Special Properties - Warrant Special Marketing

  Marketing your luxury home, condo or cottage is not a process to be taken lightly.  Most properties at the upper end of the real estate market are unique.  Many have been lovingly designed and created by their owners and as such, they appeal to a select group of buyers each motivated by their own specific and often particular tastes.  

  Higher end luxury properties typically take longer to sell.  Buyers in this realm of real estate are obviously are not as prevalent as those looking for a $300,000 or $400,000 home and it is not at all uncommon for a $2 or $3 million property to be on the market for a year or two before attracting a worthy buyer.  Simply pounding a For Sale sign in the front lawn is not enough and doing nothing more will result in frustration for the seller(s) and listing REALTOR alike.  There are many initiatives that can be implemented to effective market a luxury, high-end property and I will share some of them in upcoming posts.  One however that I would like to touch on herein is the use of aerial photography.  

 Traditionally, taking aerial photos required engaging a photographer and a pilot with a plane or a helicopter to circle a subject property for the purpose of taking photos.  These were typically somewhat distant shots given the ceiling restrictions that exist for conventional aircraft.  All that has changed however with the advent of small unmanned drones with cameras and video recorders that can capture photos and video footage from a few feet above the ground to as high as 400 feet or more.   

 I started using this photographic technique back in 2012 as did some of my Royal LePAGE colleagues.  The quality of the photos was and is superb and the fact that they are captured at a relatively low altitude makes them even more unique.  The drone in the accompanying photo is the latest generation of these devices and was used to take the photos of this waterfront property that I have just brought to market.  The operator is a very skilled pilot who has shot hundreds of photos including homes, cottages, condos, gold courses and more.  He is licensed and fully insured should something go wrong.  

  This type of photography not only goes a long way in highlighting the features of a special property from a unique perspective literally, but also serves to give potential buyers a glimpse of the surrounding neighbourhood or area.  Online photos play a huge role in attracting buyers.  Many times, the properties that a buyer(s) selects to view first hand is determined by the number and quality of photos they view looking at listings online.  As such, I am fussy about the photos taken of my listings both inside and out which is why I am committed to using drone photography wherever it is appropriate. 

 

  Exterior photos is not the only area where advancements in  technology have had an impact.  In my next posting I will cover what we are doing with respect to interior shots that best serves to show our seller clients homes in their best light.

  If you are thinking of selling your property and would like to discuss how photos of the type shown here could be used highlight your home and property, please do not hesitate to Contact Me.  As always I remain committed to "Redefining Your Real Estate Experience."  

Upper End MLS® Home Sales Up 42% in 2015

  As in prior years, upper end, luxury home sales continue to play a significant role in driving total MLS® dollar sales throughout the Southern Georgian Bay area in 2015 with sales up 42% over the same time last year.

  

  Through the end of May there have been 40 sales reported though the MLS® system of the Southern Georgian Bay Association of REALTORS® above $750,000 compared to 28 sales in the same period last year.  The Blue Mountains continues to be the hot bed for luxury upper end home sales with most buyers having a strong preference to be located close to Blue Mountain and the area's private ski clubs.  Collingwood, and the Municipalities of Grey Highlands and Meaford are the other three areas where upper end home sales are currently the most prevalent.  Sales in the $800,000 to $900,000 range are the most active this year with 12 sales through the end of May representing a 140% increase over the same period last year.  Sales between $1 and $1.5 million total 9 properties year-to-date up 80% from the 5 sales in the first 5 months of 2014 while sales between $700,000 and $800,000 are up 50% year-to-date

  As with other segments of the market, we have seen a reduction in the number of new MLS® listings coming onto the market for upper end properties.  As of this posting, there are 185 listings currently active on our local MLS® system above $750,000,  This represents approximately 23 months of inventory based on the current rate of sales and clearly illustrates why upper end properties take longer to sell.  By comparison, 100 of the current 185 listings over $750,000 are priced over $1 million.  With $1 million plus sales currently running at a rate of just three per month, the currently inventory level represents 33 month supply of properties to be absorbed in the $1 million plus category.  While recently pricing out a luxury high end waterfront property which I have just listed for sale, I viewed several relevant sales in excess of $1 million and noted that days-on-market for these properties often stretched from 1 to over 3 years.  As such, no where is the element of accurately pricing upper end homes more important.

