Real Talk!

I’ve been trying to make sense of cottage prices. There’s no doubt that prices have come up… I did some number crunching a ways back and waterfront has climbed at a higher rate than non-waterfront property.

Now, it’s important to remember that the definition of fair market value is the highest price, in terms of money, that the property will bring to a willing seller if exposed for sale on the open market while allowing a reasonable time to find a willing purchaser, buying with knowledge of the market and all the uses and values applicable to the property, and with neither party acting under necessity, compulsion or peculiar and special circumstances.

& Cottages have been selling. They really have been.

You see, an awful lot of people come here from city wanting to escape the pollution, traffic, crime, the noise, the lack of privacy, the hustle/bustle, the congestion and so on.

Many of them have homes in the city, somewhere, worth quite a bit of money.

However,by their own account, their city homes are lacking some of the most desireable qualities imagineable… like:

Peace and quiet. The sound of birds. Wildlife. Clean air and water. Space. Friendly neighbours. Big trees. Views. A relaxed pace….

Yes, there is no doubt about it… I live in an area that most people simply dream of….

Okay, we are a couple or few hours away from big cities… hmmm… is that a pro or a con?

We ARE located just about an hour away from a number of fair-sized cities… and I remember living in the city and it quite common for people to spend an hour commuting to and from work… so what’s an hour?

Given this information, it seems fair to say that the average person does attach more value to the property in this area- and I have to tell you, the cost of building is at least the same here as it is anywhere else…. Ipso facto… property here should be worth more than property in a city… location, location, location….

Seriously, if I was to go to the city and plop down a 1500 square foot Viceroy, with custom cabinetry and gleaming hardwood floors, unobstructed sunset views (never you mind that it's across a lake), 2.5 acres with mature trees and neighbours tucked politely out of sight… etc…. what would it be worth? Okay, I will have to discount it a bit, given that people seem to want to get away from the city… so, a city location would be a bit of a detriment… still, we're talking some pretty big bucks.

Hmmmm…from this point of view… cottages prices are a bargain.