's maintenance negligence or “pre-existing
problem”
2. Repair the equipment even when it is in such
bad shape as to be replaced (which may keep it running until your warranty
ends)
bad shape as to be replaced (which may keep it running until your warranty
ends)
3. Utilize sub-standard service providers (the
warranty company chooses the provider), this issue is often attributed to the
fact that they have negotiated lower rates from these
providers
warranty company chooses the provider), this issue is often attributed to the
fact that they have negotiated lower rates from these
providers
Most
warranty companies have a “Sample” Coverage Terms document that outlines what is
included and excluded as well as some other terms. These generally look pretty good. Many have fine (miniscule) print that
references a cover/front page that details specific coverage on the particular
home. Make sure you have all information
before making a decision.
warranty companies have a “Sample” Coverage Terms document that outlines what is
included and excluded as well as some other terms. These generally look pretty good. Many have fine (miniscule) print that
references a cover/front page that details specific coverage on the particular
home. Make sure you have all information
before making a decision.
One
of the best preventive measures you can take to reduce the risk of nasty
equipment failure surprise after closing is to schedule a thorough home
inspection (by a reputable, knowledgeable company). Your purchase contract should allow for an
inspection and have a date by which you must complete and report any issues to
the seller. If their response is that
the home warranty will cover it, look over the coverage terms AND make a call to
the warranty company to verify this.
of the best preventive measures you can take to reduce the risk of nasty
equipment failure surprise after closing is to schedule a thorough home
inspection (by a reputable, knowledgeable company). Your purchase contract should allow for an
inspection and have a date by which you must complete and report any issues to
the seller. If their response is that
the home warranty will cover it, look over the coverage terms AND make a call to
the warranty company to verify this.
A
great resource for home warranty information and reviews of existing companies
as well as a list of ones no longer in business (some reportedly still selling
warranties). www.HomeWarrantyReviews.com
Reports I have read state that around 20 companies went out of business between
2013 and 2014.
great resource for home warranty information and reviews of existing companies
as well as a list of ones no longer in business (some reportedly still selling
warranties). www.HomeWarrantyReviews.com
Reports I have read state that around 20 companies went out of business between
2013 and 2014.
A
home warranty can be a great asset, you just need to do a little homework to
make sure you know as a seller what you are offering and as a buyer what you are
receiving.
home warranty can be a great asset, you just need to do a little homework to
make sure you know as a seller what you are offering and as a buyer what you are
receiving.
Michael
has been selling real estate at Lake of the Ozarks since 1981. He is one of the most respected brokers in
the area. 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 573.365.SOLD. You can also
view each month’s article, ask questions and offer your opinion on his blog at
www.AsTheLakeChurns.com
has been selling real estate at Lake of the Ozarks since 1981. He is one of the most respected brokers in
the area. 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 573.365.SOLD. You can also
view each month’s article, ask questions and offer your opinion on his blog at
www.AsTheLakeChurns.com
Tuesday, April 1, 2014
April
Lake of the Ozarks Real Estate Update
Total condo sales rose again in 2013, up 9% over 2012. The
2013 numbers represent an increase of 29.6% over the low points that occurred in
both 2009 and 2011. Below is a chart detailing the condo units sold each year
in varying price points. As we saw in the upper end home market, the upper
condo range has flattened out with sales over $300,000 being almost non-existent
the past 12 months.
2013 numbers represent an increase of 29.6% over the low points that occurred in
both 2009 and 2011. Below is a chart detailing the condo units sold each year
in varying price points. As we saw in the upper end home market, the upper
condo range has flattened out with sales over $300,000 being almost non-existent
the past 12 months.
There are currently a total of 735 units actively on the
market. In addition, there are currently 55 units under contract.
market. In addition, there are currently 55 units under contract.
All data is from the Lake of the Ozarks Multiple Listing
Service for the dates and years shown.
Service for the dates and years shown.
My office will be hosting the May Business Journal Social
at Bootlegger’s on Thursday, May 8th, stop by to visit and kick off another
great season at Lake of the Ozarks.
