Whether your a local or new to our area, it is my hope that my website will offer you some useful information about buying or selling real estate in our beautiful valley.
I service all of the Central Okanagan - from Peachland to Oyama, and the largest communities of Kelowna and the newly incorporated Westside in between. Each community has its own unique appeal, and I have helped many clients find the neighbourhood that best fits their needs.
Having lived in the valley for nearly 20 years, I can offer a local's perspective on the pros and cons of each area, and help you find a small piece of paradise that you can call HOME.
Buying, selling or just evaluating your holdings - I look forward to putting my enthusiasm and experience to work for you!
Despite an increase in sales and a fairly brisk Spring market, we have entered the heat of summer with less than hot real estate market.
From a year to date perspective, sales volume is clearly up : 849 single family homes sold this year, up from only 620 last year at this time. Increased confidence in the marketplace has meant many sellers who resigned the idea of moving their holdings last year and waited for a sign of increased activity, have now began trickling that pent up inventory back into this years abundance of real estate offerings.
Total listing inventory stands at a total listing count of 5561 listings.. up over last years 5395…despite the increased level of sales. The single family market experienced 187 sales in May 2009, but with a total inventory of over 1800 homes for sale, it means a supply in excess of a 10 month absorption rate, which is typically a strong indicator of a Buyer’s market.
The condo market scene is even more supplied with an increase over last years inventory from 1082 to 1195 units listed for sale. We have seen a shift with many developers abandoning in-house marketing teams, or working cooperatively with the MLS system. Sopa Square and Copper Sky are a couple of recent examples. There are numerous other developments, which although were proudly promoted as SOLD OUT by developers near the completion of the building, are now over run with individuals attempting to dump the units they scooped up in hopes of making a profit… many of these individuals are now facing a tough decision- sell at a loss, rent with a monthly deficit or hang in for the long haul.
The diversity and selection of product is staggering, and I have started to make it a weekly habit of seeking out new developments and previewing the product selection, as it is clear we will be dealing with this inventory for quite some time.
The good news for buyers is that there are multitudes of fabulous deals to be had… Congrats to Sarah who just landed herself a hot condo buy - 2bd, 2bath 1182 sqft corner unit by Parkinson Rec for the low 170’s! This is certainly the happiest part of my job right now, finding the deals!
I have some excellent values in my inventory, and I invite you to check them out, or link directly to realtor.ca to shop the whole market. Feeling overwhelmed? This is definitely the kind of market to enlist the help of a real estate professional who will work hard to find you the right home!
Are everywhere! Bulbs creeping out of the ground and a rash of SOLD stickers on previously unblemished signs…that’s okay-we like it that way!
Affordability in the Okanagan is in high demand…and since that’s the segment I nearly always work in, it has meant a huge first quarter for myself and my clients.
Pricing and preparation are like chocolate and peanut butter-better together. A home simply can’t be too clean or too ready for market if you want to sell it quickly. I’ve been fortunate that all my sellers so far this year have been in complete agreement.
We are starting to see inventory levels climb to seasonal and predictable highs-so competition for buyers remain strong, and will continue to be more fierce. To balance it out-the buyers have started migrating from colder climates, and my love of all things Albertan has returned! I am looking forward to a balanced spring and summer market, with moderate price increases over last years dismal lows.
Small changes to lending policies concerning rental properties will make it a bit tougher to acquire a second or third investment home. After April, you will need to show a 20% down payment. Most people in the position of investing in another home will likely be able to satisfy this requirement, and for those of you feeling like you missed the boat- you just need to look at it from another angle. Keeping your current dwelling is likely easier to do than acquiring a new revenue property. ‘Moving on up” in the deflated market into a new home will only cost you the same 5% down payment as before - as long as it will be your new primary residence. So take the best advice I ever got - and continue to give - keep you first home if you are in a position to do so… when we do see the market rebound, your gains will double with minimal effort.
There are deals EVERYWHERE now, so if you want to head out shopping, call me and we’ll get to work !
