All property types sold in February 2010 totaled $24,183,890.  The same time period last year was $16,154,427.  That is an increase of 50%.  Average sale price was up as well an impressive $39%.

My new real estate company is called Lake Real Estate Pros.   Maybe I took the Warren Buffet quote that everyone loves nowdays that says ““… be fearful when others are greedy and to be greedy only when others are fearful” a bit too seriously.   After 10 year at RE/MAX Lake of the Ozarks, it was time to make this move.   Lake Real Estate Pros is located across from JB Hooks on Bagnell Dam Blvd.   The address is 2221 Bagnell Dam Blvd Ste 400, Lake Ozark MO 655049.  John Garrett can be reached at 573-480-6420.

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I just saw a national stat that 20% of all sales in 2008 were foreclosures.  Yes, we are seeing an increase at the Lake of the Ozarks, but for the year 2008, only .008 of residential sales were listed as  a foreclosure. 

CURRENT UPDATE 2012:  In 2011, there were 274  foreclosure sales.  In 2010, there were 382 foreclosures sold.  That’s a big decrease.  Like a 28% decrease.   If you are a buyer, this means you are missing the best time to nab a foreclosure buy.  Here are the current foreclosure deals at the Lake of the Ozarks.

Everyone is looking for a deal, and choosing the right buyer’s agent to work with is crucial and critical.  I like to say that “I can deliver certainty of outcome.”  You will be certain that you didn’t overpay for property and you will feel comfortable with your deal.  I sell enough real estate that no one deal is going to make or break me, so you won’t feel pressure from me to go ahead and buy a deal that you are not 100% convinced is right for you. 

If you would like to interview me to see if we might be able to work together, call 573-480-6420 or e-mail me.   

The Lake of the Ozarks real estate market can be very challenging for buyers.  You need an experienced and qualified agent like John Garrett to help you make the right choice. 

There are things a real estate agent, by law, CANNOT tell you when you are buying a home unless you have a signed buyers agency agreement. Things like:

How much you should offer on a home?

What price the seller will accept?

What terms are in your favor?

Why the seller is moving?

How long the property has been on the market?

Is this property a short sale or foreclosure?

Purchasing real estate is a complex transaction and in most cases the seller will be represented by an agent. Even if you are looking at new construction, a buyer broker costs you nothing yet has a lot to offer. Here’s a great article on how to interview a Lake of the Ozarks Buyer’s Agent.

Research by the NATIONAL ASSOCIATION OF REALTORS has shown that when a buyer’s representative is used, the prospective buyer found a home faster than consumers who did not use a buyer’s representative. At the Lake of the Ozarks, given our very large geographical area, the need for a buyer’s agent is even greater. In many cases, I, as a buyer broker can help you save money by showing you “Sold Comps” helping you to make a more informed initial offer on the property.  As your buyer broker my services include:

Evaluating your specific needs and wants, locating properties that fit those specifications.

Utilizing technology to your advantage to make sure it makes your buying process easier, not more confusing!

Coordinating showings – accompanying you on the showings, or previewing properties on your behalf.

Researching the selected properties to identify any problems or issues to help the buyer make an informed decision. Many Lake Areas have no planning and zoning, and my local real estate knowledge is invaluable.

Advising you on structuring an appropriate offer to purchase.

Negotiating the fairest purchase price on the most favorable terms that the market will permit on your behalf.

Helping secure appropriate financing for the selected property.

Providing you with a list of potential qualified vendors (e.g. appraiser, surveyor, inspectors, movers, attorneys, carpenters, etc.) if these services are needed.

Answering your questions, and getting answers for you. I always keep the lines of communication open with my clients.

Most importantly, the ability and willing to LISTEN TO YOUR NEEDS AND WANTS and find the best fit for you.

Clearly, by working with a buyer broker you receive a great deal of valuable services at no charge. At the end of the day, my job as your broker is to deliver results and you can take comfort in knowing that my interest are 100% aligned with yours. Since the seller is paying the commission, the worst agents cost you the same as the best, or so it might appear! Don’t make the wrong choice, because the bad or less experienced agent can cost you with their mistakes that hit your pocketbook, consume your time, add hassle and stress to your life. You have enough to worry, make sure your real estate purchase at the Lake is not one of them. Contact me today and you’ll quickly see the value I add to every transaction that I sign my name to.

