Lake of the Ozarks real estate

More Mortgages = better credit

2006-10-12T20:12:00.000-07:00

If you are thinking of buying a second home at the Lake of the Ozarks? You should know that consumers carrying a second mortgage had a higher credit score than those with just one.

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Building costs for Lake of the Ozarks real estate

2006-10-10T12:36:00.000-07:00

Building costs have gone up nationwide at an alarming rate. It is difficult to break down the specificcosts for this area, and the lake is a very large geographical area, but there's little or no reason to think we aren't in line with the national average.

New York, N.Y., September 25, 2006 – Turner Construction Company, the nation’s leading general builder, today announced that construction costs in the third quarter 2006 are projected to increase over the second quarter 2006. According to the Turner Building Cost Index, the third quarter 2006 index will rise to 801, showing a 1.78 percent increase over the second quarter 2006 index of 787 and a 10.33 percent increase over the third quarter 2005 index of 726. Turner has made its quarterly forecast for more than 60 years.

Here's more

No "bubble" for Lake of the Ozarks real estate

2006-10-09T11:05:00.000-07:00

By John Garrett

I have fielded many calls lately from investors asking me if prices have dropped at the Lake of the Ozarks, or to give them a call this winter when prices start to fall. In my opinion, it isn't going to happen anytime soon to this market for a few very important reasons.

First, the strong demographic demand from baby boomers. They have the desire to purchase vacation homes and investment properties, and a desire to diversify portfolio assets into more secure investments. In fact, diversification of portfolio investments is a significant motivation for purchasing a second home, cited by 35 percent of investment buyers and 28 percent of vacation-home buyers. Of vacation home buyers, 21 percent said it would be their primary residence after retirement, compared with only 2 percent of investment buyers. These boomers are smart enough to realize the prices should only get higher and higher the next few years, and buying the retirement home at the Lake of the Ozarks now will be a smart move.

Although earlier sales data is not directly comparable because second-home buyers were under-represented in previous surveys, sales have trended up since 1997. The increase in second-home sales coincides with tax-law changes that went into effect in 1998. The tax change essentially did away with the capital gains tax for most buyers wishing to trade down to a smaller primary residence and use some of their equity to purchase a second home.

In searching for a second home, 83 percent of buyers used real estate agents. The typical buyer searched seven weeks to find their second home and looked at six properties. Eighty-three percent financed with a mortgage and made a median down payment of 22 percent. Although 45 percent used savings for a down payment, 29 percent used equity from a previous home.
Vacation homes can be found in every state, with the most popular locations by the water or in the mountains.

Most buyers prefer locations that are within an easy drive. Vacation-home buyers want their property for their own exclusive use, with three-quarters saying they never rent their properties. Vacation-home owners prefer to be close to where they spend recreational time or to natural attractions. As for activities of interest, 37 percent of recent buyers enjoy beach, lake or water sports; 29 percent are interested in golf; 18 percent theme parks; 16 percent winter recreation; 12 percent hunting or fishing; and 9 percent boating. The Lake of the Ozarks is well positioned to capitalize on these wishes.
The study shows the vacation homes of recent buyers are located relatively close to the owners primary residence, with a median distance of 197 miles. However, the distance varies widely, with 43 percent more than 500 miles and 47 percent less than 100 miles. Given the Lake of the Ozarks location and proximity to St. Louis and Kansas City, this bodes well for the future of real estate at the Lake of the Ozarks.

Second, the replacement cost of these homes has risen significantly, but the replacement cost of waterfront lots has seen a astronomical rise in value. From 2005 to YTD 2006, waterfront lots have increased in price per front linear foot on the Lake by 63%! That is 63%! Even if you are buying a condo or townhome, you can rest assured that with lot prices increasing by 63% and construction material increasing by 10.33%, your values look very secure. In fact, they look like they will be going up until the baby boomer buyers stop wanting Lake of the Ozarks real estate.

