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 Posté le: Lun Sep 30, 2013 9:17 pm Sujet du message: Commercial real estate report: Tide rising again f |
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{Commercial real estate report: Tide rising again for rural property investment in B.C.}
Surf Lodge on Gabriola Island: 7.4 acres of waterfront with a lodge, pub and guest suites is priced lower than a bungalow in West Vancouver or Kitisilano|Jay Cousins,[url=http://www.moncler-sale.org]moncler on sale[/url], Re/Max Jay Cousins RealtyPeter MithamTue May 28, 2013 12:01am PSTA rising tide lifts all boats,[url=http://www.moncler-sale.org]moncler outlet[/url], and for waterfront properties in B.C. that’s good news.A recovery of residential real estate markets across the province and the emergence of more patient buyers and sellers are underpinning an upswing in recreational property activity.“I’m seeing a lot more activity in the past two months than I saw at any period last year or in the past 18 months,[url=http://www.moncler-sale.org]discount moncler jackets[/url],” said Mark Lester, who oversees the specialized assets group at Sotheby’s International Realty Canada in Vancouver. Waterfront properties on the coast are seeing a greater number of inquiries, offers and purchases; in the Okanagan Valley, it’s a similar story, and even developers are beginning to approach planners regarding new projects.But if the turnaround is a significant change from a year ago, Lester doesn’t harbour hopes of a return to the heady days of the mid-2000s. It was an ebullient era, with more ambition than caution and prices that haven’t been matched since.The pace of activity in the Kootenays remains slow, while prices on the Gulf Islands, Vancouver Island and elsewhere are – by Lester’s estimate – down by between 20% and 30%“They’re still not where they were six years ago,” Lester said. “When you fall off a cliff, it takes a long time to climb back up.”Some properties have fallen harder than others.Lester and partner Alan Johnson still have the listing for the 360-acre property in Ucluelet where Marine Drive Properties Ltd. planned to develop the ambitious Wyndansea Oceanfront Golf Resort. Debts overtook the project,[url=http://www.moncler-sale.org]moncler down jackets[/url], however, and the property was listed for sale in 2008 at $35 million.Today, the same site is available for just short of $10 million.Discount pricesOn the other side of Vancouver Island, north of Qualicum Beach, the final six homes at Qualicum Landing are being offered at “unprecedented pricing,[url=http://www.moncler-sale.org]discount moncler jackets[/url],” some at less than assessed value, with the real discounts seen with the top-end luxury models.Originally launched in 2009, the project has 62 units. Sales ticked up last year as pricing aligned with an upswing in buyer demand. This year, the aim is to move the properties with a starting price of $399,000 for a 1,065-square-foot cottage.The patience of owners with the base price for properties indicates both the patience and the strength returning to the market.Those handling recreational property elsewhere in the province spoke about the need, in the wake of the recession, to give a clear signal to the market that prices had stopped falling by pricing properties at a level where they wouldn’t fall further. This would,[url=http://www.moncler-sale.org]moncler outlet[/url], theoretically, leave room for investors to reap rewards.That strategy now seems to be at play across the province as buyers recognize that it’s safe to return the market and make the purchases they’ve deferred for so long.“This year, as far as recreational waterfront property is concerned, is better than we’ve seen since 2008,” said Joel O’Reilly of Royal LePage Sunshine Coast in Sechelt.Now, with prices for waterfront cottages down 20% relative to 2005,[url=http://www.moncler-sale.org]moncler sale[/url], and in a stable place for the past year, O’Reilly said buyers are ready to act.The waterfront deals extend to the commercial sector, according to Jay Cousins of Re/Max Jay Cousins Realty in Nanaimo,[url=http://www.moncler-sale.org]moncler on sale[/url], who noted that trophy Island resort properties have been deeply discounted. As Cousins pointed out, a baby boomer could sell a West Vancouver or Vancouver house and buy a recreational business opportunity with Gulf Island waterfront. An example is the renovated Surf Lodge on Gabriola Island that includes 7.4 acres of waterfront, a fully-equipped lodge with guest rooms, a 50-seat pub, a dining room,[url=http://www.moncler-sale.org]moncler down jackets[/url], a three-bedroom home for the owner and a separate cottage, all on six separate parcels with a further five acres for future development.Cousins said the property would have fetched about $2.5 million at the market peak. It’s listed now for $1.79 million, and Cousins said there is a possibility of negotiation.“The five-acre parcel, for instance, could be sold separately,” he said.Even at the list price, though, it is still below the “benchmark” $1.81 million price of a detached house on the West Side of Vancouver or the $2.1 million average in West Vancouver, according to March figures from the Real Estate Board of Greater Vancouver.Local demand is expected to buoy waterfront sales.A decade ago, buyers from the U.S. were using favourable exchange rates to seek a safe haven in the wake of the terrorist attacks on New York and Washington, and the shadow of conflicts in Afghanistan and Iraq.Now, it’s downsizers from the North Shore and the West Side realizing the great value waterfront properties a short ferry ride away can offer.Lester added that the rental market has also received a boost in recent years from people who would like a cottage but haven’t felt comfortable jumping in. This is something he expects more people to do this year.But more people are reawakening to the fact that investing in recreational properties, and real estate generally, is a long-term hold rather than a quick play.A tighter financing market initially helped set the tone, with many of the major banks refusing to bankroll purchases in areas deemed to be marginal,[url=http://www.moncler-sale.org]moncler sale[/url], and buyers are now accepting that appreciation won’t take care of their mistakes.“You’re buying it for the lifestyle, but you’ve got to look long-term,” Lester said. “There’s not this expectation that appreciation will take care of everything. We’re getting back to the need for a recognition that real estate investment is long-term.”Tags: Real Estate Board of Greater Vancouver, prices, recession, real estate
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