Sarah Baikie Personal Real Estate Corporation - RE/MAX Check Realty - Campbell River area

250-203-3087

Hi to all and hoping you’re having as great a summer as we are. The consistent and extended hot weather is much like a typical Summer from my birthplace, Melbourne. It makes me chuckle if a client says it’s too hot, my reply is “we’re only getting started, no one’s cooking an egg on the sidewalk yet”.

 

To top off the great weather, my sales this year are a personal best taking me to number one selling agent for our office. A sincere thank you to current and previous clients for trusting me, family and friends for recommending me, and Chris for his amazing virtual tours and photos. We’re focusing on how buyers are introduced to a property. We’ve fine tuned our approach, tailoring efforts to online rather than print campaigns, and ensuring our online content is as good as anywhere in the world. Chris often appears from his very messy media room and declares the new toy purchase:

“I need a steady cam, there’s a realtor in Florida and his virtual tour…”

“I need a drone helicopter, there’s a realtor in Sydney….”.

So far so good with the new toy purchases; no seaplane or boat request yet, phew.

 

This year I’ve done more open houses than ever before, my favorite buyer meet-and-greet. Previously I’d do three on a Saturday, but this year I was pumping out four on Saturdays. On Sundays we have dinner at Chris’s parents’ house, and my father-in-law one night said he saw me running. We had a good laugh. With the weather being so hot, no one is bothering to come to open houses, but trust me when I say I’ll be back at her once the cooler weather comes.

 

Campbell River is a great market to buy into with solid gradual upward growth. June saw 64 single family homes sell, well beyond the 37 units sold in June 2013. 2013s average single family sale price was $287,733, and has since increased to $302,679 this year and rising. Around town many projects have broken ground, to name a few: the new hospital, the BC Hydro upgrade, and the new Comfort Inn Hotel. Staff at Seymour Pacific Developments have moved into their fancy new digs, and Berwick By the Sea retirement home will have residents moving in by the Fall.

 

Bare Land is another great indicator of our City’s upward market. In 2013, the average price for a lot was $100,966. As of July 2014 the average price is $113,895 and rising. The sell price/list price ratio is 100%, which means lots are selling for full price.  Jubilee Estates has just released 32 new lots in Phase 6, great sized lots within a subdivision of tree-lined side walks, walking trails connecting to Maryland Estates and Willow Creek Conservation area, and a short stroll to the Sea Walk.

 

The condo market is dancing to a different tune. Sales are sluggish, with 3 units selling in July 2014, compared to 7 the same month the previous year. Of those sales, on average they took 198 days to sell and sold for 93% of list price. The condo market is an apt should’ve, could’ve, would’ve story. In years to come, many will kick themselves for not taking advantage and purchasing one of these units that showcases world-class ocean and coastal mountain views. Buy at today’s prices, rent it out until you are ready to downsize to condo living. I have two lovely waterfront condo listings, one in Hidden Harbour and one at Willow Point Estates, both allow rentals.

Keep having a great Summer!

 

 

 

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Hi All, the property management department at Remax Check Realty has spread the word to the sales team:

 

"If anyone has buyers looking for investment properties, property management needs new inventory – we’re out of houses, esp. 4 + bedrooms and there’s increasing demand."

 

One more indicator amongst many that Campbell River's real estate market is upwards and onwards. 42% of Buyers purchasing homes in Campbell River live within the area. Of those, 40% are residents of Campbell River for less than one year. Buyers like to 'temp rent' and try out Campbell River before they buy. If the property management department is out of inventory, as a Realtor, that tells me there are a lot more buyers in the wood work.

 

Campbell River's property values are excellent compared to Vancouver Island as a whole. In February, the median price of a single family home was $294,355 and the median price of a lot was $104,000. When taking into consideration the economic boom projects such as the BC Hydro dam upgrade and the new hospital build, both in construction over the next five years. The incoming construction workers for these projects will require rental accommodation. 

 

Last week's top pick investment property 738 Beaver Lodge Road, mls # 370543, $284,900 zoned R1A with a legal 3 bedroom suite below.  Listed on Friday, March 7, it had an accepted offer on the very next day on March 8th.

 

This week's top pick investment property, Vanessa Hird’s 778 Beaver Lodge.  See the list below to see my other ‘stand out’ properties.  Let me know if you have any questions on any properties.

