- 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.
Property information
- 2664 Galleon Way on Pender Island is SOLD!
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Pender Island, Southern Gulf Islands - This building lot at 2664 Galleon Way sold in only ten weeks. Bare lots are starting to sell as construction costs begin to dip. What a great time to buy this is! Historically low interest rates and a strong buyer's market makes this a perfect storm for inesting in real estate.
Property information
Now's the time to GET A GREAT DEAL, BUY, AND HOLD!
- DON'T PANIC! BC Homes sales soar in March
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Good news today from the various real estate boards in our beautiful province. For the second month in a row it appears as if buyers are ignoring the current "Oh my god, the world is over!" message continually pumped out by the 24 hours news media and actually spending their hard earned cash on well-priced real estate. It's a smart move, and one they will reap the benefit of in years to come.
The Times-Colonist newspaper of Victoria released the following numbers concerning the real estate market in BC for February-March 2009. Home sales are up across the board;
Up 53% in Metro Vancouver
Up 50% in Greater Victoria (including the Gulf Islands)
Up 34% in Northern Vancouver Island
Up 76% in Kamloops
Confidence in the market is Up from the end of last year.
Sales Activity is Up
Listings are levelling off. (If this continues it will reduce the housing inventory which, over time, will begin to pull the market back from being a buyer's market to a more balanced one.)
Lower interest rates and lower than average prices are tempting buyers back into the market. Home sales spiked in B.C. last month, bringing renewed strength to real estate markets during the global economic downturn.
"The market seems to be trending toward more normal levels," Vancouver Island Real Estate Board president Ray Francis said yesterday. "I think as we are seeing more consumers returning to the marketplace, the word is out about how [historically] low interest rates and some lower prices have greatly helped affordability.
For balance I reiterate that these figures are way below those from the same time last year, but our real estate market is not in free-fall. Times are hard I know, but those who GET A GREAT DEAL, BUY, and HOLD will be glad they did in couple of years.
I'm sometimes amazed by the depth of pessimism of some of my colleagues and clients. Speaking with them you would think that our entire civilisation is at risk, that this economic downfall is fundamentally different to those we have experienced in the past, that this is the BIG ONE from which we won't recover. Nonsense. They seem unable to see the OPPORTUNITY through the fog of fear. Of course human beings have an infinite capacity for messing things up, but we also are able to significantly change our behaviour and come up with strategies to fix them. This is what will happen here.
Usually the truth lies in the middle between extremes. It is a natural balance, and I think this is what will happen with the economy. It will hurt, but we'll get over it and move forward. Those that took the gamble will benefit, those that didn't will be disappointed, as is proved over and over again by history.
I don't know about you, but I feel the wind of change right now. In fact, I have for the last few weeks. Housing sales are up. The Stock Market has had the best positive run since 1933 and my stocks are making positive gains again (for the first time in 3 months!). The amount of buyers and sales I have had in the month of March was significantly higher than the previous three months. Interestingly, I have been putting in very low offers recently for property that has been on the market for a while, but none of the sellers are biting. They are prepared to consider offers, but aren't giving away the farm for free.
Some of my clients are also afraid of buying in now and prices falling further later. This is why I say Buy and Hold to offset this risk. But real estate investment is a speculative gamble, and as such there are no guarantees. If there were, the returns would be meagre. It's a lot like Poker, where you gamble your stake on subtle analysis of your environment and score big when you are proved correct. And remember, with real estate you are investing in land, something that people will always need. It's not a different kind of toothbrush or a new fashion, it's land, and they aren't making any more of it.
So don’t panic! GET A GOOD DEAL, BUY and HOLD!
- February Sales Numbers hint at a slowing of the Housing Market fall in both B.C. and the U.S.A.
