INSIDE THE DECEMBER 2007 ISSUE
of
** Chris Harrigan Wins the Movie Tickets for Solving the SuDoKu **
Click on the title above to go to that section of the newsletter. Newsletter Archive
MLS HOUSING PRICE INDEX
REAL ESTATE BOARD OF GREATER VANCOUVER
& Fraser Valley Real Estate Board
Detached Homes - July 2007
| Area |
Benchmark Price |
1 Year Change
|
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Maple Ridge
Mission - Average
Pitt Meadows
Port Coquitlam |
$
453,511
$ 376,709
$ 481,471
$
528,706 |
7.5 %
5.5 %
12.4 %
10.4 % |
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Attached Homes - July 2007
| Area |
Benchmark Price |
1 Year Change
|
|
Maple Ridge & Pitt Meadows
Mission - Average
Port Coquitlam |
$
310,636
$ 272,000
$
378,389 |
9.1 %
7.0 %
9.5
% |
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Apartments - July 2007
| Area |
Benchmark Price |
1 Year Change
|
|
Maple Ridge & Pitt Meadows
Mission - Average
Port Coquitlam |
$
254,703
$ 187,900
$
243,624 |
10.4
%
-4.3 %
9.8 % |
 |
2007 Listing Stats - PDF File
Check Past Issues to See Price Changes Over the Past Few Months.
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Why Buyers Buy & Sellers Sell
In 2007 the Real Estate Board of Greater Vancouiver commissioned the Mustel Market Research Group to survey 1,000 people who recently sold and/or repurchased a home in the Greater Vancouver area. I've included several pages from the report for you to see. More information from this report is available in a PDF file by clicking here.
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- Up-sizing is the main reason cited for selling their home in virtually all areas of Greater Vancouver.
- Downsizing and to be close to work and/or other amenities are secondary reasons for selling.
- Detached single family and townhouse/duplex buyers are more inclined to cite upsizing whereas condo buyers tend more to downsize. Also as one would expect, age is related to size needs with downsizing being more common once buyers reach the age of approximately 55 years.
More of this report is available by clicking here.
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You Can Own Resort Properties Too!
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For many of us owning the unbelievable dream homes that we have all seen in the resort areas are beyond our dreams. After all they come with a hefty price tag which eliminates most of the average buyers. Sure, we could consider purchasing a time-share in one of these groups of properties but that may not be as appealing as it seems. So, we imagnine what we'd do if we won the lottery this is as close as we may come to purchasing a resort home in a great destination.
Wait! There is an ownership option that is catching on very quickly. It allows the average Joe and Jane to own a piece of a property along with some others. It's not much of a surprise that this is called "Fractional Realestate."
What is fractional real estate and how does it work?
Fractional real estate refers to the legal sharing of real estate among more than one owner. The title to the real estate is split so that each owner has their own freehold title, which they can sell, or mortgage without affecting the other owners. There is a special lease or other legal arrangement that is put in place that specifies which time each owner gets to use the real estate. Plus the basis on how the unit will be managed and the costs shared is specified as well.
Common fractions are thirds, quarters, sixths, sevenths, eighths, tenths and twelfths. Fractional real estate is a way for people to share ownership and use of a property on a basis that is straightforward and makes sense. Typically the property comes fully furnished and is managed by a third party manager so that use and ownership is convenient and hassle free.
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In British Columbia there have been a lot of fractional property sales at Whistler/Blackcomb, golf, ski and waterfront resorts.
Fractional real estate is not for everyone however it is becoming increasingly popular right across North America . Some people just want to own the whole property, regardless of how much they use it. For others they realize that they won't use their property continually and they like the idea of sharing the property with others so that they get the use they need and want, but at a fraction of the cost of owning the whole property. Aside from the cost, one of the other big benefits of owning fractional real estate is that it is taken care of for you by a third party manager. They make sure that it is perfect when you arrive to use it and they clean it up when you leave – hassle free.
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Tenancy In Common
The tenancy-in-common (TIC) is an increasingly popular real estate investment vehicle. The TIC allows investors to pool funds and purchase larger properties while providing significant federal tax benefits not otherwise available to such vehicles as a limited liability company (LLC) or limited partnership (LP).
