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There are currently 61 foreclosures (as of February 8,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 14 properties (-22.95%) in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
2 Lots and Acreages (both at $115,000) with no pending sales
2 Manufactured Homes ($79,000 and $125,000) with no pending sales
31 Single Family Residential ($199,900 to $1.995 Million) with two pending sales
26 Strata Properties ($179,900 to $570,000) with no pending sales
In terms of January 2010 foreclosure sales there were a total of just 7 or a decrease of 10 properties from December 2009. There were 6 sales of single family residential homes ranging in value from $345,000 to a whopping $2,075,000 estate property. There was also one sale of a building lot in West Kelowna originally listed for $259,900 and sold 35 days later for $250,000. This lot sold in June 2007 for $429,000 plus GST so that is an overall loss of approximately 55.5%. The purchasing of single family dwellings continues to be the top priority for the buying public of foreclosure properties.
Here's the breakdown for all residential sales in January 2010:
A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 164 days later for $345,000 - 1.45% discount off list price
A 4 bed/1 bath 1200 sq/ft. 1970's built home in South East Kelowna listed for $349,000 sold 80 days later for $355,200 - 1.78% increase over list price
A 4 bed/3 bath 1820 sq/ft. 1980's built home in Black Mountain listed for $442,166 sold 99 days later for $436,000 - 3.17% discount off list price
A 3 bed/3 bath 2995 sq/ft. 1990's built home in University District listed for $499,900 sold 68 days later for $488,000 - 2.44% discount off list price
A 5 bed/4 bath 4696 sq/ft. 1990's built home in Dilworth Mountain listed for $1.130M sold 43 days later for $899,000 - 25.70% discount off list price
A 4 bed/5 bath 6728 sq/ft. 2006 built home in Dilworth Mountain listed for $2.295M sold 158 days later for $2.075M - 10.60% discount off list price
Current foreclosures of all Central Okanagan listings represent 1.65% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. However, there is a trend for higher priced listings to take the greatest financial beatings at the hands of buyers in the courts. There are fewer buyers for the multi-million dollar foreclosure homes whereas the average homes in the $400,000 range are most sought after and competed for. Real estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com
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Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders. This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage. By providing these documents in a timely fashion, you will help to ensure a speedy approval/renewal process:
Buying a home?
Information that describes the property you are purchasing:
___ Contract of Purchase and Sale Agreement*
___ MLS Detail Feature Sheet*
___ Property Disclosure Statement (PDS)*
___ Title search*
___ Strata property information: Form B, Meeting Minutes, Strata Fees* **
___ Name, address, telephone number of your solicitor/notary
Confirmation of your down payment:
___ Savings or investment statement from the last 90 days
___ Sale of an existing property - a copy of the sale agreement
___ Gift letter if down payment funds are from family, friend etc.
___ Withdrawal from RRSP through the Home Buyer's Plan
Employment verification:
___ Copy of latest pay slip
___ T4
___ Letter of employment
___ T1 General and Notice of Assessment (NOA) if self-employed
Refinancing your home?
Information that describes your existing property:
___ Recent mortgage statement
___ Current homeowner insurance policy
___ Recent property tax statement
___ Legal description of your property
Additional information that may be required...
As part of your application process, you may be asked questions relating to what you owe and own. Some projected expenses relating to your property such as: taxes, heating costs and condo fees.
Once the lender has given final approval:
___ A void cheque for the account that the mortgage funds are to be debited from.
This checklist is by no means exhaustive as each lender has criteria that is important to them. Should you have any questions about applying for a mortgage or refinancing an existing property I am happy to refer you to some local mortgage brokers in your area.
*Your real estate agent will be able to provide these documents to your bank or mortgage broker.
**Typically required if purchasing strata titled property.
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com
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Certainly not your typical 2 bedroom 2 bathroom Centuria home. Terrific open floorplan has had every upgrade done including: granite counters throughout, tile in baths, cork throughout, light fixtures, closet shelving, floor to ceiling rock fireplace, TV mount above fireplace mantle, and stainless steel appliances. This corner unit has a large deck with sweeping 180 degree mountain and lake views! Show home condition with several windows and plenty of natural daylight.
