Table Rock Lake Condo Inventory Still High (and Growing)

As I’ve posted before, the Table Rock Lake condo market is currently oversupplied and the fundamentals are not improving with the announcement of new units ready to hit the market in the coming months of early 2010. I read yesterday in the Springfield business journal that Point 7 (across the Kimberling bridge on Point 7 road), which is half sold out of their first 20 unit building, has started on another 24 unit building to be finished in the new year. Closer to Branson on Indian Point, Treehouse Condos are nearing completion on their newest building, a 30 unit structure billed as being very energy efficient. The units will have a spectacular view at Treehouse, but will anyone buy them?

While one would think this supply would work in tandem with the lack of demand to pull prices down significantly, that has not necessarily been true heretofore during this time of economic difficulty. I don’t know if it is because of financially strong builders or the unwillingness of sellers to take a loss, but something will have to give sooner or later.

Especially when compared to harder hit sun belt markets like South Florida or Phoenix, the deals really aren’t all that great yet. Resets of 20% or so in this climate are not exactly steals, and I haven’t heard of many transactions that would change my opinion. In fact, the churn in the Table Rock Lake real estate market in general, and in the Table Rock Lake condo market more specifically has been meager. Just not that much inventory is selling. Maybe 2010 will bring change, or provide a better entry point for those who’ve always wanted a lake place but had been priced out of the market.

Radon Becoming A Growing Concern

In years past, the presence of radon was not even considered when purchasing a home in the Ozarks. In the past year though, the concern over this deadly element is becoming of greater concern, adding yet another cost to buying a home in the form of radon testing which ranges from $150 – $300. This cost can be negotiated, but generally if the buyer wants it the buyer pays for it. Also, if you are building a new home here in the area, it is significantly cheaper to build in a radon system at construction than to go in and retrofit later. If you have questions about this issue, give me a call at 417.337.1627.