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For the last decade, British Columbia’s real estate market has been like a high performance car running on pure ethanol. It revved out of control, the engine seized, and now it’s in the shop for repairs. Prices in BC rose to high levels because nobody wanted to miss out on a rising market. Properties ended up with vicious bidding wars, driving prices further and encouraging more buyers with dollar signs in their eyes to jump in. Queues formed for new condo developments in Vancouver, with many buying multiple units to ‘flip’ and skim off the cream. It became a self driving phenomenon. In a word, it was madness. It was unsustainable, as we are now finding out.
Where does that leave us in the Spring of 2009? Global financial panic aside, it seems as if the precipitous freefall of the economy is slowing in some sectors, the housing market being one of them. Of course we have to put this in context, with home sales and prices being a lot lower than the same time last year, but compared to what we have been fed in the media this last six months the sky doesn’t appear to be about to fall on our heads.
In the US, last month’s housing market was a surprise to most economists. According to www.thestar.com – “New home sales rebounded unexpectedly last month, but were still the second-worst on record and remained well below last year's levels, according to data released Wednesday. The Commerce Department said sales rose 4.7 per cent in February to a seasonally adjusted annual rate of 337,000 from an upwardly revised January figure of 322,000. Even after the revision to January's sales results, the month remained the worst on records dating back to 1963.Economists surveyed by Thomson Reuters had expected February sales to fall to a pace of 300,000 units.”
Bad news for sure, and this is not to say that the worst is over, but there seems to be a slight glimmer at the end of the tunnel.
As far as BC is concerned, there appears to be a similar trend. The Globe and Mail (www.globeandmail.com ) reported in its online business section the following on March 20 2009 - “The (BC housing market) had spun into reverse, with scant sales driving down prices, thereby scaring off buyers and depressing sales volumes. Sales and average prices for November, December and January all reinforced that gloomy prognosis. And, at first glance, so do the data from February, with a continued decline in unit sales and average prices. But there are some glimmers of hope in the most recent statistics, with the numbers indicating that the B.C. housing market is pulling out of the dizzying tailspin of the last 10 months. Admittedly, it does take a burst of sustained optimism to find an upside to a 51-per-cent drop in February unit sales between 2008 and 2009, and a 10-per-cent decline in average prices in the same period. But Cameron Muir, chief economist for the British Columbia Real Estate Association, makes a critical point – sales and prices are dropping, but at a slowing rate. He notes that seasonally adjusted sales rose by 17 per cent from January to February, although that increase has at least as much to do with the unmitigated disaster of January than with any recovery last month. The fact that sales are not dropping as fast as they did through much of the winter could prove to be significant, though. Mr. Muir thinks the moderating decline could be the first indication that the market is stabilizing, saying it's possible the decline in sales, at least, could soon be ending.”
But this is the way things usually go. First there is a boom, then a bust, panic, doom and gloom, dire predictions, more panic, and finally a slow realisation that we are not all going to die or end up in the poorhouse. It is this time between this slow realisation and the rebounding of the market where buyers can make good real estate investments that will increase in value as the market recovers. Mood means everything in the financial and investment sector, and it appears that the mood is becoming ever so slightly more optimistic.
When is the best time to buy? I wish I knew, or had a crystal ball to let me know. However, I feel it very unlikely that we will experience a ‘crash’ in our housing market and prices have already fallen 10-15%. I had an awful November, December and January, but a good February and March, so my personal experience as a Realtor® seems to confirm the reports above.
So, once again I repeat my mantra for the present market. “Get a good deal, buy, and HOLD”. (And don’t watch CNN too much, it’s bad for the blood pressure).
- Pender Island Real Estate Update for March 2009
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Greetings from the Dock at Hope Bay on Pender Island,
It has been an amazing March so far, with a snowfall that beautified our island more than usual. Now we have sunshine, and this is a pleasant reminder that Spring is just ahead. With the days being longer, more folks will be able to get over to the island and Poets Cove Resort and Spa on the South Island is already close to being fully booked for Spring Break.
