- An interesting start to 2010
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It's been an interesting start in our local real estate market so far. Since 2010 began we have had a rush of new listings (nearly one each day) but not a huge amount of sales (4 in total - 2 homes and 2 bare lots). Most of these new listings are also at the top end of the range in terms of list price. So what is going on here?
Buyers and sellers are puzzled because for many their property's assessed value went down and in our secondary rural market there was no evidence of an obvious rebound in the local market at the end of 2009. However, there are a few circumstances which are applying upward pressure on house prices at the moment. One is the Olympics, the benefit of which is doubtful (that's a whole other blog post). Another is the proposed introduction of the HST in July 1, 2010, that will apply to real estate commissions and new house sales. Some buyers are getting into the market now before that has an effect on new homes or makes sellers more reluctant to negotiate. Another is the tightening of mortgage rules announced today and taking effect on April 19, 2010.
According to CTV.ca; "Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market is healthy and there's no solid evidence of a bubble, the moves are needed to “help prevent negative trends from developing.”
Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a loan with a lower rate and shorter term.
Also, the government is lowering the maximum amount Canadians can withdraw when refinancing to 90 per cent of the value of their homes, from the current 95 per cent, and requiring a 20 per cent down payment for government-backed mortgage insurance on “speculative” investment properties.
“There are no definitive signs of a housing bubble,” Mr. Flaherty said. “We think we're being proactive in the three steps we're taking today.”
Scotia Capital economist Derek Holt said the tighter criteria for mortgages could cause the housing market to "really heat up” over the next few months as buyers try to get approved before the stricter rules come into force.
"This all leads to short-term price scrambling,” Mr. Holt said in an interview, noting that the Harmonized Sales Tax due to take effect in Ontario and British Columbia on July 1 is already causing some buyers to rush into the market in a bid to close deals in advance. "It could really heat up in the near term and then cool off in the back end of the year. With the HST in Ontario and B.C. and these changes, they have dramatically altered the home-buying decisions of Canadians.”
Real Estate markets are very volatile at present and easily affected by exterior forces. The same is occurring in the stock market, with large swings up and down over very short periods of time as it reacts to daily global changes. For sellers in rural secondary markets this can mean an uncertain time as it will be easy to price yourself out of a market. My advice recently has been to position a listing strategically for a faster sale. The higher priced listings will just not sell at present, that is what the market is showing us. It is the more reasonably priced properties that are getting interest and that will, ultimately, get offers. So listen to your realtor if they advise you that your expectations for a sale price are a little high. List strategically and you will get interest that will eventually sell your house faster and for a realistic and fair price. Right now for buyers, real estate is for the long term. The new mortgage rules are being introduced to cool the market off before another bubble can form and to temper speculative borrowing. So keep an eye on the current market. In three months or so, when these higher priced listings are still sitting on the MLS, that might be a good time to come in with a reasonable offer.
Don't wait to buy property, buy property and wait!
- Pre-Olympic Visit to Whistler
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Well, the party has finally arrived and the world is watching Vancouver and Whistler for the 2010 Winter Olympic Games. Despite what you think about these Games I feel that we should be supportive over the next couple of weeks as we showcase the best place to live in what could be the best country in the world.
These pictures of Downtown Vancouver were taken by me last year as we landed by float plane in Coal Harbour, but for those not familiar with the City these pictures shows many of the venues being used in the Games. Notable are the white domed BC Place (Opening and Closing Ceremonies), GM Place, now called Canada Hockey Place, the smaller building next door (Ice Hockey), and the Silver balled Science World (The Russian Pavilion). No doubt about it, Vancouver is a world class city.
My wife and I went up to Whistler a few weeks ago to have a look at the place before the madness happened, and you can see pictures of our trip at the following link on her wonderful cooking-based blog: http://islandvittles.com/?s=whistler
We watched the opening ceremonies last night and I was very impressed. It was distinctly Canadian; inclusive, diverse, modest (yet proud), innovative in terms of stage production (what about that amazing stadium floor?), and not over long. I thought John Furlong and Jacques Rogge went on a bit too much about how athletes are heroes (they're not, except maybe Rick Hanson), but all in all it held my interest and I thought they did a good job.