  In my next post I will talk further about the issue of pricing high end properties in order to attract a willing buyer.

Is Now A Good Time To Sell Your Luxury Property?

The southern Georgian Bay real estate market continues to perform beyond our expectations.  Unit MLS ® sales are up 26% through the end of April, while MLS®dollar sales have increased 36% over the first four months of 2014.  Conversely, the number of new MLS® listings coming onto the market are down 14% year-to-date.  This signals a change where we are now in a market that favours sellers, a situation that we have not seen in a number of years.  So how is the luxury or upper-end of our market performing?

  To the end of April there have been 29 MLS® sales in our market over $750,000 in 2015 compared to 20 sales during the same period last year, an increase of 45%.  There are currently 86 properties listed for sale in our area on the MLS®system of the Southern Georgian Bay Association of REALTORS ®. This represents an 11 month supply of available inventory listed for sale in our area above $750,000.  Typically this number has represented a three year or greater inventory of available high-end housing inventory so as in the market overall, we have seen a sharp reduction in the amount of available houses listed for sale in the upper price ranges of our market.

  Is now a good time to consider selling?  Seemingly so, sales are up and inventory is down. In virtually every price range, properties accurately priced to the market are selling quickly and some above the asking price stemming from multiple offers, a condition we rarely see in this market.  That being said, higher priced properties do take longer to sell. Buyers in these price ranges are smart savvy shoppers.  Many have built and or renovated properties in the past and they know the relative cost to build etc.  They will not overpay making the pricing of your property all the more important.

  If you are contemplating selling your upper end property whether it be a house or condominium I would be delighted to give you a no obligation assessment as to your property's current market value and how is should be presented and marketed to obtain the best possible selling price.  Please feel free to contact me at your convenience any time, my cell number is 705-443-1037. 

Luxury Home and Condominium Sales up 36% in 2014

 Once again luxury home and condominium properties were very much in demand during 2014 although there was a shift in activity in terms of pricing with an increased emphasis on properties under $1 million.

  For discussion purposes,  we consider luxury properties in our market to be anything that is priced over $750,000.  In 2014 there were 79 sales reported through the MLS® system of the Southern Georgian Bay Association of REALTORS® (SGBAR) an increase of 36% over the 58 sales reported in 2013.  The bulk of this increase in sales activity took place in the $800,000 to $999,999 price segment.  Sales between $800,000 and $899,999 were double the prior year with 20 sales in 2014 versus 10 in 2013.  Sales of properties valued between $900,000 and $999,999 were up 80% with 18 sales reported in 2014 compared to 10 in 2013.

  At the extreme upper end of the market, sales over $1.5 million in 2014 remained unchanged with 9 MLS® sales reported in both 2013 and 2014.  Sales between $1 and $1.499 million increased a respectable 53% with 23 sales last year compared to 15 in 2013.  These numbers clearly reflect that for whatever reason, there were significantly more upper end buyers looking for something in our market under $1 million while the over $1 million market posted more modest growth. 

  The Blue Mountains is clearly the municipality of choice when it comes to luxury, high-end properties. While upper-end MLS® sales in the Blue Mountains were off slightly last year with 30 properties sold compared to 31 in 2013, overall sales in this municipality still represents well over 33% of the $750,000 and up sales in our market.  Without question, many of these buyers are members of the area's private ski clubs and their preference is to be located close to those clubs, the Village at Blue and the conveniences found in Collingwood.

  Not all upper end property types and or locations reflected a strong demand in 2014.  In my next posting I will highlight some of those areas where sales remain soft and what you need to be aware of. 

For a summary of the overall real estate market inb 2014 see my Live Play - Georgian Bay blog