Low lake levels hurt housing market

Low lake levels hurt housing market

District 1 Councilman Rodney Fleming has been a realtor for over twenty years. He said properties near Lake Nasworthy are taking a hit and it is all because of the low water levels in the lake.
District 1 Councilman Rodney Fleming has been a realtor for over twenty years. He said properties near Lake Nasworthy are taking a hit and it is all because of the low water levels in the lake.

"This is the worst I've ever seen and I've been back here in San Angelo since 2000," stated Fleming. "Since they did the dredging the last time and they emptied it out....they lowered it a lot when they did the dredging but we had water in Twin Buttes to fill it back up when they got through. Well, now we have no water in Twin Buttes to fill it back up."

The amount of time a property is on the market near Lake Nasworthy has increased by over 50% in the past year.

Fleming said, from January to May of last year, lake properties were on the market for an average of 116 days. For the same time period this year, they were on the market for about 184 days.

"The price per square foot out here has dropped in just the last year to over 30 dollars per square foot," Fleming explained. "If we saw this in a city neighborhood, it would be devestating."

It shows no sign of recovering soon. The most expensive property on the market has a price tag of almost 3-million-dollars. It has been on the market for 632 days.

"The average price that's priced out here on the lake is priced at over $530,000 right now. What that says to me is... in the last year-and-a-half most of those little houses have sold," continued Fleming. "It's all the houses that are the big houses that haven't sold yet. It's going to be very hard to sell those because very few people can afford a house that's over $500,000"

Fleming's advice to homeowners trying to sell property in the Lake Nasworthy area is try and wait out the drought  and, in the meantime, fix up the property.

"That's the other thing I want to say to the lake owners out here. now's the time to be working on your docks and everything that has to be dealing with the water... your retaining walls and things like that."

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