Collingwood and Area Real Estate Barometer March 20-26, 2015

COMMENT ON THIS POST »

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:  51 (69, 59, 66)
Average List Price: $423,949
Range of List Prices: $119,000 – $2,100,085
Number of Sales:  29 (22, 27, 25)
Range of Sale Prices:  $105,000 – $830,000

Condominiums
New Listings:   19 (17, 14, 12)
Average List Price:  $264,042
Range of List Prices: $125,800 – $925,000
Number of Sales:   8 (8, 9, 5)
Range of Sale Prices:  $125,500 – $285,000

 

Vacant Land
New Listings:   12 (21, 7, 9)
Number of Sales:  3 (3, 1, 2)
Range of Sale Prices: $105,000 – $212,600

Price Changes  22

Notables this week:

3 Single family listings sold for more than the asking price

 

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

Condo Fees Explained

COMMENT ON THIS POST »

People often say that they don’t like the idea of paying condo fees. It’s not surprising given that the cost of condo fees combined with taxes and utility costs can add up to a pretty hefty operating budget for your home each month. But is it really that different from owning a home?

Condo fees are an owners pro-rated share (usually based on the size of their unit) of the cost to run the condo corporation. There is no “us and them” as some perceive but rather, condo corporations are registered not-for-profit entities that cannot use the fees for anything other than the maintenance and operations of the condominium. Decisions are made by a board of directors who are usually volunteers and owners themselves.Pay Condo Fees

Condo fees are made up of costs that you would also have if you owned a home such as having to set aside money to replace a roof, walkways or fences. They also include the costs for property maintenance such as snow removal, grass cutting, landscaping, pest control, garbage removal and then, the cost of managing the collection of fees, paying of bills and general management on behalf of the owners. In most cases, when people look at the actual annual operating costs of a condo corporation and see where the funds are being spent, it’s reassuring.

Beyond basic maintenance and management, some corporations have amenities such as pools, elevators, underground parking, tennis courts, special security, gates, guest suites or concierges which will of course also increase fees with the added costs of these amenities and it is a lifestyle choice that dictates buying into such a development.

It’s important to also understand that while condo fees cover the costs for maintenance and management, they don’t cover unexpected costs that could result in additional levies, known as special assessments. For example, discovering the presence of mold in attics could be a costly fix shared among owners. It is also easily possible that projected costs for the replacement of common elements are under-projected resulting in special levies.

One thing I have learned over the years is that the units with the lowest condo fees are not always the best investment. It’s possible that a board of a corporation has underspent on maintenance for years by deferring upkeep which could result in much higher monthly fee increases in the future or in special assessments.

Buying a condominium unit versus a single family home is both a financial and a lifestyle choice. Yes, there is merit to the argument that you have limited control over the myriad of daily operating decisions that are made but on the other hand, you have other owners doing the heavy lifting for you.

To make the right decisions when you chose to buy a condo, your offer should ALWAYS be conditional upon receiving a status certificate for the corporation which includes the budgets, reserve fund information and any existing or planned special assessments. Owners should also be active participants in staying informed about the decisions of the board and ideally, joining the board to share in the management decisions.

Collingwood RE/MAX Office Passes a Major Milestone

COMMENT ON THIS POST »

At this time of year, you’ll see lots of ads both offline and online announcing the achievements of REALTORS® in our community. We have a rather amazing bunch up here who work together, help each other out, sell each others listings, share information and generally, work hard every day of the year helping people buy and sell real estate.  did you know that the real estate industry is the single largest employer in South Georgian Bay?

Our little REMAX office here in Collingwood opened back in 1984. It quickly became the most successful real estate office in the region and has just passed a remarkable milestone – over $1 billion in transactions and is approaching 10,000 transactions! That’s a whole lot of experience and success.rm I don’t suppose most people really care what awards or achievements their REALTOR® might have because they don’t mean anything to most people outside of the industry. Nonetheless, I will admit that it means something to me. We work hard all year to serve our clients to the very best of our abilities so being recognized is always icing on the cake. It’s wonderful to see that 73% of the agents in our office won awards for their achievements. Way to go team!

So here you go – my unabashed self promo… In 2014, I achieved “Platinum” status in the RE/MAX network.  There is no way I could have done it without Chris – my assistant of 22 years and more importantly, my friend. Feels good to get this little medal but what feels better is having helped so many people fulfill their real estate hopes and dreams. Thanks for letting us be a part of it.

Platinum Award 2014

Collingwood and Area Real Estate Barometer March 13-18, 2015

COMMENT ON THIS POST »

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:  69 (59, 66, 44)
Average List Price: $388,436
Range of List Prices: $149,000 – $1,100,000
Number of Sales:  22 (27, 25, 22)
Range of Sale Prices:  $115,000 – $725,000

Condominiums
New Listings:   17 (14, 12, 11)
Average List Price:  $288,712
Range of List Prices: $79,500 – $699,900
Number of Sales:   8 (9, 5, 10)
Range of Sale Prices:  $120,000 – $399,000

 

Vacant Land
New Listings:   21 (7, 9, 27, 5)
Number of Sales:  3 (1, 2, 1)
Range of Sale Prices: $119,000 – $269,000

Price Changes  14

Notables this week:

1 Single family listing sold for more than the asking price

 

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

Summit Shores Townhouses in Blue Mountain

COMMENT ON THIS POST »

For a couple of years now, I’ve been driving by these townhouses on the north side of Highway 26, directly opposite Georgian Peaks and at the new set of lights. For some reason, they never really caught my attention as there was no progress on the development but all that has now changed.

