We Know Where the Dead Little Bed Bugs’ Bodies Are…

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As diligent local REALTORS®, we were recently conducting our routine recon on a condominium listing for buyer clients, and we came across an interesting piece of information:  the property had been treated for bed bugs.  Yes, folks, bed bugs.  I know what you’re thinking: EWWWWW!  The fact is, though, that many properties in our area are used for short term accommodations, and are therefore subject to the same risks of infestation as any other hotel property.  To be honest, the professionals involved in this particular case are so nonplussed by these occurrences, (“oh that?  It happens all the time!”) that they simply go ahead and treat the problem quickly, make the necessary permanent changes to the accommodation and then move on!

This is yet another reason why dealing with a local REALTOR® (like me of course) is a good idea.  We know where the bodies are. And the stinky water, former dump sites, proposed wind turbines, new developments…..

Collingwood and Area Real Estate Barometer March 17-23, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  35 (33, 44, 34)
Average List Price: $669,774
Range of List Prices: $168,900 – $3,500,000
Number of Sales: 38 (30, 37,29)
Range of Sale Prices:  $138,500 – $,432,000

Condominiums
New Listings:  11 (11, 10, 6)
Average List Price:  $340,664
Range of List Prices:  $269,000 – $449,900
Number of Sales:  9 (14, 8, 10)
Range of Sale Prices:  $145,500 – $413,000

Vacant Land
New Listings:  13 (12, 7, 10)
Number of Sales: 12 (14, 10, 13)
Range of Sale Prices: $50,000 – $330,005

Price Changes this week:  8

Notables this week:  

  • 11 Single Family residences sold for more than the asking price and 4 sold at the asking price
  • 3 Condos sold for  more than the asking price
  • 6 Vacant Land listings sold at the asking price and 1 sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Is Spring The Best Time To Sell?

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Every month, I like to do a 2 minute video on a topic of interest and this month, I talk about selling in the spring or other times of the year.

Look at what happened to prices in this Blue Mountain condo development in just two years!

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Look at this chart.  These are the sale prices of units that have sold in Mountain Springs Resort near Blue Mountain over the last two years.  All are the same size (737 square feet) although there are some variances in condition of a unit or the views they may have.  Nonetheless, they are pretty similar.

MSR sales

Some of these are the same unit having sold twice in this period which gives us a good indication of value.  Bottom line is that prices in this development have climbed 80-95% in just two years.  Why?  They are low priced to begin with and, they permit short term rentals which are generally not permitted in the Town of Blue Mountains without a licence or with other criteria being met. To me, this is proof that much of our local market is being driven by investors.

The big question now is, how high can they go? What do you think?

Collingwood and Area Real Estate Barometer March 10-16, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 33 (44, 34, 30)
Average List Price: $658,894
Range of List Prices: $185,000 – $1,999,000
Number of Sales: 30 (37,29, 21)
Range of Sale Prices:  $187,100 – $920,000

Condominiums
New Listings:  11 (10, 6, 3)
Average List Price:  $314,045
Range of List Prices:  $129,900 – $899,000
Number of Sales:  14 ( 8, 10, 9)
Range of Sale Prices:  $135,000 – $679,000

Vacant Land
New Listings:  12 (7, 10, 8)
Number of Sales: 14 (10, 13, 7)
Range of Sale Prices: $50,000 – $351,000

Price Changes this week:  9

Notables this week:  

  • 15 Single Family residences sold for more than the asking price and 3 sold at the asking price
  • 4 Condos sold for  more than the asking price and 3 sold at the asking price
  • 4 Vacant Land listings sold at the asking price and 1 sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Ramblings of a Collingwood Real Estate Agent

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0066small (186x280)It seems everyone, wherever you go, is talking about the real estate market.  It’s no wonder as we are experiencing a phenomenon we’ve never seen before.  I’ve got some rambling thoughts to share with you on present day realities in our local real estate market.

Here is just a sprinkling of the sales we saw in the last week:

A condo in Wasaga Beach listed for $229,900 sold for $242,000

A house in Meaford was listed at $109,900 and sold for $140,500

A house in Collingwood was listed for $399,900 and sold for $517,500

Two others were listed at $244,900 and sold for $383,000 and another at $305,000 sold for $345,900.  We also saw high end properties sell well above their asking prices so in over words, it would appear that every sector of the market, in all price ranges and all urban areas have the potential to experience multiple offers.

I’ve noticed that the highest percentage over market sales tend to be in the lower priced homes and in homes that are very well presented.  While some sellers are forgoing things like home staging, it is still advisable in many cases if they hope to really attract competing offers and top dollar.

For buyers who end up in competition on a home, we are seeing many drop their conditions for financing and home inspections.  Some are bringing home inspectors along on property showings or doing inspections in advance of making offers.  This carries with it the fact that they may spend money on an inspection and still not secure the house but on the other hand, may save themselves a big headache later on.  What is troubling me is when people are removing financing conditions who shouldn’t be.  Just because they have a pre-approval, it doesn’t mean the house is approved by the lender.  Appraisers are increasingly having a hard time justifying many of the sale prices we are seeing and in the case of high ratio mortgages, mortgage insurers are being more careful and asking for more information than we’ve ever seen before.

Many people buying are first time home investors wanting to get in on the hot market.  You would think this should create a flood of rental properties but as of yet, we are not seeing this at all which defies explanation.  In fact, we are seeing competing offers for rentals and monthly rates have skyrocketed as well.