Being a writer myself, I was particularly taken by beat poet Shane Koyczan and his work "We Are More". I know a lot of people can't get their heads around poetry, especially beat poetry, but it was a great delivery. Listen to the poem here: http://www.youtube.com/watch?v=zsq68qRexFc (not the opening ceremony version, the Olympic police would be all over me).
I'll get back to Real Estate next week and discuss the interesting market that seems to be developing in our secondary market here in the Gulf Islands.
Howard Sanders
"Don't wait to buy property, buy property and wait"
- Assessed Value vs. Fair Market Value
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I got my Property Tax Assessment in the post the other day, so I thought this a perfect opportunity say a few words about Assessed Value versus Fair market value, two very different things.
For Pender Island, 2010 was the first year since 2003 where significant amount of properties had a drop in assessed value. Some remained the same and some even increased, but this can be very confusing for buyers and sellers. The buyer sometimes assumes that assessed value is the same as fair market value, a common mistake for sellers too. The difference, and it is a very important difference, can be summed up succinctly below. Or you can check the following link for BC Assessment's official explanation:
http://www.bcassessment.bc.ca/pdf/publications/fact_sheets/FS05_Market_Value_Property_Assmt.pdf:
Assessed Value vs. Fair Market Value - Assessed value is the valuation placed on property by a public tax assessor for purposes of taxation. It is not the same as Fair Market Value. Fair Market Value is the agreed upon price between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It is the highest price estimated in terms of money which the property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with full knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used. In other words, assessed value is not a 'silver bullet' figure from a government body that dictates to the purchaser or seller the value of real property. Tax assessments look at the big picture whereas fair market value looks at specific properties and their individual worth to a buyer at that particular moment in time.
This is particularly the case in rural markets such as Pender island. We just don’t have the volume of sales to create an accurate statistical model in the same way that the Vancouver or Victoria market does. When a property on the island is assessed it is done with scant data, and very rarely in person. So be careful with using assessed values when either listing your home or making an offer. They are good for a ballpark estimate, but each property has unique characteristics that will offer value for one buyer and not another. Real estate is worth what someone is prepared to pay for it, and that is called a free market.
- Pender Island's Annual Lantern Festival
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So the New Year's tradition known as the Lantern Festival once again added to the festive nature of our island's New Year's ceremonies. For 2009, on the festival's 11th anniversary, the theme was "Web of Light". In excess of 400 people braved the wind and rain to show up for the event, but because of the weather the performance was cut a little short. This was a shame, considering the time and effort put in by all the volunteers, both organisational and the performers, who give up their valuable time to provide us all with a free performance every year. For those who came for the first time, and even those die-hards such as my wife and I who have never missed a show (usually because we are volunteering ourselves), I recommend that that you come back next year and hopefully the weather will allow us to showcase this unique festival's true potential.
Torch bearers waiting for the procession
Some of the handmade lanterns
The Choral Society singing
Spider-woman
Sparklers for all!
Lighting the Sun and welcoming 2010!
Having said this, it was still a great show featuring lots of fire, stilt walkers, performance artists, lantern making, and even a kayak ballet on Magic Lake. The children of the island spend the two weeks prior to the festival making lanterns and they start off the Festival by marching in parade, led by the stilt walkers and the fire carriers, to the main performance area at Magic Lake - one of the two large lakes in the main residential area of North Pender Island. Once there, the music started and the performance began!
You can check out the official website of the Festival at http://www.magiclakelanternfestival.com/ or my wife's take on it at http://islandvittles.com/2010/01/03/pender-island-new-years-eve-magic-lake-lantern-festival/.
Here's hoping for a drier festival in 2010!
- The Best Cookery Blog on the Net!
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One of the reasons my wife and I moved to Pender Island from Vancouver in the spring of 2003 was to fully explore what we wanted in life and also spend more time together, particularly when my work involved global travel for 9 months of the year. Both working for corporations, Theresa for Fedex as a manager and myself as a Tour Director for SAGA holidays out of Boston, we found that our quality time was in short supply and in those infrequent moments when we were at home together we had to ‘get used’ to each other all over again. Finally, we adopted the ‘it’s only money’ philosophy; both quit our jobs, found our home on the island and moved here. Neither of us had a job lined up, but we knew that we were adaptable people and that finding employment would not be impossible.