TIC allows two or more individuals (and/or legal entities) to hold title to real property. Each "co-owner” owns a separate, undivided interest in the real estate (unlike investors in an LLC or LP who acquire an interest in the entity). Ownership interests can be equal or unequal just as in other real estate investment entities.
Although each owner has the right to use and control the entire property, the ownership interest of one owner is separate and distinct from the interests of the other owners. Also, unless the TIC agreement provides otherwise, an owner may dispose of her interest in the property without the consent of the other co-owners.
Accordingly, TIC ownership interests may be sold, mortgaged, transferred, or levied upon, independent of the interests of the other co-owners. However, investors in a TIC program do not benefit from limited liability and delegated management authority that is enjoyed by LLC or LP investors.
Before entering into any contract, clients are cautioned to seek legal and accounting advice.
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At the end of this year, I would just like to say, “Thanks” to all of you.
May this next year bring you all the Joy, Happiness and Prosperity that you deserve.
Darren Revell
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Real estate is becoming one of the most popular investments among Canadians. There are many people wondering,
- How do I get started?
- Do I need a lot of capital?
- Are there any good deals out there?
- Can I work at it part time?
- How risky is investing in real estate?
- Can I do it?
There are many other questions and concerns that people have regarding this topic.
Darren Revell teaches a class on real estate investing. These classes are small (10-12 people) so you can get a good understanding of real estate as an investment vehicle.
Darrens' seminars are based on the best selling book by Gary Keller- The Millionaire Real Estate Investor. The workshop is free and copies of "The Millionaire Real Estate Investor" book will be available for purchase for $20 per copy.
Please e-mail info@bcrealestateinvesting.com and let them know you are interested in attending.
NEXT CLASS JANUARY 17, 2008 , 7:00-9:00PM @ The Maple Ridge/Pitt Meadows Chamber of Commerce Office – 22238 Lougheed Hwy. Maple Ridge.
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Gord and Darren could send you to the movies.
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Do you have children or do you need to take a break?
Gord Moman and Darren Revell of the REAL Pros Group could send you and a friend to the movies. You see, we always have a SuDoKu in our newsletter. Anyone who solves it in the time allowed is entered into the monthly prize draw for two movie tickets at the local movie theatre.
Someone wins with every news letter.
It could be you or one of the kids. Why not give it a try?
Click here to go to the SuDoKu now.
Congratulations to Chris Harrigan. He won two tickets to the movies for faxing us the correct answer to last months SuDoKu. Way to go, Chris! |
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What's Happening In Palm Spring, CA.
Every day the media is telling us about the USA economy and how the housing market has been affected. Darren and I thought you might like to know, first-hand, what's going on. We know real estate agents all over North America and we thought we'd share some articles about specific areas of interest to Canadians.
If you stumbled into town these days without having read or heard about the resurgence of Modernism as an architectural and interior trend, you might think Palm Springs had fashioned itself as a sort-of theme park. Along the line of say … Leavenworth, Washington or other Bavarian-themed towns, only with a twist.
Of course the village area remains mostly Spanish-Mediterranean in flavor, but nearly every residential neighborhood has dozens, even hundreds, of spectacular examples of the clean and stark modernism that was so favored from about 1950 to 1970.
But it wasn't theme park economics that created this situation. On the contrary, it was economic decline. These aren't faux Vegas-style structures (although that is happening more now, well after the fact) but rather original buildings remaining from the memorable rat-pack era in our history, simply because the town slumped into a tremendous depression for nearly 30 years, as development and progress moved further down valley.
As the cities of Palm Desert and Rancho Mirage and La Quinta blossomed, Palm Springs wilted, like an aging desert beauty who'd had her day and perhaps spent too much of it in the sun. Indeed, by the turn-around, in about 1998, gorgeous mid-century homes, not necessarily even in disrepair, were going for as low as $40-50,000.
That's laughable now of course. With the real estate boom of the early 2000s and the return of the young and ambitious by the thousands (who set upon these homes with a vengeance to restore) most of these homes can fetch many times more than that.
