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
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.
There are a few homes in Kelowna that have some scary history behind them. A seller is not required anymore to disclose these stigma’s, like murder or suicide, to the buyer. Some buyers care and some don’t.
I rented a house not too long ago while we were building and there was definately some spooky things that happened there. Lights coming on in the middle of the night, apparitions moving around at night that were clearly visible, smoke alarms going for no reason. If you believe in ghosts, I’d have to say this “ghost” was friendly and had a sense of humor. My family was all aware of it being around but never had any fear. Here’s a list of 11 ways to “GhostProof” your house.
Need help selling your haunted house? Call Paige Guernsey direct at 250-862-6464 and get her 25 years experience selling real estate working for you.
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.
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.
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.
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 City of Kelowna has opened up applications for the NeighbourWoods tree program.
On a “first come first serve” program you can receive a discounted tree for your Kelowna real estate and help sustain our GREEN goals! Trees are similar to lungs, they remove carbon dioxide from the air and use it for growth energy. Over the lifetime of a tree, not only is several tons of carbon dioxide consumed, they provide shade, release oxygen, reduce erosion and ground water runoff, and form microhabitats for wildlife. Trees can reduce the amount of pollutants entering the air, including ozone, nitrogen dioxide and various particulates. Most urban tree species are carefully chosen for their ability to greatly improve air quality.Don’t delay Kelowna, sign up today for your tree and keep your real estate GREEN!
If you’re wondering how to make your home more attractive to a GREEN buyers, call Paige Guernsey at 250-862-6464.
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.
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…
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.
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:
