Renos that don't pay

HGTV - Channel 17 in Fernie. A television network dedicated to home renovations and improvements. There is no question of its popularity (#7 in specialty channels); it seems all Canadian homeowners are “reno crazy”.

Here are a few things to consider before you begin your next reno project:

1. Overbuilding for the neighbourhood. It seems impossible to build much smaller than some of the houses in Fernie, but try and keep in mind resale when undertaking a major reno or new build.



Homebuyers, and some more learned REALTORs(r), establish the value of a home based on the comparables in the neighbourhood. In general, homebuyers do not want to pay $450,000 for a house that sits in a neighborhood with an average sale price of $350,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $450,000 in a $450,000 neighborhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighborhood follow suit.

Have a drive through the Annex, Downtown or West Fernie to see what I mean - try not to be the best house on the worst street.

2. Hot Tub/Swimming Pool

A hot tub will not always increase the value of your home. This depends dramatically on the buyer and what his or her preferences are. If this potential buyer has always wanted a hot tub, then it is a great investment. If the potential buyer does not care for hot tubs, then he or she is not very likely to pay extra for the accessory. Many people do not see hot tubs, saunas, swimming pools, etc. as being great additions to a home and/or see them as increasing the value of the home.

In addition, young families don't want to worry about their small children around an open body of water. Spend your hard earned money in other ways to increase the value of your property.

3. Extensive Landscaping



Homebuyers may appreciate well-maintained or mature landscaping, but don't expect the home's value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price. If a buyer is unable or unwilling to put in the effort to maintain a garden, it will quickly become an eyesore, or the new homeowner might need to pay a qualified gardener to take charge. Either way, many buyers view elaborate landscaping as a burden (even though it might be attractive) and, as a result, are not likely to consider it when placing value on the home.


4. High-End Upgrades

Putting stainless steel appliances in your kitchen or imported tiles in your entryway may do little to increase the value of your home if the bathrooms are still vinyl-floored and the shag carpeting in the bedrooms is leftover from the 60’s. Upgrades should be consistent to maintain a similar style and quality throughout the home. A home that has a beautifully remodeled and modern kitchen can be viewed as a work in progress if the bathrooms remain functionally obsolete. The remodel, therefore, might not fetch as high a return as if the rest of the home were brought up to the same level. High-quality upgrades generally increase the value of high-end homes, but not necessarily mid-range houses where the upgrade may be inconsistent with the rest of the home.

In addition, specific high-end features such as media rooms with specialized audio, visual or gaming equipment may be appealing to a few prospective buyers, but many potential homebuyers would not consider paying more for the home simply because of this additional feature. Chances are that the room would be re-tasked to a more generic living space.

5. Invisible Improvements

Invisible improvements are those costly projects that you know make your house a better place to live in, but that nobody else would notice -- or likely care about. A new plumbing system or HVAC unit (heating, venting and air conditioning) might be necessary, but don't expect it to recover these costs when it comes time to sell. Many homebuyers simply expect these systems to be in good working order and will not pay extra just because you recently installed a new heater. It may be better to think of these improvements in terms of regular maintenance, and not an investment in your home's value.

6. Big Box Renos

Be very mindful in the choice of materials for your renovation. In general a more neutral color pallet will appeal to more buyers but you also don't want it to look to bland and institutional. Avoid buying all of your material off the shelf simply because it is affordable. Invest some time generating creative ideas before you start buying your materials.





Please post you comments below

Thanks

New Listing - 4600 Timberline - Fernie Alpine Resort

This classic 2500 sq ft chalet has more than enough space for your friends and family. Located steps from Fernie Alpine Resort this home features 5 spacious bedrooms with 4 full bathrooms (3 en-suites), a large great room with wood burning stove and vaulted ceilings, elavated back patio with hot tub, and private waterfront access.




These properties are rarely
available for sale, don't miss your opportunity to own a piece of Fernie.



Check out the link to see more information about the property.

www.skihillhomefernie.com

New Listing - 3251 Anderson Road

3251 Anderson Road

3 bedroom home on acreage



Come and view for yourself. Five acres of pristine wilderness, five minutes from town, a network of trails to the Provincial Park from the property. A home full of warmth for the whole family. Plenty of space for toys & tools with a double garage and carport.




