BRODERICK REAL ESTATE UPDATE
What an incredible September we are having!
The weather just keeps offering up some great opportunities to enjoy our beautiful Coldstream!!
Most home owners feel that the spring is the best time to sell their home.
However, did you know that a typical year in real estate has 4 distinct selling cycles?
Below are the widely accepted seasons in our industry;
SEASONS IN REAL ESTATE
Winter Jan – March
Spring April – June
Summer July – August
Fall Sept – Dec.
Let’s look at each of these periods to see how inventory levels can influence buying and selling behavior…
To view a comprehensive report for the Okanagan have a look at the Buyer Survey Highlights, compiled by OMREB.
Hope you have enjoyed the new format and we would love to receive your comments, ideas and of course, your referrals.
Enjoy the bounty of what the next few months are about to offer us all!
It’s like this big switch went off!!
One minute your recreating on the Lake and the next, your thinking about turning on the heat, layering up and best of all…..what to ride on this winter:) In my world its one minute I’m selling a lakeshore property and the next, the phone and emails are all about Silver Star. Gotta love the seasons in real estate!
After record breaking sales last season on Silver Star Mountain it’s becoming clear that we have exited a downward cycle and entered into a new one. This next cycle reflects market adjusted prices and an arena for healthy negotiations between buyers and sellers. Successful transactions will occur for properties that show well or have had recent updating. Stale, listed inventory that are on the market coming into this new cycle will be vulnerable to low ball offers.
This past summer Silver Star witnessed a complete demolition and current rebuild of a new holiday home. This definitely confirms that Silver Star continues to be the right location to invest your recreation dollars.
Have a look at some current stats:
Listed inventory consists of 82 properties. 48 of these are strata apartments, condos and town homes, 34 non strata single family and duplexes.
Sold inventory since my June Update consist of 3 properties sold to date and comparable to the same period last year. We can expect this number to rise dramatically as we move into the fall.
There is a great vibe on the mountain with the recent appointment of Ken Derpak to Managing Director who has a proven track record in the business of leading ski areas in the right direction.
You know I’ve said it before – if you know of anyone interested in buying or selling….. we’re entering into the season where buyers can find the best selection and sellers can expect to reach positive outcomes.
Keep well and start training!
Greetings, my fellow Coldstream residents!
It’s a beautiful morning as I put this sales report together; making it hard to sit down long enough to get it out to you!!
There is certainly a lot of talk these days about the markets in Vancouver and Calgary “hitting record sales levels”. Clearly those regions have different engines that drive the market but do effect our sales indirectly. I did some digging and the results were interesting….
Sales volumes for the last 5 months in 2014 outline positive growth:
Single Family Homes
Jan – May 2014 – 65 sales of residential homes. 28 above $500,000 and 37 below.
Jan – May 2013 – 43 sales or residential homes.19 above $500,000 and 24 below.
Of interest is the over $1,000,000 price point seeing 6 sales completed, compared to 1 sale for the same period in 2013.
The increase in sales volumes can be attributed to the following factors:
As we exit out of the Buyer’s market, it is only because list prices are resting at a level where buyers see value and are motivated to commit to offers. Don’t be fooled into thinking we are going to see prices rise as a result of sold signs all over town. It’s a healthy balance between sellers selling and buyers buying:)
So, a sunny sales outlook for our great piece of paradise:)
Love to hear from you if you have any questions! Please pass this on if you know someone who would enjoy it.
Enjoy the day!
Greetings from the summer office of Broderick Real Estate! It looks like the huge storms of April and May are now behind us and the snow pack at Silver Star is finally receding at a fast pace.
What a selling season it has been on the mountain since my last Market Report of December!! Sales volumes in all categories, surpassed anything we have experienced since 2005. Looking backward, sales volumes began to pick up in 2012 and doubled in 2013. For 2014, year to date, we have moved a fair bit of inventory as well. It certainly appears that we are exciting the cycle as we are experiencing high sales volumes in the valley. December 5, 2013 to date Sales Report.
For the upcoming summer and fall, we can expect further sales volumes as long as list prices meet what the buying market is willing to bear. The current inventory on the mountain for non strata single family homes/suites is low and should favor Sellers. The condo and town home market inventory is full of choices, with Creekside and Firelight Lodge showing the most sales activity out of all developments. There are numerous opportunities for purchasing building lots and room for negotiation. A number of lots were sold in the spring for realistic prices, setting a benchmark for further sales.
So, please feel free to contact me and pick my brain for further insights, I would love to hear from you!! Please pass this on to anyone you think may be interested.
Have a fun and safe summer doing all the things you love:)
Well it’s a chilly -23 Celsius as I pen this from our mountain hideaway. The Snow God has been particularly good to us as we currently rest on a 100 cm base. The Backside is scheduled to opens tomorrow and you will find a welcome energy in the air. Everyone is pumped to slide and celebrate as we come together for what could be one of our better winters!
