tag:blogger.com,1999:blog-32459489009302562024-03-13T22:16:54.724-07:00Southern Georgian Bay Carriage Trade HomesNews & Information For Luxury Home Sellers & Buyers Courtesy of RICK CROUCH, Broker, Certified Luxury Home Marketing SpecialistRick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.comBlogger42125tag:blogger.com,1999:blog-3245948900930256.post-55496016268519631322019-01-31T10:25:00.001-08:002019-02-04T20:55:51.248-08:002018 Year End Carriage Trade Homes Market Review As reported in the <a href="https://propertycollingwood.blogspot.com/">2018 Year End Real Estate Market Review post of my Live Play - Georgian Bay blog</a>, sales activity across the southern Georgian Bay area softened in 2018 and this also included the high end luxury home segment of our market. (Click on graphs to enlarge).<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1V-Gvpp1Fg0SZSanAxzAWCdbQme7MVLeYwvLtqmhIVaUTNNMHvwtANg92qHvvPPsnyIZXpL_dp87sY67XDT6uJBtw659ERO6tQPRsxz4O-2pyU02YbC9GqjBZPnwsYPEiNJC9MjXxvA/s1600/Luxury+Home+%2526+Condominium+Sales+2013+to+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1V-Gvpp1Fg0SZSanAxzAWCdbQme7MVLeYwvLtqmhIVaUTNNMHvwtANg92qHvvPPsnyIZXpL_dp87sY67XDT6uJBtw659ERO6tQPRsxz4O-2pyU02YbC9GqjBZPnwsYPEiNJC9MjXxvA/s200/Luxury+Home+%2526+Condominium+Sales+2013+to+2018+YTD.jpg" width="200" /></a> After running a number of statistical reports for last year, MLS® sales of homes and condominiums priced above $750,000 totalled 222 properties, 23 or 9% less than in 2017. Given the fact that MLS® unit sales in the area overall declined 24% last year, the upper end performed quite well. During the past five years sales of higher priced properties in our market have grown significantly from 82 units in 2014 to well over 200 sales in both 2017 and 2018. Even with the 9% reduction in MLS® unit sales last year, sales of properties priced above $750,000 were up 170% from just five years ago.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw0borKrKEXy92x1CP6AY13e44kg1jbBUY8eUx6-ftvxaJNjDjfcS5hvXXy5cqjjXs_2c_MJI_iuFsdmXfloVhIQlAX1B3bjs7Z9P0iX6vshyphenhyphenk95IJybLD0guPyDCrVsJ7HwL1iBy2kQ/s1600/Luxury+Home+%2526+Condominium+Sales+2017+2018+YTD+Unit+Sales.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw0borKrKEXy92x1CP6AY13e44kg1jbBUY8eUx6-ftvxaJNjDjfcS5hvXXy5cqjjXs_2c_MJI_iuFsdmXfloVhIQlAX1B3bjs7Z9P0iX6vshyphenhyphenk95IJybLD0guPyDCrVsJ7HwL1iBy2kQ/s200/Luxury+Home+%2526+Condominium+Sales+2017+2018+YTD+Unit+Sales.jpg" width="200" /></a> MLS® dollar volume in this segment of our market in 2018 totalled $245.2 million and while that was roughly 10% less than the level of sales in 2017, this amount represents over 25% of total MLS® sales in our area as reported by the Southern Georgian Bay Association of REALTORS®. The lower MLS® sales results for higher price homes in the area was also impacted in 2018 by the significant number of new builds particularly in developments such as Lora Bay and Trailwoods both just west of Thornbury, in the third phase of Nipissing Ridge and others situated close to the base of Blue Mountain. <br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiABnCyhdBYknVNYN8jxjbWZY06a6RXKrNAAwSHXbc_W9VOxFzzU2h9WkuATcNjOQsealRWYPqCsgbhFMwAbwIoWT2I9KyyhWGHA1pgy5QQv4ORP4WALWvfb5ZZXhcvDx25nGhZ9kbPVw/s1600/Luxury+Home+%2526+Condominium+Sales+2017+vs+2018+YTD+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiABnCyhdBYknVNYN8jxjbWZY06a6RXKrNAAwSHXbc_W9VOxFzzU2h9WkuATcNjOQsealRWYPqCsgbhFMwAbwIoWT2I9KyyhWGHA1pgy5QQv4ORP4WALWvfb5ZZXhcvDx25nGhZ9kbPVw/s200/Luxury+Home+%2526+Condominium+Sales+2017+vs+2018+YTD+Dollars.jpg" width="200" /></a> As shown in the accompanying chart, the reduction in higher end sales during 2018 versus 2017 was experienced in most price segments of the luxury home and condominium market with two exceptions. Properties sold in the $2 to $3 million range increased from eight sales in 2017 to eleven sales during 2018, an increase of almost 36%. MLS® sales above $3 million remained uncha nged from the prior year with three sales reported in both 2017 and 2018. While the actual number of sales in these two segments is not large, these results clearly reflect that our market is continuing to move upscale with both full and part-time residents increasing to invest in expensive, finely finished homes and condominiums.<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4YLnW7casAn22eG5VnD8jRjYV3zguMNHwo8tLLDs7QRS9szb03e-wjjSbaL6-bVMMlb0Vm7UgPXcV-g_hTzeJxE_mJXp5BDlbwylaXrFmPbJ1tcFpE4CjCfA94-M1jmrhf0ps6hu0hg/s1600/Luxury+Home+%2526+Condominium+Sales+By+Price+Range+2017+vs+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4YLnW7casAn22eG5VnD8jRjYV3zguMNHwo8tLLDs7QRS9szb03e-wjjSbaL6-bVMMlb0Vm7UgPXcV-g_hTzeJxE_mJXp5BDlbwylaXrFmPbJ1tcFpE4CjCfA94-M1jmrhf0ps6hu0hg/s200/Luxury+Home+%2526+Condominium+Sales+By+Price+Range+2017+vs+2018+YTD.jpg" width="200" /></a><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XWSmgzEsBiQPNugWYZO1KCgbG0G65Ye6N9BSlgFnDqtrhKrH4c-JOY2Te1YqOKGew6WyxmJsyPJLy8_Gu9yb7D1JZerzO8QAK-IBzeqepVxw8ToMJ-Xf06_BQaHCp_tAms77TEwvIg/s1600/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5XWSmgzEsBiQPNugWYZO1KCgbG0G65Ye6N9BSlgFnDqtrhKrH4c-JOY2Te1YqOKGew6WyxmJsyPJLy8_Gu9yb7D1JZerzO8QAK-IBzeqepVxw8ToMJ-Xf06_BQaHCp_tAms77TEwvIg/s200/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD.jpg" style="cursor: move;" width="200" /></a> In terms of luxury home and condo sales by area, the municipality of the Blue Mountains had 49% of all properties sold above $750,000 in our market last year. Many of the buyers for these properties are members of the area's private ski and golf clubs and as such, desire a residential location close to those amenities as well as ready access to shopping etc. As shown in the attached graphs, MLS® sales above $750,000 in the Blue Mountains totalled 109 units and over $130 million last year. The town of Collingwood was a distance second with 49 sales totalling $49 million representing 22% of the market overall for higher end property sales in 2018. All other municipalities had MLS® sales ranging from 12 to a maximum of 20 residential units or 5% to 9% of the total market.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBm5ZZT_AKOgUxJSsyuH_PDG31A6B3GQcmHMKpkT3OKjrPmhm6dQdWU9pAhuCtJmoj8gcETlvHRpLPpuEWlNAyF43m9mu5axKXsmNA8vk_ATkjJDZPrRQthbqsSAOzYN_peuAX59iPjQ/s1600/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Units.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBm5ZZT_AKOgUxJSsyuH_PDG31A6B3GQcmHMKpkT3OKjrPmhm6dQdWU9pAhuCtJmoj8gcETlvHRpLPpuEWlNAyF43m9mu5axKXsmNA8vk_ATkjJDZPrRQthbqsSAOzYN_peuAX59iPjQ/s200/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Units.jpg" width="200" /></a> In terms of prices, the Blue Mountains lead the market with an average sale price for properties above $750,000 of $1.190 million. Clearview Township was second with an average sale price of $1.146 million with Collingwood coming in third with an average sale price of $1.014 million. Sales in the remaining three municipalities averaged from $927,000 to $1.003 million. Of the three residential sales that were over $3 million, all were located in the Blue Mountains.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD6uRp9HLASI8a-vxkeErCKxh1fpvYcOkXJxAk8qIyYzQUX7qkM_AlpGHE-8okvXqHInhn8Wq6VFsB_AscVZdmiwN3CC590BkWnIijgVMvc9Ff1EMF8v-EEqj_679tZqSQOa3sKQZ0EQ/s1600/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Percent.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhD6uRp9HLASI8a-vxkeErCKxh1fpvYcOkXJxAk8qIyYzQUX7qkM_AlpGHE-8okvXqHInhn8Wq6VFsB_AscVZdmiwN3CC590BkWnIijgVMvc9Ff1EMF8v-EEqj_679tZqSQOa3sKQZ0EQ/s200/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Percent.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ-_wtXLFXkd8mXFPNE2KCFaaABAGuyncY92k1lbVXs0m9kxSeQBhhVXqD8l2QGn0bmAc3yMnkLhoSw_OdOb5tZwUl9firOh4S-5KxxdK_Nnax93aoR8uDyLAkp8IHIMMF1t1SRV06lw/s1600/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ-_wtXLFXkd8mXFPNE2KCFaaABAGuyncY92k1lbVXs0m9kxSeQBhhVXqD8l2QGn0bmAc3yMnkLhoSw_OdOb5tZwUl9firOh4S-5KxxdK_Nnax93aoR8uDyLAkp8IHIMMF1t1SRV06lw/s200/Luxury+Home+%2526+Condominium+Sales+By+Area+2017+vs+2018+YTD+Dollars.jpg" width="200" /></a> The slowdown in market activity is somewhat seasonal in nature and will trend upwards in the months ahead as we approach spring. As of this post, there are 157 active MLS® listings for properties priced over $750,000 which represents 8.5 months of inventory based on the current rate of sales. As per the accompanying graph the majority of these listings are in the $1.5 million range and higher where unlike below the $1.5 threshold, inventory in these price segments well exceeds total sales for all of 2018. Higher price homes and condominiums typically take longer to sell. The potential market for high price properties is smaller with fewer buyers in this segment. The higher the price the longer it generally takes to sell. Properties sold in 2018 above $750,000 were on average on the market for anywhere from 52 to 123 days depending on price. Right now active listings currently for sale have been on the market for anywhere from 70 to 144 days.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid9KUamUY_yV5L1FOeu_ueXnRsWiSEvdySzFrS_bmMKxxiGir7Lcul2wQtmb0-78dwC59aqvbz9GMkf42XybxRdpmXmRqGBGeMRRgp6GK794-GTfQX3S601g6BO6l3wS5DfpwvKPulUw/s1600/Luxury+Home+%2526+Condominium+Sales+Average+Price+By+Area+2017+vs+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEid9KUamUY_yV5L1FOeu_ueXnRsWiSEvdySzFrS_bmMKxxiGir7Lcul2wQtmb0-78dwC59aqvbz9GMkf42XybxRdpmXmRqGBGeMRRgp6GK794-GTfQX3S601g6BO6l3wS5DfpwvKPulUw/s200/Luxury+Home+%2526+Condominium+Sales+Average+Price+By+Area+2017+vs+2018+YTD.jpg" width="200" /></a> As we head towards spring it will be interesting to see how this segment of our real estate market behaves. Given weaker sales and market activity in the Greater Toronto Area (GTA) buyers of luxury homes appear to be stepping back and are taking a wait-and-see attitude before committing to a purchase. At the same time two area waterfront properties recently sold for over their asking price and I am aware of another sale which was over $2 million did not close due to insufficient funds so there are definitely some mixed signals being sent.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj48Git0ZI9an1hFhodQvj2gaIWzpCbn5IZ5oG9qRXwHhr330KINv4sJw5RT9hQwmmflzkb7Tr9WFE1NnGXMwbr9mvUdgf08JE1Dbd4rUkwOduAsxkzEcIkBJ9x54Pzo4MK1iW59Dq0Zg/s1600/2018+Luxury+Homnes+2018+vs+Current+Inventory.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj48Git0ZI9an1hFhodQvj2gaIWzpCbn5IZ5oG9qRXwHhr330KINv4sJw5RT9hQwmmflzkb7Tr9WFE1NnGXMwbr9mvUdgf08JE1Dbd4rUkwOduAsxkzEcIkBJ9x54Pzo4MK1iW59Dq0Zg/s200/2018+Luxury+Homnes+2018+vs+Current+Inventory.jpg" width="200" /></a> <span style="font-family: inherit;">Overall I remain positive about the
level of market activity we will see in the coming year. At the same time
however both buyers and sellers need to be well informed and advised about
pricing, market activity and other factors that may impact their buying and
selling objectives. The market has definitely changed, multiple offers are
no longer as prevalent as they were in 2016 and 2017. For sale signs without SOLD stickers are much more commonplace. Those are
the things that we as REALTORS® need to excel at communicating with our clients.
