Oceanfront sellers and agents alike are facing a discouraging 2007 when it comes to Oceanfront Homes in the St. Margaret's Bay area. Halifax South through to Chester seemed to start out as a great season with probably 4 times the buyers as last season. It's mid August already and nothing except the bargain fixer-uppers have sold in the low $400,000 range. Save for two Million Plus deals which were in another league all together.
The buyers I deal with along with others that have called me from all over Canada seem to think the prices are still too high. Right now I am inclined to agree. The last months of 2005 ended the last streak in Ocean Sales. Maybe they paid too much then and the vendors are are thinking $50,000 - $100,000 too much. It will be a shock to those sellers who have already come down $50,000+ from last years sticker price.
Anyway - I believe its time for the buyers to step up and offer what they think is reasonable. Somewhere between $500,000 and $600,000 should fit the bill for a boatload of these $600,000++ listings. St. Margaret's Bay is still a great investment at any price, and I can see great growth in the years to come. Just lets be reasonable.
Paul Viau is an oceanfront specialist in St. Margaret's Bay, and looks forward to working with any buyer not sure of where values are, and where they are heading.