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

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

Kelowna Real Estate Update***** April Market***** Breakthrough Month

Kelowna Real Estate Update***** April Market***** Breakthrough Month

Welcome to Spring time in the Okanagan everyone.

This is the my favourite time of the year when Jo and I abandon that wretched morning spin class and take our bikes outside again.

First things first….Kelowna real estate news. Re/Max Kelowna sold Diane Parker’s listing from Royal LePage on Sonoma Pines late in the day on April 30th for our board’s 200th sale of the month. I know it’s just a psychological barrier but it’s terrific to be able to report a monthly sales stat that starts with a “2” again. We had 172 sales in April 2011 so the trend is certainly upward. The average sale price last month was $504,100 compared to $488,000 the previous April. We broke through the half-million dollar barrier because of 8 sales over $1 million last month. There are still 2002 homes on the market so let’s not get too excited. We would need to be generating just over 300 sales per month to be in a balanced market.

Looking at the data a little closer. Let’s start with “normal people” numbers. In the $300,000-400,000 price range there are 364 homes for sale and we generated 52 sales last month. Not bad.

In the $400,000-$500,000 range there are 422 homes for sale with 69 sales last month. Even better.

If you’re one of the 336 homeowners with a home for sale over $1 million, things are a little more encouraging but there were still only 8 sales in April. Something has to give here….either a lot of the 336 homeowners have to be more realistic or we need to start selling 50 sales a month. Stay tuned.

I’ll close with an interesting stat….there are more homes for sale in Kelowna priced over $1 million (336) than under $375,000 (332).

In other news, we all have a night off every second night with the Canucks exiting early from the playoffs so a lot more time to write blogs or hang out with the kids. Emmet and I both watched NY Ranger/Capitals triple overtime game last night and I switched channels at one point to take a quick peak at American Idol only to switch back to find out we missed the final goal and the game was over. It was a quiet breakfast this morning. My bad.
If you are interested in joining us for a bike ride this Sunday give Andy a call.

View Kelowna Real Estate Listings and photos online at www.OkanaganBC.com

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 new homes for sale Kelowna

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