John Garrett
View my web site

Buy a rental condominium at the Lake of the Ozarks

2006-10-04T12:14:00.000-07:00

To help pay the considerable expense of owning a vacation condo at the Lake of the Ozarks, many owners rent out their places part of the time. Here's an informative publication IRS Form 527(HTML) or IRS Form 527 PDF which also covers vacation and second homes.
Besides extra cash to help with the monthly payments, renting also has some extra tax benefits as well. One should always look at investments after taxes, and especially when looking at real estate.
Most vacation condo owners can qualify for the same tax breaks as landlords who own normal rental properties. But to qualify for the breaks, you'll need to carefully watch how much personal use you make of your vacation condo each year. In some cases, exceeding the prescribed limits by a single day can cost you thousands of dollars in deductions.

Rest of Article.....

Waterfront Homes in Porto Cima, Lake of the Ozarks

2006-10-04T12:12:00.000-07:00

There are currently 36 waterfront porto cima properties ranging from $587,00 to 3.2 million, with two pending at $989,5000 and $2,850,000.

Found on the Shawnee Bend peninsula at Missouri’s Lake of the Ozarks, Porto Cima combines 2,300 acres of rolling hills and native oak trees with a Jack Nicklaus-signature golf course and a meticulous plan to deliver one of the Midwest’s finest golfing communities. Today, Porto Cima (Italian for “hillside harbor”) thrives as a luxury waterfront community and one of the finest private clubs in the Midwest.

Call or e-mail for an up to the second list of properties in this area. 573-302-2320.

Waterfront homes and real estate at the Lake of the Ozarks

2006-10-04T11:30:00.000-07:00

What time of year do waterfront homes sell the best at the Lake of the Ozarks?

July and August sell the highest, in 2005 the both had the exact number of sales. The lowest number sold in a month in 2005 is January with 29.

http://lakeoftheozarksreal-estate.com/files/247692/WF%20Homes%20SOLD%202005%20by%20month.pdf

Lake of the Ozarks gets $220M neighborhood

2006-09-30T12:55:00.000-07:00

Two Lake of the Ozarks developers are creating a new development near the lake that they hope will give the area a small-town feel.
It’s a small-town feeling with a $220 million price tag.
Clayton Graham grew up in Chicago, in an area that had a friendly atmosphere among neighbors. That camaraderie is something he said is lacking near Lake of the Ozarks, a town known for summer vacationing and parties.
Graham and his wife, Cheryl, hope to bring a small-town atmosphere with Lakeside at Cross Creek, their master-planned community now under construction.
“The lake has very little sense of community, where you know who your neighbor is,” Clayton Graham said. “Growing up in Chicago, there was always a sense of community – block parties, having an extended family in the neighborhood. So that was part of the driving force.”
The couple’s Windy City background also led to the look of the development, which will have distinctly craftsman architecture, with its low pitched roofs and porches supported by square columns.
The project will feature 220 villas ranging from 2,500 to 4,500 square feet each, 40 bungalows at about 1,800 square feet each, and 66 single-family custom home sites. There also will be seven 22-unit condominium buildings, one 60-unit building called The Lodge and 11 six-unit loft buildings.
Other planned amenities include a lake house with fitness center, a post office and a general store that Graham said will help contribute to the community’s “feeling of yesteryear.”
David Beach of Springfield firm H Design Group is the architect for the project. He said the development is something new for the lake area.
“It’s a really interesting, high-end project,” Beach said. “It’s an exciting project for a firm our size to be working on in this area.”
The $220 million project, including $17 million spent on infrastructure including roads and utilities, is in the opening stages of construction.
Ground has been broken on two of the model homes, which will be ready before the end of the year.