While gathering statistics for this Newsletter, I am happy to announce that the Victoria Real Estate Board’s February ending newsletter announced a “Rebound in February” with a substantial increase over January. There was a total of 403 homes sold (up 63% from the 247 sales in January ) – but still down from February 2008 (619 homes sold then). Chris Markham, VREB President, thinks these numbers are a very positive sign – despite the widespread economic uncertainty. They have also seen several “multiple” offers as buyers compete for “deals” or substantially reduced properties.
(courtesy Dockside Realty Ltd.)
This has been borne out by the increase of enquiries and phone calls to our office, plus much more traffic on www.homesonpender.com . As I have said many times this year, now is an OPPORTUNITY for buyers to get substantial deals which may not come around again for many years. With the development of our property management division, we are also able to offer potential real estate investors the chance to rent their new purchases and gain income to offset their costs. It seems that people are listening to this advice and getting in now before the market rebounds. If you buy now and hold for at least five years, any further decrease in the market will be absorbed once prices start to climb again. Also, if buying now you are less likely not have competing offers to drive up the price (although, as mentioned before, this is starting to happen in Victoria as the mood of the market begins to swing back).
As some of you may know, www.mls.ca has been changed to www.realtor.ca . In this process, many of our buyers have been very frustrated ( as well as several sellers). The system is much slower, and many times Pender Island does not come up in the search. Three of our realtors did a search for the same properties and got 3 different results – so the system is still working its way through the bugs. We have been addressing our concerns to the Canadian Real Estate Association and they are listening. We are seeing improvement, but it is taking time. With the changes to our Victoria Board’s computer system as well, plus the larger Canadian Real Estate system, it is a trying time for realtors having to adapt to these changes when the market is such a difficult one.
We have had 8 offers with 5 completions since January (most of those in the month of Februaury) – so things are starting to gain momentum. As I mentioned before, buyers are definitely looking for bargains and they are out there, particularly with listings that have been on the MLS for some time.
We are happy to announce that we have also opened an office on Saturna Island right at the ferry terminal dock. Marian Dombovary is our new agent there. Marian has an extensive accounting background and has been living on Saturna for about 2 years. We are very excited about this.
We still remain positively optimistic!
- Pender Island's Sea Monster
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Yes, I know the economy and housing market is on everybody's mind but I thought you may be interested in our sea monster.
I often walk in the area concerned and have seen many sea creatures; seals, porpoises, killer whales, otters, and birds too may to mention. But this? Next time I'm going to be looking a bit closer. Why don't you come and check Pender Island out? And if you see our monster, please let me know. A better photo would help too.
This is how the story goes......
Two Canadian duck hunters, who were working on the rocky shore of South Pender Island off Vancouver, British Columbia, flushed unlikely game on the morning of February 4, 1934. Bringing down a duck that flopped, badly wounded, into the water, Cyril H. Andrews and Norman Georgeson hopped into their small boat to retrieve it. As they approached their bird, they saw "a head and two loops or segments" of something quite unfamiliar rising clear of the water.
Mesmerized, the hunters watched the monster- which was only 10 feet away-as it opened its large mouth, gulped down the duck, snapped at several seagulls, and then sank from view. They noted its sawlike teeth, its pointed tongue, its gray-brown colouration, and the horse-like shape of the head.
Andrews leaped ashore and ran for a phone. Rushing to the loch, justice of the Peace G. F. Parkyn of Bedwell Harbour and several others arrived in time to see the creature swimming about 20 yards from the shore, its body undulating rhythmically and its head apparently resting on the water. Andrews estimated it to be about 40 feet in length and 2 to 3 feet in diameter at the thickest part, with a head some 3 feet long, (Roy P. Mackal, Searching for Hidden Animals , pp.19-21)
- Pender Island Real Estate Update for February 2009
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(Mt.Baker from the top of Mt. Norman on Pender Island)
The Canadian Home Builders Association Economic Forecast held in Victoria, BC, had 4 Economists speak on the state of our economy and our market. Not one of them saw the downturn coming 6 months ago, and did not think the US situation would affect us as strongly as it has, but we are their closest traders and they cannot buy our products just now so we are feeling the effects.