Centuria offers all the amenities for today's urban lifestyle with: outdoor lap pool with hot tub, sauna and steam rooms as well as a state of the art exercise room. No need to go any further to buy your groceries then next door at Nesters Market and for your pharmacy needs be sure to visit Paragon Centuria.
Centuria is within mere minutes walking distance of Kelowna's thriving Downtown Core:Arts and Cultural District, Kelowna Museums, Kelowna Art Gallery, Kelowna Community Theatre and Rotary Centre for the Arts.
Nearby Schools are: Kelowna Senior Secondary, KLO Middle School, Bankhead Elementary School.
For 21 professional photos please visit: 909CenturiaUrbanVillage.com or for more details call Jason Neumann of Century 21 Assurance Realty Ltd. at (250) 808-7700.
Proudly offered at $485,000 CDN.
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com
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"The referral of your friends or family is always appreciated and rewarded."
Current Active Central Okanagan MLS Listing Inventory as of January 10,2010:
Single Family Dwellings - 1323 properties (a 12.17% decrease from December) including 12 pending offers ranging in value from $49,900 to $15.9M
Strata - Condos - 945 properties (a 11.96% decrease from December) with no pending offers ranging in value from $62,400 to $4.99M
Strata - Townhomes - 318 properties (a 14.47% decrease from December) with 1 pending offer ranging in value from $134,900 to $1.624M
Manufactured Homes - 178 properties (a 12.36% decrease from December) with no pending offers ranging in value from $28,000 to $350,000
Lots/Acreages - 607 properties(a 19.44% decrease from December) with 4 pending offers ranging in value from $65,000 to $15.9M
Total properties for sale - 3,371 Current Inventory 3,831 (total inventory decrease of 13.65% from last month's report)
December 2009 saw total unit sales of 241, a jump of 99% from the 121 unit sales in December 2008. However, with the holiday season, there was a 25% drop in sales from 324 sales in November 2009. Residential units sold showed an 84% improvement over last year (214 from 116) and a 19% drop from last November(266 unit sales). Sales of single family homes increased by 65% over last year (109 from 66) but were down 20% from November 2009 (137 unit sales). Townhouse and condo sales improved 100% with 30 townhouses sold compared to 15 in December 2008 and a 154% increase to 56 condo sales versus 22 in December 2008.
The absorption rates or the total number of sold units versus the remaining inventory for condos, townhomes and residential homes continue to stay strong. With steady decreases in the overall inventory levels and increasing sales month to month, 2010 could see some property owners realize an increase in their investment. First time home buyers are still enjoying low interest rates and as a result are out there looking and purchasing actively in the Okanagan.
Below is an overview of Central Okanagan Stats for December 2009:
December Ratio of Sales vs. Total Inventory = 5.92%
Condo -- Sales = 56
Condo -- New Listings = 116
Condo -- Current Inventory = 961
Condo -- Sell/Inv. Ratio = 5.83%
Condo -- Days to Sell = 85
Townhouse -- Sales = 30
Townhouse -- New Listings = 72
Townhouse -- Current Inventory = 355
Townhouse -- Sell/Inv. Ratio = 8.45%
Townhouse -- Days to Sell = 125
Lots -- Sales = 13
Lots -- New Listings = 44
Lots -- Current Inventory = 696
Lots -- Sell/Inv. Ratio = 1.87%
Lots -- Days to Sell = 197
Residential -- Sales = 109
Residential -- New Listings = 180
Residential -- Current Inventory = 1058
Residential -- Sell/Inv. Ratio = 10.30%
Residential -- Days to Sell = 86
Average House Price = $469,514.65
Median House Price = $438,500
If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca
Complete OMREB Statistics for December 2009
Sincerely,
Jason Neumann
There are currently 75 foreclosures (as of January 10,2010) amongst the entire listing inventory for the Central Okanagan. There was a slight decrease of 3 properties in the foreclosure inventory from last month.
The foreclosure inventory breakdown is as follows:
4 Lots and Acreages ($115,000 to $590,000) with no pending sales.
32 Single Family Residential ($199,000 to $1.995 Million) with one pending sale.
38 Strata Properties ($179,900 to $899,900) with no pending sales.
In terms of December foreclosure sales there were a total of 17 for the month. There were just 5 residential home sales versus 12 the prior month ranging in value from $340,500 to $499,000 with an overall average days on market reaching 84 days versus 117 days in November. Stratified properties saw a sharp increase to 12 sales with 11 of those being in one development in Lake Country alone. Those 11 sales were for full list price ranging in value from $189,900 to $339,900. The other lone strata sale was another condo in Lake County and it sold for $180,000 after sitting on the market for 223 days at $184,900.
