Real Estate Downtown Kelowna

Real Estate Downtown Kelowna

I promise this will be easier reading if you can humm Petula Clark music at the same time.

Let’s define downtown as being from Poplar point up near Knox Mountain, up to Gordon Drive, then South to K.L.O., and of course the Lake on the West. Argue all you want….my blog, my boundaries! There are currently 137 residential homes for sale downtown and 280 condominiums.

Last year at this point in the year, there were 61 condo sales recorded at an average price of $331,000 and this year there have been 80 sales at a $312,000 average. As for houses, it’s the same trend. Last year saw 49 sales through the beginning of May at an average of $394,000 and this year the average is $389,000 based on 49 sales. Seems clear that prices are softening somewhat in the downtown core resulting in increased sales activity. With approximately 20 condo sales a month downtown we’re still stuck in a buyers’ market but a significant improvement over the 15 sales per month we were generating last year. We need to get this number to 45 per month for a balanced market so let’s keep those price reductions coming.

There is still a 10 1/2 months supply of residential houses on the market today so, like condos, it’s a buyers market but showing signs of improvement. We’re averaging 13 sales a month compared 12 last year and prices are down marginally. It is a great time to buy a condo before the market changes to a “Seller’s Market” and the prices move upward.

Currently, there are 15 lakeshore homes for sale and 68 lakeshore condominiums.

Finally, there are 13 downtown condos in foreclosure and 6 houses.  Call or text me for a list of today’s, Foreclsoures

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here kelowna canada real estate

It is a Great Time to Buy a Kelowna Condo!

It is a Great Time to Buy a Kelowna Condo!

There is still an over supply of condominiums on the market here in Kelowna but the good news for sellers is that the number of sales is on the rise and the good news for buyers is it is a great time to buy a condo.. There are 1,384 freehold condominiums for sale today and there have been 379 recorded sales through May 1st. Let’s quickly compare this to the last three years (January 1 to May 1)…

Year. Price Number of sales

2011 290,000 338

2010 293,000 426

2009 282,000 276

My first thought….”thank goodness 2009 is over”. The 379 sales this year represents a 12% increase in units sold and no one can deny this isn’t a positive sign for our condo market. Prices have dropped marginally from last year’s $290,000 but we’re still where we were in 2009 which isn’t too bad when you look at the amount of inventory on the market.

From an historical viewpoint, the average sale price 10 years ago (Jan-May) in Kelowna was $140,000 with an almost identical number of solds (391).

 

Looking at purchasing a Condo is different than a house. For condos after you have decided on your price range and neighborhood to live in you need to think about the restrictions on the bylaws and if they will affect you. One of the restrictions could include age restrictions, such as 19+ or 45+ or 55+ . How will these effect you and your lifestyle? It could be favorable if you are in the 55+ age bracket and don’t want to live with small children running through the complex daily, but if you are younger and move into a complex that is 19+ , get married and have a child this could be a problem

 

Strata living can be a great way to get into or out of the market. Email or call me if you want to discuss the pros and cons of  condo living.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna British Columbia homes for sale

Kelowna Foreclosure Watch

Kelowna Foreclosure Watch

We seem to be treading water at the 172 mark for total foreclosures in Kelowna. Lenders don’t discriminate who’s foreclosed on when you look at the numbers closely. An astute buyer can buy mobile homes, ski hill condos, lakefront lots, senior’s assisted living condos or standard issue middle class family homes. There was a big worry last year that the number of foreclosed homes with escalate to over 200 by this time but this doesn’t seem to be the case. There have been 87 foreclosure sales so far this year so our courts have been busy and efficient turning them over.

The foreclosure process it a bit different than purchasing a home or condo from a homeowner. Often when you go to view a Foreclosure property there is no owner living there. If there is a person living in the home they are deemed to be a “Tenant” or the home is vacant.  Vacant is preferable for a buyer because then you have the opportunity to view exactly what the condition of the home is and what you could expect to receive on possession day. If the home is tenanted then there are no guarantees by the bank of lender on the condition of the home. “Buyer Beware.”