Check out the photo slideshow here:
www.century21.ca/ryan.frazer/Property/BC/V0B_1M0/Fernie/Anderson_Road/3251

Open House Sunday 5th, 2010
1 pm - 5 pm




Thanks

Ryan
ryan@c21maximum.ca

The Landlords Guide to the Galaxy

It’s that time of year again in ski towns all over North America... rental season. Fernie will feel less redneck and more culturally diverse for the next 5 months as a hodgepodge of ski bums roll into town by any means necessary. For local residents, it allows us to catch a glimpse of this year’s fashions and assortment of flat-soled shoes. As November rolls along, vacancies will become less and less, as all types of housing are rented.


Here are some tips to help make your job as a landlord easier:

1. Get it in writing. Create a contract, read the contract, explain the contract and make sure that you tenants understand the contract. Make an itemized list of all contents of the house and an addendum to the contract which stipulates what the tenants are permitted to do. If it is not in writing it is not part of the deal. www.rto.gov.bc.ca/documents/RTB-1.pdf

2. Screen the tenants and check references. Protect your investment and know who will be occupying your home. If you have a bad feeling about someone, trust your instincts.

3. Collect post-dated cheques or set-up email money transfers for rent. I personally prefer the email money transfers as they are instant.

4. Collect a deposit the day the tenants move in. DO NOT ALLOW TENANTS TO USE THE DAMAGE DEPOSIT AS THEIR LAST MONTHS RENT!! When it comes time to return the deposit, have your itemized list of the contents of the house available.

5. Keep emotions out of your business decisions. If a tenant is late in paying rent every month, it might be time to consider replacing the tenant. If you do decide to evict the tenant, make sure that you understand their rights and yours. www.rto.gov.bc.ca/content/rightsResponsibilities/ending.aspx

6. Try and rent the whole house/apartment out at the same time. Avoid putting yourself in the situation of acting as a rooming house manager. Remember that if two tenants both sign a lease agreement and one of them moves out, it is their problem to pay the rent, not yours.

7. If possible, have the tenants pay their own bills. This will teach them how to sit on hold with the phone, gas and cable company for hours at a time. As a landlord, you don't want to be chasing your tenants for bill payments, or be paying for the grow show in the basement.

8. Perform routine maintenance on the property and try and do a walk through once a month. Fix leaky faucets, replace furnace filters and tighten loose railings regularly. The more you are able to stay on top of the maintenance of your property, the better you will be able to sleep at night... literally.

9. Respect your neighbours; they can make your life easier for you. If your rental property is in a primarily family residential area ensure that your tenants respect local noise bylaws. In addition, keep the yard tidy and not looking like the local hell angels hideout.

10. Don't be greedy on your rent. Charge an amount that is reasonable to what you are providing. Fernie has a long history of slumlords over-charging for rent. In my experience, if you gouge the tenants for rent they are more likely to be disrespectful to you and your property.

Please post your comments below.

Thanks for reading

Ryan

Price reduction 1252 6th Avenue

The most affordable detached home in Fernie.

Excellent investment opportunity or great family home centrally located in the downtown area of Fernie. 3 bedrooms,hardwood floors and large backyard to enjoy. this home had been nicely renovated with new windows, new bathroom with water saving fixtures, stainless steel fridge and new insulation(spray foam insulation). Don't miss this opportunity to own in Fernie.

www.century21.ca/ryan.frazer/Property/BC/V0B_1M0/Fernie/6th_Ave/1252

$269,995 reduced to $259,995

Thanks

Ryan

Buyers Market?? Do they have those in Fernie??

Shopping for Real Estate in Fernie about 5 years ago was a much simpler undertaking. A small selection of homes to choose from, almost no negotiating leverage due to stiff competition; more often than not, your choice of home was based on availability. The situation was similar to going to a restaurant with only one menu item which is already in short supply, with a line-up of hungry customers waiting outside. This was the height of the seller’s market that has existed in Fernie for the past 10 years, until now.