We need to follow the market closely, know the numbers and share them with our
valued clients to assist them in making informed, rational decisions.</span><br />
<div style="margin-bottom: .0001pt; margin: 0cm;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0cm;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPuH-RsprUaLrQw5HpUHwYpJ3sKBvZUE7CevCXg9b3kXfYh9jRMBqH0LfyMN1it3MvpFXBANtilG-XU0_6R0Kyyv5BJk0JAKJMEjFYlt1aJgtXEJr3O7itHlgc2i-Z3a1oiTqc_1vAxQ/s1600/2018+Year+End+Luxury+Homes+Sales+%2526+Inventory+DOM.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPuH-RsprUaLrQw5HpUHwYpJ3sKBvZUE7CevCXg9b3kXfYh9jRMBqH0LfyMN1it3MvpFXBANtilG-XU0_6R0Kyyv5BJk0JAKJMEjFYlt1aJgtXEJr3O7itHlgc2i-Z3a1oiTqc_1vAxQ/s200/2018+Year+End+Luxury+Homes+Sales+%2526+Inventory+DOM.jpg" width="200" /></a><span style="font-family: inherit;">Copies of my other real estate
market reports are available on the </span><span style="font-family: inherit;"><a href="http://www.rickcrouch.realtor/newsletters-229.cfm">Newsletters</a> page of my
website <a href="http://www.rickcrouch.realtor/">www.rickcrouch.realtor</a>. Please feel free to contact me if you have
any questions or would like a no obligation consultation as to how current
market conditions relate to your real estate buying and or selling needs.</span><span style="font-family: "arial" , sans-serif;"><o:p></o:p></span></div>
<br />
Download a complete copy of my <a href="http://www.rickcrouch.realtor/public_docs/documents/2018%20Year%20End%20Review%20Georgian%20Triangle%20Luxury%20Home%20Market%20Report.pdf">2018 Year End Sothern Georgian Bay Carriage Trade Homes Market Review </a>located on the <a href="http://www.rickcrouch.realtor/luxury-homes.cfm">Luxury Homes</a> page of my real estate website.<br />
<br />
Copies of my other real estate market reports are available on the <a href="http://www.rickcrouch.realtor/newsletters-229.cfm">Newsletters</a> page of my website.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-21985342243219328272018-11-23T11:23:00.002-08:002018-11-23T11:23:32.399-08:00Southern Georgian Bay Luxury Home & Condo Sales Soften in 2018 As previously covered in my <a href="http://propertycollingwood.blogspot.com/">regular real estate blog</a>, year-to-date real estate sales across southern Georgian Bay in 2018 are running well below what we experienced in both 2016 and 2017 and nowhere is this more prevalent than in the upper price segments of the market.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI3mKtK_mc3g6TMBZbn0yRigbbpKHdjyowebmLtdJPW9-SpqgVz5koGvAzWrZHOAvTCqEJW_8yQ_zqsH77c4jOLnZ3pJ5Saw8SWqXuU8aadWsANLsDP49xLEQbQqYJTkhfSeWEGhCyiA/s1600/Luxury+Home+%2526+Condominium+Sales+2013+to+October+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhI3mKtK_mc3g6TMBZbn0yRigbbpKHdjyowebmLtdJPW9-SpqgVz5koGvAzWrZHOAvTCqEJW_8yQ_zqsH77c4jOLnZ3pJ5Saw8SWqXuU8aadWsANLsDP49xLEQbQqYJTkhfSeWEGhCyiA/s200/Luxury+Home+%2526+Condominium+Sales+2013+to+October+2018+YTD.jpg" width="200" /></a> Once again to clarify what constituents the upper price segments of our market, we consider anything over $750,000 to be the luxury home and or condo segment of our market as typically this represents approximately the upper 10% of unit sales through the MLS® system of the Southern Georgian Bay Association of REALTORS®.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC70hntRyDPGjhzFdzKrX54Sc2kVMfZ0w6TUXF_Qn7x8nKcxqKzViDL6XkVMovX6UboGoqhpjyw-1WzdJPqimMawOMn4QxkmDNM5UCVf_K-XbUQ6xNlxKwnoJ_QpWaXSDaMi5g9lHraQ/s1600/Luxury+Home+%2526+Condominium+Sales+2017+vs+October+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC70hntRyDPGjhzFdzKrX54Sc2kVMfZ0w6TUXF_Qn7x8nKcxqKzViDL6XkVMovX6UboGoqhpjyw-1WzdJPqimMawOMn4QxkmDNM5UCVf_K-XbUQ6xNlxKwnoJ_QpWaXSDaMi5g9lHraQ/s200/Luxury+Home+%2526+Condominium+Sales+2017+vs+October+2018+YTD.jpg" width="200" /></a> MLS® sales over $750,000 for the first 10 months of 2018 total $206.3 million compared to $229.3 million in the same period last year. That represents a 10% decrease in dollar sales year over year. Similarly, MLS® unit sales of 189 properties priced $750,000 and higher this year are down 12% from the same time in 2017. <br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqQOrjbEUbMlM_Sv4TZ-bposh1qB56Gz0QjMCnNrpjzXskklFqfb7qvowYTffDHvCEd3tQpbD__RYfPqeME9l-n3hqi0k-WG5MT9vf5FEG_6kdbEyaiNjd9tCR7w_k04WVWLHReNeDFw/s1600/Luxury+Home+%2526+Condominium+Sales+2017+vs+October+2018+YTD+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqQOrjbEUbMlM_Sv4TZ-bposh1qB56Gz0QjMCnNrpjzXskklFqfb7qvowYTffDHvCEd3tQpbD__RYfPqeME9l-n3hqi0k-WG5MT9vf5FEG_6kdbEyaiNjd9tCR7w_k04WVWLHReNeDFw/s200/Luxury+Home+%2526+Condominium+Sales+2017+vs+October+2018+YTD+Dollars.jpg" width="200" /></a> The two price segments that are impacted the most are those properties priced between $850,000 to $999,999 and those in the $1.5 to $2 million category where year-to-date unit sales are down 10% and 42% respectively from the first 10 months of 2017. Two areas that are not reflecting this slowdown in market activity are Collingwood and the Blue Mountains. MLS® sales above $750,000 in Collingwood are running at the same pace as in 2017 with 44 sales reported through the end of October. Sales above $750,000 in the Blue Mountains are actually ahead by two units with 88 sales in 2018 versus 86 last year. The demand for luxury properties in the Blue Mountains remains the highest in our area with most affluent buyers preferring a property that is in close proximity to the area's private ski and golf clubs. Of the 189 upper end sales reported through the first 10 months of 2018, 46.6% are in the Blue Mountains and this area is also home to the highest average sale value an average year-to-date price of $1.190 million compared to the Township of Clearview which has an average sale price of $1.145 million or roughly 4% less. Average upper end sale prices in the remaining area municipalities are as follows: Collingwood $1.013 million, Grey Highlands $1.003 million, Wasaga Beach $958,000 and the Municipality of Meaford $927,000.<br />
<br />
It is no surprise that with the highest percentage of upper end sales in the area located in the Blue Mountains, that municipality has the highest average sale price $1.190 million for properties over $750,000. Cleaview Township is a close second at $1.146 million while<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTDfFMUFAq_VIQ0VqvWT76PDe5JD5ROsror4yU6YZMulKi84zsLTxwygHD7SsMMIx66I0Jp9-wR4fDvvJNzT6-ESHUsMv55hyphenhyphenPQXW1w3IHIrosF9CtMW5nqTVAIlTixwGkVeT6TJ_fbw/s1600/Luxury+Home+%2526+Condominium+Sales+By+Price+Ramge+October+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTDfFMUFAq_VIQ0VqvWT76PDe5JD5ROsror4yU6YZMulKi84zsLTxwygHD7SsMMIx66I0Jp9-wR4fDvvJNzT6-ESHUsMv55hyphenhyphenPQXW1w3IHIrosF9CtMW5nqTVAIlTixwGkVeT6TJ_fbw/s200/Luxury+Home+%2526+Condominium+Sales+By+Price+Ramge+October+2018+YTD.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJmgr_36NNY4oUDIlRNEQc_j0sfwltc5gSVQksvKx0Z1rUKZ7AArJiCHzihNedy71qC_4yNKVqFSOuKkhXRgmoosjHsql5SV2pflpJQxaLM0myhwUBeVurNZIPHaPdlAJV0tO62kROrg/s1600/Luxury+Home+%2526+Condominium+Sales+By+Area+October+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJmgr_36NNY4oUDIlRNEQc_j0sfwltc5gSVQksvKx0Z1rUKZ7AArJiCHzihNedy71qC_4yNKVqFSOuKkhXRgmoosjHsql5SV2pflpJQxaLM0myhwUBeVurNZIPHaPdlAJV0tO62kROrg/s200/Luxury+Home+%2526+Condominium+Sales+By+Area+October+2018+YTD.jpg" width="200" /></a> The upper end of our market is one area where the inventory of available properties for sale is not in short supply as is the case overall. As of this post there are 184 properties listed for sale over $750,000. Based on the current rate of sales this represents almost 10 months of inventory which is a significant amount when the overall average days-on-market for sold properties is running 47 days. Inventory levels are particularly high above the $1.5 million threshold (see chart). October year-to-date there have been 22 sales above $1.5 million. With 67 active listings and MLS® sales running at just over 2 units per month, there is in excess of 30 months worth of inventory above $1.5 million to be absorbed and I do not see this happening any time soon.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsdvOzLoEgkmjiZPsdHkNjHuFEcRrPCdtzcHy8GzQciAxx46aFm1c9RjnIPVh7c0IVvg9X1HweMojNhaYff9srrj6n6gIkLGoMa0jvbBR4HOkuv4jDZY62RsX8imDdtRZ472hehHrbVg/s1600/Luxury+Home+%2526+Condominium+Inventory+October+2018+Units.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsdvOzLoEgkmjiZPsdHkNjHuFEcRrPCdtzcHy8GzQciAxx46aFm1c9RjnIPVh7c0IVvg9X1HweMojNhaYff9srrj6n6gIkLGoMa0jvbBR4HOkuv4jDZY62RsX8imDdtRZ472hehHrbVg/s200/Luxury+Home+%2526+Condominium+Inventory+October+2018+Units.jpg" width="200" /></a> So what does all this mean to potential buyers and sellers of luxury home and condominiums in our area moving forward? First I am not a pessimist nor is the information herein to be taken as being negative. As a licensed real estate Broker for the past 18 years I have always studied the data available to us. That information is key to helping us provide my real estate clients with the information they need to make qualified and informed decisions. Starting in May 2017, the local real estate market here in southern Georgian Bay and elsewhere has clearly shifted. With the odd exception, gone are the crazy bidding wars resulting in over inflated sale prices. Total MLS® sales dollar volume and unit sales in our area for 2018 will finish 15% to 20% below the levels we experienced in prior years. Canada Mortgage and Housing forecasts weaker sales across Canada through 2019 and 2020 in addition to fewer new home starts. In my opinion this will create a more balanced market for both sellers and buyers. <br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbdwSvlcnISip2RVvutnpR34nW0FQn37tyI91ImXBS45obbgRPLFplfeuuyZH59X6jxsfAWWLEXCxM5kB0N81DDHd2i-H7h_MldwBK52HAOEdeckwdhdqzPPKPG5_5b_Smdq1TsL3Y8g/s1600/Luxury+Home+%2526+Condominium+Average+Price+by+Area+October+2018+YTD.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbdwSvlcnISip2RVvutnpR34nW0FQn37tyI91ImXBS45obbgRPLFplfeuuyZH59X6jxsfAWWLEXCxM5kB0N81DDHd2i-H7h_MldwBK52HAOEdeckwdhdqzPPKPG5_5b_Smdq1TsL3Y8g/s200/Luxury+Home+%2526+Condominium+Average+Price+by+Area+October+2018+YTD.jpg" width="200" /></a> Perhaps the bigger question will be what happens with interest rates. Mortgage lending rules have crept up as have interest rates and this has clearly put the brakes on some buyers ability or willingness to purchase property at this time. Clearly the buyers of homes and condos priced above $1 million have already taken this stand reflecting fewer sales in our local market for 2018 coupled with a sharp increase in inventory. Luxury home sales in Toronto are down 35% this year and what happens in the GTA always impacts our market here as well.<br />
