Please visit our Open House at 32 555 Glenmeadows RD in Kelowna.
OPEN HOUSE: Sunday Oct 24, 2010 - 1:00 pm to 4:00 pm. Drop by and enter to win a pair of Kelowna Rockets Hockey Tickets. Hosted by Keith Bagley
Could this be North Glenmore's Best Deal? Nearly 2800 Sq. Ft. and Strata Fee is $85/mo. 4 BR, 3 Bath. Ready for in-law suite. Great floor plan. Close to schools. 5 mins. to Shopping and Downtown. Priced for quick sale. This is not a townhouse. You own your own 4 walls. This rancher with walkout basement is in excellent condition. Professionally painted throughout. 2 Kitchens. 2 Laundry rooms. 2 Bedrooms up, and 2 Bedrooms down. Virtually ready to suite and have a mortgage helper. Large rooms. Very Private yard. Deck off Kitchen. Must be seen. Call Keith Bagley today to arrange a private showing. 250-717-6782.
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Please visit our Open House at 32 555 Glenmeadows RD in Kelowna.
OPEN HOUSE: Saturday Oct 23, 2010 - 1:00 pm to 4:00 pm. Drop by and enter to win a pair of Kelowna Rockets Hockey Tickets. Hosted by Keith Bagley
Could this be North Glenmore's Best Deal? Nearly 2800 Sq. Ft. and Strata Fee is $85/mo. 4 BR, 3 Bath. Ready for in-law suite. Great floor plan. Close to schools. 5 mins. to Shopping and Downtown. Priced for quick sale. This is not a townhouse. You own your own 4 walls. This rancher with walkout basement is in excellent condition. Professionally painted throughout. 2 Kitchens. 2 Laundry rooms. 2 Bedrooms up, and 2 Bedrooms down. Virtually ready to suite and have a mortgage helper. Large rooms. Very Private yard. Deck off Kitchen. Must be seen. Call Keith Bagley today to arrange a private showing. 250-717-6782.
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I have listed a new property at 136 2035 Boucherie in West Kelowna.
WATERFRONT! FOR UNDER $250,000!!! Seriously... this home fronts right onto Lake Okanagan! This may be Kelowna's best Vacation Home. Walk out your door and you are 50 steps to the lake. Enjoy a very private beach every day. Be lulled to sleep by the sound if the water. Marvel at the breath-taking views. You won't believe the value here. This 2005 double-wide manufactured home is one of the nicest you will find... anywhere. The wrap-around windows give you lake and mountian views that you would only find in homes that cost 10 times this (or more). Featuring an open concept, 2 bedrooms, a large den (that could easily be converted to a 3rd bedroom if you like), this home has everything you need. It is neat and clean as a whistle, tastefully docurated, and only 5 years old. Don't let this opportunity opportunity pass you by. Call me today to visit this great lakefront home, or visit www.KeithBagley.com for more information.
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I have listed a new property at 2480 Ironridge RD in Westbank.

2480 Ironridge Road, Westbank,

 

What a terrific home in Smith Creek! Presenting 5 bedrooms, 3 full baths and 2349 sqft of family living! A great open room concept main floor with a spacious kitchen (wired 220V), island and pantry, hardwood floors, vaulted ceilings and feature fireplace. This home is complete with a fully finished basement, large fenced backyard and 200 sqft playhouse! Loads of extras including air conditioning, built in vacuum, underground irrigation and garden area! 2 large decks offer a lake and valley view while backing onto generous green space. R/V parking too! The location is excellent, so close to all amenities and perfect for the growing family!

 

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I have listed a new property at 219 1795 Country Club DR in Kelowna.

Imagine a place so carefree you feel as though you are on a permanent vacation...Welcome to Bella Sera Tuscan Style Villas at Quail Ridge!  This stunning BRAND NEW NEVER OCCUPIED 2 bed 2.5 bathroom home comes fully furnished and professionally decorated with high end finishing such as granite and laminate.  The balcony has a great view of both championship golf courses (The Bear and The Quail) as well as the breathtaking Okanagan Valley.  Relax in the sun, or make your way down to the in-ground pool and hot tub.