It is worth mentioning that all 5 residential home sales in December sold for under list price, here's their breakdown:
- A 5 bed/4 bath 2650 sq/ft. 1990's built home in West Kelowna listed for $359,000 sold 26 days later for $340,500
- A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 162 days later for $345,000
- A 4 bed/3 bath 1820 sq/ft. 1990's built home in Glenmore listed for $399,000 sold 104 days later for $387,500
- A 6 bed/3 bath 1318 sq/ft. 1950's built home in Kelowna North listed for $439,900 sold 91 days later for $391,000
- A 4 bed/4 bath 3210 sq/ft. 1990's built home in West Kelowna listed for $529,900 sold 40 days later for $499,000
Current foreclosures of all Central Okanagan listings represent 2.22% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. Real Estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann
Catchy title don't you think? Thought it might grab your attention! I was thinking of my son who happens to be a math whiz, I wanted to impress him a little with some numerology! Well truth be told the title is meant to covertly ask the question...
"What will you do with your time during the coming year in 2010?" Over the course of the next week or so you are likely to be asked if you made any New Year's resolutions?! You may or may not make any resolution(s) but the very question will likely make you think about 2010 in general. Time is a very precious commodity and is something that can never have a true value placed on it. Here are my thoughts on time management:
Make it count! Like sands in an hourglass there is a finite amount of time to do the things you love and the hard work it will take to reach your goals. Don't get distracted by the little things that will take you away from realizing these goals and enjoying some much needed personal time to recharge your battery. This brings me to my next point:
Take time time off! The real estate industry has been known to swallow agent's personal time whole and with no mercy. As an agent I want to safeguard against this from happening and that is why I schedule time off faithfully. It is essential and imperative to take scheduled time off during the week as well as holidays or burnout will likely happen! Simply put, why bother working so hard if you don't take a breather and enjoy the fruits of that labour. Lastly, may I suggest:
Break down your schedule! Take your day and split it into morning, afternoon and evening. From there insert your "to do list" and try and be sure to stick to it. Blocking time is an effective way of keeping on course! Once you have a daily routine established, align your daily goals with your monthly goals and in turn line those up with your overall goals for the year. In doing so, this will allow you to readily see the big picture at a glance and all the little components that make it work!
Whatever your plans, goals or vision is for the coming year, I want to wish you and your family a very Happy New Year and a prosperous 2010!
Sincerely,
Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com
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 This blog post is an expansion on a tweet I sent out recently to the world of the Twitterverse. Here's what my tweet said: "There are two types of goals you can set in life: the choice to try or the choice to sit idle."
Ask yourself what will 2010 look like for you? Will you set into motion a game plan aimed at success and designed to challenge you, or will you stand by and watch the competition take your share of the real estate pie? I was recently inspired by my brokerage's goal setting seminar where our office sat down for nearly three hours and hammered out our individual 1 year, 3 year, 5 year and 10 year goals.
What got the cogs and wheels turning in my head was a simple exercise we had to do. First, we were instructed to close our eyes and asked to imagine how our life would look if we did not accomplish even one of our short or long term goals. Thinking along those lines I felt sick to my stomach and thought about my family and the disgust I felt towards my lack of effort. Then we were asked to imagine meeting and even exceeding all of our goals beyond our wildest imagination. I felt the polar opposite emotions and I was rather excited at the thought of achieving so much and the benefits to my family in general. I recommend you try this as it really does help with focusing on goal setting and implementation.
The above mentioned exercise really got me to thinking about the choices I would have to make over the course of the coming year(s). My effort must be consistent and focused on achieving one goal at a time. I want to be the kind of agent that gets suited up and goes onto the work field and realizes success by putting effort in to everything that I do. I certainly don't want to sit on the sidelines and be content to watch and admire everyone other's work ethic!
Robert Frost wrote one of my favourite poems titled "Road Not Taken". This poem has had a profound impact on my approach to business and continues to resonate with me to this day! In the poem he refers to "by taking the road less traveled by has made all the difference..." Ask yourself a simple question, which road will I choose to take in 2010? I hope it is the one less traveled by...
