Thursday, August 21, 2008

Bert Chapman - Kelowna Real Estate -What's Luck got to do with it?


Residential - Average Price $512,811 - Last year $479,714 - Increase 6.9%
Apartment - Average Price $315,707 - Last Year $278,559 -Incrreas 13.34%
Townhouse- Average Price $396,086 -Last Year $353,708 -Increase 11.98%

Listing Inventory Up 42.6% Units Sold Down 39.6%

The market is healthy but price sensitive. Some say, “You have to be lucky to sell”.

Luck is... “Where preparation meets opportunity!”

I was at a car show in Keremeos British Columbia recently and overheard a conversation between a Realtor and another person. “How is the Real Estate market these days?” Realtor...”It’s terrible!” No one is buying, everyone wants to sell and everything is for sale. No one can buy anymore because prices are too high.”

I thought to myself...I guess that person won’t be buying or selling through that REALTOR anytime soon.

I also should focus on what you want, not what you don’t want. You will attract what you focus on.

So...How is the Market?

Well, I am personally working with several groups of buyers.

  • Repeat clients from 6 years ago. They are unfortunately splitting up. She has a good job in healthcare and can afford to buy their existing house. He is a welder and is pre-qualified for $400,000 - $450,000. Good jobs.
  • Another repeat client – they have a private sale for their existing out of town property to a neighbor. They want a home in Lake Country with a lake view, approximately $600,000 - $700,000. He works for a door company and she works for Canada Post. Good jobs.
  • Parents of a university student looking for an apartment near UBC Okanagan, price range $250,000 - $300,000. Parents are accountants. Good jobs.
  • I recently completed a sale of a townhouse to a young couple expecting twins. They wanted to move close to their parents. He works for a warehouse company and she works for an insurance company. Price range $300,000 - $320,000. Both have Good jobs.
But, how can this be?The Realtor at the car show said “no one is buying”. I can hear you thinking, you’re just lucky! What is luck? … “Where preparation meets opportunity”
So…who can buy? People with good jobs. Let’s look at the Yellow Pages for good jobs. Accountants, bankers, airport employees, auto body, casinos, cell phones, chiropractors, city workers, doctors, dentists, environmental consultants, funeral homes, health care, lawyers, waste management, plus retirees and seniors, etc. etc. etc.
Life goes on. Peoples’ housing needs change. Houses will be bought and sold.
There are plenty of opportunities for those who are prepared. They will be lucky!Don’t wait to buy Real Estate - Buy Real Estate and wait!

Agent: Bert Chapman
Office: 6-3185 Via Centrale, Kelowna, B.C, V1V 2A7
Phone: (250) 765-0570Toll Free: 1-866-765-0579
Fax: (250) 765-0577

Saturday, August 9, 2008

Bert Chapman - University helps create mini condo-boom

By Steve MacNaull - The Okanagan Saturday August 9, 2008.

UBCO-related condominium purchases in the Central Okanagan are creating a mini-boom within a market that is generally softening.

"Parents of university students are buying condos around UBCO and along bus routes to the school so their child can stay in them, but also as an investment,” said Bert Chapman of Premier Canadian Properties.

“The idea is, if their child also gets a roommate to pay $850 a month, it’s a mortgage helper. Hopefully, when they sell the condo in three or four years, they make a profit that covers what they spent on tuition and more.”

Bert Chapman’s office is at the Quail Ridge golf course beside UBCO. Last weekend, there were eight sales at the Pinnacle condo complex at Quail to parents of university students, with multiple offers on three of the units.

The price range for two-bedroom condos in the building is $289,000 to $349,000. Since the building has resort zoning, short –term rentals are allowed, so they can be rented to students during the school years, then to golfers in the summer.

Chapman is also aware of A half a dozen sales to parents of university students at Brookstone in Winfield, which is on the direct bus route to UBCO. “Because my office is beside UBCO and our company represents sales at Brookstone, we have been able to spot this trend.

“I’m sure there are more sales just like it, but because various agents at different companies are handling them, they don’t see it as the mini-boom we do.”

After a five year run of doubling prices and record sales, the Okanagan real estate market is slowing as investors and flippers drop out in reaction to higher prices and a slowing economy.