Busy market conditions have meant that I have been anything but timely with my blog posts! To summarize the current situation in one statement: if you have been waiting to buy low…your too late!
The summer saw slow gains and moderate sales throughout the valley, but September and October have seen big gains over last year’s volumes. Combined with higher consumer confidence and lingering amazing low interest rates, as well as a depleted lower end inventory, we are starting to see some strong signs of a stabilizing market…if not sporadic evidence of moderate INCREASES. Although incidence of strong gains are hard to track, with the science of statistical averages painting only a very broad picture - there are specific examples to be found. In April, I sold a 2 bdrm, 2 bath downtown condo to a hard working single woman… for the crazy GREAT price of $175,000. D’arcy was a first time buyer, with retirement plans in the long range goal, and the need of scoring a tremendous deal large on her priority list. I was confident we were able to do just that - and I strongly believe she capitalized on the bottom of the market. Since her sale a corner unit ( slightly larger but on the same floor and in similar condition) sold for $220,000! The cause; lack of supply of affordable,urban, non age restricted condos! I couldn’t be more pleased that D’arcy is already in a positive equity situation after only a few months!
Lack of supply is expected to continue throughout the winter months, as it seasonally tends to be a market less homeowners want to try to sell in - but in truth it could be a GREAT time to sell if your situated in a high demand segment as it means less competition. High supply levels still exist in higher end ( over $600,000 single family homes and condos/ townhomes over $350,000) so there are still allot of great deals to be had if you want to buy up!
Investors are back, the future looks bright, and their are still choices sitting anywhere from 10% - 15% off peak market levels of early 2008. My top investment picks are still Peachland flats ( walk to the beach, self contained home for under 350,000 ), Lakeview Heights ( just sold my sister a home there, so I MUST be serious on that recommendation :), as well as anything with a view! View properties tend to be more volatile than non view properties - in a hot market they will sell for a large premium, but in a softer market, they tend to get lumped with all the other competition. It is my experience that when prices rise, view homes can out pace the rest of the market by about an extra 5%.
As we rapidly gear up for the holiday season, I wish you all time to enjoy one of the most beautiful times of year in our scenic valley! If you would like more detailed information on a changes in a particular market segment, please don’t hesitate to email me or call with your requests. I also have begun emailing out a monthly statistical review, and would be happy to add you to the program.
After a dismal first quarter to the year, the real estate market in the Central Okanagan has gradually started to thaw and show more activity with every passing week! The amount of overall inventory in the single family home segment is still in excess of an 8 month supply in most neighbourhoods - which means statistically its still a buyers market! The importance of pricing and presentation when listing is integral if you want to compete with the dozens of other homes in each area and price point. The most saturated market are homes $700,000 and higher, which has yearS worth of supply if the current demand for luxury homes remains at current levels. The faster moving affordable market is a completely different story, however, and while there are plenty of deals out there and tons of choice, good homes priced well are still selling in a reasonable amount of time ( under 3 months on average). The condo market remains saturated, with the bulk of buyers seeking out homes under $300,000. Towhnhomes that were selling at $350-375 K a year ago are now settling out $280,000-$310,000. Apartment style units are experiencing similiar price adjustments, with 2 bdrm/2 baths in good buildings ranging in the $200,000- $275,000 seeing the most brisk sales.
A couple of fabulous buys this month - Winterra in Lake Country is now in foreclosure, with 2 bdrm/ 2 bath BRAND NEW, 1100 sqft units starting in the 220’s! The Aritisan in Rutland has recently come on MLS with tremendous pricing on all remaining new units as well. This blow out pricing and excess developer inventory will continue to set limits on the pricing of resales units throughout the Okanagan, making it a fabulous time to pick up an extra condo or two
A couple of my favourite house picks this month are MLS#9209443 - great neighbourhood and salt water pool for $499,900. Also love MLS#9211029 - spectacular finishing, vessell tub! walk out rancher, 2 years old for $529,000 and MLS#9208473 with the subdivable future lot is still an amazing value at $499,000- must hold till sewer comes in the neighbourhood, but this one has some fabulous upside! If your dreaming big MLS#9209153 - panoramic views, spectacular party deck and nanny suite, great floorplan and great bones for a gradual re + re. At $1,250,000 - its not in everyone budget, but Im only a quick call away if anyone hits the big 6-49. For value picks, there are a bevy of single family homes dancing around the $300,000 price tag in Glenrosa! There is also a City of Kelowna blowout MLS9215632 at $299,000 on a busy street in Old Glenmore. Think hedges. Big hedges.
