REALTOR® Magazine-Daily News-MID Talk Already Chilling Markets, NAR Says

REALTOR® Magazine-Daily News-MID Talk Already Chilling Markets, NAR Says

KENTUCKY LAKE WATERFRONT REAL ESTATE MARKET - MARSHALL COUNTY

KENTUCKY LAKE WATERFRONT REAL ESTATE MARKET 2004 - 2008 MARSHALL COUNTY (edit/delete)
The Kentucky Lake waterfront real estate market in Marshall County remained strong this year. Year to date listings sold were only 1 less than 2007 while the total and average sold prices are up. The following data is taken from our MLS:

Total sales for 2008 are up 10% over 2004.
Although total dollar sales were off in 2006 the following chart shows that the average home sale continued to rise.

Average home sales have risen 39% over the same 5 year period.

I think it's safe to say that investing in Kentucky Lake waterfront property is still a good Investment even with all the negative information coming from the news media. Lenders are lending, interest rates are good and we have a good selection of properties to choose from.

This information is for Marshall County only and the data is taken from the regional Western Kentucky MLS. Information is deemed to be accurate but is not guaranteed.

FORECLOSURE OPPORTUNITIES
MARKET REPORT FOR WESTERN KENTUCKY

December 27, 2008

There are currently 6 foreclosed properties for sale in Marshall County, KY ranging in price from a low of $19,900 to $110,000.

Compare this to the entire MLS which includes all counties from Caldwell County west to the Mississippi river. There are currently 62 properties ranging in price from a low of $9,000 to a $274,900 waterfront home in Trigg County on Lake Barkley.
Investing in foreclosed property usually involves some of the following factors:

• They are usually sold “as is, where is”. The mortgage holder has never lived in the property and can’t and won’t warrant its condition. The purchaser must use due diligence when investigating the property prior to making an offer.
  
• Many times they are advertised as a “fixer upper”. There are a couple of reasons for this. First of all, due to the time lag from when the foreclosure notice is delivered until possession by the lender may lead to the heat and air being off for a lengthy period of time which can result in mold and mildew in the premises. Secondly, many times the soon to be displaced home owners release their frustration by removing or destroying parts of the property. And thirdly, sometimes these properties experience vandalism.
  
• The positive side of dealing with foreclosed properties is it’s a business decision by the lender. They don’t have the emotions of the usual seller. So if you make a low offer that is not accepted you are welcome to make a higher one if you choose which may be accepted.

These are just a few of the concerns of investing in foreclosed properties. If you’re considering investing in foreclosed properties, whether for resale or rental purposes, I would be glad to help you. Interest rates are great, the lenders are lending and there is a good selection to choose from. Also, if you so desire I can do property management on your behalf.

Ron Spanton REALTOR®, e-PRO
RE/MAX Real Estate Associates
803 Main Street
Benton, KY 42025
ronspanton@remax.net
http://www.mykentuckylakehome.com/

ABOUT KENTUCKY LAKE

Kentucky Lake and Lake Barkley in Western Kentucky are manmade lakes from the Tennessee and Cumberland Rivers respectively. They are also called reservoirs because of the damns on these rivers that created them. The Tennessee Valley Authority in conjunction with the Federal Government created them for generating electrical power, flood control and navigation. The TVA along with the Corps of Engineers controls the lakes and their levels. You can find flow rates and lake levels at this TVA website.

The flow of water through the two dams' power plants creates electricity. I understand some of the lowest electric bills in the country are experienced by the southeastern part of the United States because of the inexpensive and "green" generation of electricity from the power plants.

For flood control the lakes are drawn down in the winter to 354 feet above sea level. When the watershed experiences spring rains combined with the snow melt from the north down the Mississippi and the Ohio rivers the Corps of Engineers can hold back the water flowing through the dams and allow the lakes to rise, lessening the potential for flooding downstream. Normal summer pool is 359 feet above sea level or a difference of 5 feet.

Before the dams were created navigation was treacherous. Now with the locks a great amount of product can be shipped by water. Kentucky Lake is in the process of extending their lock to handle longer barges. Currently some barges have to go through the lock in two sections taking a long amount of time and backing up traffic.

The lock project has created many local jobs and the housing market has benefited by those relocating here.