As it turned out this was true, but it took a number of years before we found our true comfort zone. I began in Real Estate and Theresa, fulfilling a lifelong ambition, went to Culinary School at the Pacific Institute of Culinary Arts in Vancouver where she graduated top of her class. I was not surprised, because in our 15 years of marriage she has consistently been a fabulous cook and has had a passion for the kitchen that has grown rather than diminished over time. I know I am spoiled. I eat restaurant quality food on a consistent basis at home and Theresa is always experimenting with new culinary ideas in our small galley kitchen.
Her latest project is a culinary blog which I will shamelessly plug here on my real estate website. For anyone who loves home cooking recipes that can be cooked in a regular rather than in a commercial kitchen, I thoroughly recommend bookmarking her site “Island Vittles” by Theresa Carle-Sanders http://islandvittles.wordpress.com/ . As well as recipes with beautiful photography, Theresa explains the history of food, ingredients, bread making, kitchen tips and also advice for cooking in a modest home kitchen.
So do yourself and your taste buds a favour, and check out http://islandvittles.wordpress.com/ - you won’t be disappointed. Oh, and if anyone is interested in buying real estate on our island and exploring their own inner self I would be very happy to get your call.
Keep on cookin'..........Howard
- NY Times promotes the Gulf Islands
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It was nice to see that the New York Times Travel Section has discovered the beauty of the Gulf Islands and showcased them in an online slideshow of great photographs. Pender is featured, as well as Saltspring and Galiano Islands, and the quality of the images is superb.
See the slideshow here: http://www.nytimes.com/slideshow/2009/09/20/travel/20090920-canada-slide-show_index.html
Also featured in the slideshow is a photograph of someone standing at one of Pender Island's "Car Stops". This is a great program that was started recently by a local resident, Barry Mathias, who founded Moving Around Pender (MAP). In small communities like ours there are not enough potential passengers to make a bus service feasible, so the idea of designated places to pick-up hitchhikers that are both safe and on main roads is a good answer to the problem of moving people without cars around the island. You can see the car stop locations on Pender on the map at the following link: http://www.barrymathias.com/PI%20Car%20Stop%20Map%20Copy.pdf
It's an interesting idea, with the ultimate goal being that it spreads to other islands. Mayne and Galiano are already interested in the project and maybe, one day in the future, it will allows residents to travel to and explore other islands without the need for their cars. This is particularly attractive not only for the environment but also to save on ferry fares.
It's community inspired projects, and the willingness of the comunity to implement such projects, that makes Pender Island and the Southern Gulf Islands such an onteresting and satisfying place in which to live.
So please visit us and see what we have to offer. You won't regret it.
- Sales and Wales 2009
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Things were looking a little quiet on the Pender Island real estate scene at the end of September so I made plans to go back to the UK and see how my 98 year old grandmother was doing as well as see the rest of my family in North Wales. The tickets were booked, plans were made, and then I made two quick sales. One was a bare lot and the other a waterfront home, with two other deals collapsing during negotiations in that same period. Thankfully, Dockside Realty is more of a family than most regular brokerages so I could rely on a colleague shepherding these deals through the last few subjects as I whisked off on vacation. Then it was a few nail-biting days abroad hoping these deals would go unconditional, which they eventually did. Having colleagues such as this that you can rely on is priceless in this industry and I'm very thankful that I not only work at Hope Bay, one of the most beautiful places on Pender, but also with some of the most honest and ethical colleagues one could wish for.
Some of you may remember that my wife, Theresa, and I went to Wales a couple of years ago and spent a week on a canal boat. This time I had to go alone as Theresa was busy starting a new job and looking after our new dog. Unfortunately our dalmatian, Pongo, reached his sixteenth year and had to be put down. Our new pound dog is called Koda and he is a Shiba Inu (see picture), He's a very striking animal as you can see, has a good temperament, and is already enjoying his new life on Pender.
Anyway, it was odd travelling on my own again but I found the whole process remarkably smooth, even with the extra airport security, and less than 9 hours after leaving Vancouver we were touching down in Manchester Airport. I flew Thomas Cook Airlines ( I had no idea they had their own fleet of planes) and it was a great deal at less than $860 for a return flight. Thanks itravel2000 dot com!