Call me anytime for the latest updates on hot new listings and market activity - I have just started emailing monthly stats to anyone who wants them, so pop me a quick email if you’d like to be added. Enjoy this great weather and the best time of year to live in the Okanagan! Cheers, Suzie
The first few months of the year have started with a tremedously slow market. Only 55 single family homes sold in the month of January, while the first half of February seemed a bit brisker, but still quiet. As the weeks have passed, I have noticed more and more activity in the market place- more buyers calling to start looking for bargains, and more realtors calling to show my listings. I am anxious to see the February statistics once they are released later this week. The deals are rampant, the discounts are deep and the time to buy couldn’t be better! Interest rates are at record low levels, making financing a more affordable purchase more exciting than in recent history. There are some fabulous homes out there, some even around the $300,000 mark and reductions in the $600 + market have made buying up an exciting proposition! I expect the Spring to gradually increase in activity levels, and selection to remain reasonable. The rental market is saturated, so the emphasis for investors must be on pricing their rental product at hightly competitive prices to attract and maintain good tenants. The snow is almost gone, and the first signs of Spring are amoung us in the Okanagan, ENJOY!
Since Im actually a New Years baby, I always find the start of the year especially exciting… this year was no exception as I ( like most other people ) was happy to see the end of 2008.
Lessons learned last year include- waiting till others are fearful to get greedy, and being fearful when others are greedy. (ps. people are now fearful) That idea courtesy of bazillionaire Warren Buffet. Also, its always a good idea to spend less than you make and do something wise with the difference, and most importantly- when the going gets tough, well you know the rest.
As I see it, there was lots of opportunity to be a great realtor in times past, when the market was moving forward of its own volition. Much like 1995-98, years I quite enjoyed working in - the market has shifted and we are now experiencing a Buyers market, a whole different situation than just 12 months ago!
The greatest thing I love about my job is that, because of ever fluctuating market conditions, it never stays the same. Adapting to meet the demands of a shifting marketplace is what good realtors do. And so the New Year Begins.
What to expect in 2009? Well, thanks to a few calming influences like the US political scene, continuing LOW interest rates and an abundance of BARGAINS, as well as just plain reason, I anticipate a leveling off of the price decreases by late Spring 2009, and a greater sense of stability in the market. The average house will continue to take longer to sell than it did last year, but if it is priced accordingly to market conditions, it should sell within a reasonable timeframe. Presentation is also more important than ever! With fewer buyers, and ever increasing expectations due in part to HGTV -the importance of the first impression when your up against so much competition is more important than ever! The best part about this equation is that if you are buying up in this market, your likely going to get a tremendous value on your purchase.
My favourite market picks FOR ALL MLS listings are the following,
MLS#9205172 2 bdrm house w/ bsmt on a 60 x120 lot with newer roof and kitchen, walk to downtown Westbank for 299,000. Great area of potential future redevelopement.
MLS 9206814 3 bdrm w/ oak hardwood, coved clgs original glass hardware on the original doors. Vintage curved cabinets, full basement for future suite, RU6 zoned one block to downtown Kelowna. $309,000
9207913 Brand NEW listing, 4 bdrm .22 acre lot Old Glenmore w/ salt water pool! $409,000
To see these, use my link to mls.ca 9 ( now realtor.ca) and plug in the numbers.
These arent my listings, but feel free to peruse those as well, as all of them also represent great value.
There really are deals across the board - in recreational and condo segments as well, please call me anytime to get on an instant update system that I personally screen to send you only the best new listings that meet your exact criteria.
Happy New YEAR!
