Now that kids are back in school and summer is slowly coming to an end, let's review what the summer brought us in terms of Real Estate. As always, lake front and lake view homes in the Tri lakes area had a tremondous season. With docks and dock slips coming at a premium the advantage was definitely with the seller this summer as there was an absence of inventory.
In our opinion, the biggest jump we saw this summer was new construction. Places like the Payne Stewart Golf Club, Thunder Ridge Estates, as well as Mill Creek saw a ton of new activity that has been lacking since 2008. I look for this to continue moving forward. A big reason for the growth of new construction has to do with lot prices being exremely inexepensive in most areas. But the biggest reason is the lack of quality residential homes on the market. Single family housing has rebounded fairly well in the Tri lakes area, and for the most part has been picked a part during the last 18 months. The trend of buying a "good deal" rather than what the customer wants has kind of gone by the wayside. Buyers right now would rather build want they want then purchase a home that doesn't exactly have what they desire. This is obiviously a huge benefit to any sellers right now that have a quality built home in a good area.
The condo market is the one area where you can still get a great deal. Whether it be on the lake, golf course, or anything in between there is still a lot of availability. One trend this summer that stood out most to us, was the increased interest in properties that had a nightly rental program associated with it. It's a nice way to offset the costs that come with owning a condo, as well as having a place to stay that will always be in perfect shape each and every time you arrive in Branson. With fall approaching the condo market should pick up quite a bit.
Overall, this summer saw for the first time in quite some time, saw buyers purchasing based on want rather than just the low hanging fruit. Will this continue and for how long? Please check us out in a couple of weeks as we give our best prediction of the market moving forward into the fall and 2015. Thanks!