STRATA REAL ESTATE

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!

Angela Reid-Nagy ,

Colin Basran

Michele Rule

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.

Talk to you soon…

Paige

First timers and move up buyers till lead the pack of purchasers heading for the finish line.

(Click on the image to enlarge).

The segment showing investors and buyers looking at recreational property has been slowly growing and last month was a solid 20% of home buyers in Kelowna.  Check out my last couple blogs dealing with investments and recreational properties.

Looking to invest or buy some recreational property?  With 25 years experience in Kelowna real estate, I can help find the perfect property for you. Call Paige Guernsey direct at 250-862-6464 today.

Talk to you soon…

Paige

Why could I get Prime minus .90 last week and today it is Prime minus .25?

A great question says Mortgage Brokers Association of BC.  Check out this informative article on the how’s and why’s of banks and interest rates. Thanks to Brenda Dilley of Mortgage Alliance for this.  If you’re looking for a fantastic mortgage broker (remember, using a mortgage broker ensures you’re getting the best possible mortgage for you and your needs and it doesn’t cost YOU a cent!). Brenda can be reached at 250-808-1000 or dilley@telus.net.

If you’re looking for an experienced, full time realtor in Kelowna or through the Okanagan Valley, Call Paige Guernsey at 250-862-6464.

Talk to you soon…

Paige

Investing 101

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.

Talk to you soon…

Paige

With real estate prices and interest rates being low, coupled with the fact there are some great deals to be had in the condo market with a flood of inventory, more and more people are looking at real estate to bolster their financial portfolio.

Consider this, you take a mortgage out on a newer 2 bedroom condo that you can rent, factoring in property tax, payments on this are approximately $850.  Turn around and rent this unit out for $900-$950 a month and you’ve got a money-maker.  Interest on this loan is deductible as are any expenses to maintain the property.  I used 30% that came from a Line of Credit and a conventional mortgage of $110,000, making this a 100% financing scenario. If you have cash to put down, your payments would be substantially less.  We all know the real estate market in Kelowna will go up again. Wouldn’t it be nice to have someone pay off a loan for something you bought today for $165,000 that in 5 years time is worth $200,000?

I know that all sounds so simple, but if you are considering a Kelowna real estate investment, call Paige Guernsey on her direct line at 250-862-6464 for some useful information that can provide for your future!

Talk to you soon…

Paige

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…

Paige

I often hear from people that Kelowna has expensive real estate.  A couple months ago the most expensive condominium in Canadian history sold for $28,000,000! Wow… that’s pricey real estate. The penthouse at Toronto’s Four Seasons Hotel and Private Residences occupied the top floor of the 55 storey building and had over 9,000 square feet. Panoramic views, 12 foot ceilings, floor to ceiling glass gallery, 4 expansive corner terraces, and of course separate private staff housing is all included.

Lately Kelowna has had it’s fair share of luxury property selling with 9 properties this year so far selling over $2,000,000.  Check out this Sheerwater sale that recently sold for a healthy $3,675,000.

Looking for a luxury property to call home in Kelowna? Call Paige Guernsey direct at 250-862-6464.

Talk to you soon…

Paige

In tough times everyone tries to trim costs.

Canadians continue to be true to their roots and have kept aggressively reducing their mortgages year after year. The CAAMP (Canadian Association of Accredited Mortgage Professionals) reports that over the last year:

• 22% of borrowers increased their payments
• 18% made a lump payment
• 9% did both
• 27% who renewed their mortgages did both

This is impressive stuff! The same report says that:

• On average Canadian homeowners have $222,000 in home equity and only 22% of mortgages include HELOC’s (Homeowners Line of Credit)
• Of the HELOC’s obtained, home renovations represent 36% representing the number one use of HELOC’s
• Investments replaced debt consolidation as the number two use of HELOC’s and sits at 28%

Even more impressive about the state of home ownership is that of the 9.45 million homeowners in Canada, 1.87 million hold a mortgage and about 3 million have no debt on their home!

If you’re thinking about buying or selling Kelowna real estate, call Paige Guernsey direct at 250-862-6464.

Talk to you soon…

Paige

Recently a full side by side duplex sold on Highland Avenue in the Glenmore neighborhood of Kelowna.  I analysed this property for investors and found there was potential to make a profit. The profit would involve renovating, stratifying, and selling each side separately. Check this video out and see how we did it.

If you’re wondering about investing in Kelowna real estate, call Paige Guernsey, an experienced Kelowna realtor for 24 years on my direct line at 250-862-6464.

Talk to you soon…

Paige

The city of Kelowna will be mailing all property tax notices in the third week of May. Check out this link to find out how to estimate what your taxes will be this year. There’s also a lot of other information here. For instance did you know that if you’re 55+, or have a disability you may qualify to defer payment of your taxes?  I heard an interesting story about tax sales the other day. Each year the city has a tax sale of homes where the owners haven’t paid tax on their real estate.  These sales rarely go through because of the exceptionally long period of redemption (usually owners have about a year to pay up and can usually figure something out by then vs losing their home).  One fellow looked at these sales as a good way to “invest” his money. He’d have a contract of purchase and sale accepted by the city, put his deposit down, wait the year, and when the owner redeemed the city gave him back his deposit with about 7% interest. Voila… money made!

Speaking of taxes, I just heard yesterday that the government has been charging 21% Translink Tax to parking charges and to add insult to injury there is 12% HST (since July 1, 2010) on the 21%. For instance, if you pay $100/month for parking your charged 21% bringing the total to $121. Also add on the HST  bringing total to $135.52. Tax on a tax? What a scam

For all your Kelowna real estate needs please call me on my direct line at 250-862-6464.

Talk to you soon…

Paige