TIME recognizes Branson

Condo owners can generate some income from second homes when not using them, such as the condos at Thousand Hills Resort.

submitted photo

By Mindy Honey
BDN Staff Writer
mhoney@bransondailynews.com

While most of the nation’s real estate market is considered soft and second or retirement homes are out of reach for most, Branson is being called an opportunity waiting to happen.

Branson was listed as one of four regions by a Sept. 6 TIME magazine article, “Home Free,” that stated the Tri-Lakes Area is where buying a second home and collecting rent until one is ready to use it is plausible.

“If money is tight, consider buying now and collecting years of rent to defray your costs,” the article by Dan Kadlec stated. “Many homes remain too expensive for this plan; the cost of mortgage, insurance and taxes is higher than the rent the property can realistically generate. But for the first time in years, home prices have slipped enough in some regions for the math to work, including Destin, Fla., the Outer Banks on North Carolina, Branson and the Smoky Mountains.”

Rick Witeka, CEO of Tri-Lakes Realtors, said the past three or four years he has seen a real increase in buyers wanting to make such an investment.

“Our second-home market is extremely strong because it is an excellent place to invest,” he said. “It just keeps getting stronger every year.”

Condos, rather than single-family homes are most popular for this type of investment, Witeka said.

Condos offer a wide range of amenities and usually do not have the restrictions that homes in subdivisions often have in regard to renting.

Often times condos can be put into a nightly rental plan or long-term lease.

Each month Witeka said his office has a handful of inquires about properties for sale which would be viable for rental and second-home or retirement purposes.

“It is a good time for investors to buy,” said Shawn Bousheri, owner of Branson Best Realty.

Bousheri said buyers must understand renting or leasing the property is a way of helping finance it.

“They generally do good in peak season, but they don’t rent every day,” he said.

“Today’s baby boomers and generation X’ers are more concerned about convenience and hassle-free getaways when choosing a second home than ever before,” added Ginger Groves, rental property manager at Thousand Hills Resort and The Cabins at Grand Mountain. “Potential rental income to offset a portion of ownership costs is secondary in today’s market, particularly in a developed, high-demand, vacation, second-home destination.”

Compared to the rest of the country, investors have a much better chance of financing that second home or retirement home in Branson’s market.

Bousheri is in the process of moving his parents from Los Angeles to Branson, and said the condo they are moving into costs less than $200,000.

A comparable condo in Los Angeles would cost at least a million dollars.

“It is much more reasonable here. There are more possibilities.”

Deana Oliver and her husband Bob eventually plan to move and retire in Branson from Clovis, Calif. The Olivers have purchased several pieces of property and are building rental property which will help finance their retirement.

Deana said they couldn’t have made this kind of investment in California.

“The return on our money invested is outstanding,” she said. “You can’t get that where we come from. We were able to use our money and buy a lot more out here.”

“It is just a great place to live, work, play and invest,” Witeka said.