<br />
In keeping with this trend three high end property sales examples come to mind:<br />
<br />
Property 1 - Listed originally at $3.65 million the price was reduced to $2.95 million and sold for $2.65 million, a full $1 million (27%) below the original asking price after 293 days on market.<br />
<br />
Property 2 - Listed at $4.2 million with several price adjustments (up and down) it sold for $3.25 million, $950,000 (23%) below asking after 1,057 days on market.<br />
<br />
Property 3 - Listed at $989,000, the price was reduced under power of sale and sold for $851,000, $138,000 (14%) below asking 181 days on market.<br />
<br />
These examples illustrate that there are still some good values to be had by waiting. Don't get caught up in the frenzy of multiple offers, waiting to make an offer on the right property at the right time can pay off, as they say "patience is a virtue."<br />
<br />
Click on each chart to enlarge or click <a href="http://www.rickcrouch.realtor/public_docs/documents/Carriage%20Trade%20Homes%20Market%20Report%20October%202018%20YTD.pdf">Southern Georgian Bay Carriage Trade Homes</a> to download or view a full copy of my latest luxury home marketing report. <br />
<br />
In my next post I will speak further to the importance of sellers pricing their home or condo correctly to sell and what buyers need to be a ware of when purchasing. In the meantime for further information or questions on any real estate related topics please feel free to <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me</a>. <br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-53541342494097108812018-05-10T13:27:00.001-07:002018-05-10T13:29:07.204-07:00Royal LePAGE Canada Luxury Property Market Report<span style="font-family: inherit;">Royal LePAGE Canada has just released their report on the luxury home and condominium market across Canada. Below is what they have reported for the country overall with an emphasis on the Greater Toronto Area, a market that plays a direct role on what happens in our local market here on southern Georgian Bay.</span><br />
<span style="font-family: inherit;"><strong><br /></strong></span>
<span style="font-family: inherit;"><strong>TORONTO, May 10, 2018 –</strong> Canada’s spring
luxury real estate market is well underway in Canada’s largest cities. While
sales in Greater Vancouver and the Greater Toronto Area (GTA) are significantly
down in the first four months of the year, luxury home prices have remained
relatively resilient, according to Royal LePage.<o:p></o:p></span><br />
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyRlxibNXlWlOWCbQAIF_6zFDOUDn9tjLtIvPotJlP_EPhtY08w5mscOr8PDdDL7OjXjZCQAhY2Ele77i2sl1fflcEkA1gZUjfrS8W-aTNosru6-o1znNk3cSxAN-zV6cEvCQ-4d6Ayw/s1600/RLP+Image.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="960" data-original-width="960" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyRlxibNXlWlOWCbQAIF_6zFDOUDn9tjLtIvPotJlP_EPhtY08w5mscOr8PDdDL7OjXjZCQAhY2Ele77i2sl1fflcEkA1gZUjfrS8W-aTNosru6-o1znNk3cSxAN-zV6cEvCQ-4d6Ayw/s320/RLP+Image.jpg" width="320" /></a><span style="font-family: inherit;">Overall, sales activity declined in Greater Vancouver and the GTA
luxury real estate market as both sellers and buyers adjusted to federal and
provincial measures affecting both domestic and foreign buyers. The introduction
of the new mortgage stress test implemented by the Office of the Superintendent
of Financial Institutions (OSFI) at the beginning of 2018 created market
turmoil as buyers moved to the sidelines in order to gauge the impact on luxury
home prices, similar to what was witnessed in the overall residential resale
market. More significantly, in British Columbia, the 2018 provincial budget
included policies targeting foreign and domestic buyers who do not pay tax in
the province, as well as a tax increase for all homes over $3-million through
increases to the property transfer and school tax. Similarly, the non-resident
property tax included in Ontario’s 16-Point Fair Housing Plan dampened price
expectations for the GTA region.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“Home prices in Canada’s luxury real estate market have remained
remarkably resilient when you consider the economic headwinds that serial
government interventions have created,” said Phil Soper, president and CEO,
Royal LePage. “The resilience of home values reflects the strong aspirations of
luxury buyers to reside and work in cities that are consistently ranked among
the most desirable on the planet.”<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">During the first four months of 2018, price appreciation of a
luxury condominium in Greater Vancouver and the GTA outpaced that of a luxury
detached home, with median condominium prices rising by 7.0 per cent and 10.4
per cent year-over-year, respectively. For the same period, the median price of
a luxury condominium in the Greater Montreal Area and Ottawa rose by 3.9 per
cent and 4.0 per cent, respectively, while Calgary posted the only decline,
decreasing 6.1 per cent.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">The Greater Montreal Area posted the largest year-over-year price
gain in the detached luxury home segment, increasing 9.1 per cent to $1,569,515
in the first four months of the year. During the same period, detached luxury
homes in Ottawa (6.3%) and Greater Vancouver (5.2%) also saw prices rise, while
home values in Calgary (0.6%) and the Greater Toronto Area (-0.2%) remained
flat.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“Somewhat unusual in historical terms, and reflecting an important
demographic shift happening across North America, appreciation in the luxury
condominium market is outpacing the traditional target for large value
residential property investment, the detached house,” said Soper. “Baby Boomers
are finally exiting their large family homes, and luxury condos, with their low
maintenance lifestyles, are the favoured destination.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“Contrary to popular belief, wealthy homebuyers are price
sensitive too. They didn’t reach the point in their lives where they have the
capacity to acquire high-value real estate without being financially astute,”
concluded Soper. “Luxury condominiums represent value in today’s market.”<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;"><em style="-webkit-tap-highlight-color: transparent; box-sizing: inherit;"><b>Spring
2019 Forecast</b></em><o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">The momentum behind luxury condominium price growth is forecast to
continue through the year and into the 2019 spring market in all cities
surveyed, with the exception of Calgary. When broken out by region, the median
price of a luxury condominium in the GTA is forecast to post the largest price
gain, rising 8.0 per cent to $1,847,194 in the first four months of 2019 when
compared to the same period in 2018. Over the same timeframe, luxury
condominiums in both Ottawa and the Greater Montreal Area are forecast to
increase 3.0 per cent. Calgary is the only city surveyed that is expected to
see the median price of a luxury condominium dip in spring 2019 when compared
to 2018, decreasing 4.0 per cent year-over-year.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">Detached luxury home prices in Greater Vancouver are forecast to
decline in the first four months of 2019, decreasing 3.0 per cent
year-over-year to $5,619,153, while properties in this segment in the GTA are
estimated to remain flat (0.0%) over the same period. The Greater Montreal Area
and Ottawa are both forecast to increase 5.0 per cent year-over-year, and detached
luxury homes in Calgary are expected to rise 2.0 per cent during the same
period.<strong style="-webkit-tap-highlight-color: transparent; box-sizing: inherit;"> </strong><o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;"><strong style="-webkit-tap-highlight-color: transparent; box-sizing: inherit;">Greater
Toronto Area (GTA)</strong><o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;"><em style="-webkit-tap-highlight-color: transparent; box-sizing: inherit;">GTA
luxury home price appreciation falls flat after the introduction of Ontario’s
16-Point Fair Housing Plan and OSFI’s most recent mortgage stress test, while
luxury condos make largest price gain of any region studied </em><o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">The median price of a luxury detached home in the Greater Toronto
Area remained relatively unchanged (-0.2%) at $3,522,117 in the first four
months of 2018, while the median price of a luxury condominium increased 10.4
per cent year-over-year to $1,710,365 during the same period.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">On April 20th, 2017, the Ontario government introduced a 15 per
cent non-resident tax on home prices in the Golden Horseshoe as part of the
province’s 16-Point Fair Housing Plan. Leading up to the announcement, the
median price of a luxury detached home in the first four months of 2017 was
$3,527,882, a 23 per cent increase over the same period in 2016, while luxury
condos appreciated 8 per cent to $1,549,864.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“When examining the second half of 2017, it is clear that the
province’s measures have impacted price appreciation in the Greater Toronto
Area’s luxury home market,” said Soper. “The new OSFI mortgage stress test
introduced in January, in addition to dampening sales, has also put further
downward pressure on detached luxury home prices.”<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">During the first quarter of 2018, luxury detached home sales