The most striking thing to me when I go back to the UK is always the manic craziness that occurs on the nation's roads, particularly the motorways. Maybe it's because I'm more used to Pender Island where there are no traffic lights and the maximum speed limit is 50km/h (approx.30 mph), but when someone overtakes me at over 120 miles per hour (giving me the finger at the same time) it's a little nerve wracking. It's a problem that seems to get worse every time I go back there. The drivers seem increasingly suicidal, angry and vicious, many are uninsured, and the police have a hard time keeping this under control. I felt that driving on the M6 to and from Birmingham was like entering a field of combat where those with the heaviest foot on the accelerator, the biggest repertoire of obscene gestures and phrases, and the greatest disregard for their own and other's safety, were in control. It got to the point where I just stayed in the slow lane and didn't engage these idiots, particularly when on one five hour trip I could have been in a road rage situation with at least four drivers (each well dressed and driving a nice car, I hasten to add). Maybe it's the wars the British are fighting, the state of their economy, the upcoming General Election, the price of goods, the unemployment, the awful, mindless TV or the obsession with celebrities that seems to grip the nation (particularly a TV show called "Strictly Come Dancing" which is the usual generic judge and panel based reality show) that is putting the country on edge. It worries me about the future of Britain because it has so much to offer on so many levels that the dumbing down of the media, the constant surveillance of the population, and the awful news that many British kids are completing their education unable to read and write is tragic. On the other hand, it was wonderful to see my family again, and I spent many wonderful hours in Wales enjoying the scenery, history and natural splendour of the area, as well as metal detecting on private land where there are existing Stone Age settlements scattered around. I stayed on the Isle of Anglesey, just off the North Coast of Wales, an island that was the centre for the Druids during the Roman Occupation of Britain. It never ceases to amaze me what you can find in that area; stone age settlements, burial chambers, stone circles, monoliths, it's truly amazing and well worth a visit. For those of you that like climbing or kayaking, my older brother, Oliver Sanders, runs his adventure tourism company, Rock and Sea Adventures, from Anglesey and he is highly recommended - see rockandseadventures.co.uk for more details (he now owes me a pint for that plug). And talking of pints, Britain still has some of the best ale in the world and also some of the best pubs. It's good to know some things never change.
Llanberis, North Wales
After two weeks, however, I was ready to come home. I love my family and miss them terribly but my life here is so much more satisfying. Spending time away from Pender gives one a reminder of what we have here and it was good to step off the plane in Vancouver, get picked up by Theresa, go to the ferry and have a beautiful sailing back home.
Now it's back to the world of real estate. Vancouver and Victoria are presently very hot markets, with multiple offers on properties becoming quite common. Buyers are realising the opportunities available right now and most sellers understand that being reasonable and pricing their properties accordingly will result in a sale. Pender is also ticking along very nicely at present and our window here has many 'Sold' signs.
Theresa and I wish you all a Happy Halloween and hope to see you on Pender Island one day soon.
- More Promising News!
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(Hope Bay - location of Dockside Realty on Pender Island- courtesy Sam Boyte and Dockside Realty)The Victoria Real Estate Board (VREB) released a News Release this month with the headline " Property Sales in August Follow Usual Summer Trend". In the report it states that the number of property sales in the Greater Victoria region (including the Southern Gulf Islands) slowed during August but sales (the all important figure) were again significantly higher than in 2008. Prices have remained stable with even some increase in single family homes. There was a total of 764 properties sold in August through the Board's MLS system, down from 933 in July 2009 but up 48% compared to the 517 sales in August last year. That's a very encouraging figure, and further evidence I think of a distinct firming of the market.
VREB President, Chris Markham, says it is usual for sales to slow in August "Many people take holidays in August," Chris notes, "so it is not surprising to see sales soften somewhat. We are pleased, however, to note the significant increase in sales last month compared to August of a year ago which gives further evidence of the strengthening of the market."
Significantly, there were 3509 properties for sale at the end of August, down 25% from the 4657 properties available in the same month a year ago. The decline in the number of properties available for sale will continue to place some upward pressure on prices," said Markham. Sales so far in 2009 are 6% higher than during the first eight months of 2008.