The good news is that Barack Obama has brought hope to the United States and our Canadian Budget has offered some incentives for buyers. First Time Buyers may be entitled to a non refundable tax credit of $5000 and there is the First Time Home Buyers’ Tax Credit of up to $750 helping home buyers with closing costs. Buyers can now withdraw a higher amount tax-fee from their RRSP. There is a Home Renovation Tax credit, as well as a Federal and Provincial Grants up to $10,000 under Canada’s EcoEnergy Retrofit Program. These may not seem like much, but every little bit helps.
Banks have had to loosen up a little on the 'requirements' for lending, so with interest rates still falling it is a great time to purchase. Ozzie Jurrock, BC Real Estate Guru, is saying on his website that 2009 is the year of deals. I agree with him strongly.
Buyers are starting to feel more confident, and Dockside Realty have 5 offers on the table and 2 sales in January - so this is the proof. The offers are low, but it is a start. If we realize it has been a seller’s market since 2002, we can accept the fact that there is a pricing correction and this is what is stimulating the market just now. We remain hopefully optimistic.
We are also getting many requests for rentals, but we have few houses to offer for rent. Many of our buyers like the idea of having a tenant already in place. With the length of time the forecasters have indicated to clear some of the housing from BC’s inventory(10 months) - it may be worth considering. Our market on Pender is typically 4-6 months to a year, compared to 4 – 6 weeks in most cities. We have yet to see if the 10 month time frame will be longer here, due to the fact that Gulf Island properties generally take longer to sell. While these facts may not be positive, we do know that buyers are searching for safer communities where the quality of life and quality of air are becoming more important. We are that community, and we will continue to be recognized for this. We are getting more computer generated inquiries and phone calls, and this is very encouraging.
So buy now, HOLD, and pat yourself on the bank a few years from now that you took advantage of a great opportunity.
- Canadian Federal Budget 2009 Contains Key Measures to Stimulate Housing Market
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With prices coming down, more room for negotiations, and now the Federal Budget for 2009 including key measures to stimulate the housing market in Canada, it is a perfect time to consider investment in real estate.
NEW FIRST-TIME HOME BUYERS’ TAX CREDIT - Budget 2009 proposes to introduce a new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (i.e. the closing is after that date). The credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the year and is claimable for the taxation year in which the home is acquired.
An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition.
Budget 2009 also proposes that the credit be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC). In particular, the credit will be available in respect of a home acquired after January 27, 2009 (i.e. the closing is after that date) by an individual who is eligible for the DTC, or by an individual for the benefit of a related individual who is DTC-eligible, if the home is acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person.
For the purpose of this credit, a "DTC–eligible" individual is an individual in respect of whom an amount is deductible under the DTC for the taxation year in which the agreement to acquire the home is entered into, or would be deductible if costs for an attendant or care in a nursing home were not claimed for Medical Expense Tax Credit purposes by or on behalf of that person. Where the home is acquired by or for the benefit of a DTC-eligible individual, the home must be intended to be the principal place of residence of that individual no later than one year after its acquisition.
The credit may be claimed by the individual who acquires the home or by that individual’s spouse or common-law partner. For the purpose of this credit, a home is considered to be acquired by an individual only if the individual’s interest in the home is registered in accordance with the applicable land registration system.
Any unused portion of an individual’s First-Time Home Buyers’ Tax Credit may be claimed by the individual’s spouse or common-law partner. Where more than one individual is entitled to the First-Time Home Buyers’ Tax Credit (for example, where two individuals jointly buy a home), the total amount of the credits claimable for the year by those individuals shall not exceed the maximum amount of the credit that would be claimable for the year by any one of those individuals.
(Department of Finance Canada's Economic Action Plan Budget 2009 Website)
INCREASED HOME BUYERS’ PLAN WITHDRAWAL LIMIT - The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw amounts from a Registered Retirement Savings Plan (RRSP) to purchase or build a home without having to pay tax on the withdrawal. Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000.
