Crazyfish Realty Blog

The Fish & Company

By water, head to the 31MM, turn down the Linn Creek Arm and stay right to find this fun and friendly waterfront establishment.  Sit on bar stools under the elevated and covered veranda, or gather at the picnic tables on the spacious patio and listen to some great music.  Try the BLT pizza (yes, you heard that right), a Grouper Reuben sandwich, (no corned beef or sourkraut here) or a fresh grilled Chicken and Walnut salad.  So if you're out on the water this weekend, stop by The Fish & Co. and have some fun!

Go Fish!

Bank Star One Fire

It happened on Monday.  February 27th.  It happened so fast it didn't seem real.  But it was.

Not everyone knew that CrazyFish Realty had leased space in the Bank Star One building on Horseshoe Bend Parkway. 

It was going to be perfect.  A little space on the second floor.  A little office for a little realty company.

It all changed in a matter of minutes.

Our heart goes out to everyone at Bank Star One, especially David Bear, President of the bank.  If it was not for the efforts of David, and all the employees of the bank that day, we might not have made it out.

Crazyfish Realty does not have a temporary new address yet, but we're still doing business as usual.  We hope that the bank restoration will be completed in a matter of months, and that we will once again have our little office on Horseshoe Bend. 

We'll keep you posted.

Fire at Bank Star One on Horseshoe Bend

St Patrick's Day Parades

You can watch or participate, on land or on water....just remember to wear green and be ready to celebrate.  There are two main events on or around St Patrick's Day at the lake.  For 21 years spectators have lined Business 54 in Lake Ozark to watch amazingly decorated floats parade by often handing out colorful beads and candy for the kids.  For those who choose to dewinterize early, there is a boat parade sponsored by the West Chamber of Commerce that floats up the Gravois Arm to a couple of waterfront restaurants.  Prizes are awarded to the best decorated boat as well as the best crew.  So get out the green and join in the fun to celebrate St. Patrick's Day. 

Selling Prices are Up!

A look at average selling prices over the past three years shows quite a trend. Average home prices were up 11% from 2003 to 2004, and 23% from 2004 to 2005 according to statistics provided by the Bagnell Dam Board of Realtors Multiple Listing Service*. The average selling price in 2005 was $253,000 compared to $205,000 in 2004 and $183,000 in 2003.

If you are thinking of buying, or moving to a bigger home, don't look back and say "I wish I had bought years ago".

*This representation is based on data supplied by the Bagnell Dam Board of Realtors Multiple Listing Service. Neither the association nor its MLS guarantees its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community.

What's a 1031?

Just what is a 1031?  We'll try to explain without quoting all the IRS rules or sounding like an IRS auditor.

Section 1031 defers capital gains taxes essentially by shifting tax basis from a property sold to an acquired property of “like kind.” For the purpose of Section 1031, the IRS treats any sort of real estate held for investment purposes as being of "like kind" to any other investment real estate.  To qualify, property must be used in trade or business or held for investment. A vacation home held for personal use does not qualify. But a vacation home rental property does. And no, you can't use the rental property for personal use, at least not more than more than 14 days a year, or ten percent of annual total rented days.  If you do it does not qualify.

Exchange transactions must conform to strict IRS rules, so don't rely solely only on the information we have provided here. There is IRS guidance and clarification on the role of QIs in such transactions.  A QI is a "qualifying intermediary".  That means he or she is a disinterested, independent party.  All exchange transfers must be handled through a QI.

There are timing issues as well.  Property to be acquired by the taxpayer must be identified within 45 days of the transfer of the property being sold in the exchange.  The entire transaction must be completed within 180 days.

If you are thinking of investing in rental properties, consider whether a 1031 exchange could provide you tax benefits.

No Real Estate Bubble at Lake of the Ozarks

Hot. Hot. Hot. That's about the only way to describe the real estate market at Lake of the Ozarks.  Why is the market so strong?  Maybe it's just the allure of the Lake.  There's lots of boating fun on the water for everyone.  There's skiing, wake-boarding, and tubing. Throw out the anchor in a quiet cove and relax while the kids swim to their hearts content.   There's great fishing.  There's plenty of waterfront restaurants and bars.  And lots of activities and events.  Let's face it, the lake is just a lot of fun.

So that's it.  It's just the allure of the lake.  Well maybe not.

There are lots of lakes, and not every one of them is growing like Lake of the Ozarks.  Maybe it's the proximity of the lake to major Midwest cities.  Lots of folks can get here in a couple of hours.  You know what they say.  Location. Location. Location.  I'm sure that's a factor, but maybe there's more to it than that. 

Must be the weather.  Today is gorgeous so I could agree.  Truth is we normally get great summer days, and great spring and fall days.  We still have a winter (though normally mild), but no hurricanes.  Maybe we're seeing more second home buyers and retirees opting for the lake instead of Florida.

Speaking of Florida, have you looked at prices down there?  You can buy a great waterfront home at the Lake of the Ozarks for half of what a condo cost in resort areas of Florida.  So maybe it's the value for money that has made this market so hot.

Whatever the reason, the Lake of the Ozarks is booming.  If you haven't been to the lake lately, come for a visit. You'll find more restaurants, more services, more events, more activities, and more fun.