But if you are diligent, do your research, and seek a qualified Palm Springs Real Estate Agent or Palm Springs Real Estate Broker, you might still find that hidden gem. There was a very recent surge of investment in these properties to flip, and since the market has leveled off, perhaps now is actually the perfect time to find your piece of history. |
PALM SPRINGS, CA
Elaine Stewart, M.A.
Remax Real Estate Consultants
78965 Highway 111
La Quinta, CA 92253
Are you interested in buying or selling property anywhere in Canada or the USA?
Give me a call at 604-467-0754 and I'll put you in touch with a licensed agent in the area. |
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Inside Secrets of Home Staging Experts
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A professional Home Stager is someone who sets up your home for maximum visual appeal, so that it sells faster and for a higher price. In addition to the obvious–cleaning your house, getting rid of clutter, etc.–here are some other "inside secrets" home staging experts use to increase the "sell-ability" of a home.
• Less is more. Too much furniture in a livingroom, kitchen, or even on a deck or patio can make a spacious area seem small. Consider putting some items in storage.
• Don't forget the backyard. Think of it as one of the main rooms of the house–a living area that must look clean and inviting to the buyer. Get rid of empty plant boxes and bowls, as well as any unhealthy plants. Prune shrubs and trees. Eliminate unsightly items like decaying firewood or open garbage pails.
• Light it up. Turn on lamps in darker corners. Consider putting extra lighting in key areas like the basement and kitchen. (But don't overdo it! Lights should be bright and pleasing; not blinding.)
• Repair and repaint cracks. A crack anywhere in the house–in a wall, ceiling or foundation–is a psychological "stopper" for a home buyer. He or she thinks, perhaps for good reason, "Are there other issues with this house that I can't see?"
• Keep curtains and blinds open during showings. Nothing beats natural light for making a house look bright and appealing. Even at night, exposing the windows makes each room seem more attractive.
• Remove family pictures from walls, shelves and tables. It's nothing personal. But, buyers want to visualize their family living in the house, not yours.
• It's the little things that clutter. As home staging pioneer Barb Schwarz suggests in her book, Home Staging, "Pack up anything smaller than a football."
Looking for more ideas on how to prepare your home for sale? Call us today. |
If you're selling your home. You want to make some quick improvements to ensure the house is appealing to potential buyers.
What can you do that will give you the greatest return on your investment? Change the carpet? Re-pave the driveway?
Plant new shrubs? Here's an idea that will cost you less than $50. Buy a gallon of paint. Painting is the fastest and most inexpensive way to spruce up the look of your house. In just one day, with just one gallon of paint, you can add a crisp new look to a front door, a fence gate, a kid's room, a bathroom, several yards of trim, a window frame, a fireplace mantle–the possibilities are almost endless.
Think, Act & Live!
"Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'"
Charles Schulz, creator of The Peanuts comic strip
"Home buyers only know what they can see, not what they will be."
Barb Schwarz, author of Home Staging
"Don't be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves."
Dale Carnegie
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If you or someone you care about is thinking of purchasing or selling a home,
call Gord Moman and Darren Revell.
Let us show you how our 10 point marketing plan helps to sell your home
in half the time and get you an average of 6.9% more money. You could receive a Las Vegas mini-vacation and $500.00 cash for a phone call.
604-467-0754 or 604-619-7805 |
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Tri-cities, Pitt Meadows, Maple Ridge
& Mission, B.C. residents.
Find out what your home is worth on-line.
Go to: www.your-market-value.com
Free On-Line House Values. No Pressure, No Commitments.
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Decembers SuDoKu
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Here's one for the family. Solve the SuDoKu by December 31, 2007 and fax or email the solved puzzle back to Gord Moman.
FAX: 604-467-0259 or
Email: soapranos@shaw.ca
Print a copy by clicking here.
For solving the SuDoKu in the time allowed you will be entered into the monthly prize draw of two movie tickets in our local theatre. Contest is limited to Lower Mainland residents only. Winners are announced in next months newsletter.