See More...http://www.sbj.net/print.asp?aid=84374695.9204828.968708.4823681.9514363.517&aID2=74507

Lake of the Ozarks information

2006-09-22T07:49:00.000-07:00

Some Quick Facts about the Lake of the Ozarks

• 4.5 - 5 million tourists per year.
• Approximately 7 million people reside within 150 miles of the lake.
• 69% of Missourians who own second homes own them at the Lake of the Ozarks.
• Yearly traffic counts at the Highway 54 Camden and Miller county line has risen 30% in the past 5 years from 8.5 million to over 12 million.
• Location of Missouri's largest state park - 17,441 acres.
• Lake of the Ozarks covers 54,000 acres with 1,150 cove-indented shorelines, 93 miles in length.
• Camden county is one of the top 5 counties with fastest growth between 1990-2000.
• Home of the largest brand name factory outlet mall in Missouri.
• 15 golf courses.
• 3 caves.
• 4 family fun parks.
• 5 lake cruise ships.
• Over 30 waterfront restaurants.
• A major family destination in the Midwest.

Resources and useful links

2006-09-08T06:48:00.000-07:00

Mortgage Bankers Association of America
Mortgage delinquencies, foreclosure rates, purchase applications, refinancing

Survey of Real Estate Trends
Real estate market conditions (commercial and residential)

Federal Housing Finance Board
Sources of finance, national average contract mortgage rate

National Association of Home Builders
Remodeling costs, upscale homes, new housing characteristics and trends (square footage, amenities)

The Joint Center for Housing Studies of Harvard University
State of the Nation's Housing (Annual publication with housing market overview and general housing statistics), remodeling expenditures

ACCRA Cost of Living Index
Cost of living comparison

Convert A 1031 Tax-Free Exchange Property Into Your Primary Residence

2006-08-21T13:46:00.000-07:00

We all know that IRS 1031 Exchanges are a powerful way to get what amounts to a tax free loan to buy real estate from Uncle Sam, and that every dollar saved can be leveraged to help build wealth. We arte also told that the exchanges must be "Like-Kind" and that you cannot, under any circumstance, defer taxes for your primary residence. Or can you?

The IRS prohibits using a 1031 exchange for the purchase of a new home. However, there is an exception to that rule. If the investor rents out a home for two years following the exchange, or tries to rent for market rates, or simply holds the home with very limited use, that house can then be converted to the investor's place of residence, since the home was initially used to fulfill the stipulations of a 1031 exchange, which specify that an investment house must be replaced with another investment house.

If an investor chooses to take that route, after five years from the date of the new home's purchase, that home can then be sold and the taxes excluded, due to an IRS exclusion for the sale of a primary residence, which can be $500,000 for married couples and $250,000 for an individual.

I can think of some really nice Lake homes and condos that could be used in this manner. There are two ways to defer taxes indefinitely, one is to die so your heirs get a "stepped-up" basis, or converting a rental and following the two year and five year rules. I prefer the latter, myself.

Insuring a condominium at the Lake of the Ozarks

2006-08-07T19:37:00.000-07:00

Insuring a condo or co-op is a little different than insuring a typical home because you don't own the entire building. There are typically two policies involved: the master policy provided by the condo association or co-op board, and your individual policy. If you know what is covered by the master policy, and purchase individual coverage for the rest, then you should have the protection you need.