decreased 67.9 per sent year-over-year. However the decline was
significantly more modest when compared to the same period in 2016 (-18.1%). In
the first quarter of 2018, luxury condominium sales decreased 28.2 per cent
year-over-year compared to the same period in 2017, while almost twice as high
(90.6%) compared the same period in 2016.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">The region’s high quality of life for families, a result of good
schools and excellent healthcare, is expected to continue to drive foreign
buyer interest in the detached luxury home segment once the real estate market
adjusts to government measures, and consumer confidence improves.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“Foreign buyers looking at luxury properties in the Greater
Toronto Area can often prioritize lifestyle over finances but they also have
the privilege of flexibility, allowing them time to watch the market,” said
Elli Davis, sales representative, Royal LePage Real Estate Services Ltd. “The
draw for many foreign buyers is our excellent quality of life. While some may
choose to sit on the sidelines to gauge the market, the desire to relocate here
is still strong.”<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">While luxury home price appreciation stalled, demand for luxury
condominiums remained strong largely driven by established homeowners.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">“The selection of luxury condominiums has greatly increased over
the years and we are seeing more retirees selling their luxury homes to buy
condos with great amenities and little upkeep. Condominiums are also easy
properties to manage when you want to spend more time travelling,” added Davis.<o:p></o:p></span></div>
<div style="-webkit-tap-highlight-color: transparent; box-sizing: inherit; margin: 2rem;">
<span style="font-family: inherit;">When looking ahead to the 2019 spring market, the median price of
a luxury condominium in the Greater Toronto Area is forecast to increase 8.0
per cent year-over-year to $1,874,194, while the median price of a luxury
detached home is forecast to remain flat (0.0%) at $3,523,378 when examining
the first four months of the year.<o:p></o:p></span></div>
<span style="line-height: 115%;"><span style="font-family: inherit;">“Our longer term
forecast for the Greater Toronto Area real estate market, including the luxury
market, is for healthy price appreciation. The region has experienced
significant inventory shortages for many years, has a robust economy and an
international reputation as a great place to live and work,” concluded Davis</span></span><span style="font-family: "helvetica" , sans-serif; line-height: 115%;">.</span><br />
<span style="font-family: "helvetica" , sans-serif; line-height: 115%;"><br /></span>
<span style="font-family: "helvetica" , sans-serif; font-size: 15pt; line-height: 115%;"><br /></span>Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-37232121173060445472018-05-03T13:08:00.005-07:002018-05-03T13:08:55.158-07:00Upper End Luxury Home & Condo Sales Hit Record Levels in 2017<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijtnGmphZPTJQ17C40WXAutDEBAS1wxfR0_ZlAOeZvci_2CDDIY68e1I98biBRSZjQKwng1B5M1kr2gFQSptXp_5xjPbGo8QQaIoMVNDJ1t8eRj6PWM8TEto2skcmEZ-8L9vgx2EgFNA/s1600/Luxury+Home+%2526+Condominium+Sales+Listings+in+Units+1st+Qtr+2017+vs+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijtnGmphZPTJQ17C40WXAutDEBAS1wxfR0_ZlAOeZvci_2CDDIY68e1I98biBRSZjQKwng1B5M1kr2gFQSptXp_5xjPbGo8QQaIoMVNDJ1t8eRj6PWM8TEto2skcmEZ-8L9vgx2EgFNA/s200/Luxury+Home+%2526+Condominium+Sales+Listings+in+Units+1st+Qtr+2017+vs+2018.jpg" width="200" /></a> As previous reported in my regular real estate blog titled "What A Difference A Year Makes" I reviewed the overall real estate market activity for the first two months of 2018 versus the same time last year. Essentially we are seeing the same diminished sales activity in the upper end "luxury" segment of the market as we are seeing overall, 2018 is indeed getting off to a slow start.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkjwQEDbZDeNfE82Xyqvrtqyti_3FHS-8Y3ivkjz4LVP6PQK7BSwuNjGJNC6lSRWTDgDBl7RB2S4Bq3mFLkwx9uSNwBgy68ITu5o1362pwcXSW1EN8im6Z-s8ygPBCG6M5aOKAJGMzvQ/s1600/Luxury+Home+%2526+Condominium+Sales+Listings+in+Dollars+1st+Qtr+2017+vs+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkjwQEDbZDeNfE82Xyqvrtqyti_3FHS-8Y3ivkjz4LVP6PQK7BSwuNjGJNC6lSRWTDgDBl7RB2S4Bq3mFLkwx9uSNwBgy68ITu5o1362pwcXSW1EN8im6Z-s8ygPBCG6M5aOKAJGMzvQ/s200/Luxury+Home+%2526+Condominium+Sales+Listings+in+Dollars+1st+Qtr+2017+vs+2018.jpg" width="200" /></a> During 2017 the southern Georgian Bay region saw an unprecedented increase in the demand for and sales of higher end properties priced from $750,000 and up. We consider $750,000 as the base starting point for upper end property sales in this area as typically this represents the top 10% of the local MLS® market locally.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrYB03hvMkbeuptqf6cL8BgajRQEh11oJV7D_tZNiAuJmyVOJBG2KwZ04oXQW0HuFQ2-Bf30bDmN-mW3pXzohJlkuQ3AJ107UQ-jADIB_R4Uc2wa113xLznfAAHNaZLLwyN5GmOzsU2g/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+1+Qtr+2017+vs+1st+Qtr+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrYB03hvMkbeuptqf6cL8BgajRQEh11oJV7D_tZNiAuJmyVOJBG2KwZ04oXQW0HuFQ2-Bf30bDmN-mW3pXzohJlkuQ3AJ107UQ-jADIB_R4Uc2wa113xLznfAAHNaZLLwyN5GmOzsU2g/s200/Luxury+Home+%2526+Condominium+Sales+by+Area+1+Qtr+2017+vs+1st+Qtr+2018.jpg" width="200" /></a> Luxury home and condominium sales have been steadily increasing in recent years but 2017 brought forth exceptional results with total MLS® sales above $750,000 totalling 245 properties, an increase of 51% over 2016. We are now four months into 2018 and the real estate market here in the southern Georgian Bay area and in many other areas including the Greater Toronto Area(GTA) has changed significantly from this time last year. See my blog post <a href="https://propertycollingwood.blogspot.ca/2018/03/what-difference-year-makes.html">"What A Difference A Year Makes."</a> The market has clearly cooled off. In the 1st Quarter of 2017 (January through March) upper tier home and condominium sales over $750,000 totalled 49 properties. In the first three months of 2018 that number dropped by 8% with 45 sales above $750,000 reported through the MLS® system of the Southern Georgian Bay Association of REALTORS®.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLDUkL1nESEV1Z9HHmYIzJTLxY3NtnvbunP0ZNbkxIfKIGT6YSeYJ5Rr7MAdaA8wstG1-TEtUaeHf2yKxXdypFtWzOLWHy6QJ2u5BwqB2IDsXbV99Is-K1Q6EKo-sbaBc7SAv_xHzdZQ/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+Percent+1st+Qtr+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLDUkL1nESEV1Z9HHmYIzJTLxY3NtnvbunP0ZNbkxIfKIGT6YSeYJ5Rr7MAdaA8wstG1-TEtUaeHf2yKxXdypFtWzOLWHy6QJ2u5BwqB2IDsXbV99Is-K1Q6EKo-sbaBc7SAv_xHzdZQ/s200/Luxury+Home+%2526+Condominium+Sales+by+Area+Percent+1st+Qtr+2018.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEgx4RFHyL_k2VMBYK_bKh3o4l7848Qgs5-RTGZVj32SAjsFZcAXBewqW6Hw5H6nBaYUP8tvSF1YiBxG1RIPyScPA6eqNOJ-h18xzpnPOz3342qejclWd93fOPdTXbVmBWGFzt05YTWA/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+Dollars+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhEgx4RFHyL_k2VMBYK_bKh3o4l7848Qgs5-RTGZVj32SAjsFZcAXBewqW6Hw5H6nBaYUP8tvSF1YiBxG1RIPyScPA6eqNOJ-h18xzpnPOz3342qejclWd93fOPdTXbVmBWGFzt05YTWA/s200/Luxury+Home+%2526+Condominium+Sales+by+Area+Dollars+2018.jpg" width="200" /></a> The GTA is a major feeder market for us here in the southern Georgian Bay area. This year has gotten off to a slower start in the GTA as well as in outlying markets such as Oakville, Burlington, Guelph, Kitchener, Waterloo and London. Condo sales in the GTA have remained relatively strong but single family home sales and especially those at the high end of the market are well down from this time last year. Sales of homes price over $1 million are down 55% to 60% across the GTA and into Burlington, Oakville and Hamilton. A recent report published by the <a href="http://business.financialpost.com/real-estate/luxury-home-sales">Financial Post</a> states that luxury home sales in Toronto have been "hit hardest." Clearly the current market is not the same as it was this time last year.<br />
<br />
At this point in time we can only speculate what the remainder of 2018 is going to bring. I have been a full time REALTOR® for over fifteen years and I watch market activity and statistics closely. I remain very confident about the demand for area properties in 2018 but at the same time, we can not ignore some key factors that will impact sales in 2018 including increases in mortgage lending rates, tighter lending rules overall and the foreign buyer's tax which has no doubt impacted sales in the Toronto (GTA) area. <br />
<br />
For the most part housing inventory will probably remain low in 2018 with the exception of the upper end of the market. As of this post there were 142 area properties listed for sale on the MLS® system of the Southern Georgian Bay Association of REALTORS® priced over $750,000. Given the current rate of sales this year that represents close to 10 months of inventory.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5-p8UF0msgYqrZFhcc9wl5e5Asg_AHkSwjV1moIGJX4_VXaNytXJwn6HkqzC2tKMlFn41aZ8WG5Q19cI9EPSBk4Go8vKhbVG_pPeUXAbJCOM4q2__DEAISvMsA9D0opM6LtKwv-u8bw/s1600/Luxury+Home+%2526+Condominium+Sales+Average+Prices+by+Area+1st+Qtr+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5-p8UF0msgYqrZFhcc9wl5e5Asg_AHkSwjV1moIGJX4_VXaNytXJwn6HkqzC2tKMlFn41aZ8WG5Q19cI9EPSBk4Go8vKhbVG_pPeUXAbJCOM4q2__DEAISvMsA9D0opM6LtKwv-u8bw/s200/Luxury+Home+%2526+Condominium+Sales+Average+Prices+by+Area+1st+Qtr+2018.jpg" width="200" /></a> If you are serious about selling you home no matter what price range it is in, pricing your property realistically this year will be key in attracting a worthy buyer. In the first few months of 2017, multiple offers and selling prices were happening at a rate unlike any of us in the local real estate market had ever seen. While we are continuing to see some properties in the lower price ranges attracting multiple offers with strong pricing, it's not to the same extent as this time last year.<br />