 

Strata Properties

401-322 Birch mls 370967

110-824 Isl S. Hwy mls 371064

 

Little Ranchers

78 Washington mls 364718

624 Niluht mls 370875

 

Suites and Suitable

1048 Galerno $313,900  mls 370922

331 Birch $228,800 mls 370878 (sold in 6 days)

975 Alder $267,700  mls 371096

555 Birch $289,900 mls 371372

361 Parkway $309,900 mls 370929

13-2033 Varsity Landing $339,000 mls 366428

 

Duplex

361 Mclean $279,900 mls 371377

778 Beaver Lodge Rd $309,000 mls 369419

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Each month the Vancouver Island Real Estate Board (VIREB) generates statistical data based on Multiple Listing Service (MLS) activity. Campbell River is broken down to five sub areas: Campbell River North, Quinsam/Campbellton, Campbell River City, Willow Point and Oyster River North.

 

In 2013, 778 single family homes were listed in Campbell River with 457 sold. That’s an impressive 59% sell-to-list ratio compared to 2012’s 47% sell-to-list ratio. The majority of sales occurred in Willow Point (47.6%). The remaining occurred in Campbell River City (32%), Oyster River North (8.6%), Quinsam/Campbellton (6.6%) and Campbell River North (5.2%). The average price of a home in 2012 was $287,922 and in 2013 it rose to $293,037. If you’re a first time homebuyer or investor, and did not snap up a property in the past year, your hesitation cost you approximately $5,000. That’s a new roof or a holiday!

 

In 2013, the hottest single family home price range was $200,000 to $350,000. Breaking it down, 115 homes priced $200,000-$250,000, 118 homes priced $250-000-$300,000 and 107 homes priced $300,000-$350,000. The reigning queen house style was a rancher (with a minimum of 3 bedrooms and 2 bathrooms) with 165 selling from January 1st 2013 to December 31st 2013. A remarkable 36% of 2013s total single family home sales.

 

In 2012, single family homes on average sold for 95% of list price with an average of 82 days on market to sell. Sellers were able to breath easier in 2013, gaining upwards to 97% of list price and 68 days on market to sell.

 

If you purchased property in Campbell River in 2013, nice one! You deserve more than a pat on the back, you’ve earned a holiday!

 

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Where do Campbell River's buyers come from? MLS does an Island wide annual survey but as we know Campbell River is very different from Courtenay, Nanaimo, Parksville etc


At Remax Check Realty, when we sell a home we have to complete a survey about the buyer. Our admin department has been tracking our survey results since 2010. Here's Campbell River's results for 2012 in a snapshot:
- 42% of buyers are from within the Campbell River area, 24% of buyers are from elsewhere on Vancouver Island, other BC 9%, Alberta 9%, Vancouver 3% and Victoria 2.4%. It pays to market locally! But not necessarily in print, keep reading and see below
- Before their purchase, 40% of buyers have lived in the community for less than a year. Try before you buy!
- 49% of buyers purchase their home for retirement. Baby Boomer alert! In 2010 it was only 40% and 2011 43%
- 71% of the buyers purchase a single family home, 8% apartment condo, 6% patio home, 0.7% acreage with house

- 36% of buyers first become aware of a property by their Realtor bringing it to their attention, 34% the internet, 3% relative or friend, 12% signage, 7% mls catalogue, 2% newspaper (it's true, the Homefinder is typically where sellers shop for a listing agent, and the curious community check out what homes in their neighbourhood are going for. It's not necessarily the lift out guide for buyers. What's interesting is, Sellers are for the most, adamant about having their homes advertised in the local paper)
- 27% of buyers choose a Realtor recommended to them by a friend or family member (please don't hesitate to mention my name), 16% prior client, 8% out of town Realtor referral, 9% trawling the internet, 5% walking into the office.
As a Realtor I genuinely appreciate the collation of stats, it better directs my advertising and marketing, it's what helps me to know how to get my listings SOLD!

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Hey, g'day! New listing 2060 Willis has sparked my curiosity today! I had to jump in my car and take a drive by.... it's 3 acres of level land listed for $350,000 which got my mind crunching numbers as to what it should sell for. 