After repeated speculation that the average sales prices in the Central Okanagan would drop, and months with the stats defying this popular theory, August finally saw a small decline in the average sale price of single family homes, at -2.5%. This a modest adjustment off the average sale price, and my experience working in the field tells me we have seen much more. Why is this number misleading? Likely because of the tremendous selection in todaysmarket place, with so much to choose from, buyers are simply spending the same amount of money, but getting more house. There is no stat to support this, but my guess is that todays buyer has about 10% more power than they did a year ago. So, is the market due for a major drop, and what about the global economy, which seems exceedingly reactive to the economic picture in the States?
Real Estate values here have corrected, that much is evident. Over speculation of builders and developers, plus the cashing out of prudent investors have pushed inventory levels to unprecedented levels. But people are still continuing to move to one of the most desirable places in Canada; the Okanagan. In fact, between 2010 and 2020 it is projected that over 10 million Canadians will turn the magic age of 60, the golden years when where you live is more important than what you do for a living. Where is this aging population going to go? You guessed it…a huge chunk of these baby boomers are going to elect to stay primarily in Canada, where they have cheap medical care. AND they will likely choose a region that offers the best lifestyle, has a mild climate, is near a major airport, and has the best WINE in the country- RIGHT HERE! Are we ready for this influx? Will demand in our valley eventually out pace supply once again? Absolutely.
So much like the stock market, the down turn should be a signal to the prudent investor to BUY not panic. And while we all like to claim to have sold at the peak, and bought when prices are low, real estate cycles are silent beasts… you never really know when your at the top until you start to come down. And where is the bottom? If history repeats itself like it did over the last down cycle of 1995-2001, the largest average decrease we are going to see is likely -2.5% over a 12 month period…. exactly the percentage we experienced in August. So will the market get much worse? Likely not much for the single family sector, is my guess. I look forward to a few years of more level trading, where sellers actually compete for buyers a bit, and buyers have time and selection to really make the best choice.
Likely the next few years will remain stable, but if you are on the outlook for a deal and have a 5- 10 year plan, you cant go wrong jumping in at anytime! My investment picks are single detached family homes, with an strong lean on ranchers and solid bungalows that could lend themselves to an overhaul and be marketed as a retirement home option down the road. I love neighbourhoods close to ammenities and recreation,especially Kelowna South,Peachland flats and Lakeview Heights.
How well can you expect real Estate in the Central Okanagan to preform over a long period of time?
Heres the history,
In the last 5 years, prices went up 200%(average price went from $240,000 to $ 476,500)
In the previous 10 years, prices went up 275%( average price went from $176,000 to $ 476,500)
And if you were smart,( and old enough :)) and held real estate in our valley for 20 years, you would have watched prices increase by 475%!
Real estate is a wonderful part of any wealth portfolio - even if it is only for your primary residense. It is the backbone of all other investments, and with a long term plan you simply cant go wrong!
First off, let me reassure you all that I haven’t developed a french accent or a penchant for throwing random lettering in… any oddities in the typeset are yet unexplained by my internet tech…grrrrrrr. Hopefully you can ignore them and get the gist of my content
The latest stats for July 2008 are in… and despite much speculation and anticipation, the average sale price continues to defy gravity! The average sale price is still in the 512,000 range for single family homes in the Central Okanagan… While we are hearing daily about listings dropping their asking price rapidly, and the occasional story of a crazy list to sell ratio ( lower mission, was asking 699,000 - sold for 600,000) overall these stories are the exception not the rule. The over supplied market is the biggest story of all - as only 1 in 13 listings is resulting in a sale! Those that are successful are pricing at last years levels, presenting themselves competitively on the market closest to that eventual sale price, and are in top condition - or priced accordingly. Likely the home in the Lower Mission was overpriced to begin with, and a prudent buyer recognized that. It isn’t necessarily the deal of the year to get an overpriced home for market value, just surprising to find that kind of a meeting of the minds!