If at Bootlegger’s on Thursday, May 8th, stop by to visit and kick off another
great season at Lake of the Ozarks.
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 573.365.SOLD. You can also view each
month’s article, ask questions and offer your opinion on my blog at www.AsTheLakeChurns.com
Saturday, March 1, 2014
March
Lake of the Ozarks Real Estate Update
Below is a comparison of lakefront home
sales in 2012 and 2013 at Lake of the
Ozarks . 2013 saw a small
increase in the number of homes sold with 7 more sales than in 2012. The market saw a slight shift in number of
homes sold in the various price ranges with the $500,001 to $800,000 price
points seeing the largest gains. The
$100,001 to $200,000 range was still the largest part of the market making for
31.2% of sales however this was a decrease from its share of 34.1% of the market
in 2012. The luxury home market also
showed very modest improvement, the increases are not large; however this is a
small part of our overall market.
Ozarks
I feel the decrease of sales in the lower
price range is mainly a result of a reduction of inventory due both to sales and
rising home values. (You cannot purchase
the same home for $200,000 as you were able to just 2 years ago.) As I’ve reported in the past, the luxury
home market took one of the biggest hits in terms of both number of sales and
values. It is promising to see a return
in confidence of buyers in this market.
I do feel the sales in this range have been driven by price
adjustments. I feel this market will
rebound more slowly in part due to the fact that many of the luxury home sellers
are able and willing to wait for market values to increase rather than reduce
their prices. The increase in the mid to
upper range is very exciting as this represents a portion of the market where
pent up demand is being seen as a surge of buyers who have held off on purchases
due to the uncertain economic climate are moving
forward.
Last month’s article did not make the
February Business Journal issue due to an error on my part. I apologize to any readers who missed
this. I reported on the sales activity
over the past five years broken down by property type. This report showed a steady increase in sales
with 2013 showing increases in all property types. If you didn’t receive a copy of the report
from me via email or read it on my blog, you can access it at www.AsTheLakeChurns.com
or send me an email and I’ll get it right to you. Sales info:
Lake of the Ozarks MLS for all times
reported.
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 573.365.SOLD or cme@yourlake.com.
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 573.365.SOLD or cme@yourlake.com.
February
Lake of the Ozarks Real Estate Update
Below is a report of sales activity at
Lake of the Ozarks over the past five years and
include sales from 2010 through 2013. As
you can see, the sales have been steadily increasing with 2013 showing increases
in all property types.
Data is based
on information from the Bagnell Dam Association and Lake of the Ozarks Board of
Realtors MLS for all times reported as of January 14,
2013.
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 573.365.SOLD 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 and ask
questions on Michael’s real estate blog, www.AsTheLakeChurns.com
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 573.365.SOLD 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 and ask
questions on Michael’s real estate blog, www.AsTheLakeChurns.com
Thursday, January 2, 2014
January
Lake of the Ozarks Real Estate Update
Recent reports show that both Lake Ozark and
Osage Beach’s sales tax revenue is up this year. Lake Ozark’s revenue has
increased by 26% and Osage Beach is up 1.6% over 2012. New retail developments
in both cities have played a large part in this uptick and in Osage Beach,
Prewitt’s Point and Dierbergs generated $510,000 in tax revenue. Nationally,
homes values roses 7.9% over last year. This is the 2nd yearly gain in a row and
in 2012 and 2013 homes have gained back about 44% of the total value lost from
2007 through 2011 when values decreased each year. Locally, home sales continue
to increase in numbers and value. A total of 1,462 lake area homes have sold as
of December 20, 2013. This is an increase of 7.1% over 2012 sales of the same
time frame. Data gathered from Lake of the Ozarks MLS for all dates noted.
