The Powell River Real Estate market continues to be strong showing a steady increase in sales since the beginning of the year. Sellers are working to keep up, but new listings have been strong through the summer as well. Sales in September were at 36 which is up from the 27 we saw in August. Building lot sales are continuing to strengthen as well with August/September accounting for 12 of the 32 sold to date this year. As you can see from the chart the majority of homes are selling between $200-$300K. The higher prices tend to go with newer homes, those with significant updates or better locations.
Underground Oil Tanks…
Oil heating and oil tanks continue to feel the attention of insurance companies. When storing large quantities of oil in any kind of tank, the risk for an “oil spill” is always present. With increased risk, goes increased premiums and regulations about storage. In recent years we’ve seen the allowable age and size of oil tanks for residential heating decrease.
Often these concerns have been “grandfathered” with current owners, but new buyers are faced with replacement of tanks in order to qualify for insurance – a requirement of mortgage lenders. In the last month there have been two situations where old, unused underground tanks have been discovered during inspection prior to finalizing a sale. In both cases the sellers have found themselves responsible for removal (and possible environmental remediation if there has been a leak) in order to complete the sale.
The short message is: Remove underground oil tanks prior to listing your home for sale. It makes your home pretty much uninsurable if left in the ground.
Where Do You Fit?
In the chart at the top of the page, we see the price ranges where homes have been selling in the past four months in Powell River. I believe our home prices are still the best on the lower coast area including Vancouver Island. I hear it from buyers all the time. We’re seeing a steady stream of buyers from out of town and also retirees attracted to our climate, amenities and lifestyle opportunities. Add to that new interest among Asian buyers along with several potential development projects that we’ve heard about in the past year and it seems to me to be a recipe for continued growth in the real estate market in Powell River.
In recent years, with a falling market, the best advice to sellers has been to make low-cost cosmetic updates only prior to sale. We have seen some growth in prices over the last year which, if continued, would make more moderate updates financially viable. There is no doubt about it, buyers are looking for updated homes particularly the roofs and windows. This may be the time to give more serious thought to some of those projects you’ve been putting off. Call me for a free market evaluation of your house and some advice on how to get the most out of it.
Townsite View Condo
#203 – 5701 Willow Ave
- 2 Bedr/1 Bath -963 sf with level entry
- 2nd floor ocean view, in-unit laundry
- Easy access; close to parking