<br />
Has the market crashed? No but it has changed and market conditions overall have slowed significantly from last year and ultimately this can be good for both sellers and buyers. A strong, "balanced" market with adequate inventory and conditions that favour neither buyers and or sellers to a greater degree than the other is the ideal environment for all of us to be in when it comes to our real estates needs and goals.<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXnDCRK2H_U3IpngF3GPIYSH2kVLf_LBqBRXSQG_9Zl6OWQH-69Y85sTROHdRfR2IJq0Cj4aSz6FBj4nUuHLuYlZjZbjf9CY4x2wbOiL3VEx9fAQs_w9duUXER_5JMElrSAHBmLlj4wg/s1600/Luxury+Home+%2526+Condominium+Sales+by+Price+Range+1st+Qtr+2018.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjXnDCRK2H_U3IpngF3GPIYSH2kVLf_LBqBRXSQG_9Zl6OWQH-69Y85sTROHdRfR2IJq0Cj4aSz6FBj4nUuHLuYlZjZbjf9CY4x2wbOiL3VEx9fAQs_w9duUXER_5JMElrSAHBmLlj4wg/s200/Luxury+Home+%2526+Condominium+Sales+by+Price+Range+1st+Qtr+2018.jpg" width="200" /></a><br />
More on this in future posts. In the meantime please feel free to <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me </a> for a qualified and unbiased consultation regarding your real estate selling or buying needs and objectives.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-28963649279598862962017-11-15T11:45:00.001-08:002017-11-15T11:49:21.496-08:00Property Sales Between $1 and $2 Million Are Up 88% in 2017<div class="MsoNormal" style="margin-bottom: 0pt; mso-pagination: none;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfempR4u-EI_6U-CpRvruzu8hU_6t7YF2MgAGNYOrBLiluHNsbQpD4xlski-cy_KMDorx8eYxDMuU3vCRbfiRyy6YeWBysIf-VHQeDR7pKSjvcwSJDCGxs2FIHcwE6XKi3w3C_S-Yo6g/s1600/Luxury+Home+%2526+Condominium+Sales+Summary+3rd+Qtr+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgfempR4u-EI_6U-CpRvruzu8hU_6t7YF2MgAGNYOrBLiluHNsbQpD4xlski-cy_KMDorx8eYxDMuU3vCRbfiRyy6YeWBysIf-VHQeDR7pKSjvcwSJDCGxs2FIHcwE6XKi3w3C_S-Yo6g/s200/Luxury+Home+%2526+Condominium+Sales+Summary+3rd+Qtr+2017.jpg" width="200" /></a><span lang="en-CA"> Through the first nine months of 2017, MLS</span><span lang="en-CA">®</span><span lang="en-CA"> unit sales overall across Southern Georgian Bay have actually decreased from one year ago with 12% fewer properties sold through the local MLS</span><span lang="en-CA">®</span><span lang="en-CA"> system than in the same period last year. The one exception to this is the upper end of the market where the sale of higher priced homes and condominiums is significantly higher this year resulting in an 8% increase in MLS</span><span lang="en-CA">®</span><span lang="en-CA"> dollar volume. MLS</span>® dollar sales totals $876 million to the end of the 3rd Quarter and it’s all due to the sales of upper end homes and condominiums in the region which are those properties priced $750,000 and higher.</div>
<div class="MsoNormal" style="margin-bottom: 0pt; mso-pagination: none;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm84ErGEzgz8OEeoEBZKix8Q13UqQL1O6rNHFy4iDkYVgGBQflg42nJi5PXZkWsMCsMjMPOtb7_kQLL2wbhY5F69gL3qP7GDOWd-6meoeeK03qi8OuPZJ6MP_EVLXDKRfbYmJE5TC48w/s1600/Luxury+Home+%2526+Condominium+Total+Sales+Dollars+3rd+Qtr+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm84ErGEzgz8OEeoEBZKix8Q13UqQL1O6rNHFy4iDkYVgGBQflg42nJi5PXZkWsMCsMjMPOtb7_kQLL2wbhY5F69gL3qP7GDOWd-6meoeeK03qi8OuPZJ6MP_EVLXDKRfbYmJE5TC48w/s200/Luxury+Home+%2526+Condominium+Total+Sales+Dollars+3rd+Qtr+2017.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwVnRKIlckWN0lbrGrhHp4uIDKxrFYxOTZm1hudCm0xlH_WWt4uxtYpnfk1r7fBiFv1DdEqdYYo1F5u0TVRXLQ9Di3hw53WH5nAbk39B0IK5PZh8wnhNiw6YMxkluebuXNfrRf5cboOg/s1600/Luxury+Home+%2526+Condominium+Total+Sales+3rd+Qtr+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwVnRKIlckWN0lbrGrhHp4uIDKxrFYxOTZm1hudCm0xlH_WWt4uxtYpnfk1r7fBiFv1DdEqdYYo1F5u0TVRXLQ9Di3hw53WH5nAbk39B0IK5PZh8wnhNiw6YMxkluebuXNfrRf5cboOg/s200/Luxury+Home+%2526+Condominium+Total+Sales+3rd+Qtr+2017.jpg" width="200" /></a><span lang="en-CA"> Through the end of the 3rd Quarter, MLS® home and condominium sales priced $750,000 and higher are up 88% from this time last year with 196 sales reported this year compared to 104 in the first nine months of 2016. The combined value of these 196 sales is just over $203 million, almost 21% of the total market. The real strength is in the $1 to $2 million segment which has doubled this year with 99 sales compared to 49 sales during the same period last year. Not so many years ago, a $1 million property sale in our area caught your attention. Now it's almost an every day occurrence and this trend is increasing as the number of luxury home and condominium properties valued at $1 to $2 million and higher grows annually.<o:p></o:p></span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJIMc2JsBf-Ykrl5oE-gYFfiB_CmnPM4pmfDk7-3xUbskJ_iwmg0DKRTuSO0TjMtIUQCO7LVeROUsKEOcOMwb7b1wHxJNmkYskDg3KxHmpbEhJhbuDweKZBmMBh0eM1nj93bQLSlK83g/s1600/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+by+Area+Units.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjJIMc2JsBf-Ykrl5oE-gYFfiB_CmnPM4pmfDk7-3xUbskJ_iwmg0DKRTuSO0TjMtIUQCO7LVeROUsKEOcOMwb7b1wHxJNmkYskDg3KxHmpbEhJhbuDweKZBmMBh0eM1nj93bQLSlK83g/s200/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+by+Area+Units.jpg" width="200" /></a><span lang="en-CA"> Not surprisingly the Blue Mountains is where the bulk of the higher end homes are located. Year-to-date, 70 of the 196 sales (39%) reported above $750,000 are in the Blue Mountains close to area ski clubs, in the Thornbury area or west at Lora Bay. The Town of Collingwood is a distant second with 40 sales above $750,000 through the first nine months of the year. By comparison in 2009 there were just two MLS® sales in Collingwood over $750,000 plus I sold an unlisted property in the town that year for just over $1 million. Here we are eight years later and we are on track to do well over 50 MLS® sales in Collingwood this year above the $750,000 mark. The main driver behind this trend is the growing influx of buyers coming from the Greater Toronto Area where they have sold their former residence for $1 million dollars or more and are retiring to Collingwood and the neighbouring municipalities. How soon with this trend end? I believe we are only in the early stages of this retirement migration and we have ten to twenty years of solid growth yet to come in this and all aspects of the local real estate market.</span><span lang="en-CA"><o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: 0pt; mso-pagination: none;">
<span lang="en-CA">
</span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiusmd2Cc-88Y_i6gJEQNOHjp8BDJf3ij166Cz6ZCMHVk6mmH_D9-4jOf5vJW_zt40U6BjXxD5FcviuF8wtK_ZbfEUKCMWwCiOrLta8dkOAN8Vxd4ORWPd-yZGLP56A5poyUeLpdcbDZw/s1600/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+by+Area+%2525.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiusmd2Cc-88Y_i6gJEQNOHjp8BDJf3ij166Cz6ZCMHVk6mmH_D9-4jOf5vJW_zt40U6BjXxD5FcviuF8wtK_ZbfEUKCMWwCiOrLta8dkOAN8Vxd4ORWPd-yZGLP56A5poyUeLpdcbDZw/s200/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+by+Area+%2525.jpg" width="200" /></a><span lang="en-CA"> <o:p></o:p></span><span lang="en-CA">As of this post there are 163 active MLS</span><span lang="en-CA">®</span><span lang="en-CA"> listings in our market area priced $750,000 and higher. This translates into about 7.5 months of inventory at the current rate of sales. Understandably, the higher a property is priced the longer it will typically take to sell. Buyers with $1 million dollars or more in their pocket are not as plentiful as in the lower price ranges. Add to this the fact that upper end buyers are by their nature very discerning with specific tastes and the time to successfully market an expensive property to secure a worthy buyer goes up even more.</span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi74wIDf3dlz5RLLleCvnfSLWmjLKZLE_otnsMx5EKTfqg1sPMfyt8MAIv5Ox-89PWXRgNqxbLrPdLtab0PAPqbwzNSY9IW6mkpxhC2se873qfkUKIrohb0Cpp5Akn2-D-7Z3OgPoinug/s1600/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+Average+Price+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi74wIDf3dlz5RLLleCvnfSLWmjLKZLE_otnsMx5EKTfqg1sPMfyt8MAIv5Ox-89PWXRgNqxbLrPdLtab0PAPqbwzNSY9IW6mkpxhC2se873qfkUKIrohb0Cpp5Akn2-D-7Z3OgPoinug/s200/Luxury+Home+%2526+Condominium+Sales+3rd+Qtr+2017+Average+Price+by+Area.jpg" width="200" /></a><span lang="en-CA"> It is not surprising that the Blue Mountains is not only home to the larger number of higher end sales but also the highest average sale price for properties in the upper price ranges. Whether it is Osler Bluff, Craigleith, Alpine or Georgian Peaks, buyers are willing to pay more to be closer to their private ski club and these clubs along with the Georgian Bay Club or Lora Bay golf courses tend to create the biggest draw in terms where affluent buyers are willing to make a significant real estate purchase. <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="en-CA"> Please feel free to <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me </a>and I would be happy to share my knowledge and experience of the Southern Georgian Bay luxury real estate market in order to assist you with making you the right choice for your buying and selling needs. These properties are different from your run-of-the-mill homes as are buyer and seller market participants that deal in them that is why you need a qualified and knowledgeable REALTOR</span><span lang="en-CA">®</span><span lang="en-CA"> to assist you in making qualified decisions. </span></div>
<div class="MsoNormal">
<span lang="en-CA"> A copy of this information is available to download by<a href="http://www.rickcrouch.realtor/public_docs/documents/Carriage%20Trade%20Newsletter%203rd%20Quarter%202017.pdf"> clicking here</a>.</span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<br />
<br />
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="MsoNormal">
<span lang="en-CA">
</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
<br /></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-62791599476022489042017-07-24T12:04:00.000-07:002017-07-24T12:08:54.163-07:00Home & Condo Sales Over $1 Million Nearly Triple in 2017 <div>