We have lots to be thankful for….Silver Star is stretching its wings and going into its second year of defining its own path. Silver Star residents are on fire with community initiatives that will reignite and remind us why this mountain is so special. The mountain light up is just around the corner…………gets you all revved up eh?
What really gets me revved up are the sales volumes we have been experiencing since November 2012. These 41 sales represent the highest yearly account for residential sales since 2006. So why the increase you ask?
This last year has provided us with a pretty good idea of where price points should be. Newly listed inventory is coming on at prices that will attract offers and not likely to get stale on the market as Buyers move confidently forward. Click here to view active listings. Closer inspection of the listed inventory will illustrate a gap that is widening in the $450-$650 range of newer single family homes. Homes that are well suited to this price point should not be on the market very long.
The inventory of listed building lots on the mountain has shrunk as Sellers try to figure out the landscape. We should see some lot prices continue to drop with resulting sales as Buyers decide to build what they can’t find and builders decide that the market is ready to start building again.
If you have any questions or comments I would love to hear from you! You know where to find me:)
Cyu on the slopes!
Greetings! As summer enjoys its last blast this week, I can’t help being distracted by all those fall activities ahead of us. Most important being training your body for skiing! Running, biking and strength training have to be my favourite dry land training activities:)
This past August has been an active month for sales on the mountain. Decisive buyers have purchased some of the available newer builds on the market. Please click on the link to view my Summer Sales Report since the June update. Normally, this time period sales activity is highlighted by condo sales to our local market. However, a change in the trend saw 4 home sales, 1 freehold condo sale and 2 leasehold condo properties.
The outlook for the fall should see an up tick for condo sales. Firelight is all but now sold with a few resale’s available and 3 direct from the developer sales. As a result, well appointed, competitively priced Creekside and Grandview units should see sales activity as we head into the winter. Please click on the link to view Currently Listed Properties. Of these active listings there are a few on My Radar that are well positioned for future offer activity.
There could be increased price stability for newer builds as more of this inventory begins to sell. Demand for something newer with a real mountain feel will always be desirable yet not always abundant for the ready buyer.
So, enjoy your fall and please email me with all your real estate questions!
What a winter we’ve been having at Silver Star!! Best skiing in years and looks like we are getting some freshies as I write this note.
I am delighted to report that my fall predictions of increased sales activity on the mountain have materialized. A number of local purchasers took advantage of well priced properties on the mountain and are eagerly working their way through the week to enjoy another great Silver Star weekend.
Please click on this link to view sales activity in the last 4 months.
Foreign buyers are taking this opportunity to have a look around while they are enjoying Silver Star. Silver Star continues to attract investment and trump other international destinations with our great snow, friendly community and increasingly affordable prices.
There are still some excellent buys left within the over 100 listings. Please click on this link to view what I feel are currently the best values.
The Silver Star team is doing an incredible job marketing the resort and developing deep and meaningful relationships with all the right people. The my 1 PASS has been a huge success and there is a general optimism above the clouds!
If you would like to grab a chairlift ride, view a property or just pick my brain – I would love to hear from you.
Let this snow keep falling and see you on MY MOUNTAIN:)
The market on the mountain has experienced some activity since May with 4 solds to date. The current inventory of listed single family and strata properties sits around 100. The condo market which makes up about 50 of these listings is likely going to experience more downward pressure on price due to the sheer volume of like properties available. As a result, some sellers are offering some good deals within this grouping.
Listed, older single family properties have been going through a much needed aggressive adjusting period. Many of these homes have very large footprints and lie outside the current demand of smaller, well maintained/newer builds. This shift in demand is resulting in further price adjustments.
As we move through this winter season the writing is on the wall. For current and would be sellers, if you don’t need to sell in this market, my advice would be to either enjoy your property or rent it out. Over the next 12 months, we should begin to see further price adjustments or withdraw from the market. For current buyers, we are entering into “best time to buy” territory as you have so much inventory to choose and leverage from.
Once the better deals are gone, the “sales rack” will be picked over. With fewer listings available we should move toward a balanced supply and demand scenario resulting in a levelling off of prices for the next few years to come.
If you have any questions I would love to hear from you.
Hey, I’m back. I have been an absentee blogger:( Have had some work done to our website lately. One of the reasons why was that my blog link disappeared but its back – yay! You can expect some new posts coming your way that will shed my observations of our local North Okanagan market plus the market on Silver Star Mountain real estate prices. Stay tuned!!
At long last we are excited to add the commercial element to our real estate services. In addition to offering our clients the full spectrum of residential services, we welcome Craig Broderick who offers commercial real estate services, plus a full range of planning consulting services that are available for private and municipal interests. Please feel free to contact Craig Broderick at 250 558- 9324 or firstname.lastname@example.org
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