The project is a joint effort between Losani Homes, who have been building homes in southern Ontario since 1976 and, with Mountainview Homes who have building since 1979 in the Niagara Region. I gather the principals of one or both ski at the Peaks so that is the likely spark behind the project.

The model homes are now open and it was nice to view them last week during an agent open house. The floor plans were intelligent designs and the finishing was nicely done as you’d expect in the showcase units. The units had far more curb appeal from the entry side and wow – the mountain views from the units are simply spectacular!

There are 13 units either built or under construction in this first phase and all feature an oversized single garage, two storey unit and a full basement. Sizes range from 1630 sq ft (not including the basement) to 2065 sq ft for the largest model. Base prices range from $417,900 to $474,900 with basement finishing and upgrades easily bringing the price in over $500,000. Given what the older condos sell for on the grounds at the ski club across the road, this doesn’t seem out of line.

Here is the most significant detail. These townhouses are NOT condos. They are FREEHOLD ownership with no monthly fees. This is likely to excite a number of people however, there are also no architectural controls or ground rules for co-operative living in close proximity which can lead to disputes in future. Hopefully any owners will be reasonable folks with the likely connection that most will be skiers at Georgian Peaks.

The greater site has future phases that include both additional townhomes (sadly no bungalows are in the works) and, future single family residential with water views over shoreline greenspace. The builder is fully co-operating with the real estate community so if you would like further information, please contact me and we’ll get you everything you need.

Summit Shores Site Plan

Collingwood and Area Real Estate Barometer March 6-12, 2015

COMMENT ON THIS POST »

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:59 (66, 44, 36)
Average List Price: $468,092
Range of List Prices: $109,900 – $1,995,000
Number of Sales:  27 (25, 22, 25)
Range of Sale Prices:  $122,000 – $1,050,000

Condominiums
New Listings:   14 (12, 11, 9)
Average List Price:  $245,464
Range of List Prices: $94,900 – $459,900
Number of Sales:   9 (5, 10, 9)
Range of Sale Prices:  $165,000 – $490,000

 

Vacant Land
New Listings:   7 (9, 27, 5)
Number of Sales:  1 (2, 1, 2)
Range of Sale Prices: $330,000

Price Changes  14

Notables this week:

1 Single family listing sold for more than the asking price

 

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

Another Reason To Love Collingwood

COMMENT ON THIS POST »

Winter streetOne of my clients said something the other day that resonated with me. He pointed out that even in this deep freeze, there are many things about Collingwood that are so beautiful and that we take for granted. When I asked him for an example, he said the fact that we don’t use salt on in-town roads. In the GTA where he came from, he said the endless layers of salt turn everything into dirty piles of mush. Here, we let it be as much as possible and things stay white and pretty.
It’s nice to be reminded of things we forget to see.

The Most Expensive Homes For Sale in South Georgian Bay

COMMENT ON THIS POST »

Just for fun, here’s a quick little slide show of the most expensive homes for sale on our MLS® system today. Luxury has it’s price!

Collingwood and Area Real Estate Barometer Feb. 27-Mar.5, 2015

COMMENT ON THIS POST »

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: 66 (44, 36, 23)
Average List Price: $541,103
Range of List Prices: $197,900 – $2,399,900
Number of Sales:  25 (22, 25, 19)
Range of Sale Prices:  $200,000 – $815,000

Condominiums
New Listings:   12 (11, 9, 9)
Average List Price:  $343,458
Range of List Prices: $129,000 –  $924,900
Number of Sales:   5 (10, 9, 9)
Range of Sale Prices:  $120,000 – $382,500

 

Vacant Land
New Listings:   9 (27, 5, 24)
Number of Sales:  2 (1, 2, 1)
Range of Sale Prices: $135,000 – $525,000

Price Changes  15

Notables this week:

1 Single family listing sold at it’s asking price

 

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

The Collingwood and Area Real Estate Market is Red Hot

2 Comments »

Normally in February, most REALTORS® are considering a career change or are busy scrounging for loose change under the couch cushions. Not so this year.

Following on the heels of a robust January market, MLS® sales in the six key areas we serve including Collingwood, Clearview Township, Wasaga Beach, Town of the Blue Mountains, Meaford and Grey Highlands surged by 27% over January and were a full 40% higher than February 2014. Here are the highlights:

  • There have been 58 MLS®condo sales in the 6 key areas in 2015 compared to 39 in January and February of last year; an increase of 48.7%
  • The number of residential sales over $500,000, representing the top 10% of our local market, increased by 64% from 25 units to 41 units sold
  • The number of sales from $300,000 to $500,000 increased by 16%
  • Looking at the six key areas, these two factors led to an increase in the 12 month average, residential sale price of 10.5% to $388,000. Note this is an average price and not a median price.
  • The number of new residential listings in these six areas, in the first two months of 2015 are down by 21% compared to last year.
  • With 21% fewer listings and 40% more sales, we have moved firmly into Seller’s market territory. As we all know, limited supply + high demand = increasing prices.

Here’s how it all shakes out by area. Feb market summary by area

As the snow melts away, if it ever does, we will see a substantial increase in the listing inventory however, my sense is that it will be very quickly absorbed by the many buyers out there who cannot find what they are looking for. Be prepared for a very strong market in the months ahead.

Note: All of these statistics are compiled from data from the MLS® system of the Southern Georgian Bay Association of REALTORS®

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