Enjoy the SuDoKu and let the REAL Pros Group solve the real estate puzzle; because real estate is not a game. |
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Don't Miss Las Vegas
Go to Las Vegas on us! You read correctly. To cash in on this just list your home with the REAL Pros group, buy a home through us or send us a referral for someone who may be looking for a good real estate agent to go to work for them.
Upon completion, we will send you and a friend on a Las Vegas mini vacation. Enjoy 3 exciting days and 2 fun filled nights including lodging at a major hotel. Plus, receive over $1,200.00 in casino benefits including cash, drinks, free slot play, tokens and meal discounts.
Vacation may change without notice. You will receive $500.00 cash to help pay for for taxes, transportation, airport and processing fees. This offer is not available to other real estate agents or their clients. Not valid with any other promotion. Offer may change without notice.
Call Gord Moman @ 604-467-0754 or Darren Revell @ 604-719-3805
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Send us a Buyer by December 30th, 2007 and, on completion,
you will earn a Mini-Vacation to Las Vegas. See details above.
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Priced at $289,900
Large fenced .27 acre lot in desireable Kawkawa Lake sub-division. Quiet no-through street is ideal for families. Close to lake and town center. Quick possession possible.
| Bedrooms: |
Bathrooms: |
Lot Area SqFt: |
Grand Total Floor Area: |
4 |
3 |
.27 Acre |
2,000 sq. ft. |
MLS#: NEW LISTING Address: 21080 Swallow Place. Hope, BC. |
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Priced at $329,000
Desired Robertson Ridge cpmplex. Spacious floor plan with loft/den.
| Bedrooms: |
Bathrooms: |
Lot Area SqFt: |
Grand Total Floor Area: |
3 |
3 |
Strata |
1,546 sq. ft. |
MLS#: V679161 Address: 21, 11355 236 ST. Maple Ridge, BC.
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Priced at $399,900 Sold!!
Spacious comfort in recently renovated rancher. Suite in basement. Move in before Christmas. Centrally located. Close to WC Express. Enjoy afternoons on covered deck. May be used for home based business.
| Bedrooms: 5 |
Bathrooms: 3 |
Lot Area SqFt: 5,473 |
Grand Total Floor Area: |
4 |
2 |
8,190 |
1,870 sq. ft. |
MLS#: V679298 Address: 20808 McFarlane Ave. Maple Ridge, BC. |
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Priced at $399,500
Spacious comfort in recently renovated rancher. Suite in basement. Move in before Christmas. Centrally located. Close to WC Express. Enjoy afternoons on covered deck. May be used for home based business.
| Bedrooms: |
Bathrooms: |
Lot Area SqFt: |
Grand Total Floor Area: |
5 |
3 |
5,473 |
3,340 sq. ft. |
MLS#: F2724705 Address: 7511 Grand St. Mission, BC. |
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Priced to Sell at $288,800
Like New, 3-Bedroom, 3-Bathroom, 2-Level Townhouse in a great family complex. Bright and spacious unit with a large sundeck and ground-level patio. Close to schools and transportation. Over $10,000 in upgrades to interior.
| Bedrooms: |
Bathrooms: |
Lot Area SqFt: |
Grand Total Floor Area: |
3 |
3 |
Strata |
1,456 sq. ft. |
MLS#: V666010 Address: # 31 11588 232ND ST. Maple Ridge, BC. |
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The Lighter Side of Life
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Are you thinking of selling in the next few months? Do you know what you home is worth?
Let Gord Moman and Darren Revell provide you with a free over the internet home valuation.
Call us at 604-467-0811 or send us an email right now!
Take your next step in real estate with Darren revell and Gord Moman and the REAL Pros Group. |
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Copyright REAL Pros Group 2006 - 2007 . This information is solely advisory and should not be substituted for adequate professional advice. The REAL Pros group cannot be held responsible for actions you may take without proper professional advice. Any omission of credit to an author is purely unintentional and should not be construed as plagiarism or literary theft. This newsletter is for entertainment purposes only.
This is not intended to cause a breach in an existing agency agreement. Gord Moman and Darren revell are licensed REALTORS® with Keller Williams Results Realty.
Each Keller Williams office is independently owned and operated. |
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