If the luxurious lifestyle doesn’t have you on your way, think about the enormous revenue potential!  Units in Bella Sera have generated as much as $3000/month in peak season and since UBC-O is so close you will never be looking for renters.  All utilities including TV and cable are included in the strata fees, and there is a great Rental Program available to take part in. 

Don’t miss this opportunity!  Call Keith Bagley today to arrange a viewing!

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I have listed a new property at 3495 Oak CRES in West Kelowna.
This 2 year old 1144 sq ft home is bright and has an open floor plan. It boasts 2 spacious bedrooms and 2 full baths. The master bedroom has a full 4 piece ensuite and walk in closet. Home comes with all appliances and window coverings. Secure 45 plus gated community close to everything. Home has 2 patios with one looking to Mission Hill Winery.
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I have listed a new property at 57 615 Glenmeadows RD in Kelowna.
Located in one of Kelowna's most desirable gated communities, this 1380 sq. ft. 2 bedroom, 2 full bathroom, rancher could be the home you have been looking for! This home features Central Air, Skylights, Gas Fire Place, Walk-in closets in both bedrooms, and a large 3 piece ensuite in the master bedroom. Close to all amenities, such as shopping, golf, and recreation, yet in a quiet well taken care of neighbourhood. Secure gated entry, waterscape, clubhouse and large indoor pool and hot tub make living here a pleasure. Quick possession possible!
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I have listed a new property at 121 1795 Country Club Drive DR in Kelowna.

Imagine a place so carefree you feel as though you are on a permanent vacation...Welcome to Bella Sera Tuscan Style Villas at Quail Ridge!  This stunning BRAND NEW NEVER OCCUPIED 2 bed 2.5 bathroom home comes fully furnished and professionally decorated with high end finishing such as granite and laminate.  The balcony has a great view of both championship golf courses (The Bear and The Quail) as well as the breathtaking Okanagan Valley.  Relax in the sun, or make your way down to the in-ground pool and hot tub.

If the luxurious lifestyle doesn’t have you on your way, think about the enormous revenue potential!  Units in Bella Sera have generated as much as $3000/month in peak season and since UBC-O is so close you will never be looking for renters.  All utilities including TV and cable are included in the strata fees, and there is a great Rental Program available to take part in. 

Don’t miss this opportunity!  Call Keith Bagley today to arrange a viewing!

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I have listed a new property at 206 1860 Richter ST in Kelowna.
It is a choice, affordable location in one of Kelowna's most desirable adult oriented buildings (55+).  Priced for a quick sale and offering good living space in a single bedroom apartment. Immaculately taken care of, bright and upgraded throughout with crown moldings, ceramic tile, totally renovated bathroom and more. The building itself is very quiet and well taken care of and is within walking distance of shopping, culture & parks.
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I have listed a new property at 26 3225 Shannon Lake RD in West Kelowna.

Easy! Affordable! Sensible!  This 2 Bedroom 1 bathroom manufactured home has been well maintained and upgraded.  Kids and pets are allowed in the park!  Loads of parking, quiet end of the park away from Shannon Lake Road, yet still close to schools, parks, golf, and shopping!  Great for first time buyers!  Most lenders will finance here, and it could cost less than renting!  This one really is a gem but you will have to see it for yourself!  Call Keith Bagley today to arrange a viewing!                                                                                                                                                                                  
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I have listed a new property at 110 1795 Country Club DR in Kelowna.

