The Resort at Toad Cove/Peckers in Bankruptcy

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Toad Cove

Toad Cove

 

The entire property at Toad Cove including the 116 room luxury hotel has been turned over to a management company (i.e. bankruptcy for the developer) and will remain open and operated for the bank.   Several banks were participating, but Valley View Bank was the lead lender on the project.  

The concept of the full service “condo-tel”  was probably a bit premature for this market, it’s hard to justify paying $350,000 for a fancy hotel suite when our local MLS is loaded with very nice 3 and 4 bedroom condos that are twice the size for much less.  Add to this low demand the severe lending restrictions on “condo-tels” and this was inevitable.   There was nothing wrong with the product, it was promised to be first class and it was.  Timing, as they say, is everything.

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Lake of the Ozarks Condominiums, RE/Max Lake of the Ozarks | October 5th, 2009

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Porto Cima Waterfront Foreclosure

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Lakefront Foreclosure

Lakefront Foreclosure

You’ve likely seen this home when crossing the Community Toll Bridge from Lake Ozark to Shawnee Bend. The difference is that it now has been foreclosed on and the price is now $1,562,500 down from well over $2,000,000.



The description in the MLS reads:

Spectacular 1.2 acre lot with 340 ft. of gentle lakefront is a one-of-a-kind with a trophy home unlike any other. Major remodeling and expansive landscaping under way-exquisite detail and design. A private retreat with expansive views, cove protected waterfront, pea gravel beach, level curved driveway, private pool, outdoor kitchen, spectacular patio w/fireplace, totally revamped master wing.

This home was purchased and remodeled before it was put back on the market, it was one of the best remodel transformations that I’ve seen at the Lake of the Ozarks. Now someone will get a really great deal on this home. Call if you need any additional information. 573-480-6420

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Lake of the Ozarks Distressed Property, Luxury Homes Lake of the Ozarks | October 3rd, 2009

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Foreclosure condo at the Lake of the Ozarks

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Lake Ozark Rental

Lake Ozark Rental

This 2 bedroom condo has 1500 square feet of living space and good Lake of the Ozarks view.  The complex is the Four Season Racquet and Country Club and is a very popular rental location for Lake Ozark.  The price looks too good to be true, but you have to consider a monthly assessment of $422.  Yes, that is the highest assessment of any condominium complex at the Lake, that’s why it would make a great rental.  When operating this unit as a rental business, you can write off the assessment fee as a business expense.  Put your cash to work and buy this unit and just pay the assessments and the low annual property real estate tax and start making money today.  This would be an ideal property to buy in your self directed IRA.
   
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Lake of the Ozarks Condominiums, RE/Max Lake of the Ozarks | September 12th, 2009

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Lake Ozark Condominium for Sale Under $80,000 with Dock!

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Tara Condo

Tara Condo

Here is an affordable condominium with a great location and all the amentities you expect at the Lake. A 10 x 24 boat slip is included, and this condo is right next to the pool. You have plenty of extra parking for guests, and just one step into the unit. This is the perfect first condo at the Lake, and would most likely qualify for the $8000 first time home buyer program. Don’t wait, this is a rare opportunity and it won’t be here for long! Call John Garrett 573-480-6420 today!

More Pictures here

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Lake of the Ozarks Condominiums | September 11th, 2009

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“I am interested in seeing Foreclosures and Short Sales”

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This is a recurring theme from almost every buyer that contacts me.  The interesting thing is that as a buyer’s agent, the best deals I am seeing are not distressed sales but deals where the seller’s have realized they are competing with foreclosures and have dropped their price to match.    REO and foreclosure homes are usually in terrible condition, and let’s face it, this is a property that didn’t sell when the tough times befell the last owner. 

Let’s look at a real life example of this in action.  This property was listed as a fannie mae foreclosure and it was hot hot hot.  Everyone was rushing to see it, and it was located in a very nice condo project known as the Breakers.  The unit had been terribly painted, and the color scheme was quite bad.  There were mirrors missing in the bathrooms, and it probably needed $3500 of repair and remodeling.  It was also unfurnished.   It was purchase for $154,000.

Breakers Foreclosure 

Now look at this Breakers unit I just recently sold to a buyer that was bought for $147,000, fully furnished, in immaculate condition, including all electronics, a boat hoist, towels, bed linens, totally turnkey and in A+ condition.  I’d have to say that not only did this one not need the additional $3500 to be spent on repair, it had an additional $10,000 to $12,000 of value the other lacked.  That is around $22,000 difference in the two!