The master policy
The common areas you share with other tenants should be covered by a master policy owned by the property. These areas include, the roof, stairways, elevators and basements. The master policy should protect the policyholder(s) from liability and physical damage. The master policy may also cover individual units as they were originally built, and may or may not cover fixtures. It is important for you to know exactly what the master policy covers so that you can purchase appropriate individual coverage for your unit and its contents. For instance, the master policy may cover original fixtures, but not improvements. If you or a former tenant has made improvements, you will want to be sure they are covered under your individual policy. The condo association or co-op board should be able to supply you with the information you need, or provide you with the appropriate documents that explain the coverage.
Your personal policy
Typically, your personal condo or co-op coverage will be written on Form HO-6. While the liability coverage on Form HO-6 is similar to that found in other homeowner's policies, the property coverage is different. Form HO-6 covers your personal property, and other property such as improvements, additions, private balconies, private entranceways, private garages, and other property that is your insurance responsibility under the condo or co-op documents. However, the policy only covers physical damage to property if it is caused by a "named peril" identified in the policy. Those include fire, lightning, storm, explosion, riot, aircraft, smoke, vandalism, theft, broken glass and volcanic eruption to name a few. Review the perils covered by your policy and remember, you always have the option to purchase coverage to protect you against additional perils.
Things not covered on the typical policy
If your policy is written on Form HO-6, your possessions are not covered for property damage resulting from perils listed in the "exclusions" section of your policy. These can typically include damage due to enforcement of building codes, earthquakes, flooding, power failures, neglect, war, nuclear hazard or intentional acts.
Loss Assessment
If your personal policy is written on Form HO-6, pay particular attention to the paragraph entitled "Loss Assessment." This paragraph entitles you to collect up to $1,000 for loss assessments charged to you by the condo or co-op association. Loss assessments typically result from losses suffered by the condominium or co-op as a whole, such as damage to a roof. These damages are then passed through to all unit owners.
Loss Settlement
Your policy will also specify what amounts you can recover in the event of a loss. In the case of property such as fixtures, balconies, improvements and certain other such items, you are entitled to receive the actual repair or replacement cost if the damage is repaired or replaced within a reasonable time. If the damage is not repaired or replaced, you may only receive the actual cash value of the property. As for your own personal property, you are entitled to receive the actual cash value of any damaged property, but no greater than the repair or replacement cost of the property. Loss settlement is always subject to the coverage limits described in your policy.
In order to qualify for payment from your insurance company, you must meet the conditions that are spelled out in your homeowners policy. Some conditions dictate your responsibilities before a loss occurs, and some dictate the actions you must take after the loss to remain eligible for coverage. Reading your policy carefully to familiarize yourself with your responsibilities under the policy is always advisable and can speed things along should a loss occur.

Capital gains info

2006-08-04T09:12:00.000-07:00

Investors can exhale. Congress has passed and the President has signed the Tax Increase Prevention And Reconciliation Act of 2005.

The new law extends the current long-term capital gains tax rates through the end of 2010. The maximum rate of 15% was slated to expire at the end of 2008 and revert to the previous 20% rate. They will hopefully make this permanent.

Easy money in real estate "flipping"

2006-08-04T08:49:00.000-07:00

You watch the shows on TV where the people show huge gains on properties they buy, remodel, landscape, and cash in on, and it looks easy, right? When they show the "profit" at the end of the show, they aren't really telling the whole story. Let's look at what happens with that"profit."

Say you bought a house for $150,000 and worked on it, cleaned it up, and sold it for $250,000 a month later. An easy $100,000, right? But since you didn't hold the property for more than 12 months, it makes it a short-term capital gain. Now, you'll pay a federal rate of as much as 35%, not the 15% long-term capital gain that investors get for long term gains (held for more than one year). Add a state tax, say 5%, and you now owe $40,000 in taxes. But wait, it's not over yet!

If the IRS considers you to be in the real estate "trade or business" that makes all your profits ordinary income taxes at your highest bracket. In addition, that will subject you to self-employment taxes, which drains another 15% out of your profits. Now, from your $100,000 gain, you've only cleared $45,000.

The next fun thing to crawl out from under a rock is the AMT, or alternative-minimum-tax. I won't even pretend to explain this tax, but just know that you can pay a rate of 26% to 28%.

If you pay a Realtor commission on the deal, say 6% or $15,000, you start to see that "flipping" houses isn't the slamdunk it can appear to be.

A better strategy? Buy value, hold for at least one year(maybe lease the property), enjoy tax benefits and shelter, and 1031 exchange into another property. For more on 1031 exchnages, look here http://lakeoftheozarksreal-estate.com/content/article.html/53635

