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Cottage Market 2011
This morning, I read a June 13th report in which one of the industry giants exclaims: Greater affordability, increased selection, and pent-up demand also key factors in 2011 season.
"Buyers who held off during the recession are back in recreational property markets from coast-to-coast," says Pamela Alexander, CEO, RE/MAX Ontario-Atlantic Canada. "Their patience has been rewarded with more affordable recreational values and greater inventory levels. It's the perfect storm, as ideal market conditions dovetail with wealth recovery."
I guess you could say, it's a Buyers' Market...
the article goes on to say: "In markets in Quebec, Ontario and Atlantic Canada, the supply of recreational property has tightened considerably at the lower end, with potential price increases in store by year-end if momentum continues at the current pace."
and the culprit?
"Inclement weather, including a late thaw and an abundance of precipitation, resulted in a slow start in many areas—Quebec was no exception—but should be offset by stronger peak season activity." The weather, claims the article.... and we need to note the use of the word "should".
This same article quotes the report with findings that "While starting prices have remained relatively stable across the board, there are deals to be had in virtually every region - especially at the top end. Luxury sales, as a result, have climbed in almost half of the markets examined. This trend was consistent in both the Eastern Townships and the Laurentians."
It is interesting to note the following information which appeared in the article as a table from the report:
I did a search, this morning, on 3 bedroom waterfront cottages on the Bancroft District Real Estate Board and I got 44 matches. The lowest priced listing was $79,900, but it's "fire damaged"- the second floor being totally destroyed, log constructed home on a river. The next, least expensive listing is on a small lake and it's a mobile on piers (doubtfully winterized)... for $142,500. There's one for $159,900 on a smaller lake but it is on a chain of lakes and this one doesn't have hydro or sewage. Another one at $159,900 is a tidy A frame on the river, close to the mouth of a nice lake. There's a 3 bedroom on a nice big lake, with gazebo and lots of decking for $199,0000- also on piers. All of these use the lake/river as their water source.
For $189,900 there's a riverside cabin with hydro, septic and a sand point well... the listing suggests that you can make this your home or cottage. Another listing for $199,900 is on a small lake, with a very small lot... but it does have a well and is winterized, although the road is a little dubious, seasonally. For $219,900 there's one on a nice big lake, in a row of cottages, that has a smallish waterfront and uses lake water. Another listed at $219,900 is on a big lake, has a septic system, uses lake water and needs finishing touches.
At $229,900 there is a year round on a big lake that would seem to be the ideal entry priced, nice package, with a drilled well, septic system, workshop, hot tub, good swimming etc.
All in all, there was 1 listing under $100,000... 1 in the $100-$150,000 range, 5 from $150-$200,000, 11 in the $250-$300,0000 range, 15 in the $300-$400,000 range, 3 listed in the $400-$500,000 range and 2 listed over $500,000.
When I took out lot size and number of bedrooms, the Bancroft Board search for waterfront cottages came up to 58 in number. A similar search on the Haliburton Board brought up 189 matches. There were 7 listings in the under $200,000 category (all of them over the $150K mark. There were 11 priced between $200 & $250,000. There were 40 listings in the $250-$300,000 price range and also 40 in the $300-$400,000 range. 25 cottages were listed for sale in the $400-$500,000 range, 43 in the $500-$1,000,000 range and the remainder were over the $1,000,000 mark.
A search of the Barry's Bay/Combermere area brought up 34 matches. 4 were in the $150-$200,000 range. 2 in the $200-$250,000 range. 7 in the $250-$300,000 range. 16 listed in the $300-$400,000 range. 4 in the $400-$500,000 price range and 1 in the $500-$1,000,000 price range.
The thing about number is, they can be manipulated to say whatever you really want them to say... the bottom line is that there are still some reasonably priced properties for sale and if you are interested in purchasing one and the seller is interested in selling it, you can make a good deal.
Remember: Choosing the right representative is key to making the most of your real estate transaction... a Realtor(c) will guide you and negotiate.
Many mover & shakers in the industry believe that prices may begin to climb as things heat up, this summer. This may be true.
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