This blog is about me, Paige Guernsey, and the things that happen around my job as a Kelowna Real Estate agent with Coldwell Banker Horizon Realty. I talk about listings, sales activity, market conditions, market trends, promotions, green real estate, and sometimes funny things that happen to me during the course of my day. There's links and videos to great information as well as access to my 2 websites, kelownahome.com and greenkelownarealestate.com
Thanks to Christy Lovig at Doak Shirreff (lawyer extraordinairre by the way!) for sending me this great information about a rebate that will be available from the BC Government. Subject to legislative approval, there will be a First-Time New Homebuyer’s bonus available between February 21, 2012 to March 31, 2013. This bonus is available to buyers purchasing a brand new or substantially renovated home and can be up to $10,000! With the 2012 Income Tax deadline looming, this personal income tax credit will help out not only local’s buying a home in Kelowna, but all British Columbians looking to enter the new housing real estate market.
New homes in Kelowna
There are many new Kelowna homes for sale and many price ranges available. Whether you’re a first time buyer or looking to make a move from your current home to a new home, call Kelowna realtor Paige Guernsey direct at 250-862-6464.
There are many misconceptions in the buying public regarding a foreclosure. Most think you can get a price on a house that’s far below market value. Not always so.
4 MAJOR STEPS
1) Know what you’re getting into
2) Getting your offer accepted
3) Court Acceptance
4) Possession
KNOW WHAT YOUR GETTING INTO
The Bank of Canada requires that foreclosing banks attempt to get the most amount of money for each property. This involves appraisals and real estate agents with market evaluations. Homes that are well kept and/or vacant will usually receive a value close to the other homes in the neighborhood. If the home is in poor condition, this too will be reflected in “market value”. I can help you determine what the best market value for any given property is, regardless if it’s a foreclosure or not.
Buying a foreclosure involves a Contract of Purchase and Sale and a Schedule A. The Schedule A spells out that the property is being purchased “as is where is” and that the bank does not make any representations or warranties about the house. This paperwork is very different than a regular arms length transaction in what we’ll call a “normal” transaction between a buyer and a seller. You should read it carefully and have a very clear picture of what “as is where is” means.
GETTING YOUR OFFER ACCEPTED
Working with a bank on offers usually takes quite a bit longer than working with a seller who’s looking to sell the home they are living in. Consider there may be a time difference and different levels of management the paperwork has to go through before any type of acceptance or counter offer is made. Also, banks are generally closed on the weekends. Banks generally get “low ball” offers and most often there is a lot of negotiating back and forth before price and terms are met that are mutually agreeable. They don’t like to see a lot of “subjects” but it is possible to get an offer accepted with some subjects. Any offer made to a bank on a piece of real estate has to also be “subject to court approval”. This is because the court has the final say if an offer is accepted.
After your offer is accepted, and your subjects are removed, it’s filed at the appropriate law court and becomes public knowledge. Most Kelowna foreclosures happen at the Kelowna Law Courts, but sometimes they’re in Kamloops or Vancouver. A court date is set after this step, and is most often about 2-5 weeks after the filing.
COURT ACCEPTANCE
On the day of court, I would HIGHLY recommend that you attend with your realtor. Often other buyers will attend court with a sealed bid to present to the presiding Master. These buyers will also have taken the time to check the court filing to find out the accepted offer price and usually their offer price will be higher. This means that there are “competing bids” and if you’re wishing to be the successful bidder then you will have an opportunity to change your original offer.
The Master has the final say on which bid to accept and not only will be looking for the best offer price, but a sizeable deposit made by way of certified cheque or bank draft attached to the offer. For possession, a successful bidders Contract of Purchase and Sale will usually read a certain number of days after court approval. For instance, it’s advisable to put “10 BUSINESS DAYS AFTER COURT APPROVAL” on the contract for Completion, Possession, and Adjustment dates. This allows for regular banking hours and weekends.
POSSESSION
After all that, moving day is here! Earlier we talked about the Schedule A and that there are no representations or warranties made by the bank. Although moving in on possession dates usually go smoothly and hold no surprises, it’s imperative to understand that there is the possibility that the house won’t look the same as when you viewed it last. Occasionally disgruntled homeowners may do damage on moving out or take unexpected things like kitchen cabinets!
With so many details surrounding foreclosures, it’s critical to work with someone who knows the process. If you’re considering purchasing a Kelowna real estate foreclosure, call Paige Guernsey direct at 250-862-6464. With many years experience around foreclosures and court ordered sales I can help you navigate the sometimes bumpty waters to a successful conclusion! If you’d like a list of current homes for sale in Kelowna that are under foreclosure, send me an email at paige@kelownahome.com.
