Luxury real estate is often defined as real property that has an appraised value of over $1 million, yet this varies greatly depending on the location. The classification also takes into account the presence of surrounding homes, amenities, views, waterfronts, absence of crime-rate, industrialization or unwanted commercialization, customizations of the home, and historical or architectural design.
Here at the Lake of the Ozarks we are very fortunate to have over 1,100 miles of shoreline. If you took “our” million dollar homes to Colorado, California, Florida, New York they would probably be double what you can buy them for here. With being centrally located in Missouri and the Midwest we are in an area where the cost of living is considerably less and the price of real estate much lower than either coastline or other vacation areas.
At the Lake of the Ozarks we have a vast selection of Luxury Homes over $1 million. As of December, 2014 there are 54 lake front homes available for sale, ranging from $1 million and up to $3.6 million. There have been 40 Luxury homes sell since January 1, 2013. The sales prices in the last year have ranged from $1 million to $2.3 million. Since January 1st of 2001 there have been 216 luxury homes sell at the Lake of the Ozarks. Of these 216 homes 215 of them were lakefront, the other property was riverfront property located on the Osage River with a fantastic view of the valley and river.
The majority of the Lake of the Ozarks Luxury homes are located in Porta Cima and The Villages of Shawnee Bend. The rest are located randomly on the lake starting at the 3 mile marker of the Osage Arm and going up into the Big Niangua Arm of the Lake of the Ozarks.
They vary in all different architectural designs, décor, square footage and history. All of these homes are located in the beautiful subdivisions named above with additional amenities at their back door, or beautiful estate homes starting at 2 acres and going up to 20 Acre estates with lodge and additional cabins and lots of History. Some other subdivsions around the Lake of the Ozarks with Luxury homes are Village of Four Seasons, Cedar Crest, Palisades Highlands, Woodland Cove, Nichols Point, Nichols View, and Old Kinderhook.
In 2001 there were only 2 luxury homes sold. The sale of Luxury Homes made a steady annual increase in number of sales and average sales price right up until 2006 when there were 29 sales. That is when the economy and real estate market began to tumble with the lowest being in 2012 and a total of 13 homes sold over 1 million. Since then we have begun to start the climb with 16 homes sold in 2013 and so far 24 in 2014.
The Lake of the Ozarks is a beautiful vacation/second home area with many amenities, entertainment options and attractions to offer all ages and lifestyles. With being in the Midwest and so many bordering states with all types of careers and lifestyles, the Lake of the Ozarks is a great destination point!
The luxury home market is not limited to lakefront homes, but can also be in the condo market as well. With so many options and areas being available there is no reason not to own real estate at Lake of the Ozarks. Give one of our Agents at John Farrell Real Estate a call and let us assist you in your search and purchase no matter what you are looking for, be it land, condo, house or your Luxury Home!
Visit our website or call us at (888) 471-1848 today.
John Farrell Real Estate is open 7 days per week and provides services to homebuyers, sellers and landlords. Contact us today to speak with one of our highlytrained Agents about selling, buying or leasing in Lake Ozark.