Prices are continuing to drop, with no end in sight. 35% of all homes listed on the MLS in Fernie have experienced a price reduction in the past several months. Real Estate signs are popping up on lawns all over town like some sort of invasive plant species. 115 condo listings in Fernie, 84 house listings, there is no shortage of selection. We haven’t seen this in the valley for as long as I have lived here (11 years). It appears to be a buyer’s market, so why so few sold signs?

Back to our simple economics lesson from a couple of months ago: supply vs. demand. Supply is way up and demand is way down. There are many options for all buyers in all price categories. Buyers can afford to be choosy and sellers have reason to be nervous.

Before you add your home to the glut of listings already on the market consider the following:

1.What is your bottom line and is it realistic?

2.If you purchased your property in the past 3 years are you prepared to break even? Perhaps even take a loss?

3.Real Estate is a commodity not unlike a stock or bond… prices go up and down.

4.The world housing economy is in the toilet, why would Fernie be insulated from that?

There are a number of reasons for the sluggish market right now, the least of which being the bad snow year last year. Locally, I feel that there is a false sense of value placed on many of the properties for sale coupled with a hope that things will improve by morning. There is evidence to suggest that things are going to get worse before they get better.

The key to a successful sale right now is the right price and the proper exposure to the marketplace. Make your decision to sell based on hard facts, not on emotion. Have your REALTOR(r) show the comparables in your neighbourhood and more importantly what has sold. Remember, people can list their house for whatever amount they want - it doesn’t mean that it will sell. The numbers simply do not lie.

Please post your comments and feel free to email me if you would like any additional information.

Thanks for reading.

Ryan

New Listing - Unit 6 492 10th Avenue

Nicely renovated one bedroom condo located steps from the Elk River in the Annex area of Fernie. 4 Ensuite bathroom has been fully renovated with a new tile floor and tub surround.


Private, south facing balcony with separate entrance, covered parking, and new exterior windows and doors. These units are rarely avaliable for sale, don't miss your chance to own an affordable condo in one of the best areas of town.

$174,921








Thanks for reading

Ryan.
ryan@c21maximum.ca
(250) 531 0303
www.century21.ca/ryan.frazer

Condo buying tips

A light dusting of snow on the three sisters is an ominous foreshadow on the winter to come. Word around town is for colder than average temperatures and bigger than average snowfall. There are few certainties in life; taxes, death and tourists in Fernie in the winter.

Its condo buying season, and after a dismal year of sales and sliding prices there are many good deals to be had in Fernie.

Here are some tips to help you with your first or tenth condo purchase.

1. Hire a professional REALTOR(r) to help you in your search. As a buyer you pay no fees and having someone with local knowledge is key. Plus you might get to ride around in a fancy car.

2. Make an appointment with your banker/mortgage broker to figure out what you can comfortably afford. Don’t spend your vacation time worrying about how you'll pay for it.

3. Make a list of what is important in a property before you start looking. There is no point in paying a premium for ski in, ski out accommodation if you spend most of your time in the lodge/bar/hot tub. Understand who the primary users of the property will be and their needs. This will help to narrow your search and save your REALTOR(r) gas money.

4. Think about the resale of a condo before you buy. A general rule is buy the biggest unit that you can afford (see #2 above). Studio and one bedroom units are more difficult to sell and few people over the age of 10 like bunk beds. Upper level units generally sell for more.


5. Consider the exposure of the unit. Condo units often have only one exposure, decide whether you would like to be facing the hill, south facing etc... Understand the pros and cons of your choice. A south facing unit will be warmer in the winter but also warmer in the summer. Keep in mind noise from nearby buildings and businesses.

6. Try and avoid units close to the elevator or areas where guests may congregate. Units above garage doors and ventilation ducts will be more difficult to sell.





7. If you drive and even if you don't ensure that your unit has a parking space. Underground parking is a great feature to have and doubles as a storage space for your winter toys in the summer. Again, think about the resale of the unit.

8. In most of the buildings in Fernie, skis and snowboards are not allowed in the condo units. Make sure that your condo has a storage locker for your belongings.

9. Read the fine print, or at the very least have someone with multiple letters after their name read it for you. Look over strata documents and financials and understand the condo association before you become a member of it. Your REALTOR(r) will be able to answer any questions you may have and may have sold many units previously in your building.