Broken down by property type, here’s an overview of how the sales shook out:
I
recently responded to a person who posted a request for advice via an online
real estate forum. Following is the question along with my response. Question:
What do new house buyers look for in their real estate Agent? Does personality
really matter? Answer: Buyers should look for an agent with experience,
knowledge of the area they are purchasing in, knowledge of the real estate
process, good negotiation skills, honesty and integrity, a good reputation among
the community, fellow agents and previous clients, patience and the time
available to work with them based on their needs. Personality does matter; a
buyer should feel at ease with an agent as they will be spending a great deal of
time together. Their agent will also be working with other agents, lenders,
inspectors, title companies etc.,so a good personality along with the
aforementioned traits will benefit the buyer when their agent deals with other
people on their behalf. If you have a question regarding real estate, please
feel free to call, email, or post a message on my blog. I’ll get back to you
promptly. 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 573.365.SOLD 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 and ask
questions on Michael’s real estate blog, www.AsTheLakeChurns.com
Osage Beach’s sales tax revenue is up this year. Lake Ozark’s revenue has
increased by 26% and Osage Beach is up 1.6% over 2012. New retail developments
in both cities have played a large part in this uptick and in Osage Beach,
Prewitt’s Point and Dierbergs generated $510,000 in tax revenue. Nationally,
homes values roses 7.9% over last year. This is the 2nd yearly gain in a row and
in 2012 and 2013 homes have gained back about 44% of the total value lost from
2007 through 2011 when values decreased each year. Locally, home sales continue
to increase in numbers and value. A total of 1,462 lake area homes have sold as
of December 20, 2013. This is an increase of 7.1% over 2012 sales of the same
time frame. Data gathered from Lake of the Ozarks MLS for all dates noted.
Broken down by property type, here’s an overview of how the sales shook out:
recently responded to a person who posted a request for advice via an online
real estate forum. Following is the question along with my response. Question:
What do new house buyers look for in their real estate Agent? Does personality
really matter? Answer: Buyers should look for an agent with experience,
knowledge of the area they are purchasing in, knowledge of the real estate
process, good negotiation skills, honesty and integrity, a good reputation among
the community, fellow agents and previous clients, patience and the time
available to work with them based on their needs. Personality does matter; a
buyer should feel at ease with an agent as they will be spending a great deal of
time together. Their agent will also be working with other agents, lenders,
inspectors, title companies etc.,so a good personality along with the
aforementioned traits will benefit the buyer when their agent deals with other
people on their behalf. If you have a question regarding real estate, please
feel free to call, email, or post a message on my blog. I’ll get back to you
promptly. 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 573.365.SOLD 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 and ask
questions on Michael’s real estate blog, www.AsTheLakeChurns.com
Monday, December 2, 2013
December
Lake of the Ozarks Real Estate Update
With the ever increasing data available on
the internet, consumers have the opportunity to be more knowledgeable about area
markets. There are thousands of websites offering everything from search
features showing what properties are currently available to how long they have
been on the market, the history of list prices, sales prices and how the
neighborhoods and community offerings are rated. Having well informed clients
with the ability to do advanced research from the time they are just considering
buying or selling is beneficial to real estate professionals. Technology has
streamlined the process in many ways and has added a new level of convenience
throughout the entire transaction. The majority of listing data used on real
estate sites is obtained through agreement with local Multiple Listing Services.