Investment Profile: In the Lap of Luxury

2006-07-24T08:14:00.000-07:00

Investment Profile: In the Lap of LuxuryBuyers continue to book high-end hospitality assets.By Sara Drummond
It’s hard to find an unhappy hotel owner, developer, or investor at any level this year. Global travel and tourism topped $6 trillion in 2005, growing 5.7 percent, and 4.2 percent annual growth is forecast for the next 10 years, according to the World Travel and Tourism Council. Business travel also has returned to levels unseen since Sept. 11, 2001, and is expected to grow by 2 percent, according to Marcus & Millichap.
For luxury properties the outlook is especially strong. Just three years ago, PricewaterhouseCoopers forecast 1 percent growth in luxury revenue per available room. In 2005, its estimate jumped to 12.8 percent. While PWC moderates luxury RevPAR growth for 2006 and 2007 to 9.4 and 8.9 percent respectively, those forecasts are among the highest for all hospitality segments. Luxury occupancy is expected to gain 70 basis points to 71.4 percent, according to Marcus & Millichap’s Spring 2006 Hospitality Research Report, which also forecasts a 7.6 percent increase in average daily rates for luxury properties.
more.... http://ciremagazine.com/article.php?article_id=975

Here's a new Lake development that is looking to capitalize on this market

http://lakeoftheozarksreal-estate.com/files/247692/Toad%20Cove%20Floorplans.pdf

Where to list your vacation rental by owner

2006-07-22T11:41:00.000-07:00

http://www.homeaway.com/

HomeAway.com is the world's most complete marketplace of vacation rental properties, representing over 60,000 vacation rental homes, condos, guesthouses, cottages, and cabins in over 45 countries.

http://vrbo.com

there simply isn't a more cost effective way to market your vacation rental property. On this page you will find complete information about how get started and how to create your own Vacation Rentals by Owner (VRBO) listing. The cost is very minimal with a one year listing for one rental starting at $159US (You don't have to get very many extra rentals to cover the cost many times over). If you are ready to join, click here and follow the steps.

Trends Among Second Home Buyers

2006-07-22T11:37:00.000-07:00

...In fact, "vacation and investment homes remain a strong and prominent part of the real estate market, both as a means of providing an escape and providing supplemental short-term and long-term income," says Ian Morris, chief executive officer of HouseValues.
A quarter of respondents said they are considering a second home for investment purposes, while 22 percent said they wanted one for "enjoyment," such as weekend getaways, vacations and family use.
Forty percent of respondents said features such as water or mountains would not be a factor because they intended to buy for investment purposes. Among those who do consider geography an important factor in where they buy, 36 percent listed proximity to water as key, followed by mountains (17 percent), golf courses (5 percent) and the desert (2 percent)......(see link for entire article or e-mail me)
http://realtytimes.com/printrtpages/20060718_surveytrends.htm

Your self directed IRA to buy real estate instead of just stocks?

2006-07-22T11:23:00.000-07:00

Homes are staying on the market longer, sellers are reducing their prices, and the exuberance that marked the real estate industry for the past five years is now long gone amid talk of an over-inflated housing "bubble." But all that nervousness is symptomatic of the kind of short-term, get-rich-quick kind of thinking that has become part of the national zeitgeist rather than sound, thoughtful retirement planning.

