AT HOME

Lake Life Lureof The Real estate and construction saw record growth in 2020, as more people make Lake of the Ozarks their home.

STORY BY CHARIS PATIRES

There’s no doubt about it … 2020 was a memorable year. No one could have predicted the impact it would have on Lake of the Ozarks.

If you spent any time at all at the Lake you probably noticed it too — the increase in traffic. Both on and off the water, business was booming with many locals reporting record sales. The housing market and construction industry could barely keep up.

UNSTOPPABLE GROWTH

“We were way busier than anyone thought we would be,” Sara Veile, real estate agent with RE/MAX Lake of the Ozarks, said. “We thought it would be a slow year (due to COVID) but in April/May everyone started coming here.” Veile is also on the Lake of the Ozarks Board of Realtors and is the state director for Missouri Realtors. She says while the real estate market was also booming in other parts of the nation, Lake of the Ozarks was a hotspot of activity.

“Some came as an escape. They were sick of being in their home and wanted to vacation with their family and socially distance,” Veile said. “But also people came (to the Lake) because they didn’t want to social distance and a lot of things were open. We saw a mix.”

Families who had vacations planned were forced to cancel but still had the extra money and wanted a place for their family to escape. People started buying up Lake homes. The result — inventory was quickly depleted — and still is.

Veile said buyers are waiting for homes to come on the market. When they are, they are selling quickly often with multiple offers and higher than asking price. Homes in the $150,000-$450,000 are the most in demand, especially those in the $300,000 range.

Just about everything is desirable. Even homes that had been on the market for two years, were overpriced, and needed a lot of work were quickly bought up last season. Houses with a $1 million price tag and vacant lots are selling better than they have the last couple of years, she said.

“There’s not enough houses to pick from to buy so their next option is to build,” Veile said.

Condominiums were PRO TIP also going fast. Some Sara Veile, real estate agent had multiple offers with RE/MAX Lake of the Ozarks Just about everything on the real estate market is moving, including in the first 24 to 48 hours of being listed. Waterside says buyers and sellers at Lake of the Ozarks should act now. Buyers need to find a realtor they like, enroll in email alerts, vacant lots. Buyers who can’t find exactly what they are looking for due to low inventory are building new homes and there are several developments in the Lake area under construction. CHARIS PATIRES PHOTO One Condominiums, a new 20-unit condoand be ready to make an offer quick. Even if they think a home is not ready for sale, sellers should talk with a realtor before IF YOU BUILD IT THEY WILL COME fit their needs. One-level living with the master on the main floor and an open concept are becoming requirements facminium project on investing a lot of money into tored in during a remodel or new build. the 1-mile marker improvements. It might be best Tony Otto, Otto says there continues to be a void of the Grand Glaize Arm quickly sold out, to put it on the market sooner, rather than later. owner of Otto Con struction says he’s - for affordable housing, as well as second-tier homes in the $220,000 range. although it looks like a few had steady growth over “We have people trying to move to units are on the market today. the last couple of years with the Lake but are having trouble findSite work has begun on a new condo- remodeling and new home con- ing people who want to build them a minium complex next to the Grand Glaize struction but this year was one for the reasonably-priced home,” Otto said. He Bridge. Topsider Condominiums will be record books. has started a subdivision in Eldon to try a high-end waterfront development that “We are in a good spot, in a desirable to bridge that gap. will incorporate elements to tribute the place where people want to be,” Otto One of the challenges for builders at property’s unique history. The five-story said. the moment is higher prices on some complex will feature some three bed- With about 25 workers on the payroll, materials, including lumber which in room, two bath units; and some three Otto says they have been busy modify- October was 80 percent higher than what bedroom, 2.5 bath units. ing existing homes so people can become it was a year ago. Otto says fortunately

Veile says she thinks the inventory more permanent Lake residents. the prices are coming down. shortage will continue to be an issue, “We are not building their house Also, the availability of some materials especially as the season starts to kick off just for the weekend anymore,” Otto and labor shortages are an issue. in March and people resume their search said. “They want to make it more “Labor drives everything,” he said. for a place at the Lake. permanent.” “Anyone in the trades is having to pay

“If this continues, hopefully we will So, instead of building it around their more to keep good guys or to attract see more commercial development too weekend activities, homeowners are better people. So labor is up a little bit because we need it,” Veile said. making sure where they stay is built to because of that.”

