Tuesday, October 26, 2010

The Big Money Returns to Kelowna Real Estate

OMREB stats Oct 1-25, 2010

111 single family homes sold on MLS®.
11 were over 1 million dollars.
That's 10% of single family homes sales over $1 Million!
83% are between $350,000 and $550,000
7% are from $550,000 to $999,000

There are Two Markets at Work Here

The out of town buyers picking up bargain priced luxury properties over $1 ,000,000.
The local buyers finding a place to live.

It is interesting to note that the condo market has a few out-of-town buyers picking up lakeshore bargains in the $500,000 range, but over 80% of condo sales are local buyers with prices from $200,000 to $300,000.

During the boom of 2007, condos outsold single homes, now single homes outsell condos 2 to 1.
It's a great time to be a buyer: bargains abound, money is cheap, and only a few are taking advantage.

 Overheard at Tim Horton's,
"If I knew they would sell it that cheap, I would have bought it myself."

Make offers, someone might accept.

Bert Chapman
Premier Canadian Properties
#102-1180 Sunset Drive
Kelowna, BC  V1Y 9W6
Office 250-717-1886 Toll Free 877-717-1886  Fax 250-717-1889  Direct 250-212-7728
email: bert@pcrealty.ca   Website: http:www.pcrealty.ca

Friday, October 22, 2010

Re: Article in Kelowna Cap News by Jennifer Smith 10-20-2010

"Hard for students to find shelter"

Students thrust into high-end housing markets need someone to help them find shelter before hitting the books, a UBC Okanagan graduate says.

In conducting research for his masters degree in human geography, Jamie McEwan said he unearthed horror stories on the lengths some students need to so go find a place to live in Kelowna.

McEwan conducted 30 interviews in an exploratory case study of students aged 18 to 30 searching for rental housing in 2009 and was told by his interview subjects they knew of six to eight people sharing a one-bedroom apartment and even one person who pitched a tent off campus while attending UBCO.

"Students are coming here thinking that within two weeks to a month they will be able to find housing for year and it's simply not happening," McEwan said.

Click here to view entire article http://www.bclocalnews.com/okanagan_similkameen/kelownacapitalnews/news/105312708.html

More students than places to put them!
Premier Canadian Properties has a suggestion to address this challenge.
Here is our possible Win-Win solution.

Invest in these properties and become a landlord to students and destination golfers as well.

 2 bedroom, 2 bath units near UBC Okanagan
priced from $265,000 to $300,000
20% down, low mortgage rates and a high rental demand.
 Only 7 units left at this price.
Rent to students September to April, then short-term to golfers at nightly rates from May through to September. (Just save a week or two for your own use!)

Positive cash flow for years to come.

For a current list, email bert@pcrealty.ca
read full article by Ms. Smith at http://www.pcrealty.ca/news_pdf/73.pdf