Aneinfo Real Estate

British Columbia is well known for its luxury real estate investment both in Canada and worldwide, although it is a relatively small market share in overall residential deals. It has the most high end properties with supreme price thanks to its second to none nature surroundings and milestones. Those luxury home prices are keep going up because of the limitation of the quantity and increasing needs during the recent 10 years.

Four neighborhoods of British Columbia, for example the ocean-facing Greater Vancouver, White Rock-South Surrey, Victoria, and the upcountry-located Kelowna, represent the major locales of superfluity real estate in the province. These areas^prev boast some of the priciest properties in Canada, with the smallest upper-end worth thresholds ranging from $1 million in Victoria and Kelowna to $2 million in Greater Vancouver. Luxury properties in White Rock – South Surrey are those valued over $1.2 million..Despite the monetary downturn, unit deals of superfluity real estate in British Columbia have performed relatively well. In the four noted areas^prev of the province they were down 1.7 per cent in 2008 (according to the first seven months of the year), from the overall of 707 properties in 2007 to 695 in 2008. In some neighborhoods, such as Greater Vancouver and Victoria, deals were actually up from the year previous, by 5.4 per cent and 4 per cent, individually.

Luxury real estate in British Columbia makes up a relatively small market portion in the overall housing market. Among the provinces’ hubs of luxury real estate, White Rock-South Surrey has the highest ratio portion in overall residential deals, representing some 14 per cent in overall deals. It is followed by the upper-end market in Kelowna, which makes up 4 per cent of overall residential. Given that the residential real estate markets of Greater Vancouver and Victoria, with the highest population density, are much larger than those of Kelowna and White Rock-South Surrey, the cuts of upper-end properties in these markets are much smaller, representing 3 per cent of overall deals in Victoria and 2 per cent in Greater Vancouver. Interestingly, the market portion of upper-end properties in Greater Vancouver has increased from 1.5 per cent portion in the former year.

Yet, despite the small portion in overall residential deals, the luxury real estate market boasts properties with the highest worth tag in the farmland. The high worth of the superfluity real estate in British Columbia is generally associated with a specific lifestyle or leisure appeal. In this sense, British Columbia boasts many sincere beauties and the vast oceanfront available to the Pacific. This has made the province extremely appealing to homebuyers and property investors seeking lifestyle-associated relaxation properties. Most requested have been oceanfront or lakefront properties and apartments with a view and available to the waterfront. Kelowna, which is located on the Okanagan Lake, has been appealing for its leisure and leisure industry appeal.

In the Greater Vancouver area, the most exclusive sites include Point Grey, UBC, Point Grey Road, Shaughnessy, West Vancouver’s Altamont, Dundarave, and British Properties (with exclusive panoramic ocean and city views), and the waterfront. The most influential neighbourhoods in White Rock-South Surrey include Morgan Creek and Elgin/Chantrell.

In Victoria, buyers seeking stepping down or lifestyle properties are invited to Esquimalt, Victoria West or Victoria Proper, where many properties compromise a mix of exclusive, exclusive waterfront suits. Also popular are Oak Bay, Cordova Bay, Fairfield and Ten Mile Point. In Kelowna, lakefront properties hold the highest worth tag. The most popular exclusive neighbourhoods include Upper Mission, Lower Mission, Lakeview Heights, and Carr’s Landing.

Here it is! The Charlotte real estate  housing update*…whew!

We’re not reeling, but we’re not moving upwards, like we had been for the past four months.

September closings (1,945) were down by 12.4%  over the month of August (2,221).  Even our average sales price dipped down by 6%. September sales averaged $196,760 whereas August sales averaged $209, 245.

Sales are down, but not down and out.

This is not a unique performance for the housing market this time of year. The fall is a traditional season with a traditional decline in home sales and real estate activity.

 

For the Charlotte market, we fared no differently.  Contracts (2,199) for September 2009 have declined by 9.7%  over the fine month of August where home contracts totaled 2,434.

The average time a home spent on the market was only three days less than last month…which was 115.7 days…this from its “active” status until the time it went “pending (under contract)”.

In the national scheme of things, that is overall pretty darn good!  Still, we have a lot of Charlotte homes coming on the market. In September alone, 4,701 new residential real estate listings came aboard! The market changes daily.