10. Understand your rights as an owner for rental of the unit. Buildings will sometimes have rental restriction caveats or mandatory property management in place. Fees for rental management can be as high as 50%, know this information before you buy.

11. Have a look at all of the facilities included in the building and speak with some current owners about the maintenance record.


Thank you for reading, please become a follower.

Email me anytime with your questions @ ryan@c21maximum.ca

Thanks

Ryan

New Listing - 2 Bedroom Condo

The best price per square foot in town.

Spacious and bright fourth floor condo with some of the best views of the valley.

2 bedrooms with closets, 4 piece bath, private balcony, storage room, galley style kitchen with newer fridge and dishwasher.

Includes all furnishings and linens.

Would make an excellent rental property or vacation retreat.


$168,900

Thanks for reading

Ryan

What's the value of a home in Fernie.

The streets of Fernie are still littered with Real Estate signs (197 listings).

I was emailed a link to this website by a cynical friend of mine that hates the fact that I'm a Realtor. It is a spoof Vancouver based Real Estate website.

www.crackshackormansion.com

I laughed out loud while sitting at my desk and occasionally gasped at the sight of some of the photos. When I regained my composure I felt a great sense of relief, knowing that Vancouver Real Estate prices are crazy and was thankful to be working in Fernie. Prices in Fernie obviously offer great value....right??

Maybe the lack of sales aren't because there are no buyers, or that Fernie Alpine Resort won't put any money into the resort or that the Blackstone golf course is stalled again, or that the snow is better in Golden. Perhaps it is that Real Estate prices in Fernie are unrealistic for this economy. Simply put, maybe things aren't selling because prices are too high.

Whenever I would complain to my father, a retired oil salesman, about the price of gas, his comment was that the gas companies set the price at an amount that people are still willing to pay. They will up the price until a point where consumers will start to purchase less fuel, (supply vs. demand).

This system is known as the Subjective Theory of Value (STV). This system of economics is usually termed "marginalist" economics.

The STV states that the price of a commodity is determined by its marginal utility to the consumer and producer. Marginal utility is the point, on an individual’s scale of satisfaction, at which his/her desire for a good is satisfied. Price is the result of individual, subjective evaluations within the marketplace.

No matter how much you want to believe otherwise, what you paid for the house, what it cost to build, what your neighbour paid for their house, nor any other factors have anything to do with what the house is worth today.

My best advice is to get an assessment done by a licenced Realtor and get more than one opinion. Ask your Realtor to show you the comparables, and ask them how they arrived at their price. If a Realtor tells you a price that sounds too good to be true, chances are that it is. A good Realtor will be able to be honest and up-front with you regarding the price. Be careful of a Realtor that won't offer his/her opinion, try and imagine that person at the negotiating table for the sale of your home.

Be realistic in your price and your home will sell quickly, and for more money.

As always, please email any questions or comments.

Thanks for reading.

Ryan
ryan@c21maximum.ca

Market Update

How's the market

Sales are slow......very slow.

Here's the facts

There has not been a single home/condo/land/trailer sale that has gone condition free on the MLS since July 22nd, 2010.

By comparison during the same period the last 4 years,

2009 - 14 sales
2008 - 19 sales
2007 - 19 sales
2006 - 26 sales

Here's a look at the other ski towns in our area for comparison.

(CLICK ON CHART TO ENLARGE)





When we speak of the real estate economy, we use national statistics but speak locally. On the other hand the stock market is based on the national or even the world economy. The real estate markets are dependent on localised or even micro-local economy. What's taking place in Vancouver might not immediately influence what is happening in Fernie.

What affects all real estate markets together are the interest rates. There is no single barometer to gauge the complete housing market in Canada.

The micro climate of the Elk Valley is very diverse. Teck coal is hiring many new employees, but uncertainity in the life span of the jobs is causing many buyers to rent for the short term. The Calgary real estate market is slow as well, although the price of oil is high. There are a number of local businesses that have closed in the past two months, but others are thriving.

It will be an interesting fall.

Any comments would be welcome.

Thanks

Ryan

FSBO (for sale by owner)

Here's a contentious issue,

14 IMPORTANT FACTS TO CONSIDER BEFORE YOU TRY TO SELL YOUR OWN HOME


Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer's recommend selling your own home yourself in today's market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long... there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor... and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse--a very common occurrence.