For HBP purposes, an individual is generally considered to be a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year in which the HBP withdrawal is made or in any of the four preceding calendar years. Special rules apply to facilitate the acquisition of a home that is more accessible or better suited for the personal needs and care of an individual who is eligible for the disability tax credit, even if the first-time home-buyer requirement is not met. These rules will also be modified to provide the same $25,000 withdrawal limit.
Withdrawn funds must generally be used to acquire a home before October of the year following the year of withdrawal. Amounts withdrawn under the HBP are repayable in instalments over a period not exceeding 15 years. To the extent that a scheduled repayment for a year is not made, it is added to the participant’s income for the year. A special rule denies an RRSP deduction for contributions withdrawn under the HBP within 90 days of being contributed.
This increase in the HBP withdrawal limit will apply to the 2009 and subsequent calendar years in respect of withdrawals made after January 27, 2009.
(Department of Finance Canada's Economic Action Plan Budget 2009 Website)
HOME RENOVATION TAX CREDIT - To stimulate economic growth and encourage Canadians to invest in improvements to their homes, Budget 2009 proposes to introduce a temporary Home Renovation Tax Credit (HRTC). The HRTC will provide meaningful tax relief to help Canadian homeowners make improvements to their property while promoting broad-based economic activity. The design elements of the HRTC are described below.
(Department of Finance Canada's Economic Action Plan Budget 2009 Website)
Call me at 250-222-Home (4663) to find your perfect piece of Pender Island Real Estate before the window of opportunity closes and the market rebounds.
- The changing Market on Pender Island and why it's the right time to buy!
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Where do the buyers who purchase real estate on Pender Island come from? In 2003-2006 we had buyers coming from Alberta, snapping up recreational properties with proceeds from the oil business. As the price of oil dropped, these buyers became scarcer. Our buyers from the East, particularly Ontario, have also been less numerous. In 2008, because of the subprime mortgage crisis, the US market almost completely dried up.
It seems clear that the current global financial crisis has made the world smaller in terms of the sphere of individual real estate investments, and we found that as a result our market became mostly local. In fact, in 2008 76% of the sales ends listed by Dockside Realty on Pender Island were from British Columbia. It appears that buyers from BC once again realise how beautiful their own backyard is and have been looking at nearby recreational or retirement property serviced by ferries and within reasonable distance of Vancouver and Victoria. In this regard Pender Island is ideally situated, being on the major ferry routes between the Province’s two largest cities. Also, scheduled float plane services leaving from North and South Pender Islands can get you to either downtown cores within 30 minutes or less. With the 2010 Olympic Games being hosted by Vancouver/Whistler, we are also expecting a great influx of potential investors from all over the world who will discover the area’s natural beauty and competitive real estate investment potential. Much as the Expo in 1986 revitalised downtown Vancouver, leading to the development of False Creek and other locations, we expect to receive a 'bump' from the Olympic Games and the worldwide media attention our province will receive.
(photo courtesy of Sam Boyte and Dockside Realty)
So what does this mean for someone considering purchasing real estate in the Islands right now? Opportunity is the operative word. It's no secret we are in a buyer's market and put simply this means that there are more sellers than buyers, putting the buyer in a position of strength not seen for a number of years. List prices are falling, with more room for negotiation in terms of price, inclusions, and subject conditions in Contracts of Purchase and Sale. Some potential buyers are waiting for the market to fall further before putting in an offer but this can be a risky strategy as they may miss the boat when the market begins to rebound (which it most certainly will). Therefore, I am advising buyers to find a great deal, buy and HOLD, waiting for the market to balance and even swing back to a seller's market. In the meantime, if this is an investment property only, hire a good property manager and rent the space. On Pender Island there is a market for rental properties, and this can offset some, if not all, of your costs. Also, a good tenant can become a potential buyer in the future.