After you have written an offer on the property and had your home inspection and other conditions removed from the offer the bank or lending institute still has a condition “Subject to court approval” The home is still not yours until the offer is presented in court and the judge approves the offer. You will be expected to pay for the home within 10 days of acceptance of the offer.

If you want a list of all the Kelowna Foreclosures just drop me a quick email and I’ll get it out to you. Thanks.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
1-1890 Cooper Rd, Kelowna, BC V1Y 8B7
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Kelowna properties

NEW**** BC FIRST TIME HOME BUYER’S $10,000 BONUS

NEW**** BC FIRST TIME HOME BUYER’S $10,000 BONUS

Thanks to Scott Jennings , Mobile Mortgage Specialist at TDCanada Trust

 

“I was on the phone with BC Finance Dept. 30 min ago and would like to share the following eligibility information for the $10,000 First Time Buyer rebate

1. ONLY FIRST TIME BUYERS can be on Title

2. See Facts sheet from Prov of BC on our website www.Okanaganbc.com

a. Forms are on this site, they say draft however, these are the forms you must use. Draft is only because the gov’t hasn’t figured out if they like this format or not

b. There is also a guide on the application to assist you through the paperwork and process

4. Phone number to call is 1 877 387 3332 if there are any questions

The gov’t has advised that they will begin making pay-outs to clients in the fall of 2012

More importantly, the Finance office stated that this is TAX FREE

 

Buying your first home is an exciting experience and can be the stepping stone to your retirement investment. Your first home can be a small home that you fix up and sell in a couple of years to move into a larger home or you may choose to live in it for several years and when you are ready buy a larger home and rent out the smaller home.  It is a good idea to think of a plan and start to work out the details.  Make an appointment with a mortgage broker and see how much you qualify for in a purchase price of a home, then meet with a Realtor, you are ready to start your home ownership adventure.

If you or someone you know is thinking of buying their first home and collecting the $10,000 please call us for a free list of acceptable properties for this program. 250-979-8066

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here Okanagan real estate for sale

Kelowna Condo Sales Up 10% Over Last Year!

Kelowna Condo Sales Up 10% Over Last Year!

So far, through the first 4 months of 2012 Kelowna real estate sales, there have been 396 condominium sales compared to only 356 for the same period last year. That is an impressive 10% increase in sales. The average sale price this year is $275,000 compared to $290,000 last year. The correction in prices is clearly having an impact on sales and it is good to see.

There have been 55 residential sales in Kelowna over the last 7 days plus another 35 Kelowna condo sales. Condominium sales have been flat here for so long it’s encouraging to see”condo-selling-season” in Kelowna . Older baby boomers looking for University housing choices are here now scouting around for August occupancy and the out-of-towners are typically starting to look for investment properties this time of year.

 

Now is the time to see what is available for sale in some of Kelowna’s nicest condo buildings. There is a great selection still available in lakeview, lakeshore and downtown condos.

Working with a Realtor who knows the market can be a great advantage  and can help make your decision whether to buy or rent a more informed one.  Buying a condo is a lifestyle and  owning a condo can be great if you are not interested in spending your leisure time working on the outside of your property and mowing the lawn. Instead if you want to go away for the weekend just lock turn off the lights and lock the door. When you come back it will be in the same condition. The advantage of condo living is that everyone who owns shares in the cost of the maintenance, hence the monthly maintenance fee also called the strata fee. Before you purchase ask what the strata fee includes, every complex is a little bit different.

Realtor Andrew Smith
Living in Kelowna,
Andrew Smith
Royal LePage Kelowna
250-979-8066 or Toll Free 1-877-330-5884
Follow me on Twitter @smithap01

Cal for more information https://www.okanaganbc.com/ or view here lakefront homes for sale Kelowna