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
I’ve been to court 4 times in the last month seeking the court’s approval on foreclosure sales. All but one had multiple bids!
Balanced Real Estate Market?
Last year most of the foreclosure sales I attended did not have multiple bids. Having more than one bid usually means the price is going up. In the last 3 sales recently the prices were bumped up on multiple bids an average of $17,000 each! The higher prices help to maintain prices in any given strata complex or neighborhood. This is of course good for homeowners in the area.
More Kelowna Foreclosures coming?
Last year at this time we hovered at just over 100 court ordered sales. Today there are 153. The prediction is that there are more coming as those folks who need to sell and have been waiting for the market to change are finally faced with the fact that things aren’t changing drastically any time soon.
Foreclosure information
With 25 years Kelowna real estate experience and having handled a large number of court ordered sales and/or foreclosures I’m able to answer all you questions surrounding this process. A foreclosure or court ordered sale is much different than a regular arms length transaction. Call Paige Guernsey, an experienced Kelowna real estate agent, direct at 250-862-6464 for more information.
Everyone wants to get as much money as possible for their home when they list on MLS (R) . Usually people want their home to sell in the shortest amount of time, with the least amount of inconvenience. The trick to that, plain and simple, is working with your agent to find out all details of the Buyers Market we’re currently experiencing and pricing your home exactly at the right price.
By putting a price on your home that is reflective of the market, you will create excitement in the eyes of the buyer and they’ll bring offers. If your house falls into the rest of the pricing pack, it’ll just be another ho-hum listing. In other words, if a similar home to yours sold for $100,000, put yours on the market for $99,900 and watch the buyers come!
MLS REAL ESTATE EXAMPLES
Here is an example of a house that was overpriced to start with, followed the market down, and after 224 days on the market, sold for less than other similar homes sold for. On the other hand, here’s a perfect example of a house that was priced aggressively, and after 54 days on the market sold for 98% of the original list price. Quite a difference in results! Kelowna real estate statistics show time and time again, that pricing your home for sale with a proper price to begin with will net you more money that the old adage of “the buyer can always make an offer” because in today’s market… they don’t unless there’s a great reason to!
If you’re wondering what your Okanagan real estate is worth, call Paige Guernsey, an award winning Kelowna realtor direct at 250-862-6464.
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.
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.
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.
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.
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.
Last week I had a meeting with Christine Meekma, HSBC Premier Manager (she’s one of the most amazing bankers I’ve had the pleasure of working with by the way). As I walked into the bank for my appointment my nylon gave way and began falling rapidly towards my ankle. How does that happen with brand new nylons?? The dilemma was how to pull it up with nobody noticing. Naturally I could just feel everyone staring, not to mention all the cameras in the bank that I was sure were zooming in on my location! There was only 1 fellow waiting where I was so I took my chances, turned around and gave a quick yank up. Relief. Right then Christine was making her way towards me and as I started to walk across the bank trying to look cool and composed, down went the nylon again. That was of course, when someone commented on my cool shoes! There was nothing I could do at this point, so I squirmed and maneuvered trying to pull it up the whole time. If Christine noticed anything she was very gracious and said nothing. Who knew being a Kelowna realtor could be so stressful!
In the last 24 hours Kelowna real estate has seen 124 listings come onto the market, 48 price reductions and 33 sales. After a pretty bumpy April where we saw sales down an alarming 34% over April 2010, the warmer weather is sure to bring a more active real estate market for both buyers and sellers!
Questions about real estate? Call me on my direct line at 250-862-6464.
Although overall sales for Kelowna real estate are down, there’s been some healthy sales happening! In the last 2 months we’ve had 7 homes sell under $400K in the Kelowna North, Glenmore neighborhoods. This bright and cheery older home in Glenmore with new kitchen and windows sold for $365,000. There is a park, tennis courts and great schools nearby.
This newer home pictured below in North Glenmore recently sold for $375,000. Built in 1994, a few cosmetic updates will bring it up to date and the fenced private yard is fantastic! Close to all ammenities including some easy to advanced walking/hiking trails, this house is a winner!
If you’re looking for something new with no HST and still have all the fantastic ammenities the above houses have, check this listing out. Unique and beautiful open plan 2 bedroom 2 full bath townhouse with spacious deck, magnificent views, and upgraded interior. Concrete soundproofing, granite, stainless appliances, hardwood & tile are top notch for this very central location.
Call me on my direct line to learn about successful strategies for buying a house at the best price possible. Paige Guernsey at 250-862-6464.
It’s great to see people out in their front yards as the weather gets better and the urge to tidy the yard takes over! I was recently showing homes to a lady who is re-locating to Kelowna from Winnipeg… Brrrrr. The day was sunny but still cold, and we were thoroughly enjoying ourselves. We pulled up to one house where the seller was hosing off the driveway. As we pulled in, we waved and parked. He looked like he wasn’t expecting us so I went over to chat with him. The seller explained that his wife looked after all the showings and I should talk to her. I asked him if she was inside and as he nodded his head, the hose followed his actions and he hosed me down. We both were totally stunned! Not sure what to say, and feeling a little silly standing there dripping, I turned to head to the front door and the seller returned his hose to the ground. Never a dull moment selling real estate!
I’ve been to court 4 times in the last month seeking the court’s approval on foreclosure sales. All but one had multiple bids!