What's interesting is this area of town is fully serviced (including sewer, although it's not pedestrian friendly but that will change in a matter of time when new roads and footpaths go in, the residents are making enough noise about that issue at City Hall), it's got larger parcels of land that can be subdivided (not today, sit on it and in the future as the population growth demands), close to downtown and it's level so not much dirt to shift around which cuts development costs. Basically, the Petersen/Willis Road area is an opportunity to become a future mini developer ka-ching, OR sit on it (earn revenue by renting the improvements) and flip it to someone else who can be bothered developing).


When I drove by 2060 Willis there was an excavator tearing up the front drive from the road right to the junky trailer that's noted on the listing as being "too dangerous to enter". Hmm, broken water main maybe? A nearby resident said they're putting in water lines etc which doesn't make sense as that would already be in place...? I'll dig around for more info as that's pertinent to value, especially if it's being set up for two residences with separate access on the same piece of land.


The listing (mls 358904) also says there is a two bedroom home that is apparently "renovated from the outside in" and for the life of me I can't see it even when I drove around the outer edge of the property.


Fair Market Value? Here are some of the recent sales and listings I'd be taking into account when crunching numbers. Basically, my approach comes down to calculating the price per square foot (of the land) after I've shaved off the improvements of 1) the subject property and 2) each comparable; and then I tack the improvements back on to the subject 2060 Willis. To do this I'd need to view 2060 Willis and get some answers as to what he excavator was up to and the condition of the mysterious 2 bedroom renovated home. I'm viewing the subject property hopefully Monday morning.


Here's a couple of comparables:
- Shady Stables which is a boomerang throw away, sold last week for $680,000 and is 5 acres with a newer 3 bed 2 bath rancher and many horsey type outbuildings/improvements of value.
- A month ago, my husband Chris was involved with the sale of a 12 acre property on Petersen Road that has a larger two level home in fair/good shape (drive by and you can see the siding being replaced at the moment), which sold for high $800s.
At the top end of Shetland Road is 15 acres, currently for sale at $850,000 which includes a good condition renovated trailer.
It's actually a positive that the area is not currently pedestrian friendly otherwise these parcels of land would be going for way more.

Listed by Toni and Carol at Remax Check Realty, clickety click on the link or best take a drive byhttp://toniandcarol.com/real-estate.php?view=39291


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Looking to buy, sell, invest or just simply curious - it’s in your best interest to take the time to read my market snapshot outlined below.

 
Campbell River is on the move and the first quarter figures indicates it’s upwards and onwards.


May saw 56 homes sold, only 4 short of April’s record breaking 60. Which is a big improvement from April 2012 which saw 41 homes sold and May 2012 which saw 43 homes sold. June’s sales were 37, which continues to be better than June 2012 which saw 33 homes sold. Inventory of single family homes in June 2012 ballooned to 345, compared to 255 in June 2013. That is almost 100 less single family homes for buyers to choose from today. Demand is increasing; supply is shrinking. Out on the field we are experiencing buyers turning their attention to lots and new construction. Reason being, buyers are struggling to find what they want in the shrinking inventory of existing homes.


For now, prices are stable, however if this supply/demand trend continues the upward pressure will come. It’s already happening in some sectors of the market such as bare land.


Sales of lots doubled in May (14 units) compared to May 2012 (7 units). This growth continued into June as well, seeing 8 lots sold versus the 5 sold in June 2012. The median price of lots trended upwards from $94,000 in May up to $100,000 in June. The cheaper lots have sold, mostly snapped up by local builders in a rush to keep their construction costs down in a local market showing great signs of recovery. KLP Construction is rumoured to have purchased 30 lots in Discovery Plateau which is now sold out for the time being (phase 6 scheduled for release in 2014). Desolution Land Corp and NVH Homes are snapping up lots like hot cakes in Jubilee Estates (phase 4 is rumoured for release in a matter of weeks). Earlier this year, Ted Maxwell was selling Parkway Estates lots for $85,000 upwards; however in June the minimum price was raised to $118,900. In a nutshell, if you have a spare $25,000 and access to financing, contact Sarah as soon as possible.


Sarah are bare land and new construction specialists and are happy to share her top 5 best value lots to buy today.


Question: When is the best time to buy a lot, an investment property, build a new home, sell your current home so you can buy upwards into a higher price range?


Reply comment 'Today!'

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