Facts about today’s buyer

Posted by paige on October 17, 2011 | No Comments

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

Vacation Property

Posted by paige on October 5, 2011 | No Comments

SAVARY ISLAND

For a few years, my family would make the big trek north to a beautiful little island called Savary.  To get there took a long time and finally when you couldn’t drive any further in Lund, BC you’d load up the water taxi for the final leg to the shores of this island made mostly of sand.  The island is about a kilometer wide and 8 km from one end to the other.  There were no cars allowed on the island (although there were a few… maybe 3!) and the only wildlife was deer and bees.  Bikes were used as the main source of transportation and power was by propane.  The cabin we stayed in was fantastic. Tucked into the woods, the large open plan could easily accomodate the 6 of us.  We had a good sized kitchen 3 bedrooms, 1 bathroom, a loft and a huge deck outside.

WHAT ABOUT OKANAGAN WATERFRONT FOR $350k

I’m sharing all this because recently I came across a lot currently available to buy on Kalamalka Lake in Vernon.  This lot also has a dock attached and in the summer, the dock is really the only thing that’s important! A beautiful and scenic drive from downtown Vernon takes about a half hour.  Power is by way of propane and water is lake intake.  This beautiful spot reminds me so much of Savary Island.

Away from the hustle and bustle – YES

Waterfront property on a large, clean lake – YES

Can I swim and waterski – YES

Is there a dock – YES

Close to big city ammenties – YES

Can I think of a good reason to seriously look at buying this – YES

Are you considering a recreational property ?  Call me, Paige Guernsey, a full time experienced realtor in the Okanagan Valley on my direct line. 250-862-6464.

Talk to you soon…

Paige

A silly moment…

Posted by paige on September 30, 2011 | No Comments

HAS IT HAPPENED TO YOU?

Every now and then I do something so silly and every now and then someone, in this case, hears me doing that silly something!

My daughter loves to sing and I decided I would support her and start singing too (FYI… I’m a very bad singer). We sing in the car with the windows down and when we’re on the highway we sing quite a bit louder! Yesterday someone called me while I was singing AND driving on the highway. I didn’t realize I pressed the answer button on the steering wheel and that person listened to me sing. Incredibly, for about 2 minutes! Completely embarrassed I called them back when I realized what happened. Kinda’ wierd they didn’t answer the phone!

If you’re looking for a real estate investment or a place to call home in Kelowna, and like to laugh, call Paige Guernsey at 250-862-6464

Talk to you soon…

Paige

Looks like a winner!

Posted by paige on September 22, 2011 | No Comments

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

Kelowna’s priciest real estate sale this year

Posted by paige on August 11, 2011 | No Comments

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

Buying a furnished lake view?

Posted by paige on June 8, 2011 | No Comments

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.

Talk to you soon…

Paige

Spring market update

Posted by paige on March 4, 2011 | No Comments

Things are starting to gear up for Spring in the Kelowna real estate market.  Over the last 24 hours there have been 72 new listings come onto the MLS system and 14 sales.  February 2011 stats are out and although up over last month, total sales are down 25% over same time last year. Median single family house prices are down slightly from last year… $430,000 to $422,000. Kelowna waterfront property is off a noticable 15% and recreational property prices are down a whopping 80%!  First time buyers have been very busy buying up inventory for the last several months between $300-450K thanks to low interest rates and changes to the lending rules.  Those people that sold their homes to the first timers are now starting to look at purchasing with over 32% of the buyers out there making the move up.  Further changes to the lending rules coming March 18th is giving buyers an extra incentive to jump off the fence and buy.  These sale numbers mean that pricing agressively is critical to attract a buyer and with Kelowna’s economy predicted to grow slowly but surely in 2011 I predict the buyers will come and we can expect a balanced steady market to continue.

If you’re thinking of buying or selling, call me on my direct line at 250-862-6464.

Talk to you soon…

Paige

What to make of the current media reporting

Posted by paige on October 7, 2010 | No Comments

Media reporting about what’s going on in the Kelowna real estate market is all over the board these days.  You get the infamous Garth Turner spouting the dire consequences of owning real estate, particularly in the Okanagan (guess he doesn’t own any, poor guy).  You see articles from various real estate companies keeping a positive take on what’s really going on out there and amazing front page articles like this SOLD FOR $10,000,000 and of course you get bloggers (like me) who… well, don’t always have a clue about anything.

It’s tough to look at all the pieces and make sense of it.   September stats are out 2010 to date Stats and they’re down and they’re scary. BUT… when you consider the big picture buying and selling real estate is more often than not the most successful investment you’ll make. Inventory is up… making selection great for buyers, interst rates are low and sellers need to be very careful when choosing a price with their realtor.  Take the plunge!

Talk to you soon…

Paige

Smoking hot real estate market

Posted by paige on July 29, 2010 | No Comments

2 hours in the office, 2 hours at the beach, 2 hours at the office, 2 hours at the beach…

OK seriously, temperatures in Kelowna have been over 33 degrees celcius for more than a week. There have been a few forest fires… some more serious than others and there have been a whopping 14 sales on Kelowna’s lakeshore since the beginning of June, 2010!  That’s amazing when you consider there has been 19 sales in TOTAL since January. 

Overall, listings are up and sales are down. This is typically the time when savvy buyers are on the prowl and those looking for high end properties can often benefit the most.  First time buyers seem to be completely gone right now with only one sale under $300,000 in the last 5 weeks and investors are just starting to get cranked up again after a month or two long hiatus. 

Strategy for buying in this type of market has to be planned out in advance to maximize your dollar’s buying power.  Last week I worked with some people who found 5 houses in a neighborhood that they particularly liked. We narrowed it down to #1-5 and made an offer on the first one. It was rejected.  Plan A was to move onto number two, but after careful consideration, we decided to wait it out for a few days and let the sellers think we had moved on.  Sure enough, a week later we were able to get an accepted offer on house #1 for almost $30,000 below what the last house in that neighborhood sold for… great deal!

Strategy for selling in this type of market also has to be very well thought out.  Buyers are elusive and slow moving.  In order to even attract a buyer to a point where they would consider making an offer, the price being asked has to be thought of as “exceptional”.  Even then, most offers start off low. For those bargain hunting, they’ll usually move on if the low-ball isn’t accepted. For those that have found their “perfect home”, it may take some time, but usually they’ll come to the table and a fair price can be secured.

Thinking of buying or selling? Contact me to find out how my tried and proven strategies can work wonders for you.  

Talk to you soon…

Paige