Condo sold by John Garrett

Condo sold by John Garrett

    So don’t be too quick to think that foreclosures are your guaranteed best bet in this buyer’s market.  Many seller’s have adjusted their prices using sold foreclosure comps, and these seller’s will be the first to sell.  Don’t fall for agents offering “A free list of area foreclosures” thinking it puts you ahead of the game.  Hire a Buyer’s Broker and look at all MLS properties, you might find the one you have been waiting for!     

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Lake of the Ozarks Condominiums | September 11th, 2009

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Shootout Dam Run Lake of the Ozarks

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4th Annual PWC Poker Run

4th Annual PWC Poker Run

 

 

 

Shootout PWC Dam Run ($100.00 entry fee to benefit Shootout charities)
9:00   a.m. Registration at Surdyke Yamaha
10:00 a.m. Start time from Surdyke Yamaha Marina to Truman Dam and return
                 to Shorty Pants (Approx. 130 miles)
This is a great time and fun way to see the upper milemarkers of the Lake of the Ozarks without worrying about water depths.  You will see more unspoiled and pristine shoreline this way than you ever thought even existed at the Lake of the Ozarks.   The water temperature is ideal and you will enjoy this run. 
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Lake of the Ozarks Powerboating, RE/Max Lake of the Ozarks | August 26th, 2009

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John Garrett changed locations within RE/MAX

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UPDATE John Garrett has opened a new real estate office in Lake Ozark.

Same company, but the corner office with two windows I always wanted came open, so I have moved from the Landmark building to the main office.  No waiting on the elevator at this office!  The address for your GPS is 3525 Hwy 54 Osage Beach MO 65065.  We are right across the street from STAPLES, and right next door to Kelly’s Port.  Just come to the front desk and ask for John Garrett, I am there everyday!

573-480-6420  john@lakerealestatepros.com

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Lake of the Ozarks real estate, RE/Max Lake of the Ozarks | August 25th, 2009

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Poker Run Lake of the Ozarks for Shootout

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Lake of the Ozarks

Lake of the Ozarks


Friday, August 28th. This one will draw six cards and the best 5 card hand will be played. If you have never done a poker run, don’t be intimidated, just give it a try. You don’t have to have the fastest boat or a great poker mind to win, simply luck of the draw. The real fun is a day on the water at 6 great waterfront locations and lots of people having fun. The entry fee is $125 per boat, there’s no limit to the number of people on your boat. Two (2) t-shirts (please provide sizes), two (2) $10.00 dinner or drink coupons, 1 Captain’s Bag and 1 DVD.

Go to this website for more info or download this guide See you there.

2009 Lake of the Ozarks Fire and Rescue Shootout

2008 Lake of the Ozarks Fire and Rescue Shootout

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Lake of the Ozarks Powerboating | August 23rd, 2009

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Lake of the Ozarks Fire and Rescue Shootout


Shootout

Shootout

Lake of the Ozarks Fire and Rescue is one of my favorite events because I have seen it go from a little boating get together to see who has the fastest boat in front of Shooters 21 to becoming a Top 10 “must see” boating event in the US according to Powerboat Magazine. This has been a yearly event since 1988, and it now serves a charity fundraiser fro Lake area fire and rescue teams, so it really is a great event for a great cause. Record speeds of over 209 miles per hour has been reached, although last years winner “only ” went 178 mph!

Last Years Winner

Last Years Winner

There are a variety of events that start the 25th, including a benefit Golf Tournament, the very fun PWC Dam run on the 27th, a Poker Run for powerboats on the 28th, and the stereo shootout at Dog Days the same day. This is a great time for the whole family, and one of the Last big blowouts of the summer. Don’t miss it.

Lake of the Ozarks Powerboating | August 19th, 2009

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Captain Rons at the Lake of the Ozarks

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Beach at Captain Rons

Beach at Captain Rons

One of my favorite Lakefront hangouts is Captain Rons.  With 3 young children I like the atmosphere and the secure sandy beach where the kids can play in safety and the adults can order food and drinks.  The facility has very good dockage as well.  It is located at the 34 milemarker just downstream from the Hurricane Deck Bridge.  By car you can find it at Lake road 5-50 just north of the Hurricane Deck Bridge.  They will be hosting the Lake Rescue Shootout for the second year August 25th through the 30th, with the actual races on Saturday and Sunday, August 29th and 30th.

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Lake of the Ozarks Powerboating, Lake of the Ozarks real estate | August 18th, 2009

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