Road Not Taken by Robert Frost
Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;
Then took the other, as just as fair
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that, the passing there
Had worn them really about the same,
And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.
I shall be telling this with a sigh
Somewhere ages and ages hence:
two roads diverged in a wood, and I --
I took the one less traveled by,
And that has made all the difference.
There are a total of 78 foreclosures amongst the entire listing inventory. There continues to be a trend of month to month increases in inventory levels of homes that are now in the foreclosure process.
The breakdown is as follows:
3 Lots and Acreages ($115,000 and $590,000) no pending sales.
39 Single Family Residential ($199,900 to $1.995 Million) no pending sales.
35 Strata Properties ($229,900 to $999,000) one sale is pending.
There were some more dramatic changes to the Central Okanagan foreclosure inventory this past month. The month of November and now December saw a fairly substantial increase in stratified properties hitting the marketplace. There are now 35 strata foreclosure properties whereas in October there were just 17 total. The driving force for this sharp increase has been the introduction of 20 strata titled condos from a single multi-family project in Lake Country. If you were to back these new listings out, it is safe to say that this segment of the market has levelled off for the time being. Currently, there is one pending sale in the above mentioned Lake Country multi-family project.
In terms of November foreclosure sales there were a total of 12 for the month. One building lot sold in West Kelowna for $245,000 from a list price of $270,000 after being on the market for 40 days. There were 11 residential home sales ranging in value from $289,000 to $1,437,500 with the overall average days on market reaching 117 days. Of note there were 4 homes that sold for over list price, here's their breakdown:
- A 4 bed/2 bath 1900 sq/ft. 1970's built home in Glenrosa listed for $279,000 sold 163 days later for $289,000.
- A 4 bed/2 bath 2200 sq/ft. 1970's built home in Glenmore listed for $349,000 sold 27 days later for $362,500.
- A 3 bed/3 bath 2830 sq/ft. 2004 built home in Quail Ridge listed for $464,900 sold 37 days later for $483,000.
- A 4 bed/4 bath 3020 sq/ft. 2004 built home in the Upper Mission listed for $469,900 sold 32 days later for $489,000.
On the other side of Okanagan foreclosures are the homes that didn't fair as well in the courts, here are two notable sales:
- A 3 bed/5 bath 6121 sq/ft. brand new home in West Kelowna listed for $499,000 sold 96 days later for $460,000. That is a 8.47% discount off of list price, where a typical Okanagan residential home sale has a 3-5% reduction occur during negotiations.
- A 4 bed/3 bath 2596 sq/ft. 2003 built home in the Lower Mission listed for $598,000 sold 163 days later for $552,000. That is a 8.33% reduction off list price for this spectacular home.
Current foreclosures of all Central Okanagan listings represent 2.04% of the total listing inventory!
Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. Investors are a savvy bunch and will patiently wait for the preverbial deal to come to them. As I mentioned above some buyers going to purchase these "Court Ordered Sales" are starting to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.
If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca
Sincerely,
Jason Neumann
This past weekend my family visited our favourite local ski hill, Big White Ski Resort. While walking through Happy Valley we came across this large billboard advertising Club Penguin, a locally created website which recently sold to the titan of kids entertainment industry, the Walt Disney Company. Happy Valley is where kids of all ages go to play and be entertained at Big White Ski Resort. There are tube runs, ice skating, hockey, mini z ski mobiles, fire pit (for roasting marshmallows) and so much more. My children really like the Club Penguin site as it gives them a chance to communicate with kids from around the world in a safe and monitored virtual realm. It is always good to see when local businesses team up and market themselves to the general public which seems to be the case with Big White having Walt Disney Company sponsor their children's area.
I applaud both of these great organizations for bringing good, clean and safe fun to children visiting the ski hill and the online world.
Take care and Merry Christmas to all...
Sincerely,
Jason Neumann
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Jason Neumann Realtor® www.KelownaRealEstateNews.com
Kelowna,
BC
More about me…
Century 21 Assurance Realty Ltd.
Address: #100 1634 Harvey Ave., Kelowna, BC, V1Y 6G2
Office Phone: (250) 869-0101 x 226
Cell Phone: (250) 808-7700
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