subject: What You Need To Know About Buying A House, Condo, Or Other Real Estate In Okoboji [print this page] Maybe you are a buyer looking for that vacation home; maybe you are an investor looking for a much safer place to put your money; or maybe you are just relocating to one of the most beautiful places in America. Regardless of what your goals are, if you are not familiar with Okoboji, how do you know what you are getting into? In any and all cases, if you are going to be procuring real estate, you should always consult a realtor. That of course is a pretty general statement, but its especially true in Okoboji. Weve all heard the mantra location, location, location. Nothing affects the market value of a home in Okoboji more than that. Location, location, location. Let me give you a general overview of what to expect if you have little or no experience with real estate in Okoboji. And if you are a seasoned veteran, you might be surprised at some of the numbers I discuss.
We are all aware of the real estate bubble and the impact the bubble and financial crisis has had on the average American. Whether it be Vegas, Arizona, or Florida, many areas in the US have taken a substantial hit in market value of real estate. Those folks that purchased overvalued homes in the early to mid 2000s have seen crushing blows to their livelihood and/or retirement funds. Some areas throughout the US have been less affected however, and Okoboji is one of those areas. Even though weve seen a little deflation here in Okoboji, it has been nothing compared to what weve seen in other parts of the country. Home values are down, but only slightly. Weve seen the biggest deflation taking place in the condo category, but this is more due to the fact that too many condos were built in such a short amount of time, and less to do with the economy. Regarding current housing prices however, prices are only down now because the current prices are being compared to what they were selling for in the early to mid 2000s . Like the rest of the country, it was a complete sellers market and sellers were making money hand over fist selling their Okoboji homes, condos, and/or investment properties for a tremendous premium. I dont thnk weve seen so much deflation, rather weve seen a more normalized market. Yes, it is a buyers market. Buyers are offering as low as 70% asking price and seeing those offers accepted. Even though this is not the norm, it is happening. However, we are not seeing a huge swing in lower asking prices. We have seen a little of this on lake properties, but off-lake and in town properties have really been holding their value. West Lake and East Lake certainly arent as lucrative for a home owner as they were 8 years ago, but no properties are being given away. With that said, though, there are great investment opportunities for lake homes right now, especially on West Lake. We have not seen this many lakeshore properties being sold on East and West in years, and it has continued into the fall. There has been a good variety of properties between $450,000 and $750,000 that has really attracted those consumers looking to get on the lake, but the big ticket items, 1.5 mil plus have been selling. Yes, there are bargains out there, but none of these properties are being given away. Right now there are 3 or 4 GREAT investment opportunities out there. Shoot me an email or give me a call, and Id be happy to share my thoughts with you. Now, let me take a minute to give you a run down on what the current property values are from my perspective.