As in many markets across Canada, real estate sales across the Southern Georgian Bay region in 2017 have been very robust with multiple offers and properties selling for over their asking prices the order of the day. Nonetheless, MLS® unit sales which total 1,392 properties sold to the end of June and up a modest 1% over 2016. MLS® dollar volume however is up 27%! Why the disparity between MLS® unit and dollars results? It's upper end home sales.</div>
<div>
<br /></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDkg0pYqlLCyp7v-iP0t3s6w1MWJtHhX8icXMLKLZdbIG7VAenIICUhzj-R43RCdbhU3wQMPy0-k3cPE1umpT2WylDaV2JLHSSGVCrR0wuTZcpW47ZuX5L8N75HkF4reVVtwkn-k43MA/s1600/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017+vs+2016+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDkg0pYqlLCyp7v-iP0t3s6w1MWJtHhX8icXMLKLZdbIG7VAenIICUhzj-R43RCdbhU3wQMPy0-k3cPE1umpT2WylDaV2JLHSSGVCrR0wuTZcpW47ZuX5L8N75HkF4reVVtwkn-k43MA/s200/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017+vs+2016+Dollars.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2x8Ea8PnWZOoFL01i4IGcYIcCk2Wo1OjdhYIjxXOK02KNQan4ASXQQVpHcdjdBpoAwNhwo4_LyJtP7EqfJfoJt79QRdfG_kvhpEaB__VVoG128IJg9amvneMR52bzTz1cQPk-wX2_rw/s1600/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2x8Ea8PnWZOoFL01i4IGcYIcCk2Wo1OjdhYIjxXOK02KNQan4ASXQQVpHcdjdBpoAwNhwo4_LyJtP7EqfJfoJt79QRdfG_kvhpEaB__VVoG128IJg9amvneMR52bzTz1cQPk-wX2_rw/s200/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017.jpg" width="200" /></a> For the first six months of 2017, residential home and condominium sales in our market valued at $750,000 and above total 139 properties. This represents a 107% increase over the 67 properties sold in the first six months of 2016. More significantly sales over $1 million in the first six months of this year are essentially triple that of one year ago. Through the end of June there have been 74 sales over $1 million compared to just 26 sales in the same period last year. In addition to this impressive increase in the number of resale properties sold through the MLS® valued above $750,000 there is also a significant number of new builds in areas such as Nipissing Ridge at Blue Mountain, Lora Bay west of Thornbury and elsewhere many of which are well over the $750,000 mark not including the land.</div>
<div>
<br /></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtSlk11o4xpKustrpnB4kOATtlepvTktPFkg2_BbqbfRpY0LlBlQ6U_uDw-j8EOxZ7SPPObQ7dZZfCTNUKKknlor03avmB-jgxpvhNqfTezxr50rLz_k4xd_V6pXGq8IlQNe4QmOcNVQ/s1600/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017+vs+2016+Units.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjtSlk11o4xpKustrpnB4kOATtlepvTktPFkg2_BbqbfRpY0LlBlQ6U_uDw-j8EOxZ7SPPObQ7dZZfCTNUKKknlor03avmB-jgxpvhNqfTezxr50rLz_k4xd_V6pXGq8IlQNe4QmOcNVQ/s200/Luxury+Home+%2526+Condominium+Sales+2nd+Qtr+2017+vs+2016+Units.jpg" width="200" /></a> The municipality of the Blue Mountains continues to be the dominant location for upper end residential properties. Many of the buyers for expensive homes and chalets in the area are members of the private ski clubs and it is often their desire to be located close to their respective clubs. Of the 139 MLS® sales year-to-date over $750,000, 55 of those (40%) are in the Blue Mountains. The average sale price of these 55 properties is just over $1.2 million.</div>
<div>
<br /></div>
<div>
The Town of Collingwood comes in second in terms of the number of upper end homes sales year-to-date with 28 sales so far this year compared to just 10 in 2016, an increase of 180%. To illustrate just how much our market has changed, in 2009 there were just two MLS® sales in Collingwood over $750,000, in 2016 there were a total of 32 and this year we are on track to see upwards of 60. </div>
<div>
<br /></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY02gzBRLNJf0Pxj6sjkjB3RRLHb67jMXaHxHBTBKMLq96Bx5hGs9pyL9SKp-jYPDitAxaFGT6CvZmcoZD65NuAZsYQIZIg_HlgDrEsmn8Xpn5d8OQ9Po5I2x3JTEkQEIVurrqapMB8A/s1600/Luxury+Home+%2526+Condominium+Sales+June+YTD+2017+by+Area+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" data-original-height="720" data-original-width="960" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiY02gzBRLNJf0Pxj6sjkjB3RRLHb67jMXaHxHBTBKMLq96Bx5hGs9pyL9SKp-jYPDitAxaFGT6CvZmcoZD65NuAZsYQIZIg_HlgDrEsmn8Xpn5d8OQ9Po5I2x3JTEkQEIVurrqapMB8A/s200/Luxury+Home+%2526+Condominium+Sales+June+YTD+2017+by+Area+Dollars.jpg" width="200" /></a> Upper end home and condo sales in the remaining municipalities throughout our region year-to-date round out as follows: Clearview Township 27 sales up 69%, Wasaga Beach 12 sales up 50%, Grey Highlands 11 sales up 83% and the Municipality of Meaford 5 sales up 67% from one year ago. </div>
<div>
<br /></div>
<div>
It will be interesting to watch this segment of the market through the balance of 2017. As of June we have already seen the overall market slow down from the frantic pace of sales we experienced in the first five months of this year. Unlike the overall market where the number of new MLS® listings is down 16% year-to-date which is suppressing sales somewhat, there remains a significant supply of listings on our MLS® system over $750,000. As of this posting there are currently 173 homes and condominiums listed for sale over $750,000 which represents a 7.5 month supply based on the current pace of sales.</div>
<div>
<br /></div>
<div>
<div>
In my next post I will discuss upper end property pricing throughout the various municipalities in our region. As with real estate overall, locations plays a key role relative to pricing and the luxury, upper end segment of the market is no different. </div>
<div>
<br /></div>
<div>
For a confidential no obligation consultation of your luxury home/condominium selling or buying objectives, please do not hesitate to <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me</a>.<br />
<br />
<br /></div>
<div>
<br /></div>
</div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-28279372956718125342017-04-19T14:52:00.000-07:002017-04-19T14:52:13.024-07:00High End Home & Condo Sales Up 73% in 1st Quarter<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLVW6RpjopavSRl00nig3BtnCxn_IwEY6VXr4auHnk8u2N6-E5Qa0C9yOv2jo_9cmchAvQWOn4GrsuasCbK0HyUzLoivWlMzozVu0141qAj8Lftu4P39XKh244Tq3HU-1rLZBGThnPWA/s1600/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+Units.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLVW6RpjopavSRl00nig3BtnCxn_IwEY6VXr4auHnk8u2N6-E5Qa0C9yOv2jo_9cmchAvQWOn4GrsuasCbK0HyUzLoivWlMzozVu0141qAj8Lftu4P39XKh244Tq3HU-1rLZBGThnPWA/s200/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+Units.jpg" width="200" /></a> As with the local real estate market overall, luxury, upper end home and condominium sales have been very robust in the first quarter of 2017. MLS® sales of properties valued over $750,000 are up 73% during the first three months of this year compared to the first quarter of 2016.<br />
<div>
<br />
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUNlpOniMnPP2Tj6yEsHMdM8gLv8Tv-K1fjVvIt1GCqIxOaK_y-b0ftMln8MsU1pmQxUqb9I-9mrsCzoV9UKY0STfD2Khsk40PiHfqLTLe_rUgVF8_o-xGFF3JMrRibLqFhtVP-Q-3eg/s1600/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUNlpOniMnPP2Tj6yEsHMdM8gLv8Tv-K1fjVvIt1GCqIxOaK_y-b0ftMln8MsU1pmQxUqb9I-9mrsCzoV9UKY0STfD2Khsk40PiHfqLTLe_rUgVF8_o-xGFF3JMrRibLqFhtVP-Q-3eg/s200/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+Dollars.jpg" width="200" /></a> Sales reported through the MLS® system of the Southern Georgian Bay Association of REALTORS (SGBAR) for the first quarter total 52 properties valued at $750,000 and higher compared to 30 sales in the first quarter of 2016. The total value of these 52 sales is $55.6 million compared to $35.2 million in ales last year during the same quarter an increase of 58%. Despite the significant increase in sales, inventory levels of properties over $750,000 have increased. As of this post there are 150 active MLS® listings for properties priced above $750,000 up from 138 listings at the start of the year. The total value of these listed properties is $214.4 million.</div>
<div>
<br /></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqkUws6VGkPSSJuiE6NdzDd_U6RfeTXZo7qwsyQSeTHdaSJ51A3zeoAUFFUxhoS3GZ03ufcmGgPzeABzRcymuF3wo7qblsaSIKKhlsaGqNHCC56tWkPjzajN0yy1MlnV-HCV2pmgVaEQ/s1600/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+by+Area+2.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqkUws6VGkPSSJuiE6NdzDd_U6RfeTXZo7qwsyQSeTHdaSJ51A3zeoAUFFUxhoS3GZ03ufcmGgPzeABzRcymuF3wo7qblsaSIKKhlsaGqNHCC56tWkPjzajN0yy1MlnV-HCV2pmgVaEQ/s200/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+by+Area+2.jpg" width="200" /></a> The Blue Mountains remains the major area where the bulk of higher end homes and condominiums are sold. 1st Quarter MLS® sales in the Blue Mountains totals 24 units with a combined value of $29.5 million. These 24 sales in the Blue Mountains represent 46% all all higher end property sales in our market for the first quarter of 2017 followed by Clearview Township with 13 sales totalling $13.6 million. 1st quarter MLS sales in Collingwood amounted to 6 properties with 5 in Grey Highlands and 4 sales in Wasaga Beach. No sales above $750,000 in either the Municipality of Meaford or Mulmur Township were reported during the first quarter.<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM7mlPZ-lQf_73fzlZvp4VsSxVmuQ0D8yG05r8azzcNpTYIrJRLYoS5hIPZf8yBbINfXpz2rkwqKtYlrCitzSbAGnpsNJvm9WKWIFKltm0NkSCjkb1N7NiRy0wkrdzmG-ApjRJixjZEg/s1600/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+by+Area+Dollars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgM7mlPZ-lQf_73fzlZvp4VsSxVmuQ0D8yG05r8azzcNpTYIrJRLYoS5hIPZf8yBbINfXpz2rkwqKtYlrCitzSbAGnpsNJvm9WKWIFKltm0NkSCjkb1N7NiRy0wkrdzmG-ApjRJixjZEg/s200/Luxury+Home+%2526+Condominium+Sales+1st+Qtr+2017+by+Area+Dollars.jpg" width="200" /></a><br />