Imagine a place so carefree you feel as though you are on a permanent vacation...Welcome to Bella Sera Tuscan Style Villas at Quail Ridge! This stunning BRAND NEW NEVER OCCUPIED 2 bed 2.5 bathroom home comes fully furnished and professionally decorated with high end finishing such as granite and laminate. The balcony has a great view of both championship golf courses (The Bear and The Quail) as well as the breathtaking Okanagan Valley. Relax in the sun, or make your way down to the in-ground pool and hot tub. Perfect for the first time home buyer, this luxurious townhome has everything you'll need... right down to cutlery in the drawers, a barbeque, and of course deck table and chairs to fully enjoy the Okanagan lifestyle. You'll love the views, and where else in Kelowna can you find fully furnished townhomes at a price like this. Don’t miss this opportunity!

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I have listed a new property at 600 Glenmeadows Road in Kelowna.
Best in class! You will not find a better family home in North Glenmore for the money. 5 Bedrooms, 3 Full bathrooms, and completely updated. You'll love the new hardwood floors, the new stainless appliances in the kitchen, and the family sized back yard. The bedrooms are spacious, and the views are beautiful. All this, and you are just 5 minutes from Orchard Park and Downtown. 2 Elementary schools within a few minutes walk. Lots of parks, hiking and bike trails nearby. This is one of those "Must See" homes.
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I have listed a new property at 117 Westside Road N in West Kelowna.
Hot New Price... Reduced $30,000! Best Buy in Traders Cove. You have to see it to believe it! Deals like this don't come by every day. Tenant in place, wants to stay. Revenue currently $800/mo. from 1 br suite. Located in West Kelowna's desirable Traders Cove neighbourhood this 3 Bedroom Rancher boasts utmost serenity and peacefulness while being only a short drive to the amenities of downtown Kelowna. You will love the view of the lake from the large deck and many windows, and its only a 10 minute walk to beaches and hiking trails. This home just feels warm and welcoming, and has been updated without losing its charm. The in-law suite is a great opportunity to earn some income on the side too! The mature landscape and large yard are beautiful and watch as the flowering trees and shrubs change colors with the seasons. Get ready to call this one home! Call Keith Bagley today to arrange a viewing !
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I have listed a new property at 555 Glenmeadows Road # 32 in Kelowna.
Could this be North Glenmore's Best Deal? Nearly 2800 Sq. Ft. and Strata Fee is $85/mo. 4 BR, 3 Bath. Ready for in-law suite. Great floor plan. Close to schools. 5 mins. to Shopping and Downtown. Priced for quick sale. This is not a townhouse. You own your own 4 walls. This rancher with walkout basement is in excellent condition. Professionally painted throughout. 2 Kitchens. 2 Laundry rooms. 2 Bedrooms up, and 2 Bedrooms down. Virtually ready to suite and have a mortgage helper. Large rooms. Very Private yard. Deck off Kitchen. Must be seen. Call Keith Bagley today to arrange a private showing. 250-717-6782.
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I have listed a new property at 1965 Durnin Road # 310 in Kelowna.
Rare find! Fabulous top floor condo w/ loft. Located close to Orchard Park and shopping. Main floor features open floor plan Ceramic tile in kit, dining area & hallway. Kitchen w/lots of cabinets, roll-out shelves, plus glass upper corner cabinets to display those special pieces and a eating bar. Dining room has room for hutch. Spacious living room featuring high ceilings, garden door to balcony with gas BBQ hook-up. Master bedroom with 4 pce ensuite and walk-in closet. Second bedroom is a good size. Upper loft/den looks down onto the living room area. You won't believe the size and privacy of the roof top patio with wiring for a hot tub. There is also a 3 pce bath located on this level. Loft could even be used as a guest bedroom. Lots of closet space for storage, built-in stereo speakers in most rooms, telephone desk, built-in vac PLUS natural gas forced air heating and central A/C. Great clubhouse plus beautifully landscaped grounds.
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A SEASON OF CHANGE

October 8, 2010

 

There is change in the air, and unfortunately, it isn’t just the fall weather settling in. There is a change in the level of optimism that most of us were starting to feel last fall and through the early part of the spring. Last year, we had weathered the “Crash of ‘08”, and we survived. Actually, they were telling us, we made out better than anyone else in the world... and perhaps we did. Aside from our investments taking a hit, (though a lot of it has already been recovered), and our real estate having lost some of the ENORMOUS gains it had made in the past few years, we were relatively unscathed. Most of us still had jobs, our health, and from the people I polled, people were still going to restaurants, taking vacations, and not “cutting back”. We were OK! And we were prepared to make some of those big ticket purchases like major appliances, home renovations, automobiles and real estate. We carried this optimism into the spring of 2010.