While many people continue to concentrate their retirement portfolios in big mutual funds like Fidelity Magellan (FMAGX) or Contrafund (FCNTX), or stocks like Cisco Systems, IBM or Johnson & Johnson, proper portfolio diversification demands the inclusion of hard assets like real estate, which have a long history of providing solid returns.
The use of self-directed IRAs and 401(k)s for investing in real estate and mortgages has been well established for more than 25 years. It has been a great investment-diversification tactic for two very simple reasons: Real estate generally appreciates over time, and if bought properly, positive cash flows can be realized right from the start.
Many real estate professionals invest in real estate through their IRAs and retirement plans, because they understand all the idiosyncrasies of the market. For example, different parts of the country, even micro-markets, fluctuate when it comes to real estate investment opportunities. But those fluctuations do not occur wildly from one day to the next like other markets. There are certain cycles that take into account changes in interest rates and inventory, as well as political, social and environmental factors.
In a softening market, a person interested in investing in real estate may consider maintaining a cash position and buying the property on its way down, making it a good deal for a buy-and-hold strategy. In such an instance, the property is held until the market goes back up. Granted, this may take some time, but the investment should generate a positive cash flow or break even over the time the investor holds the property. The investor then sells it for a significant profit. History has proven that real estate is one of the most consistent and enduring investments, so short-term price gyrations do not outweigh the benefits of the asset allocation.
If you employ this strategy through a Roth IRA, I think you have the best tax and investment deal around for an investor. The real estate is bought at a low-cost basis and later, maybe years later, sold at a respectable profit with no tax to pay.
In another example that might be typical of today's market, let's assume you have a Roth IRA with $300,000 that was converted from a traditional IRA and maybe even rolled over from an old 401(k) plan. You buy a single family income property that has been on the market since a hot market cooled, and where the asking price has come down to $275,000 from $290,000. You offer $250,000 on a contract from your Roth. That offer is accepted and the renter in the property continues to make $1,500 monthly payments, which now goes into your Roth IRA. The cost to your IRA, after closing costs and commissions, is $270,000.
Your Roth now has a cash flow with a net operating income of more than 5% (after taxes and insurance), and you are perfectly positioned to wait for the next upturn in the real estate market, which may be a few years from now. Also, your rental income likely will increase over time. In addition, the property appreciates income-tax free while paying your Roth IRA tax-free dividends. Anytime your Roth IRA sells property or receives income, there is no tax bill, and when you take the cash out after age 59 and a half, there still is no tax!
Foreclosed Property
Foreclosures also present interesting IRA and 401(k) investment opportunities in a softening real estate market. When interest rates increase, adjustable rate mortgages follow suit, causing an uptick in foreclosures. Those home owners who were barely scraping by on 1% to 2% negative amortization loans can find their monthly payments doubling, and lack the ability to make the higher payments. This is an excellent opportunity for the investor with cash to either:
-- Buy the home at a lower market rate because the home owner would rather sell than be forced into foreclosure;
-- Lend the home owner the cash on a second-position basis to alleviate a temporary cash flow problem; or,
-- Buy out the original mortgage and be the lender to the home owner on terms and payments the home owner can afford.
Leveraged Property
You can also invest in leveraged property through your retirement account. For instance, if your IRA has $40,000 in cash and you're interested in investing in a property selling for $200,000, the IRA can assume the $160,000 mortgage to complete the purchase.
Of course, the loan would have to be nonrecourse, which means the lender must agree to look solely to the property as security for the loan and not the IRA. (Some community banks and savings associations will make this type of loan.) Investment gains can be realized if the IRA sells the property later, say for $300,000, thus paying off the $160,000 loan and leaving a $100,000 profit in the account.
Please keep in mind, however, that the account might have to pay an unrelated business income tax or unrelated debt financing income tax of between 15% and 35% on the income from the financed portion of the property. Even with the tax payment, investing in leverage properties can still be a real advantage for your retirement account. In the aforementioned example, the IRA would owe a tax of about $25,592, leaving an after-tax payout of $74,408--a 186% return on the cash invested.
Partnerships
If a real estate investment opportunity exceeds the available cash in your self-directed IRA or 401(k), there are other solutions. One is simply to partner with others in the investment. Whether they have IRA or 401(k) money or not, you can form a group and buy partial interests in a property, or if you wish, start a partnership or a limited liability corporation to buy that property. Under the right circumstances, all involved in the transaction can lend to third parties, and even to each other, to implement the right real estate deal.
In short, buying real estate, even in a downward-sloping market, can be an excellent investment opportunity through a tax-free or tax-deferred IRA or 401(k). The upside is great, especially when the cost basis is low, and you may never have to pay tax on the gain.
Hubert Bromma is CEO of The Entrust Group and author of How to Invest in Real Estate and Pay Little or No Taxes. His new book, How to Buy Real Estate with Your IRA and 401(k), will be published by McGraw Hill this fall.