All of which is good news for the real estate market and sellers, but not so good for buyers. The above trends reflect a gradual balancing of the real estate market which, as Mr. Markham notes dryly, will put "some upward pressure on prices." In other words, if you are serious in purchasing property and have the financing, I wouldn't wait much longer. I predict this market will continue to balance over the winter, and by next February we will see a hardening of positions from sellers as they sense the change in the market. I was involved in very few multiple offer situations in 2007 and 2008. In the last 2 months I have personally be involved in three multiple offer situations on Pender Island alone.
Those regular readers of my blog will know I have been very confident in predicting this market change, exhorting buyers to buy before the market swings back. I'm glad to say that many of my clients have listened to me and taken the plunge into property ownership, but others have not. As a realtor, I have negotiated some great deals in 2009 for those of my clients with the money and inclination to own property on our beautiful island, but I'm already noticing that sellers are not just taking the first offer anymore. There is also an undercurrent here (easy to spot in small communities) that the market is balancing and seller positions are beginning to harden (it's the old 'if we miss the first bus, there will be another one later' attitude). I even had one of my listing saying that if their home didn't sell by this winter they will re-list the property at a higher price in January. I had to agree with this strategy.
Time will not be on the sides of buyers for much longer, so Get A Great Deal, Buy and Hold while you still can.
- It's Official! The BC Real estate Market turns 'stable'.
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So it seems that the market in BC is starting to stabilise and show signs of life according to the BC Real Estate Association’s third quarter forecast for 2009. According to Cameron Muir, the Association’s chief economist, “robust housing demand is a strong signal that the economy is coming out of the recession, with a recovery in the broader economy expected to develop over the next three quarters”. Muir has based this analysis on multiple listing service numbers forecasting a 15% increase in sales this year (79,400), up from last year (68,923).
Prices are still below last year in Metro Vancouver and Victoria, about 4% from 2008, and on Vancouver Island they are down about 3% over last year. In urban areas the markets have rebounded quite sharply, whereas the more rural, interior markets are seeing a gradual trend to a more balanced market between supply and demand.
This seems to be a trend that is Canada wide according to the Canadian Real Estate Association (CREA) who in a revised forecast predicts that Canadian resale home prices are likely to rise, not fall, and that sales will nearly match those of last year due to strong showings in the second and third quarters. CREA calls the difference between the market at the beginning of the year and now as being “night and day”. Doug Porter, deputy chief economist at BMO capital markets puts it like this: “The recovery in Canadian housing, I think, was beyond the imagination of even the most strident optimist. It is truly remarkable….”
It seems from data over the last six months that buyers are venturing back into the market, with low interest rates and the signs of a fledgling economic recovery helping the process. There is also a change in the US market with the S&P/Case-Shiller home-price index which monitors 20 US Metropolitan areas showing a gain in 18 cities during June, with Detroit and Las Vegas being the only declines.
This is some good news for sellers. With a more stable and balanced market this means inventory is being sold, often listings that have been on the market for considerable time. Once this older inventory is sold, and the general feeling of confidence returns, the opportunities for buyers to get great deals will begin to diminish. There are still bargains to be had out there, and in our market on Pender this is still the case, but the real ‘screaming deals’ are starting to disappear. For potential real estate investors with long term goals time is definitely running out, and as one client noted to me this morning as his offer was accepted on a great priced piece of Pender Waterfront; “nowadays, if you snooze you lose.”
I couldn’t agree more, and my message on this has been consistent. Time is running out to get a Great Deal but if you do, Buy and Hold! You’ll be glad you did.