Charlotte sellers listed pricing has come down a bit as well. In the month of August, the average list price of a “sold” property was $234,504…and in September this price had dropped down 6.2% to $219,925. Quite a dip in just one month!

The first time home buyer tax credit, has helped stimulate not just one, but two levels of housing: The first time home buyer, and the first time home seller (who then became a second time home buyer).

As seen by our dip in pending residential real estate contract numbers, the surge that took place, has pretty much run its course. 

For first time home buyers that procrastinated, you may have just lost out on one of the best deals going. (Unless, of course, it comes back again.)

Why? The ability to get a loan processed to close by November 30, 2009,  has just about come to an end. The loan processors typically need a good solid 45 days to make it happen!

Was the tax credit a success?  You be the judge.  The National Association of Realtors®, states as many as 350,000 home sales this year can be directly attributed to the $8,000 first-time home buyer tax credit.

That’s a lot of first time home buyers, who may never have even contemplating owning a home before.

The big question? “Will there be a tax credit extension?”housing tax credit

The big answer, “Maybe, maybe not.”

If you were one of the many first time home buyers that did not have your 3.5% saved up for a down payment, hopefully, the stimulus package has motivated you to get that savings put together (just in case).

And, those that were locked in to leases, perhaps your lease is coming up for renewal. Go month to month (just in case).

Buyer beware…if the $8,000 tax credit comes back again…hopefully, you, too, will then take part in the American dream, your own home.

Until then, it is something wonderful to dream about and plan for!

*The numbers used in this September 2009 residential realty report became available on October 8, 2009, courtesy of the Charlotte Regional Realtor® Association based on Carolina Multiple Listing Services, Inc. (CMLS) data covering the Charlotte region.

There is no doubt that the nation’s housing market has tendencies to hit some low points, but the market for land properties is a different story. In many states across the United States, there are ample properties for sale, be it ranch land, hunting land, or vacant land for sale for potential residential properties. Recently, there has been a rush to purchase land for sale from recreational land to the mountainous woodlands. Many people invest in land properties while prices are so low and affordable, with plans to create a retirement home.

In some ways, buying land and buying a second home are similar. They both have the potential to make money. A second house can make money through rental income. Land can make money through leases for farming, hunting, fishing, ranching, etc. Also, when buying a second home and buying land keep in mind that the most important component when looking for land for sale is location, location, location.

Because of the affordable acreage for sale, more people are finding vacant land for sale. It is said that remote backlands are now becoming popular since riverfront properties are being taken. But the land for sale has often times gone through the typical story; a picture perfect piece of land that stays just that-something to look at- but nothing more. When looking at vacant land for sale, it is important to ask the question: will a house be built? If so, take into consideration how electrical power and water can get to the property.

Also, if land properties are being bought as investments, remember that it might be tougher to sell if people are looking for houses, not land for sale. The US has 1.5 billion acres of rural land, which is estimated to be about 65% of the country. The prices of the land for sale vary widely, with rural land for sale costing about $250 an acre, while forest land for sale in Iowa is $3,000 an acre, and $27,000 an acre in Colorado for pieces of riverfront properties.

In some cases, it might make a lot of sense to buy land farther in advance if there is any intention of building on the property. Properties and land for sale tend to go fast, especially the scenic plots that many people are fond of.

When looking at land for sale, it might help to have a local land agent that can survey the land. Often times the property lines are not defined as well, and soils may be too soft to support a building in the spot that is intended to be built on. Also pay attention to the accessibility of the particular piece of land. Some properties have make-shift roads that end up not being legal roads.

In urban areas, properties are often zoned to prevent certain types of buildings. Rural land for sale, however, does not contain any zoning, so a dream property could one day be surrounded by shopping centers or mobile homes. Any local land agent will also be able to look up zoning permits and other caveats for the property and other land for sale around it.

Prices of land for sale often don’t move in the same flow as housing prices. Home prices generally follow the trend of inflation rates. But for land properties, price appreciation typically ties in more closely with the potential of activities such as farming. In general, land prices do not fall as drastically as housing prices, since a housing market can be overbuilt, but land can’t. On the other hand, land prices can be greatly affected by recreational demand. Land has become such a profitable investment recently, that the higher demand is increasing the prices of land for sale.

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