The average sale price has remained relatively high on average -94.4% of asking price. Which means a home listed for $500,000 would sell for around 475,000. This is a normal market in national terms, but the mindset of the average Okanagan homeowner is much different, and a bit shocked at this change! We all remember the days of multiple offers, written on the hood of your car, within hours of a hot property hitting the market! But that is what makes real estate interesting, it isn’t a flat commodity… there’s ups, there’s downs… there’s times that favour building, and times that favour the resale market. There’s markets that encourage speculation, and markets where investors are walking from deposits and leaving developers with product they thought was sold…
Out shopping for a new purse today, I got quizzed by the shop owner about WHAT IS Happening to pricing???? Almost panic driven, you could sense her desire to protect and cling to her perceived wealth in terms of equity in her home. Rest assured, we are still one of Canada’s most desirable housing markets. People are continuing to move here, get divorced, get married, have kids, move up, move down…. and die. All these changes result in a turnover of product. While this turnover seems to have slowed due to a huge influx of speculative building and investors riding the wave and wanting to cash out, we are still a thriving economy and far from a recession. Our pricing is on par with last year… and last year was a good year to own real estate in our value. Let’s keep it in perspective people.
And please, if you want to sell your house - be ready to compete! If you are wanting to invest - do it! The time couldn’t be better. Just like we never new that the high hit in Feb/ March of 2008… we won’t know we’re at the bottom until we start to climb again. The markets that are likely to bounce back the fastest are the single family, under $500,000. Condos will likely be a rough ride for a while - unless you can find one that is affordable, immaculate and in a fabulous area…. CHECK out my new listing…for $269,900. Although it isn’t rentable, it is a fabulous entry level condo!
Summer is in full swing in the Okanagan;the weather is hot- and the real estate deals are hotter! Its hard to appreciate if you are new to ourmarketplace, but those of us who spend our time watching the inventory levels can’t help but be excited about the values available. My favourite neighbourhood to watch right now is Peachland-with this lakeside community pouring some serious money into the redevelopment of its unsurpassed stretch of public waterfront it is easy to imagine it becoming the vacation hot spot of choice once tourists get fed up with the big city vibe of Kelowna. While my heart’s in the community of Westbank/Westside ( whatever our new name will become!), it is years away from developing this type of long term vision for a sustainable and welcoming setting. The prices in Peachland are still about 10% -15% lower than comparable properties in Kelowna, and the selection of product is well supplied. Top MLS picks for this month are as follows:
Fixer uppers -9196536 $365,000 for 1200 sqft rancher on a .36 acre lot. Ravine side setting.
9193891 $399,900 for a 3 bdrm lakeview, huge lot, steps to beach
Ru6 DVLP potential - 9194406 Hosp area, huge side yard for carriage home
Condos
9195046 2 bdrm for 239,000. U/G parking, central location and pool in complex.
9185658 Huge 3 lvl townhome for 349,900
For more information on these listings, or any other product in the Central Okanagan, call me anytime,
The long anticipated condo crunch is in full swing, with reductions across the board in every segment. The months of April and May were especially bleak, with late June starting to see a trickle of summer interest from out- -of towners! I’ve been especially busy myself with a couple of out of hopeful new locals this week and have spoken with many more - it seems as though interest in Okanagan Real Estate hasn’t disappeared, but is simply overwhelmed with the HUGE supply! I’m out with my new friend Sharon from Alberta tomorrow ( local Realtors still love Alberta! ) and we are both feeling like we are drowning in options and choice. Thank goodness its great fun to wade through all the product with an enjoyable companion, nothing like dozens of units to brush up on your product knowledge! Thanks to enslaught of new buildings in the last few years, Im even getting into some of them for the first time. 1994-96 is all coming back to me now- in the condo segment, at least, its a buyers market! Single family has recently picked up, and we are comfortably settling into level market, one in which sellers actually have to compete a little to entice a good offer. Presentation and pricing is paramount, but pricing seems to have maintained the same level as Fall 2007, slipping slightly from early spring highs. Hope you are enjoying your summer and after months of unpredictable weather -finally remembering why the Okanagan is such a great place to live!