 

But then, something changed. The Federal Government sent a clear message that they did not want to see the free market run wild in real estate. They set out a new batch of rules that made it harder to qualify for a mortgage. It even became more difficult to qualify to refinance the mortgage that you had been faithfully repaying without the slightest hint of a late payment for the last 5 years. Then came the HST, and the confusion that still exists. (Personally, I am not sure that Mr. Van der Zalm’s good intentions are not creating a bigger problem for us than he is trying to solve.) We’ve seen interest rate hikes, 3 of them since April, and finally news that perhaps some of the predictions about the economic recovery were a tad overoptimistic, and that the recovery wasn’t going as quickly as once believed.

 

OK! We get it... we are still in a slowdown, or that is what they want us to believe. But, are we really? Or is it that few of us are cannot look past the last few years and remember what “normal” is. Can’t we just look back to 2004 – 2008 and just say  “Wasn’t that a Party!” Will we get to a point where we can admit that 15% - 20% growth in real estate is NOT normal? Will we ever reach a point where we can see that, despite what the media keeps trying daily to ram down our throats, that things are still pretty good.

 

In BC, we are awaiting the September employment figures. Did you know that in August we were a mere 2000 jobs below the ALL TIME record number of people working in BC (set in August 2008), and they are optimistic that the September numbers will beat that. Imagine... more people ARE working in BC than ever before. Forget the UNEMPLOYMENT figures... they will only depress you, and we all know, a pretty good number of people that are part of those unemployment figures have no intention of working. More people are working in BC right now than ever before. That is good news.

 

      Dow Graph           

 

 

The graph above shows the Dow Jones Average since October  of 2008. The crash we all remember was in September and the market clearly hit bottom in March ‘09, but we have gained back a lot of the ground we lost from the bottoming out. The Dow bottomed at around 6500, and today is back around the 11,000 mark. To me, those are pretty remarkable gains in an 18 month period. Considering it took 5 years to climb from 6500 to 11,000 the first time, the less than 18 months it took to gain that amount this time is a sign of strength.

 

In the same token, while we have lost ground in the local real estate market has taken a hit. Basically, we lost the gains were made in ’07 & ’08. Prices are currently in the range of early to mid 2007. The problem today is we have a ton of inventory, in all categories and price ranges. The gloom and doom we have been hearing in the media lately has buyers uneasy, and they are not in any hurry. They are predicting prices to drop. They are shopping for deals. Plain and simple.

 

The situation we are seeing today is typical of any free market competitive system. It is entirely about supply and demand. We have high supply, low demand. There is only one place for prices to go, and no one can change that. The market will do what it wants to do, and will find its own level. Unless something or someone intervenes, we will see downward pressure on prices.

 

There are a couple of solutions. First, we need to get the homes off the market that do not NEED to be sold. Sellers in this market who are not willing to be realistic about where the market is heading are not part of the solution, but rather part of the problem. With loads of choice, buyers do not feel the need to decide... they will wait for something new, or something to come down in price. Like most sellers right now, they don’t NEED to buy... they would like to buy, and there is a huge difference. Buyers that need to buy will find the best home to meet their needs and budget. Buyers who want to buy will wait for the PERFECT home to meet their needs, and then work to get the best price. The huge amount of inventory is a seller’s biggest enemy. The solutions are reduce the price to a number that “the market” feels is good value, or take it off and wait until the selling climate is more conducive to bringing a higher price.

