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
Check out this interesting article on all the components of building and whether they are better or worse today than they were 50 years ago. Many cities in Canada and the United States have homes that are older than 100 years… some even 200 years! This article deals with all things “building” from craftmanship, affordability, longevity, waterproofing and more.
Having been involved with building homes in Kelowna over the last 22 years, I can help you with all the decision needed to be made. From which lot to purchase, how to get the best financing, and all the latest trends in design you’ll be getting expert advice! Call Paige Guernsey direct at 250-862-6464 now.
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.
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!
If you’re thinking of selling your home in the near future, investing in a few well-conceived improvements could pay you bigdividends in terms of improving your resale value The big question is: where to spend your money? Whether you’re selling in the near future or at some later date, your first consideration should be the value you place on the improvements while you’re continuing to live in the home. After taking that into consideration, there are several guidelines that can help you achieve the best return on your investment.
Kitchen renovation tips, all for under $1,500
The kitchen is normally the focal point of any house. It’s the high point of virtually every potential buyer’s walk-through – male and female alike. As such, improvements to this area are almost always a worthwhile investment. Here’s a great video on a cost effective cabinet upgrade for as little as $1,500!
Cabinet upgrade
As a general rule, the more visible an improvement is, the better your chances for a good return on your investment. For example, mentioning you have a new water heater or plumbing upgrade won’t have the powerful visual impact of a new kitchen counter top or tile backsplash — even though they may cost the same. Refacing your existing kitchen cabinets is a lower cost option than replacing all your cabinetry. If you’re thinking of a major kitchen renovation, focus your energy – and your budget – on creating new work surfaces and improving function or traffic flow, rather than simply focusing on adding more floor space. Here’s a great video on updating counter space for under $1,500.
Counter-top upgrade
For the more budget conscious, a fresh coat of paint is one of the least expensive improvements that can create a favourable first, and lasting impression on buyers. In fact, dollar for dollar, a fresh coat of paint often delivers one of the best returns on your investment. Painting your kitchen and simply replacing your handles with updated hardware can revitalize the entire look of your kitchen and strengthen its visual appeal. Remember when choosing your colours that light colours can make a room appear larger, and neutral shades will be most appealing to the greatest number of potential buyers. Another optical effect that will help create the illusion of more space is to install new flooring or backsplash tiles on the diagonal to draw the eye up and away on the longest line possible. All for under $1,500…
Upgrade paint and wall finishings
A new tap, and possibly even a new kitchen sink are also very affordable options to give your kitchen a quick and affordable ‘facelift’.
Lighting is also a very affordable way to improve the look and the function of your kitchen space. For a very minimal investment, the new halogen light fixtures can illuminate your workspace while adding ambiance to your kitchen. Small under the cabinet halogen pot lights take up little space, and can add a modern flair.
Lighting upgrade
If you’re not sure what’s worth doing or where to start, call Paige Guernsey direct at 250-862-6464. A great source of information, I can tell you what improvements will show well to prospective buyers in the future.
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.
CMHC has some great predictions for our housing market through 2011 and 2012. Could CMHC be right?
The report released yesterday, suggests that mls sales are expected to increase later this year due to low interest rates and strong price competition. Also predicted is the demand for new housing to increase due to our strengthening economy. Now if we could just get our actual monthly stats to match up with these predictions! Sales will sadly be down again for May when the Okanagan Mainline Real Estate Board stats come next week. Bring on the sunshine!
If the April statistics showing buyer profiles are any indication, the Kelowna real estate market should be in recovery mode over the summer.
A full 33% of home buyers were “move up” buyers. This will hopefully give a boost to the $600-$800,000 price range that I was talking about yesterday. Also 33% was the type of buyer who bought in April - 2 parent families with children. That makes sense! Another stat that’s going to breath some life into the Kelowna real estate market is the growing number of those coming from other areas. 49% came from across Canada somewhere and of those 21% were from Alberta. Suggesting responsible and healthy financial situations for our home buyers is the fact that 34% were cash buyers and 54% paid with conventional financing with more than 20% down. Those are sure healthy stats - Bring it on! If your thinking of buying, call me on my direct line at 250-862-6464. Want to check out some great listings? Click here.
Could Kelowna real estate be heading towards a period of instability? According to a report out by Royal Bank of Canada, Canadians are needing a huge portion of their income to fund their mortgages and related expenses. In Vancouver, the Asian market is driving prices up at an alarming rate. Usually our market mimics Vancouver, but not this time. Sales are still down – stats yesterday for one month previous show sales are off 21%. Interest rates will start to creep up and nibble away at buyers bottom line of purchasing power. With sales being down, inventory is rising in Kelowna and West Kelowna. Time will tell what that does to prices. All in all, buyers and sellers are still optimistic about our market. There’s also a healthy number of out of town buyers making their way here to buy. This segment of the market vanished when the economy fell. The price range between $600,000 and $800,000 is taking a beating. More homes in the $500-600K range need to sell before those move up buyers can make their purchase in that $6-8K range. There has been a spike in the luxury home market over $800,000 with many that have been sitting on the fence making the move before rates move up. And last but not least, lot sales and new housing starts are still sluggish with the ongoing issues around the HST. Enjoy the long weekend!
What’s going on? For the last 6 weeks sales have been way off. In fact the last 24 hours goes something like this… 102 new residential mls listings, 50 price reductions, and 25 sales!!! That’s pretty dismal considering it’s almost the middle of May. January 2011 stats showed sales were down over the same time year previous 31%, Feb was down 24%, March was 11%. With this trend we would normally expect April to be on par or at least only slightly down over last year BUT April 2011 sales were down a whopping 34% over last years April. These kind of numbers are most likely indicative of the cold weather continuing into spring and the Federal Election. On the upside, sellers are responding with price reductions on their overpriced property. Buyers, however, are still taking their time. I think most of us believe the mortgage rates are going up steadily now, and with that in mind, buyers and sellers who are serious are going to have to jump off the fence!
I’m your source for Kelowna real estate information. Buying? Selling? Just want to know what’s really happening out there? Call me on my direct line at 250-862-6464.
