Strong First Quarter
The volume of home sales in Powell River for the first quarter of 2014 was more than double that of the same time last year. We continue to move toward a balanced market which begins to put an upward pressure on prices which have been falling for the past several years. Homeowners wonder when the trend will reverse itself. If the current market trend continues, we may begin to see that reversal in the next year. April sales have been a little slower, but all the economic indicators suggest that the positive trend will continue through this year.
The Price of Waterfront in Powell River…
Many people often dream about owning waterfront property and wonder about its availability. Currently in Powell River from Saltery Bay to Lund (not including Texada Is) , there are 9 waterfront building lots for sale. Three are leased properties rather than freehold and generally sell for a little less than freehold. (It’s interesting to note that most of the leases on the waterfront have been renegotiated recently and still have 90 – 100 years left on the lease. Most of these leases are paid upfront – meaning that you get a mortgage and pay out the lease when you settle on a price. All that’s left to pay after that are taxes and possibly other maintenance or water fees – no monthly lease payments. For all practical purposes, this makes them not too different from freehold properties at lower prices.)
The least expensive lot is priced at $139,000, while the most expensive is priced at $349,900. Location, size and the nature of the waterfront are the biggest factors in price. None of these properties are “in-town” which generally commands a much higher price. Usually, “low-bank” properties (near-level access to the water) are priced higher than “high bank” waterfront (with a steep slope from the building area down to the water). By Vancouver standards, these are very affordable properties! (Call for further information)
Good Faith in Contracts…
Occasionally, clients feel that the “subject clauses”, or technically, “conditions precedent” provide some ‘wiggle room’ to exit from a contract if they change their minds. Legally, this kind of thinking rests on shaky ground. It’s expected that two parties signing a contract have every expectation of completing the contract, as long as all of the conditions precedent written by either side are met. It’s expected that both parties will honestly work toward removing those conditions unless there is a legitimate reason not to remove them. (e.g. an unknown condition that seriously affects the liveability of the home, the bank will not provide financing, no insurance company will provide home insurance, etc.) Any attempts to ‘bend’ these clauses to get out of a contract because you’ve changed your mind or there’s a better deal elsewhere can leave you open to legal action by the other party.
Thinking of Listing your Home for Sale?
Here’s what a Victoria couple had to say about my work with them in selling their house in Powell River earlier this Spring:
“We were really pleased with the service Bill provided. He was available and responsive; he took care to present our property in the best light; he was current in his knowledge of market trends and realistic; most importantly, he successfully sold our house!”
Paul and Joan Duckett – Sellers of 4242 Fernwood Ave
If you’re thinking of listing your house, don’t hesitate to give me a call for a free market evaluation.
Vets Get a Tax Break…
Starting in 2012, low income veterans were entitled to a Home Owner Grant Supplement in addition to the regular Home Owner Grant. The supplement provides qualifying, low income vets with the same relief from property taxes as a homeowner who qualifies for the additional home owner grant. You cannot apply for both though!
Of course there are qualifying conditions, but most qualifying, low-income veterans will receive a cheque for $275, the difference between the regular and additional grants. Every little bit helps. If you missed last year, you can go back and apply for it. You may only go back one year though.
If you or someone you know is a low-income veteran, find out more by calling toll-free 1 888 335-2700 or emailing: email@example.com
Great Rental Condo!
- Very affordable condominium in Townsite
- 2 bedrooms, 1 bath,1004 sq ft
- Quiet neighborhood, no yard; no mowing!
#301-5701 Willow Ave
Call me for a showing!