This is not a healthy market nor is it sustainable.  I keep hearing people say it’s great for agents but they are fully wrong.  We all have loads of buyers with very little to show to them and when there is something available, we may work to prepare and present many offers before they either get a home or give up. We all live in our communities too and it is painful to see how hard it is for first time buyers, renters and people relocating to get into the market and to find a home.  I for one would be happy to see measures that would cool down this over-heated market and the sooner the better.

Collingwood and Area Real Estate Barometer March 3-9, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 44 (34, 30, 25)
Average List Price: $643,816
Range of List Prices: $229,900 – $3,995,000
Number of Sales: 37 (29, 21, 27)
Range of Sale Prices:  $140,500 – $1,905,000

Condominiums
New Listings:  10 (6, 3, 19)
Average List Price:  $337,630
Range of List Prices:  $174,900 – $699,000
Number of Sales:  8 (10, 9, 13)
Range of Sale Prices:  $210,000 – $490,000

Vacant Land
New Listings:  7 (10, 8, 4)
Number of Sales: 10 (13, 7, 6)
Range of Sale Prices: $42,000 – $349,500

Price Changes this week:  19

Notables this week:  

  • 11 Single Family residences sold for more than the asking price and 2 sold at the asking price
  • 6 Condos sold for  more than the asking price
  • 4 Vacant Land listings sold at the asking price and 1 sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

SOLD OUT is the new refrain in South Georgian Bay

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SOLD OUTIt used to be quite normal for a new subdivision in the Collingwood, Blue Mountain and Wasaga Beach areas to take years to sell out.  With the current market conditions, I was curious to take a sampling of current projects to see how they are fairing now and here is what we found.

Indigo Estates in Collingwood released 160 homes so far and they are SOLD OUT.  A new phase should be announced shortly.

Silver Glen has 50 homes in the current phase and they are SOLD OUT. A final phase of another 20 homes should be announced soon.

Blue Fairway in Collingwood has 96 homes in the current phase (condominiums) and 19 are still available with bungalow models SOLD OUT and some two storey units starting at $375,900 still available.  Another phase will be announced later this year.

Balmoral Village still has 1 and 2 bedroom units available in the condo apartment building under construction

The Collingwood Shipyards project has 4 units remaining in the current phase of 16 townhomes.  They are bungalow townhomes starting at $569,900 and, a new phase is expected to be announced later this spring.

Crestview in the Town of the Blue Mountains has 39 units in the current phase and they are SOLD OUT.  The next phase will be released this spring.

Gates of Kent in Meaford has just 4 units available in the current phase starting at a $299,900 for bungalow town homes with further phases planned.

While we didn’t get a reply in time for this post from several other developments, we know sales are brisk in other area developments such as Georgian Sands in Wasaga Beach, Windfall in Blue Mountain and others.  If you are interested in being represented in the purchase of a new home in Southern Georgian Bay, give me a call and let’s go explore together.

Collingwood and Area Real Estate Barometer Feb.24-Mar.2, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 34 (30, 25, 22)
Average List Price: $523,611
Range of List Prices: $139,500 – $1,695,000
Number of Sales: 29 (21, 27, 20)
Range of Sale Prices:  $167,000 – $959,900

Condominiums
New Listings:  6 (3, 19, 13)
Average List Price:  $440,281
Range of List Prices:  $137,900 – $1,175,000
Number of Sales:  10 (9, 13, 4)
Range of Sale Prices:  $198,000 – $420,000

Vacant Land
New Listings:  10 (8, 4, 12)
Number of Sales: 13 (7, 6, 6)
Range of Sale Prices: $78,000 – $625,000

Price Changes this week:  8

Notables this week:  

  • 10 Single Family residences sold for more than the asking price and 3 sold at the asking price
  • 1 Condo sold for  more than the asking price and 2 sold at the asking price
  • 8 Vacant Land listings sold at the asking price and 1 sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Collingwood, Blue Mountain and Area Real Estate Market Recap for February 2017

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The February stats are in for the Collingwood, Blue Mountain and area real estate market.  As expected, the number of sales is actually down a little over a year ago at this time which is due to the shortage of available properties for sale.  While the number of sales are down 0.3%, the dollar value of the sales is up a significant 23%!

The chart below shows how sales are performing in various price bands and you can see that the volumes climb right along with the price ranges.  Sales over a million are WAY up while sales under $350,000 are way down.  That is a direct reflection of what is available for sale.

Market Summary with price bands

When looking at residential sales in the 6 key areas we serve including Clearview, Collingwood, Grey Highlands, Meaford, The Blue Mountains and Wasaga Beach, we can see that the supply is most constrained in Collingwood and Wasaga Beach.  As these two communities are the largest in the area with the greatest demand, it really is no surprise.  We can also see that average sale prices of homes have climbed from 8.4% in the Town of the Blue Mountains over the last year to 36.9% in Clearview.  All areas are reporting an average sale price now in excess of $350,000 with prices being the lowest in Meaford and Wasaga Beach while the highest prices are found in the Town of Blue Mountains.

Market Summary by area

These market conditions are unprecedented and are leading to a type of paralysis in the market where people don’t want to sell for fear they cannot find something to buy if they are upsizing or downsizing. Investors are competing with local residents for properties and all of this spells quickly rising prices in the residential detached, in condo and in the recreational market.

If you are thinking of selling, there has certainly never been a better time and if you are thinking of buying, it’s so important to have a strategy prepared before entering the market.  Getting pre-qualified for financing, having an inspector lined up and being able to act fast are key factors.  Having a great REALTOR® on your side is of utmost importance and of course, I hope you will consider calling me for a consultation on how we can work together.

RE/MAX four seasons realty limited, brokerage  ♦  67 First Street Collingwood, ON L9Y 1A2  ♦  705-445-8500