For sale signs didn’t stay up for long at Lake of the Ozarks in 2020. CHARIS PATIRES PHOTO

Pictured are some of the design trends at Lake of the Ozarks.

ABOVE: Large 12x24 Eramosa Matt Clay tiles were chosen for this master bathroom.

AT RIGHT: This fireplace was built with Silver Ash Travertine Ledger stone. Wood flooring, like the Canoe Bay Barnwood floors by Herregan Floors, is a popular choice.

BELOW: The flooring for this kitchen was also real wood using Master’s Craft Ponderosa Hickory Pecos.

Since March, John Hayes says his phone has been ringing off the hook. Now, he’s booked up through June. As the owner of Hayes Construction, a mix of full and part-timers are reaching out to complete home improvement projects. This year they’ve been particularly busy with decks, siding and window installations. People are requesting bigger living areas, whether it is the master suite, living room, or a covered deck.

Hayes said they hit a niche building decks this year. Composite decking is especially sought after because there is no maintenance required. People are willing to spend more on a high-quality product, more than in previous years.

“In 2021, I do not see us slowing down. What surprised me was there was a huge increase in the cost of materials, and I see that starting to creep down slowly, but I don’t see it slowing down at the Lake. Personally, I would expect a strong couple of years as there is a transition between part-timers becoming full-timers. A lot of people are coming to stay.”

While he is still bidding jobs, Hayes says he is having to tell people it may be awhile before he can get to their project. One piece of advice he has for anyone undergoing a home improvement project is to be patient.

“Understand that if you have a good contractor, they are doing everything they can to move the project along,” he said.

TRENDS IN HOME IMPROVEMENT

Kelly Pirtle, design consultant with Dugan’s Paint & Flooring Centers says

PRO TIP It’s easy and convenient for customers to use websites and Apps to get design ideas. Kelly Pirtle with Dugan’s Paint & Flooring suggests using Pinterest, Houzz, shawfloors. com/floorvana-plus, or search for other interactive platforms to help you discover your design dreams.

they’ve experienced the same increase in customers eager to remodel or update their Lake homes.

“We have also seen an increase in clients that have relocated to the Lake full-time,” Pirtle said. New flooring, tile showers, and new backsplashes seem to be the most popular requests being made.

Homeowners are choosing to remove carpet in the living and dining room, and are replacing it with hardwood or luxury vinyl wood planks. Vinyl plank flooring has been the most popular flooring choice of 2020 — it’s waterproof and has the look of real wood.

Adding new backsplashes to update kitchens and new fireplace stacked stone or tile are two ways to get an updated look for those budget-conscious customers.

Pirtle recommends if you are wanting to do any work on your home to plan ahead. Installers are booked up and materials seem to be on backorder more often lately, she said.

INTERIOR DESIGN & LUXURY PURCHASES Many homeowners are expanding their living spaces to include larger decks for entertaining. Perfect for social distancing with family and friends. Pictured, a Trex deck completed by Hayes

Home values at the Lake are up and Construction. PHOTO PROVIDED people are buying. Bigger houses are selling quicker. All good news for John Elliott, to take notice of their surroundings and could fulfill orders quickly. That inventory owner of John Elliott Interiors, a show- realized how outdated their interiors was gone by July but he was able to reorder room in Lake Ozark featuring luxury home were, or they want something more and limit how long customers had to wait for furnishings and interior design. comfortable because they are spending merchandise to be delivered. One exception

“The real estate market always helps additional time indoors. Either way, that has been custom upholstery which normally me. The better real estate is, the better we means big business for Elliott who has takes 4-6 weeks. It is now taking 6-8 weeks. do,” he said. owned the showroom for 11 years. “The investment that has happened

During the pandemic there were two While many furniture stores and other here really does change everything. It was types of clients, he said. Those who pur- companies had shortages that impacted such a monumental change for the Lake,” chased a home and needed it furnished, delivering products, sometimes by weeks or he said. “This will effect us for the next and those staying home more and wanting months, Elliott said he had ordered an extra decade. This was the biggest win for the to update their look. Many people started $400,000 in inventory early last spring and Style and service with North America’s #1 choice. Lake and nobody saw it coming.”

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