1031 Exchange your Lake of the Ozarks home?

2006-07-22T11:18:00.000-07:00

Michael Brady, eastern region vice president of Asset Preservation Inc. in Calverton, N.Y. API (www.apiexchange.com) is a leading qualified intermediary that has successfully completed more than 120,000 Section 1031 tax-deferred exchanges. Check out the API site.
Normally, residential property that is not rented and does not otherwise produce income does not qualify as "investment property." But many investors exchange out of true investment properties -- a single-family rental, for example -- and into a vacation or second home. And Brady says many tax and legal advisers believe it is possible to exchange out of a vacation property which has no rental history as long as the exchanger can demonstrate it was held for investment.
They base their opinions on a Private Letter Ruling (PLR 8103117) by the IRS that allowed for tax deferral when the exchanger intended to acquire property for personal enjoyment and as an investment. However, a ruling such as this applies only to the facts and circumstances in a particular situation.
"There are no regulations, statutes or court cases which give a definitive answer to the question of exchanging vacation or second homes," says Brady. "Each exchange must be reviewed on a case-by-case basis. But in this particular case, the 'personal enjoyment' of a property did not prevent the owner from benefiting from a tax deferred change."
Intermediaries such as API are not allowed to provide legal or tax advice, so you should choose carefully. But Brady does point out that IRS regulation 1.1031 (b) states that "unproductive real estate held by one other than a dealer for future use or future realization of the increment value is held for investment and not primarily for sale."
Consequently, he says, "it appears that even property owners who have never rented their vacation property but can substantiate that they acquired and held the property because they expected it to increase in value may qualify for a Section 1031 tax deferred exchange."

Even with this ruling, you need to consult with your tax and legal adviser.

Book - "How to Rent Vacation Properties by Owner"

2006-07-22T11:14:00.000-07:00

"How to Rent Vacation Properties by Owner," (Kinney Pollack Press, 2004).

http://www.amazon.com/gp/product/0974824909/sr=1-1/qid=1153591892/ref=sr_1_1/103-1232846-8810255?ie=UTF8&s=books

Vacation homes rose 17% last year

2006-07-22T11:11:00.000-07:00

SALES RECORDS
Her observations come as vacation-home sales rose about 17 percent last year to a record 1.02 million from 872,000 in 2004, and investment-home sales rose about 16 percent to 2.32 million in 2005, also a banner mark from 2 million in 2004, according to the National Association of Realtors.
The median price of a vacation home was $204,100, up 7.4 percent from 2004. The typical investment property cost $183,500, up 24.0 percent from 2004.
A vacation home is a property that people buy primarily for their own recreational use, while investment homes are used to generate rental income.
Though mortgage rates have steadily risen since early 2005, strong demand from baby boomers to buy vacation and investment properties and rates still hovering at historically low levels below 7 percent have boosted sales, experts say.
They also say sales have been helped by a federal tax law that allows couples selling their primary homes -- not second homes -- to avoid capital gains taxes if they lived in the home for two of the previous five years........(See link or e-mail me for article)
http://news.enquirer.com/apps/pbcs.dll/article?AID=/20060722/BIZ01/607220330/1002/NEWS01&template=printpicart

Top real estate agents at Lake of the Ozarks

2006-07-22T10:40:00.000-07:00

Jane Kelly, Jeff Krantz, Tonia Grein, Bobbi Bash, Gattermeier Elliot, RE/MAX Lake of the Ozarks,

Developments at the Lake

2006-07-22T10:27:00.000-07:00

Recent newspaper article talking about the exciting developments comeing to the Lake of the Ozarks

Retail growth spreads
By Joyce L. Miller/Lake Sun
LAKE OF THE OZARKS - After years of being the premier retail destination and center of the area’s growth and development, Osage Beach may be facing some stiff competition for sales tax dollars as developers start moving east to Lake Ozark and west to Camdenton with a number of aggressive and multi-million dollar developments under consideration.
In Camdenton, developers are proposing a $133 million retail project on Highway 54 next to the........... (see link or e-mail me for story)
http://www.lakesunleader.com/articles/2006/07/21/news/01.prt