 

Housing prices will probably take a another hit over the winter. Expect that. It would not surprise me if it dropped another 5-10% before starting to rebound. We have already seen the signs. The key to selling a home in the next 4 - 6 months will be price. Period. If a home is priced well, it will sell. In the last 3 months, we have sold more than 200 properties in the Central Okanagan monthly. While these numbers are extremely low, there are still homes being sold. The problem is, with approximately 5,000 listings, that means we are selling 4% of the inventory. Sellers have to ask themselves, if they were a buyer, would they think (honestly) that their home is in the top 5-10% of the homes in its class. If not, it probably explains why they are not getting showings, let alone offers. In the same vein, if sellers are not willing to do this, they would be better served taking their home off the market, renting it, or changing plans to move, and waiting until the market comes back.

 

One caution though... many other sellers will be doing the same. When the market heats up again, there will be a backlog of homes coming back on the market. If demand increases, so will prices, which will force even more homes into the market, and we will be back in the same loop. Lots of inventory means falling prices... Low inventory means increasing prices. Economics 101.

 

It is impossible to time the bottom or the top of a cycle perfectly. It takes 4-6 months worth of data to know we have reached a peak or valley in the stats. That said, for both buyers and sellers in this market, it is very likely that prices will moderate within 5 – 10% (+/- )of where they are right now. There is nothing on the horizon that suggests we will see a cataclysmic bottoming out in the market. There is nothing to suggest that the double-digit increases we say in the mid 2000’s will re-occur. The buyers and sellers that understand this will be in a position to take advantage of a market that is full of potential, at a time when interest rates are about as low as they can go. (I just refinanced my home, and got a 5 year fixed rate for 3.59%.) There are deals out there, and at the finance rates, some very attractive opportunities.

 

Sellers... in a word, get it sold or take it off the market. Sellers speculating and hoping to get “the big number” are plugging things up. Their homes are being used as comparisons to make the case for homes that really are great deals. Most of the people that are viewing homes right now have no intention of buying... they are doing research. If a home has been on the market for more than 30 days, and has not received an offer, it is priced too high. Neither consumers nor their REALTORS® are seeing the value. You don’t want to be a Seller in a Buyer’s Market... you want to be a Buyer. The sooner you get your home sold, or converted into a revenue stream, the sooner you can become a Buyer, and catch this market before it starts going up again. Buyers are the ones having fun right now.

 

Buyers... realize this is a terrific time to buy. This is like the perfect storm. You have selection, motivated sellers, low interest rates, and few multiple offers. Understand that the PERFECT home does not exist. If you have genuine intent, you should be able to find a great home at a great price. I had a colleague tell me this week that they showed 40 homes to his buyers last week, and was showing them 40 more this week. (To be honest, I am shocked... I am not sure how anyone can keep things straight after seeing that many homes). That is just too many. Do your homework in advance. The right home is out there. Be specific about what you NEED, and what you would like. Looking at dozens of homes will only serve to muddy the waters. Ideally, if you have done the preparation, you will only need to look at 6-8 homes before you buy.

 

Finally, stop thinking about your homes as an investment vehicle, but rather the place you want to be every day. If you focus more on the home, and finding the things you need and want in that home, you will have a better chance of getting it, and getting a great deal. No matter when you buy, there will always be another home come on the market. No matter how informed you are, you are not likely to hit the peak, either when buying or selling. You may be close, but you need to be plain lucky to hit it exactly.  Do your due diligence, research the areas, get your financing in order, know what you NEED, and what you would like (the two are not the same), and go find a great home. Buy one that has location, and is saleable. Buy one that has been on the market for a short time. Chances are, if the current owners are having a hard time selling, you will too. (Sellers need to note this too... there are lots of  questions asked when buyers see a property on the market for a long time.) Again... it is about price. Price it right, and it will sell. Price it right, and the buyers will find you.

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