Source: Times Colonist August 28,2009
- Uncertainty and Hesitation - A Formula for future regret
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With the Bank of Canada now declaring the recession over in Canada, the Stock Market being at its highest point since January, and the Victoria Real Estate Board sales data from May and June 2009 MLS sales to be respectively 7% and 31% higher than the same period last year, what more do buyers need to feel comfortable making the decision to purchase property here? I deal with many buyers, and while the smart ones have taken my advice and purchased real estate while prices are low, many keep dancing on the sidelines waiting for....well, I'm not really sure anymore. This market isn't going to last forever, believe me, and if you are serious about buying but are holding off for a crash in prices then all you have on the horizon will be disappointment. I can hear it now....."Oh, I wish I had bought in 2009. I always wanted a recreational cabin/waterfront/new home, but now prices are too high and I can't afford it!" Of course, the global financial problems are not suddenly over, and there are all sorts of perfectly rational reasons from experts why you should purchase, or should not purchase, but I look at the overall trends and how it affects markets. The last few months have seen a gradual lightening of the dark mood regarding the economy. Jobs are still an issue of course, and are likely to remain so for a while, but the best thing to get an economy moving again is a feeling that ‘things are getting back to normal’. It’s a rather simplistic view, I admit, but we humans are very affected by moods and trends. If we believe the worst is over, it very often it becomes a self fulfilling prophecy, and I believe that is what is happening right now.
As a realtor, I get great satisfaction in finding the perfect home for a buyer. Also, despite popular opinion, a good realtor will be looking out for his clients and won't necessarily sell them the most expensive property in their price range but rather one that is best suited to their needs. This is what we do, and whilst there are always bad apples in any profession, we really aren't the money-grabbing low-lifes that cartoonists and the popular press would have you believe. In other words, the sale is important but I’m not going to surrender my ethics and integrity just to get that signature on a contract. We deal with the local real estate markets on a full-time basis, and can often spot trends before they become obvious. We then pass this on to our clients.
My decisive buyers have already taken the plunge and, as I have said before, will reap the benefits in increased value over time, usage of their property, and the satisfaction that they didn't let a good opportunity go to waste. Indecision at this critical point will only lead to disappointment, particularly when that perfect property you have been looking for the last few weeks suddenly sells from under you, or when there are no properties left that appeal in the inventory. I’ve had a few buyers that really liked a certain property, had the money to purchase it, but who lost out because they wanted " see what the market was going to do”, or who were going to "crunch the numbers". Whilst they are waiting and crunching, another buyer swooped in, made a good offer and secured the deal. Now the indecisive buyer has to start the process of finding a suitable property all over again, with no guarantee that another one will come on the market, and in doing so loses the opportunity to get a great deal in the tail-end of a down market
Of course, buying real estate is, for most of us, the biggest single purchase of our lives. I am not saying that such a decision has to be rushed, but when the planning has been completed and the finances secured, make the plunge for that property that has caught your eye. You won’t regret the decision when you GET A GREAT DEAL, BUY, AND HOLD.
Sources:
Victoria Real Estate Board: http://vreb.org/mls_statistics/current_statistics.html
Globe and Mail: http://www.theglobeandmail.com/report-on-business/recession-over-growth-resumes-bank-of-canada/article1228484/
CNN.com – Money: http://money.cnn.com/2009/07/23/markets/markets_newyork/index.htm
- Lot / Land For Sale in Pender Island
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Building Lot with Ocean View
• 1 bath, 1 bdrm lot / land - 
MLS® $219,000 CAD - Private & Park Like!
Pender Island, Southern Gulf Islands - Pristine-private+park like 2 ac.with ocean views near Mortimer Spit on popular S.Pender Is.Ideally set up as weekend retreat or a temp.place to stay while building a permanent residence. Includes a partially enclosed 19.5 ft.travel trailer with shower,toilet+ fully equipt kitchen. The attached sitting area is bright+cheerful with airtight woodstove.Driveway into trailer+up to building site. Drilled well plus unique water catchment system. Backs onto National Park. This is a fantastic opportunity for a recreational property in the Gulf Islands that is good to go as is. No permanant structures are on the property so taxes are low! A must see!
Property information
- My Closed Sales So far in 2009 on Pender Island
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Pender Island, May 26 2009
I have a break from work today, so I thought I would blog about what is happening here on Pender Island. The weather is beautiful, and smart buyers are coming to take full advantage of the opportunities in this down market. Other than the sales below, I have three more properties pending and two offers in the acceptance stage so will blog them as they progress. My buyers are getting some great deals at the moment, such as 10 acres of land with a house for under $400,000 or an acreage of waterfront with access to the beach for $325,000. Other opportunities are there, or will come on to the market as the summer progresses, so there is still plenty to go around.