Kelowna has a healthy inventory of strata real estate properties available. One of the biggest complaints I hear these days about strata is that there can be a heavy hand when dealing with pets and rentals.
MLS LISTINGS
When trolling through Kelowna’s listings you’ll almost always see some sort of rental restriction as well as a size restriction for pets. Sometimes no pets area allowed at all. This can seriously affect your ability to sell your property when the time comes. One may argue that you bought at a price that reflected these restrictions and because of this restriction it’s a wash when you go to sell. If things were different, it may not be so.
RENTAL RESTRICTIONS
A primary issue for Strata’s is rental restrictions. Strata corporations have the ability to limit or restrict rentals in not only Kelowna, but through BC under the Strata Property Act. In parts of the US and Europe, their type of governing can be completely different allowing for individual units to be owned freehold without any governing body like the familiar Strata Council. Therefore making each and every owner responsible to city by-laws just like a regular single family dwelling.
PET RESTRICTIONS
Another concern for buyers and sellers of real estate is pet restrictions. Interestingly in Vancouver, there are very few pet restrictions due to the fact that prices are so high and affordability is a huge issue forcing many buyers to be looking at strata units. A large number of young people buying their first place, families, as well as older people with empty nests in have beloved pets that they won’t part with. I also think most people will agree that pet owners, for the most part, are responsible owners who are respectful of those living, working, playing around them.
IMAGINE CHANGING THE GUIDELINES IN KELOWNA
Imagine if you could buy a zero lot line attached home with no strata fees or strata by-laws etc. This would open up the potential buying pool for hundreds of sellers right now as well as increase affordability and inventory for those currently looking to buy with pets or rental requirements. Investors could buy without concern about rental restrictions providing affordable housing for the many who find it difficult to find suitable rentals. Pet owners could choose from a wider inventory pool without owners who have no pets losing any ground to potential pet problems next door. Sustainability is another key factor here. With less urban sprawl, we can encourage more people to be living, working, playing, and commuting in “downtown” areas with fewer restrictions. Check out this fantastic strata townhome listing at 6-1853 Edgehill, Kelowna that can be rented and allows pets with generous restrictions.
This interesting article in the Vancouver Sun illustrates how this can be down and how it can change how we look at Strata property. Check it out and see what you think!
VOTE FOR SUSTAINABILITY NOV 19TH
Also, with our civic elections around the corner, it might be interesting to put these ideas forward to our council. There are many that have sustainability on their radar, but these three are my favorites. They have great ideas on how to create sustainable and environmentally friendly growth that benefits everyone in Kelowna or the Okanagan Valley. Check their sites out and be sure to vote on Nov 19th!
If you’re looking to buy or sell strata real estate in Kelowna, are thinking of making an investment, or are interested in sustainable real estate call Paige Guernsey direct at 250-862-6464.
I hear those words a lot from people 45 or better. They’re often looking for turn key living in smaller homes or townhouses in all different neighborhoods throughout Kelowna. There are many properties available catering to the older demographic as well as those that target the 55+ age group. With recent changes to the Strata Property Act, it’s possible now to have a registered age restriction as one of your by-laws, and it doesn’t have to be 55 anymore! You can register any age at all. This is great for folks who are looking for a quiet place to call home in Kelowna, and maybe have pets, or older children still living at home.
The 55+ restriction is still an all-time favorite with the security of knowing exactly who your neighbors are. In Kelowna, properties with these benefits vary from condo style homes to townhouses, and fully detached homes in gated communities. Ammenities vary widely as well.
If you’re looking for the perfect place to retire and wondering about your options for properties in Kelowna, call Paige Guernsey direct at 250-862-6464.
I’ve been working with an investor looking for the ultimate investment… one that pays for itself. We just wrapped up the paperwork and they’re the proud new owners of a gorgeous townhouse with a built in tenant! In my work as a Kelowna real estate agent, I come across some interesting property with medium to long term goals and the possibility of substantial gains.
Waterfront Possibilities
It wasn’t that long ago that waterfront property on Okanagan Lake was well under the $500,000 mark.
ABBOTT STREET
In 1999-2000, waterfront Kelowna homes were selling on Abbott Street for between $400 – $500,000. Today, homes in the same area on Abbott street have been selling for between $2.5 and $5 million dollars!