The “meat and potatoes” so to speak, is the property information such as
pricing, location, square footage, land size, etc. This data is syndicated to
these sites via MLSs as well as other listing sites that real estate companies
have decided to utilize in promoting the properties available for purchase. I
have been following an increasing trend on the public accessed sites to attempt
to provide additional information above and beyond the basic data that is being
syndicated to these sites via real estate professionals. On the surface, these
appear to be pertinent facts that would assist a consumer in making educated
decisions. The concern that I would like to share with you is that, while these
sites can be very helpful, much of the additional data they are providing is
inaccurate. It does not appear that there is any attempt to mislead consumers,
however, as we’ve all heard “Real Estate is Local”. In our area, you cannot
expect to draw a 5 mile radius on a map and expect that all homes in that
location are comparable. I have seen numerous instances where sites are touting
homes as being comparable when there is no basis for this other than being
situated within a certain radius. I have not found any of these sites to factor
in construction quality, how the property lays, amount of land or lakefrontage
or even whether the property is on or off the water. As just two examples, I
recently noticed a luxury home priced at just under $1 Million (I feel it is
fairly priced and this is not my listing), the real estate site estimated it is
worth $220,000. Another home displayed on the site and listed at $335,000 did
not show a value estimate but the site did offer that it had decreased in value
$50,000 in the previous 30 days. This home had only been on the market for 30
days and had not had any adjustments to the list price. With the market rebound
we are experiencing, this type of misinformation can lead to poor judgment and
even heartbreak for both buyers and sellers. Relying on substandard data can
lead sellers to lose money or decide not to move forward when the time is
actually right for them to do so. It can also lead to buyers making extremely
low offers and missing out on buying opportunities. I am a big proponent of
having knowledgeable clients and support sharing all pertinent information to
allow them to make the best possible decision. I encourage you to utilize any of
the information available to you but to also seek out an experienced,
knowledgeable real estate professional to help guide and counsel you in making a
financially sound choice. I’d like to thank all of you that take the time to
read my column each month. I appreciate you and the feedback you pass along.
Best wishes to you and your families for a wonderful holiday season and a happy
and healthy 2014! 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
the internet, consumers have the opportunity to be more knowledgeable about area
markets. There are thousands of websites offering everything from search
features showing what properties are currently available to how long they have
been on the market, the history of list prices, sales prices and how the
neighborhoods and community offerings are rated. Having well informed clients
with the ability to do advanced research from the time they are just considering
buying or selling is beneficial to real estate professionals. Technology has
streamlined the process in many ways and has added a new level of convenience
throughout the entire transaction. The majority of listing data used on real
estate sites is obtained through agreement with local Multiple Listing Services.
The “meat and potatoes” so to speak, is the property information such as
pricing, location, square footage, land size, etc. This data is syndicated to
these sites via MLSs as well as other listing sites that real estate companies
have decided to utilize in promoting the properties available for purchase. I
have been following an increasing trend on the public accessed sites to attempt
to provide additional information above and beyond the basic data that is being
syndicated to these sites via real estate professionals. On the surface, these
appear to be pertinent facts that would assist a consumer in making educated
decisions. The concern that I would like to share with you is that, while these
sites can be very helpful, much of the additional data they are providing is
inaccurate. It does not appear that there is any attempt to mislead consumers,
however, as we’ve all heard “Real Estate is Local”. In our area, you cannot
expect to draw a 5 mile radius on a map and expect that all homes in that
location are comparable. I have seen numerous instances where sites are touting
homes as being comparable when there is no basis for this other than being
situated within a certain radius. I have not found any of these sites to factor
in construction quality, how the property lays, amount of land or lakefrontage
or even whether the property is on or off the water. As just two examples, I
recently noticed a luxury home priced at just under $1 Million (I feel it is
fairly priced and this is not my listing), the real estate site estimated it is
worth $220,000. Another home displayed on the site and listed at $335,000 did
not show a value estimate but the site did offer that it had decreased in value
$50,000 in the previous 30 days. This home had only been on the market for 30
days and had not had any adjustments to the list price. With the market rebound
we are experiencing, this type of misinformation can lead to poor judgment and
even heartbreak for both buyers and sellers. Relying on substandard data can
lead sellers to lose money or decide not to move forward when the time is
actually right for them to do so. It can also lead to buyers making extremely
low offers and missing out on buying opportunities. I am a big proponent of
having knowledgeable clients and support sharing all pertinent information to
allow them to make the best possible decision. I encourage you to utilize any of
the information available to you but to also seek out an experienced,
knowledgeable real estate professional to help guide and counsel you in making a
financially sound choice. I’d like to thank all of you that take the time to
read my column each month. I appreciate you and the feedback you pass along.
Best wishes to you and your families for a wonderful holiday season and a happy
and healthy 2014! 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
Subscribe to: Posts (Atom)
View Thousand of Lake Area Listings
Lake Mansions
$1 Million Plus Luxury
Homes
Blog Archive
No comments:
Post a Comment