4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker's fees will also be greatly reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees will be considerably higher.




12. Only real estate sales representatives have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their client's instructions and are not paid to negotiate.


Please feel free to post your comments or email me directly at

ryan@c21maximum.ca

Thanks

Ryan

New Lot Listing 18 Aspen Crescent.

One of the nicest (and largest) building lots in Fernie.

- 0.266 acres
- treed
- all services at lot line.

$199,900 open to offers.

Contact me for Building scheme. I am also working with a local custom home builder if you require building plans.


Build your dream home here.

Thanks

Ryan

Open House - 1252 6th avenue

Public Open House
1252 6th Avenue

Saturday July, 24th, 2010

11:00 am - 2:00 pm

3 bedroom home located in the downtown area of Fernie. Perfect starter home or vacation retreat.

Refeshments to be served.

$289,995

Hosted by:

Ryan J. Frazer
Sales Representative
Century 21 Maximum Realty Ltd.
Cell : (250) 531 0303
Office: (250) 423 4113
Fax : (250) 423 4103
www.ryanjfrazer.com
http://realestatefernie.blogspot.com

You want it Sold..... or just for sale????

What are the best ways to sell a house (even in a slow market)???

FIRST IMPRESSIONS ARE HARD TO BREAK

Most home buyers form an opinion about your home within seconds
of seeing it for the first time. They will probably spend less than 15 minutes
touring your house, and they are going to see many other houses with
similar features and amenities. Give your the home the best chance of selling with a great first impression.


CURB APPEAL

A mowed lawn, clean sidewalk, fresh flowers and a tidy overall appearance can create a great first impression.

The way your home looks from the street can make or break the sale.
A large percentage of home buyers decide whether or not to look inside
a house based on its curb appeal.

Start by viewing your property from the home buyer’s perspective. Ask yourself what is your first impression of the home front, what are the best and worst features and how can you enhance, improve or minimize them? Ask yourself whether a prospective buyer would want a 1985 Malibu to be used as a planter box on their front lawn.



As an agent I have had the pleasure of showing some of the most beautiful properties in the valley, but I have also shown many great properties with terrible curb appeal.

RENOVATE FIRST.....THEN SELL



Sweat equity is one of the best ways for us to add value to our homes. A well finished home will not only bring a higher price but will also ensure a faster sell. If you expect a buyer to pay for your upgrades ensure that your work is COMPLETELY FINSHED before allowing potential buyers to see the home. Door trim, caulking, landscaping, flooring etc... should be showroom ready. Fresh paint and waxed floors are never a bad idea.

All tools, excess building supplies, and garbage should be put away out of sight. Try and avoid the look of a building site.

Kootenay siding is a ingenious way to keep your tax assessments low, but it also functions as a serious deterent to many buyers.

If you are unable to finish your renovations before selling be prepared to adjust your price accordingly.


DE-CLUTTER and DE-PERSONALIZE

This is one is a tough one for many sellers. We want buyers to be able to imagine themselves buying their own home rather than buying our home. Remove as many personal items from the home as possible, but leave just enough so that the home doesn't feel empty.

Your trophies for bowling league champion during the eighties may instill you with a sense of personal achievement but probably won't do much to help with the sale of your home.

CLEANLINESS is next to SOLDLINESS

Your house should be as clean as possible for viewings. There is no good excuse for a messy home during a viewing.

PRICE

Be realistic about your price and know your bottom line. If you have questions about the value of your home speak with a licensed REALTOR(r) who is familiar with the local market.

Please post your comments below or email me with any questions you may have.

Thanks

Ryan
ryan@c21maximum.ca
(250) 531 0303

Sparwood...not just for miners anymore

Sparwood, our neighbour to the north, boasts the world's largest truck, a fantastic aquatic center with salt water pool, some of the best pavement in the valley and exceptional deals on real estate.

Here are some stats regarding prices of homes in Sparwood versus Fernie

4 bed/ 2 bath Detached home in Sparwood - $295,500 (2430 sq ft.)
4 bed/ 2 bath Detached home in Fernie - $379,900 (2000 sq ft.)