For sellers, my advice is to listen to the advice of the REALTOR® when it comes to pricing. When doing a Comparative Market Analysis, the REALTOR® takes into account previous market activity, but also uses their knowledge of the local market to come up with a price range. We want to do the best by our clients and sell their property for the maximum amount possible, but we are also giving professional advice. After all, that is what the client is paying for. Overpricing a listing will result in it being on the market for too long and not selling, adding to the inventory and driving the buyer’s market. The market has changed dramatically over the last few months and the properties selling right now are those at a lower price than the average of the area they are part of. Expectations have to be more realistic, and the length of time for sale may be longer than expected. This will change because real estate goes in cycles. The market will balance and eventually sellers will be in the driving seat once more.
So the time to buy is now! The inventory is there and deals can be made. The market will rebound, and by then it will be too late.
(photo courtesy of Sam Boyte and Dockside Realty)
Call me at 250-222-HOME (4663) to discuss the market, or sign up for my free Private Client Service (PCS) .The PCS allows you to create a search using your own perameters to keep an eye on the market here. The PCS is a great service and absolutely FREE. You can change and adapt the system to suit your needs anytime you want to, and it provides information, photos and maps for you to investigate the investment opportunities on Pender Island, the other Gulf Islands, Victoria and Vancouver Island. Then, when you find the perfect place, contact me so I can help you own your piece of paradise.
Follow this link for a FREE demo of the PCS:
http://www.homesonpender.com/Private_Client_Services/page_2121567.html
Follow this link to sign up for the PCS:
http://www.homesonpender.com/Sign_up_for_PCS/page_2123176.html
- What a great time was had at Pender Island's Lantern Festival 2008
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This year, the Festival's 10th anniversary, was a challenge on two fronts. Firstly, snow and ice made our usual venue at Magic Lake unuseable and secondly, a brand new program for the festival, Spirit of The Whale, was being tried out for the first time. However, our great team of volunteers reacted quickly to the weather crisis and we moved the venue to the Community Hall in time for New Year's Eve.
Celebrating the Orca Whales who make the Salish Sea their home, and who many on Pender Island are privileged to see off our coast throughout the year, the Lantern Festival was a mixture of spectacle, song, and community spirit. With First Nations storytelling and music, the procession of local children carrying home-made lanterns, fire dancers and flaming torches, stiltwalkers, shadow art, and the centrepiece of a full-size Orca Whale puppet, it was a great success. As usual I was one of the crowd 'control' team, and thoroughly enjoyed myself handing out sparklers to the children (and big children) for the finale. My colleagues from Dockside Realty, Sam and Rita Boyte, were also there to help out, and had a great time.
Anyone considering purchasing real estate on Pender Island should try to visit us for the Lantern Festival at New Year's Eve because it will give a great insight into what an amazingly diverse community we have. Below are some pics of this year's performance:
STILT WALKERS WAITING FOR THE FESTIVAL TO START
THE CHILDRENS LANTERN PROCESSION ARRIVES
THE CHILDREN'S PROCESSION
THE CHILDREN'S PROCESSION
THE FESTIVAL BEGINS
THE FIRE DANCERS ENTHRALL THE CROWD
FIRE DANCERS
LOVE THOSE FIRE DANCERS
THE FINALE WITH THE ORCA PUPPET
Hope you enjoyed the pictures. Please contact me for more details on properties available on our very special Pender Island. My wife Theresa and I wish all of you a happy and prosperous 2009.
- Great Buiding Lot For Sale On Pender Island
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Elevated, Flat and Useable!
• lot / land - MLS® $121,000 CAD - Great Building Lot!
Pender Island, Southern Gulf Islands - Buy now and build your dream home on this flat and useable 0.54 acre building lot within the popular Magic Lake Estates. Elevated, nicely treed and with driveway already roughed in, this lot will be easy to develop. Grab your piece of Pender and enjoy for years to come. Services at the road include telephone, cable, high speed internet, hydro and municipal water. Septic required.
Pender Island has very few flat lots like this one, it's a real keeper!
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