‘Un­re­al­is­tic’ price

Calgary Herald - Calgary Herald New Condos - - Re­cre­ation & In­vest­ment Prop­er­ties -

In terms of sales in the first quar­ter — the lat­est pe­riod for which sales num­bers are avail­able — Re/Max says buy­ers rec­og­nized op­por­tu­ni­ties ex­ist and are mak­ing their move be­fore prices climb any higher, mort­gage rates in­crease again and B.C.’s har­mo­nized sales tax comes into ef­fect July 1.

“Oth­ers, how­ever, are sit­ting on the side­lines, hold­ing off with the be­lief that prop­er­ties could see ad­di­tional re­duc­tions,” says the Re/Max re­port.

Those look­ing to sell at what the mar­ket­place con­sid­ers an “un­re­al­is­tic” price are play­ing a risky game, it says, be­cause buy­ers are more than will­ing to look some­where else. But for the most part, sell­ers are rea­son­able with their ask­ing price be­cause most of them — who bought three or four years ago — are still go­ing to make a tidy profit, says the re­port.

“High-end pur­chasers mak­ing cash of­fers have been in­cred­i­bly ac­tive due to the po­ten­tial sav­ings in this seg­ment,” it says.

The av­er­age price of de­tached prop­er­ties is now hov­er­ing at $2 mil­lion, up from $1.45 mil­lion in 2009.

Re/Max says some prop­er­ties sold at the start­ing price of $1.2 mil­lion are be­ing com­pletely lev­elled, with the re­sult­ing new con­struc­tion bring­ing the value closer to $2.5 mil­lion upon com­ple­tion and chang­ing the land­scape.

Buy­ers look­ing for greater value can seek out cot­tages on smaller Columbia Lake, with prices start­ing from $900,000.

View and back-lot prop­er­ties are not ex­pe­ri­enc­ing much de­mand this year, given the amount of in­ven­tory and softer prices on the lake.

The most af­ford­able op­tion is park model lots at Lynx Ridge, with full own­er­ship from $200,000.

Many of these lots have beau­ti­ful views of the area’s wet­lands — and the most sought-af­ter are cot­tages within close prox­im­ity to ameni­ties and boat launches.

Lake Win­de­mere has a hand­ful of pub­lic launch sites. As a re­sult, homes with ac­cess to the lake’s pri­vate mari­nas are most cov­eted.

Even with­out a lake view, it is not un­rea­son­able to es­ti­mate that ma­rina ac­cess would add up­wards of $100,000 to a list price.

While more high-end homes are mov­ing, tra­di­tional pur­chasers are seek­ing out a sim­ple place to get away and will con­sider more ba­sic cab­ins, as long as they are well-kept and well-lo­cated.

The most ex­pen­sive prop­erty in the area sold in the first quar­ter for $1.4 mil­lion, while the most ex­pen­sive list­ing is cur­rently of­fered at $2.1 mil­lion. “With re­cov­ery still un­der­way in the Lake Win­de­mere area, recre­ational prop­erty buy­ers will re­main in the driver’s seat in 2010,” says Re/Max.

The kitchen of one of the suites at Cop­per Point Re­sort in In­ver­mere, B.C. which is now un­der the own­er­ship of Ro­hit Com­mu­ni­ties.

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