Condos

3 bed/ 2 bath townhome Sparwood - $155,000 (1430 sq ft.)
3 bed/ 2 bath townhome Fernie - $260,000 (1080 sq ft.)

Modular Homes

3 bed/ 1 bath modular Sparwood - $39,900 ( 924 sq ft)
3 bed/ 1 bath modular Fernie - $79,995 ( 1075 sq. ft)

Thats an average of 32% more for property in Fernie compared to Sparwood (1% for every km).

I am often involved in conversations regarding the difference in house prices between Fernie and any number of Canadian cities. The old cliche rings true.. Location.. Location.. Location. Real estate is a unique investment, each property is different from the next, and location of that property is key. Its a good idea to always buy a house in a location that people want to live.

Take a short drive up the valley to Sparwood and have a look around.

Check out the developments at Whiskey Jack Golf Course, slightly ahead of Blackstone course in Fernie.

Thanks

Ryan

Great deals on Real estate and Airplanes???

As many of you have noticed there is an abundance of real estate signs all over lawns in Fernie.

What is the cause of this glut of excess real estate? A weaker than normal British Pound Sterling(GBP) is one of the key reasons. This currency has dropped substantially in comparison to our Canadian dollar. (Jan 1st 2007 1 GBP = 2.28 CAD, Jan 1st 2010 1 GBP = 1.67 CAD). The effect of the weakened pound/economy in the UK is virtually eliminating UK buyers of vacation property in Fernie.

In addition, many British owners in Fernie are liquidating their vacation properties. The luxury items go first in a recession.

A more obvious cause of the excess of properties for sale is a lack of buyers. Bank laws have changed and it becoming increasingly more difficult to qualify for mortgages.

The good news is that it is a great time to buy in Fernie and the majority of my clients looking today are locals hoping to move into larger homes. If you see a property that interests you, put in an offer, you just may get it for a real bargain.

As I was riding the Elk Chairlift up the ski hill, I was speaking with a tourist from the Toronto area. He remarked that in times of recession, one of the best things to do is have some cash on hand to "take advantage" of all the good deals on real estate and non essential toys. According to him one of the best quick cash turn-arounds are airplanes, as they are expensive to buy, expensive to operate and often bought on emotion.

http://www.controller.com/listingsdetail/aircraft-for-sale/PIPER-NAVAJO-CHIEFTAIN/1974-PIPER-NAVAJO-CHIEFTAIN/1170741.htm?dlr=1

http://www.realtor.ca/PropertyDetails.aspx?PropertyID=9539989


Thanks

Ryan

Fernie real estate: What's my home worth?

Fernie real estate: Whats my home worth?: "One of the most asked questions in real estate. Second only to why are houses in Fernie so expensive? The most often used method of apprais..."

What's my home worth?

One of the most asked questions in real estate. Second only to why are houses in Fernie so expensive?

The most often used method of appraising the value of one's home is by using the Comparative or Market method. This process involves collecting and analyzing market sales data for similar properties which have recently sold. This method operates on the principle of substitution, which assumes that the market value of a subject property will be comparable to prices paid for similar properties.

Often when working with a buyer I will break down the price of homes into cost per square foot. ie. 1000 sq foot home sells for $300,000. Cost per square foot will be $300 (300000/1000).

Based on sales in the past 6 months, here are the costs per square foot to purchase a detached home in various neighbourhoods in Fernie.

Annex - $199 per sq. ft.
Airport - $188
Coal Creek - $169
Downtown - $208
Golf Course - $251
Ridgemont - $257
West Fernie - $210

Other mountain towns.

Golden - Downtown - $169
Whistler (Up to $1000000) - $538 per sq. ft.

We're still a bargain compared to Whistler and we have way better skiing than Golden.

Thank you for reading the blog,

Tell your friends and sign up for regular updates.

Ryan
(ryan@c21maximum.ca)

Great time for buyers in Fernie

There is an abundance of great real estate for sale in Fernie right now. Prices continue to drop and more listings are avaliable each week.

This is the time to make the move to your next home, or purchase that vacation property you've been saving for.

Email me @ ryan@c21maximum.ca to be placed on an automatic email update list of all new listings.

Thanks

Ryan