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The Landmark Center fills a unique niche in the lake area business market by providing the advantages of ownership to the discerning entrepreneur and investor. The Landmark Center is steel and brick construction designed by Columbia Associates. There are customized office spaces from 900 to 6,300 square feet currently available with elevator service to all four floors. Awesome parking that exceeds city requirements. Building signage available for each owner/tenant.

Call John Garrett for details 888-322-1802.

INVESTORS CHECK THIS OUT, Seller says they have renters standing in line! These are awesome duplex’s – sold as a package or 3 for $659,000 or one at $229,000 each. Spacious floor plans offered, 3 bedroom, 2 bath, vaulted ceilings, tile entry & kitchen, 2 car garage, level back yard, quiet street, near community pool & tennis court! Each unit rents for $720.00 per month. Community sewer is coming see attachments. Community amenities include, pool, tennis & clubhouse.Call John Garrett 888-322-1802 today for more information.

Excellent opportunity to own an income producing property located on Hwy 54 in the Heart of Osage Beach close to the new John Q Hammonds Property. Property is built to hold two separate business/offices with one business currently renting both as one. Great traffic counts, easy access in and out. Current lease in place – call for details. Building was completely remodeled in 2004.

Call John Garrett 888-322-1802 to find out more about this exciting opportunity.

This is a great unit where you can park right in front of the condo and have no steps into the unit.  The 12 x 30 boat dock is close by, and so is the pool.  The deck is screened-in, and has tile flooring.  The unit was professionally decorated, you will be impressed by the colors, decorations, and furniture.

Parkview is a great family location, and has all the amenities a renter would want in a Lake front community.

A 12×30 slip right in front of the unit, just a few steps away is available.

 See the link below to get more information from Vacation Renter By Owner.

While a reverse mortgage is usually used to help seniors have housing options in their later years, it’s rarely thought of as a way to maximize returns on a second home purchase.

Here’s a hypothetical scenario using Mr. and Mrs. Jones, who thanks to a wise purchase and many mortgage payments own a home valued at $425,000 free and clear.

Using a HUD Home Equity Conversion Mortgage (HECM) (that can be used by homeowners who are 62 years of age and older) the Jones could net up to $120,000 using the formula that is a mix of interest rate, the borrowers age, and equity in the home.  For example, on the basis of a loan at recent interest rates, a 65-year-old could borrow up to 26 percent of the home’s value, a 75-year-old could borrow up to 39 percent, and an 85-year-old could borrow up to 56 percent.  The rest of the balance needed can be obtained from other sources, such as a retirement fund or cash. 

The borrower remains the owner of the home and may sell it and move at any time, keeping the sales proceeds that exceed the mortgage balance. A borrower cannot be forced to sell the home to pay off the mortgage, even if the mortgage balance grows to exceed the value of the property. A HECM loan need not be repaid until the borrower moves, sells, or dies. When the loan must be paid, if it exceeds the value of the property, the borrower (or the heirs) will owe no more than the value of the property. FHA insurance will cover any balance due the lender.

So the Jones’ take their $120,000 and add another $30,000 from a retirement account to buy a condominium at the Lake of the Ozarks.  They now own that condo free and clear, as the reverse mortgage is attached to their primary home.  The Jones will have no mortgage payment on either property, and have the option of living where they want, when they want to, with no real concerns of having to spend more time at one property over the other, or worrying about which one is the primary residence for tax reasons. 

So why not just sell the primary home and take the tax exclusion, then buy at the Lake of the Ozarks for cash?  That is an option, but the reverse mortgage eliminates any new monthly mortgage payment, and helps them to keep more of the sales proceeds from their primary home and that translated as a larger amount of savings.  If the home appreciates in value, that money is yours to keep. 

If you have any questions about financing your second home purchase at the Lake of the Ozarks, please feel free to call John Garrett at Prudential Lake Ozark Realty, 573-480-6420. 

Lake of the Ozarks condo sales were up from 17 million in April of 2006 to 18.2 million in April 2007.  This is good news for condo sales, and the year to date totals for 2007 have almost caught up to the YTD totals for 2006, lagging behind at $54,530,355 versus $58,748,060 for 2006.  Price per square foot from April 2006 was $129.72, increasing to $142.50 in 2007.  Condo sales had been waaay off the first few months, but much of that can be attributed to the inclimate weather.

Condo sales appear to be right back on pace, and the early May returns look very strong.

UPDATE 2011 here are more current numbers