The search for the perfect getaway
COTTAGE COUNTRY ALSO A RED-HOT MARKET,
If you’re on the lookout for a luxury cottage, l et’s hope you’re an early riser with a plan in hand. The recent real- estate boom in prime cottage country has created a market where the demand is high but the listings are slim.
“If you’re coming to Muskoka and spending $ 1.5 to $ 10 million, it’s hard to find anything,” says Rick Scully with Harvey Kalles Real Estate. With its spectacular lakefronts and golf courses, shops and restaurants within a short 15- minute boat ride, it’s no wonder the area is such a prime catch for would-be cottage owners.
This fight for listings is relatively new. A decade ago the region saw the biggest numbers in unit and dollar sales.
“Then the crash came,” Scully says. “Every year until 2016 unit sales were down for high-end properties. Last spring, inventory and total listings were down by 25 per cent for properties over the $ 2.5- million mark. Buyers didn’t have a lot to choose from, and if it was a good property, it went fast.”
This year promises more of the same, with the first quarter already experiencing a 30 per cent drop in both inventory and sales.
Waterfront properties have become exceedingly rare and precious gems. Even buildable l ots are creeping up in price. Scully estimates that a reasonably buildable 200- foot lot will set you back anywhere from $ 900,000 to $ 1.5 million to start.
Properties around Huntsville, Lake of Bays, and Kawartha Lakes Region, come at a somewhat lower price point but have less to offer in terms of local amenities. However, they do appeal to buyers seeking a quieter retreat, Scully says.
“If you want to canoe and don’t want a lot of activity around you, a smaller lake might be the right choice.” As far as island locations, those are for the very select few who don’t mind the isolation.
Cindy Gynane, sales representative, f or REMAX eastern Realty’s Bridgenorth office, says the market for waterfront properties in the Peterborough, Buckhorn, Bridgenorth and Lakefield areas is equally tight.
“If you get a listing it’s gone the next week,” Gynane says. “The prices have skyrocketed. In Peterborough they’re up 32 per cent.”
Pricing is a little less lofty than Muskoka, ranging from $900,000 to $3 million for a waterfront property. “Everyone wants prime waterfront for $500,000,” she says. “But that’s not going to happen. Even some of the newest developments on waterfront lots in Buckhorn are already gone.”
However, Muskoka reigns supreme for high- end products, says Mike Taylor, president of the Lakeland Association of Realtors. “Location is still the overriding theme no matter how far back you go.”
He notes that the tight market means a number of properties in the area don’t even hit the MLS system. “You may not even be aware of them unless you talk to a local realtor.”
So if you have the finances, and the good fortune to land your dream cottage, what’s the picture- perfect choice? Or on the flip side, if you have a property you’re considering putting on the market, what features will guarantee a top dollar?
First and foremost, the prime layout of choice is an open- concept bungalow, with a lower level walkout to the waterfront. A big drawing card is a boathouse with living quarters — the bigger, the better. Three or more slips with a hoist for lifting boats out for storage are a definite plus.
“If you have two lots beside each other at the same level and one has a finished boat house or dock, nine out of 10 buyers pick the one with the finished boathouse, even though that could be a $ 900,000 difference,” Scully says.
And you can forget the rustic cabin retreat motif. People want modern styling through and through, he adds.
“Nobody wants to look at an eight- year old property with the big windows on the front. They want steel roofs — not shingle or cedar shake, white- on- white interiors, and linear designs.”
Mullioned windows are out. Floor- to- ceiling clear glass windows without dividers are in. Nix the drapes or window coverings. Opt instead for electric dropdown shades as the perfect accoutrement. The palette of choice is white-on-white (including the floors) with some soft greys thrown in. Hardwood, granite and quartz are the surfaces of choice.
Other things that can add to a property’s “curb appeal” are uber-size kitchens — formal dining rooms are falling out of favour — with all the fixings: ultra-modern restaurant quality appliances, larger pantries, extra dishwash- ers and large walk-in coolers and wine cellars.
Some tennis players want a court, but saunas — not so much, Scully says.
“Bocci ball courts are being put in a lot of houses now,” he says. Another perk for buyers with a more nomadic lifestyle is a helicopter pad. And you can’t go wrong with a kittedout home theatre.
Bedrooms are also i ncreasingly grandiose, with buyers demanding ensuite bathrooms and walk-in closets in every room.
Pools are definitely a negative.
“Years ago it was all about getting an in- ground pool. But people have realized they’re too much work. But hot tubs are still in,” Scully says.
And paved driveways are becoming increasingly popular, especially with owners who want to enjoy yearround access.
Of course, there’s always the option of buying an existing property and renovating or replacing it.
Lakeland’s Taylor says he often sees buyers taking on a 1930s or ’ 40s cottage and renovating it to today’s standards or, alternatively, building something completely new.
“Buyers are now thinking, ‘I can’t find a waterfront property, so I might as well build one’,” REMAX’s Gynane says. “A lot of people if they see something want to tear it down and rebuild.”
For anyone hankering to rebuild or renovate, bear in mind that contractors can be in short supply. While some owners will bring in contractors from out of town, often times they’re not f amiliar with l ocal building practices, which often leads to problems.
For example, Gynane notes that there are some major restrictions in place around building boathouses.
“If you tear down even an old one on a side lot line, they won’t let you rebuild,” she says. “Any new builds have to be 35 feet from the side lot line. If you have a 100- foot lot, that’s a problem. You’re better off fixing what’s there, even if it’s in rough shape.”
For the most part, a finished product wins hands down, Scully says.
"I would say 95 per cent want everything finished because they don’t want to deal with builders, designers, architects, or contractors and have to wait up to two years to get it done. They want it now.”
All of which adds to the cottage country race.