Here are the properties that I have closed so far:
February 2009 - My buyers were looking at condos in Victoria until they saw this fantastic 10 acre parcel with home on my website. Within days we had an accepted offer and now they have their own mini-estate. Amazing!
March 2009 - The buyers saw the potential on this elevated and flat building lot in the popular Magic Lake Estates and snapped it up. Another property sold in less than 12 weeks!
April 2009 - This was another great opportunity for long term clients who have been looking for their dream recreational property for over a year. This waterfront acreage has it all! The long side of the lot is oceanside, there is a public trail with steps down to the beach next door, and it looks out to beautiful views of Saturna Island. What a great deal at $325,000!
It is now very noticeable that all the best property is being consistently snapped up on the island over the last couple of months. The older listings have come down in price and sellers are willing to negotiate. Dont wait, the time is now to Get a great Deal, Buy and Hold!
- April and May have been great!
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Phew, what a month! In the last four weeks I have accepted offers on five properties, all of which are now unconditional, plus a back-up offer on another property, which is why I haven’t been updating my blog as much as I would have liked. It seems as if my buyers are listening to my advice and getting a great deal while the opportunity presents itself. I have been very clear with all of them that real estate investing right now is a long term strategy, but one that can really pay off in the long-term. I’m very happy for them, because I think it’s a very smart move.
I know there are naysayers out there who will dispute this fact, citing a whole list of ‘experts’ whose job it is to spread the culture of fear pervading the airwaves at present, but I can see that the smart money agrees with me and, as usual, they will be the ones to make more even money in the long run. Risk is not a bad thing, it drives profit, and all investments worth their salt carry risk. Some people are made to withstand the ravages of risk, others are not. It’s always easier to convince yourself to be safe than to take that bold step into dangerous waters, but where is the gain? I’m not talking about recklessness, that is something quite different, but considered risk taking can change lives and very often for the better.
So what am I saying here? It’s my job to assess my clients, to determine their risk-worthiness as well as qualifying them financially. I’m not in the business of talking people into behaviours that don’t fit their personalities, abilities and financial health, but I am frank with those who I feel have the ability to weather the storm and come through it better than they were before. Real Estate is a cyclical market and we are in a trough right now, but I believe we are either already at the bottom or very close of this trough and after that the only way is up.
The attached image is of a snapshot of the Pender Market over a nine day period showing four of my new sales this month (in yellow). Look at how active this market is on a small island that has only 3000 residents. Things are happening, and the opportunities are there to Get a great deal, Buy, and Hold!
- Single Story For Sale in Pender Island
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Great Price!
• 1,418 sq. ft., 3 bath, 3 bdrm single story - MLS® $331,000 CAD - $22,000 Below Assessed!
Pender Island, Southern Gulf Islands - What a Deal!! $22,000 Below Assessed Value. Enjoy rural bliss with this character charmer on 1.44 acres. Approx. 1300 sqft, 3+BR home, delightfully renovated with a new Master BR w/ensuite. New metal roof & water system with 1500 gal. cistern. Hardwood floors-woodstove-country kitchen. Delightful self contained studio plus workshop & outbuilding. Home business potential for market garden with existing farm stand-pond-open meadow plus beautiful pastoral valley views. South facing with ample sunshine. Walk to the Driftwood Centre. Absolutely charming.
Property information
- Cozy Bungalow For Sale on Pender Island
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Hardwood floors, New Carpet and Windows
• 1,100 sq. ft., 1 bath, 2 bdrm single story - MLS® $312,000 CAD - Opportunity!
Pender Island, Southern Gulf Islands - GREAT OPPORTUNITY! 2BDR 1BATH bungalow located in popular Magic Lake Estates and close to tennis courts and walking trails. With 1100 sq.ft. on one-level, hardwood floors, new carpet, large kitchen, energy saving windows and ocean glimpses from south-facing yard, this one is a keeper. Enjoy life on Pender in this well maintained and cozy home on a quiet road. Could be recreational property, permanent residence, or income producing rental accommodation. Has over 720sq.ft of deck. Cable TV and Hi-speed Internet. Don't miss out! Year built approximate.
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