As previously mentioned the inventory of higher priced homes and condominiums is on the rise and I suspect we will see this trend continue. Why? Over the past year or so we have seen a dramatic increase in vacant lot sales most of these in the Blue Mountains. Buyers of higher priced homes and condominiums in the area are often private ski club members with a desire to be close to their respective club. Of the 96 vacant lots sold through MLS® in the 1st quarter, 58 of those (60%) were in the Blue Mountains. Building versus buying a resale home looks very attractive to many affluent Buyers allowing them to build exactly what they want. This might help to explain why the inventory level of properties over $750,000 is on the rise. I will be watching these statistics closely over the next several months and will report regularly as to what is happening.<br />
<br />
<br />
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br /></div>
</div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-66253249717065503702017-03-24T07:13:00.000-07:002017-03-24T07:13:00.357-07:00Are Canadians In Need of Panic Rooms Yet?According to an article featured by an organization I am a member of, the <a href="http://blog.luxuryhomemarketing.com/2017/03/add-this-to-your-clients-wish-list-luxury-panic-room.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+typepad%2Filhm%2Fluxury_insights+%28Luxury+Insights%29">Institute of Luxury Home Marketing</a>, panic rooms are becoming increasingly popular with affluent home buyers. That begs the question are we ready or in need of such a household amenity here in Canada?<br />
<br />
There is no question that in many parts of the world, celebrities, politicians, senior executives and others are at risk from terrorists, or just run of the mill burglars and kidnappers looking to make a quick buck. We've all seen movies attesting to this and Jodi Foster in the movie <a href="http://www.imdb.com/video/screenplay/vi2896101657">Panic Room</a> is probably the best example. Canada has always been regarded as a safe haven but how long will it be until we start to see our fair share of lunatics such as the gunman in Ottawa a couple of years back. We are also seeing a greater influx of offshore buyers for Canadian real estate. Many of these buyers are coming from parts of the world where crime is more prevalent so security may be more of priority with them when it comes to their place of residence.<br />
<br />
Today panic rooms may be nothing more than something to brag about at cocktail parties but I am sure they will become more prevalent in larger Canadian cities like Toronto, Montreal and Vancouver in the years ahead. Unfortunately the age of innocence as depicted in television shows such <a href="http://www.imdb.com/title/tt0050032/">Leave It To Beaver</a> (I am dating myself) is over. Even in the southern Georgina Bay regions we are seeing more and more homes with elaborate alarm systems and web based camera monitoring both inside and out. <br />
<br />
Read the full article on panic rooms as featured in Architectural Digest magazine.Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-57113023467389911732017-03-15T19:42:00.000-07:002017-03-15T19:42:09.398-07:00Upper End Home Sales Off to a Robust Start in 2017<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcJQ8vqQ7_j2EjONjgjlj7xT7NtzQd5Daw7cmIWXXPK2tL5xw7_dxaMnRm7n_T-km0DQrTicynRIQcmhsnJUSeNvisoU1_lTwQ8UGqiRviZ7yCWbxxuTvWUCRlNGyHqvZvIY6ugEhUlw/s1600/Luxury+Home+%2526+Condominium+Sales+by+Units+2016+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcJQ8vqQ7_j2EjONjgjlj7xT7NtzQd5Daw7cmIWXXPK2tL5xw7_dxaMnRm7n_T-km0DQrTicynRIQcmhsnJUSeNvisoU1_lTwQ8UGqiRviZ7yCWbxxuTvWUCRlNGyHqvZvIY6ugEhUlw/s200/Luxury+Home+%2526+Condominium+Sales+by+Units+2016+2017.jpg" width="200" /></a> As covered in my regular blog, real estate activity across Southern Georgian Bay has gotten off to a very strong start for 2017 despite the ongoing lack of inventory and the upper end luxury home and condominium market is no exception.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDvUOqTfxuTK6T4uFXUTf8eP_7ejlhNgMHAtXGlNn373HdX4xPC3Er92PrGmf2KXxQv03dqGgKWFEQsYuJ9lEk7cNkdKHEyVsO8e8oIuzBi6PEzUS4nYYnyjw5Xs0ShUKGCv-gVX49sg/s1600/Luxury+Home+%2526+Condominium+Sales+in+Dollars+2016+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDvUOqTfxuTK6T4uFXUTf8eP_7ejlhNgMHAtXGlNn373HdX4xPC3Er92PrGmf2KXxQv03dqGgKWFEQsYuJ9lEk7cNkdKHEyVsO8e8oIuzBi6PEzUS4nYYnyjw5Xs0ShUKGCv-gVX49sg/s200/Luxury+Home+%2526+Condominium+Sales+in+Dollars+2016+2017.jpg" width="200" /></a> MLS® unit sales of residential properties priced $750,000 and higher are up 73% for the first two months of 2017. Through the end of February there have been 33 MLS® sales reported by the <a href="http://www.sgbrealtors.com/">Southern Georgian Bay Association of REALTORS® (SGBAR) </a>compared to just 19 sales in the first two months of 2016 at 73% increase. What is perhaps of even greater significance is the fact that these 33 sales represent over 30% of the total MLS® dollar volume in the area for the first two months of the year. The strong sales of higher priced properties is really serving to prop up MLS® dollar sales stemming from lagging sales due to low inventory in the lower price points.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSM19QC55UX0vh6fYtoOAFujW4v8wDuIK6JFMuMxaH-6YXuSSNxizX6chEOkrkmgqa6WK45yGzuQ2yI6FoLAIOkfKpKs0DZVHMWyRkq8kdMlyEhHKZZc_HA9EuLRw7al9UKGYrArfSoA/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+2016+2017.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSM19QC55UX0vh6fYtoOAFujW4v8wDuIK6JFMuMxaH-6YXuSSNxizX6chEOkrkmgqa6WK45yGzuQ2yI6FoLAIOkfKpKs0DZVHMWyRkq8kdMlyEhHKZZc_HA9EuLRw7al9UKGYrArfSoA/s200/Luxury+Home+%2526+Condominium+Sales+by+Area+2016+2017.jpg" width="200" /></a><br />
The <a href="http://www.thebluemountains.ca/">Blue Mountains</a> remains the stronghold for upper tier home sales in the area with 16 sales to date representing close to 50% of the market. As I have stated before, Buyers in this segment are often private ski and or golf club members who prefer to be located near to their respective clubs. <a href="http://www.collingwood.ca/">Collingwood</a> and <a href="http://www.clearview.ca/">Clearview</a> Township come in tied for second place with 7 sales above $750,000 in each of these two municipalities for the first two months of the year.<br />
<br />
Selling a higher priced upper tier property in our market has typically been a long process and in the past it has not been uncommon to have two years or more inventory listed for sale priced above $750,000. At the start of 2017 there were 134 properties listed for sale on our local MLS® system priced over the $750,000 mark which represented 9.9 months worth of inventory. Currently that inventory has risen to 138 active listings as of this posting however based on the strong sales activity we have seen in the first two months of the year, the inventory supply number has dropped to 8.4 months. Buyers in the upper end price ranges often prefer to build exactly what they want provided there is available land to do so. The availability of vacant lots has not been an issue in recent years but we have seen a real run on vacant land sales over the past few months particular in the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> in fully serviced subdivisions such as <a href="http://www.nipissingridge.ca/">Nipissing Ridge 3</a> and Lendway Valley.<br />
<br />
Selling an upper end home in a market with abundant inventory takes more than placing a sign on the lawn and listing the property on MLS® and it starts with the appropriate pricing in order to drive showing activity and a potential Buyer. As a Market Value Appraiser and Certified Luxury Home Marketing Specialist I can assist you in establishing a pricing and marketing strategy that will generate results. Whether buying or selling, <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me</a> for a no obligation and confidential discussion about your specific real estate needs or goals. <br />
<br />
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-25195301336321068012017-02-10T13:10:00.001-08:002017-02-10T13:10:07.525-08:00Upper Tier Luxury Home and Condo Sales Increase 54% in 2016 The sale of upper tier homes and condominiums in the <a href="http://www.visitsouthgeorgianbay.ca/">southern Georgian Bay</a> area continues to be an increasingly significant segment of the local real estate market. MLS® sales in this niche were up 54% in 2016 having a profound effect on total MLS® dollar sales. For the purpose of defining luxury or upper end real estate, we consider anything priced over $750,000 as properties in this value range represent approximately the top 10% of the local market.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR50XaHkwRbcvOav24p4hei3k5iAYvN4TWEyx91Kgif-0aHLqNtOu4Tpt2s6EFaQCruCe9o2oRm0E_WKz1Cj23tns3AQRTCwcGjp1WC1Q_oPEqk2Dirorvpv29A6IG03E_d8rVQRQYDg/s1600/Luxury+Home+%2526+Condominium+Sales+2016.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR50XaHkwRbcvOav24p4hei3k5iAYvN4TWEyx91Kgif-0aHLqNtOu4Tpt2s6EFaQCruCe9o2oRm0E_WKz1Cj23tns3AQRTCwcGjp1WC1Q_oPEqk2Dirorvpv29A6IG03E_d8rVQRQYDg/s200/Luxury+Home+%2526+Condominium+Sales+2016.jpg" width="200" /></a> A total of 162 sales were reported over $750,000 during 2016 on the MLS® system of the <a href="http://wwwsgbrealtors.com/">Southern Georgian Bay Association of REALTORS (SGBAR).</a> Total dollar sales in this segment were $187.4 million which represents 18% of all MLS® sales in the region for 2016. It is important to note that this does not include any private sales, or sales made directly by builders and others that did not go through the MLS® system. <br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGVNlraH8xHaLvH2ES_2pJaYTvanbbdVJBljvkrY7Y7w_63kAKgty_Ze4L20XFM9OjeFna25mvy9-Ad6ihVCXbFnlSyVuCcfBGEuz1_DCNSdMhBMAKNxEZJRX1v-llJocqpY9giHr2Ag/s1600/Luxury+Home+%2526+Condominium+Sales+2015+vs+2016+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGVNlraH8xHaLvH2ES_2pJaYTvanbbdVJBljvkrY7Y7w_63kAKgty_Ze4L20XFM9OjeFna25mvy9-Ad6ihVCXbFnlSyVuCcfBGEuz1_DCNSdMhBMAKNxEZJRX1v-llJocqpY9giHr2Ag/s200/Luxury+Home+%2526+Condominium+Sales+2015+vs+2016+by+Area.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3zdxKy1XMIBOx4tJCA1DiZyHPz3ZKy0-oC465TcwpYQFOXUwSZpT-CZTgV83RqdkBj7Q_6HEuEKFMW4k3cKysQnWt_K6JgHWHQn8dgVcv2kVzlorTgX6cl-4Wx4Qqw6PP7S1fOkQc5w/s1600/Luxury+Home+%2526+Condominium+Sales+2016+by+Price+Range.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3zdxKy1XMIBOx4tJCA1DiZyHPz3ZKy0-oC465TcwpYQFOXUwSZpT-CZTgV83RqdkBj7Q_6HEuEKFMW4k3cKysQnWt_K6JgHWHQn8dgVcv2kVzlorTgX6cl-4Wx4Qqw6PP7S1fOkQc5w/s200/Luxury+Home+%2526+Condominium+Sales+2016+by+Price+Range.jpg" width="200" /></a>The <a href="http://www.thebluemountains.ca/">Blue Mountains</a> continues to lead other area municipalities by almost 50% with respect to the number of annual upper end home and condominium sales. A total of 60 properties sold in the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> last year with prices ranging from $751,000 for a property in Thornbury to a $3.945 million waterfront estate near Georgian Peaks. MLS® residential sales in the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> for these 60 properties totalled just under $76 million which is 37% of the total region's upper end market during 2016 both in terms of units sold and dollar volume. Buyers for these properties are often members of the area's private ski and golf clubs and these Buyers have a strong desire to be close to their respective clubs in developments such as <a href="http://www.nipissingridge.ca/">Nipissing Ridge</a>, <a href="http://lorabay.reidsheritagehomes.com/">Lora Bay</a>, <a href="http://www.windroseestates.ca/">Windrose Estates</a> and others. The <a href="http://www.thebluemountains.ca/">Blue Mountains</a> is also home to some of the area's finest waterfront properties.<br />