This home is on Manhattan Avenue and currently for sale at $370,000. It’s in a cozy waterfront neighbourhood in Kelowna’s North end. Being an area of older homes, visionaries have been buying, renovating or re-building on Manhattan, and creating an entirely new neighborhood in this growing and changing part of Kelowna. Newer, larger homes on Manhattan and right on Lake Okanagan, have been selling recently for between $1.3 and $1.55 million. Close to Knox Mountain and the secluded Poplar Point, living here means you can walk or bike most everywhere. A few blocks away from the downtown core of Kelowna, you’ve got easy access to the growing cultural district, Prospera Place for hockey games and concerts, Kelowna Art Galleries and Museums, as well as some of the best restaurants in town!
ANOTHER HIDDEN GEM
Years ago I worked with an investor on this property very close to Manhattan Avenue. Real estate prices were quite a bit higher then and the numbers didn’t quite work for my client. It’s for sale again. To buy this, rent it out, and watch the neighbourhood change in the medium to long term range (5-10 years) could be an amazing opportunity to capture real estate equity for your financial portfolio.
Looking for an investment opportunity in Kelowna and a good real estate agent who can help? Call me, Paige Guernsey, at 250-862-6464.
The trick is knowing how to do it. Most people are under the impression that buying a property that’s in foreclosure is going to save them a lot of money… not necessarily so. For a purchaser, buying a foreclosure is quite different than buying a home through a normal arm’s length transaction. First of all, an accepted offer is what triggers a court date. If that offer happens to be yours, then any subsequent buyers wanting to bid on the home can attend the courthouse, find out what the original offer is (I know that sounds strange, but it’s public infomation), and show up on the court date with a higher offer in a sealed envelope. Secondly, there is no Property Disclosure Statement but rather a Schedule A from the bank or lender saying they don’t make any warranties on the property. It’s really very important to every buyer considering a foreclosure that they not only work with a realtor experienced around this process, but that complete a thorough fact finding mission about the home, property, and neighborhood.
Knowing your way around the foreclosure process.
There are so many small details surrounding the foreclosure or court ordered sales. This article is an example of things that can go wrong. If you’re wondering about this possible money saving route, please call Paige Guernsey direct at 250-862-6464. I’ve been involved in several foreclosures and can help you navigate the waters successfully.
The Realtors of the Central Okanagan Mainline Real Estate Board (OMREB) have been compiling stats each month on the profile of buyers. The July pie chart shows that a healthy number of buyers are moving up from their present home (about 31%) and a growing number of buyers are looking at recreational or investment property (almost 15%). That number is almost on par with the number of first time buyers out there. Looking at the pie chart for June 2011, the number of move up buyers was slightly lower than July at 27%. Interestingly the first time buyers were lower in July at 14%, down from 24% in June. It’s a great time to be a buyer in the Okanagan Valley. Below is a video on a great and successful strategy to use when looking to hammer out the best deal possible.
Looking for a great real estate agent? Call me on my direct line at 250-862-6464. Talk to you soon…
Coldwell Banker Horizon Realty’s managing broker, Susan Tough, has written a new blog. She’s a natural at it, and she’s called it “Across the TOUGH Desk“. In it she answers all kinds of questions buyers and sellers have before, during, and after a sales transaction. One of her blogs deals with the simple question “Can I sign for my spouse?”. A tougher question, (no pun intended!) is addressed in another blog post titled “When is it a good time to use a Fee Agreement?” This blog promises to be a winner. Watch for it in the future and learn all kinds of things about Kelowna real estate.
If you have a question about buying or selling a home in Kelowna that you’d like answered, call me, Kelowna real estate agent, Paige Guernsey direct at 250-862-6464.
Happy Fathers Day! A buyer I’m working with gave me his “wish list”. He’s going to buy a house for his daughter (who is going to UBCO here in Kelowna), take his one month vacation to do a big renovation, and at the end of the month schedule the whole house will be like new! It’s his daughters birthday in October and he’s going to have one fantastic piece of real estate to give her! What a thoughtful and wise Dad!
One of my associates at Coldwell Banker Horizon Realty was able to save her clients $900 in HST when they bought their beach front condo at The Lagoons in Kelowna recently. The beautifully upgraded 2 bedroom 2 bath condo with a south west view of Lake Okanagan sold for $415K INCLUDING the furnishings. The buyers Realtor was prudent and checked with an accountant regarding the HST and the furniture. If the furniture is included in the body of the contract with a dollar amount assigned to it, it is fully taxable. If however, the furniture is listed on a separate document including what it sold for… not taxable. So you might be wondering… What about the fridge, stove, washer, dryer I want to include in my offer to purchase? They are considered the “mechanics” of a home and don’t usually have a specific dollar value attached to them in the contract. Not taxable.
Have a specific real estate question? Call me on my direct line at 250-862-6464.
