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