<br />
Not so many years ago, it was hard to find a house priced above $750,000 in <a href="http://www.collingwood.ca/">Collingwood</a>. In 2009 I sold a non-listed home for $1.1 million. That same year there was only one MLS® sale in <a href="http://www.collingwood.ca/">Collingwood </a>of a residential property over $750,000. Times have changed as in 2016 there were 31 sales in the municipality placing <a href="http://www.collingwood.ca/">Collingwood </a>in the number two position in terms of unit MLS® sales for high end properties in the region. Sales prices ranged from $749,000 for a new home at the south end of Town to $2.33 million for a waterfront home in Princeton Shores. These 31 MLS® sales totalled $29.8 million and amounted to 19% of the region's upper end market. Of the seven municipalities covered in my analysis, <a href="http://www.collingwood.ca/">Collingwood</a> ranks 5th in average price for upper end homes sales with an average selling price for 2016 of $960,000.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibc0PP4HGvAKk8ErYWD8iBn5Hry0661lt_Wf-UhquQwh-0bSHjCBJQ5Ez0KT_VrtOC6UWcrJ3b76Q53T0q19ZkXSMUjFh5WEDEf9tFWS7DPejWIlmBS-67NyBCW4KFetINC9elJBuF5A/s1600/Luxury+Home+%2526+Condominium+Unit+Sales+2016+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibc0PP4HGvAKk8ErYWD8iBn5Hry0661lt_Wf-UhquQwh-0bSHjCBJQ5Ez0KT_VrtOC6UWcrJ3b76Q53T0q19ZkXSMUjFh5WEDEf9tFWS7DPejWIlmBS-67NyBCW4KFetINC9elJBuF5A/s200/Luxury+Home+%2526+Condominium+Unit+Sales+2016+by+Area.jpg" width="200" /></a> During 2016, <a href="http://www.clearview.ca/">Clearview Township</a> came in third in terms of the number of MLS® listings sold with 29 residential sales ranging from $760,000 to $2.9 million. Many of these sales were properties with larger acreages and highly sought after views of the surrounding countryside and or <a href="http://www.visitsouthgeorgianbay.ca/">Georgian Bay.</a> Although <a href="http://www.clearview.ca/">Clearview Township</a> trails the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> by over 50% in terms of the number of high end properties sold, <a href="http://www.clearview.ca/">Clearview</a> is home to the highest average sale price in the upper tier market segment at $1.328 million which is primarily due to the larger property sizes associated with these homes.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOmsfudzQStE_uRqT-HgmRubHIGk8wT9q8YJbK1eIgMMti3ZlpJQ2JyQKmETWOoYKeQT9h75vZyHlw4YCfHy3t5_Qs0CF5EqkLa5T6j04HEVnkk6TVOdNQmm829GGf3HduWUaMplstLw/s1600/Luxury+Home+%2526+Condominium+Average+Price+2016+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOmsfudzQStE_uRqT-HgmRubHIGk8wT9q8YJbK1eIgMMti3ZlpJQ2JyQKmETWOoYKeQT9h75vZyHlw4YCfHy3t5_Qs0CF5EqkLa5T6j04HEVnkk6TVOdNQmm829GGf3HduWUaMplstLw/s200/Luxury+Home+%2526+Condominium+Average+Price+2016+by+Area.jpg" width="200" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqrtj6-aZQJHNppKIp09uxCF7cm0Snx_pZ9Qe7VEjZ3AAt5cg1vLAdhoZdw4VeHoOXbNXhYih8RrDfC9I9BHn-asRtQYWHJhZGuUaF180x3GKzCTbNuObRtpxrf2HTE1mN8Lsl7TLGdQ/s1600/Luxury+Home+%2526+Condominium+Dollar+Sales+2016+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgqrtj6-aZQJHNppKIp09uxCF7cm0Snx_pZ9Qe7VEjZ3AAt5cg1vLAdhoZdw4VeHoOXbNXhYih8RrDfC9I9BHn-asRtQYWHJhZGuUaF180x3GKzCTbNuObRtpxrf2HTE1mN8Lsl7TLGdQ/s200/Luxury+Home+%2526+Condominium+Dollar+Sales+2016+by+Area.jpg" width="200" /></a> The remaining municipalities of <a href="http://www.greyhighlands.ca/">Grey Highlands</a>, <a href="http://www.meaford.ca/">Meaford</a>, <a href="http://www.mulmur.ca/">Mulmur</a> and <a href="http://www.wasagabeach.com/">Wasaga Beach</a> each have their own share of higher priced residential properties and combined they accounted for a total of 42 MLS® sales in 2016, 26% of the overall market with a combined sales value of $42.3 million. These areas continue to grow in stature in terms of being desirable locations for more expensive residential properties and this trend will no doubt continue. For the foreseeable future however they will continue to play a smaller, less significant role in the rapidly growing demand for higher end homes and condominiums than we are experiencing in areas like the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> and <a href="http://www.collingwood.ca/">Collingwood</a> stemming from vast array of recreational, cultural and other amenities that these municipalities offer.<br />
<br />
As of this posting there are 134 active listings on the MLS® system of <a href="http://www.sgbrealtors.com/">SGBAR</a> which represents almost 10 months of available inventory based on the current annual rate of sales. Sales in this segment of the market naturally take longer, require added marketing emphasis and can not be treated the same as the sale of a run-of-the mill property typically found in large subdivisions. More on this in future posts.<br />
<br />
If you are looking to list your current high end luxury home/condo or are contemplating the purchase of a special property, please feel free to <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me</a> for a confidential discussion of your particular real estate needs and objectives and put my expertise to work for you. <br />
<br />
<br />
<br />
<br />
<br />
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-9431176910802434122015-06-22T13:43:00.003-07:002015-06-22T13:43:53.563-07:00Special 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. <div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7EJU3LCngmnRnswozxB997lxkKZ6co0ziCeJK7QlgSzMQP0KMSzRRAYKp63lav-Ms9S9AcY_KcYdHzFVVHi5TOsPTPBdL_FBNqLmXQq_NuL7S_AQUB_KadnvuXeqc7x0rKhoklzlyGw/s1600/IMG_4749.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj7EJU3LCngmnRnswozxB997lxkKZ6co0ziCeJK7QlgSzMQP0KMSzRRAYKp63lav-Ms9S9AcY_KcYdHzFVVHi5TOsPTPBdL_FBNqLmXQq_NuL7S_AQUB_KadnvuXeqc7x0rKhoklzlyGw/s320/IMG_4749.JPG" width="320" /></a></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK92zVJrnKYclyRemKNjX2clZdzq5N38hhm-yzw7vnaXx5aPPhAcBXgYDTBNo63hGos2J5mXgDiOEBWuSXskAQeYVKxflT0X8VTdsRjDkoB4g4vQzVF7tDmH0aQARwgIoRNqhUhJTlFQ/s1600/DJI_0226.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK92zVJrnKYclyRemKNjX2clZdzq5N38hhm-yzw7vnaXx5aPPhAcBXgYDTBNo63hGos2J5mXgDiOEBWuSXskAQeYVKxflT0X8VTdsRjDkoB4g4vQzVF7tDmH0aQARwgIoRNqhUhJTlFQ/s320/DJI_0226.jpg" width="320" /></a> 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. </div>
<div>
<br /><div>
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. </div>
<div>
<br /></div>
<div>
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. </div>
<div>
<br /></div>
<div>
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. </div>
<div>
<br /></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidz2FvGX0OLjz3yN_Jo6gyRQ__yErDY7gZlBzn5WfqY1hITXB2aMg3FHFQGaTiys-12jbWEYAxWkfG-noZeTpGCsssAzBkwEoHRcGUK5YRPxJIDxjylk1-dXY4sBrEpUacZUrPc-Sffw/s1600/MLS20122585.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEidz2FvGX0OLjz3yN_Jo6gyRQ__yErDY7gZlBzn5WfqY1hITXB2aMg3FHFQGaTiys-12jbWEYAxWkfG-noZeTpGCsssAzBkwEoHRcGUK5YRPxJIDxjylk1-dXY4sBrEpUacZUrPc-Sffw/s320/MLS20122585.JPG" width="320" /></a></div>
<div>
<br /><div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Q4r3-kuFx_SsHBOv2MnTl7GcJHmXQ8zDwi7IcIGOwmLSKfuM9qVswTUMfZopAfwPx3RptlQf5U8vQiDDe7S2f1CF7cPx6yEHbqcMDX2t4xKpjNITb-jD3w9dRtNqpcQ2OWt2FnRllA/s1600/DSC00074.JPG" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0Q4r3-kuFx_SsHBOv2MnTl7GcJHmXQ8zDwi7IcIGOwmLSKfuM9qVswTUMfZopAfwPx3RptlQf5U8vQiDDe7S2f1CF7cPx6yEHbqcMDX2t4xKpjNITb-jD3w9dRtNqpcQ2OWt2FnRllA/s200/DSC00074.JPG" width="200" /></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2IJuRsr3U3xlWVoeTaMn4-kvvwNW5nv73BX0r-SCFkbHZMoa4jLc46wPFGTMUJJrD4-qwbRYNOePfSqp9TeQ7o1RkxdLGQWY7vWHZnXMEZcm6CGQ70_jE1Tfv4GQdbyzACSTvwQ0KBQ/s1600/2012-06-20+08.15.39.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2IJuRsr3U3xlWVoeTaMn4-kvvwNW5nv73BX0r-SCFkbHZMoa4jLc46wPFGTMUJJrD4-qwbRYNOePfSqp9TeQ7o1RkxdLGQWY7vWHZnXMEZcm6CGQ70_jE1Tfv4GQdbyzACSTvwQ0KBQ/s200/2012-06-20+08.15.39.jpg" width="200" /></a><br />
</div>
<div>
<div>
</div>
</div>
</div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpmBd5Td6aj0QUBVpJ1genh7ffSzv-5aXPCoZi9swp_aP4SO8pUeEQk4ndlpm2qPwWiOFHaeb7d_BtWoL_5ohfMEPSSNjQeaU3G4UynOIaHYGqy5Kr4I9lPSUdN9IvREs24uUQUnzbNw/s1600/149+Bay+Street+West+2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpmBd5Td6aj0QUBVpJ1genh7ffSzv-5aXPCoZi9swp_aP4SO8pUeEQk4ndlpm2qPwWiOFHaeb7d_BtWoL_5ohfMEPSSNjQeaU3G4UynOIaHYGqy5Kr4I9lPSUdN9IvREs24uUQUnzbNw/s320/149+Bay+Street+West+2.jpg" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
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.</div>
<div class="separator" style="clear: both; text-align: left;">
<br /></div>
<div class="separator" style="clear: both; text-align: left;">
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 <a href="http://www.rickcrouch.realtor/contact.cfm">Contact Me</a>. As always I remain committed to "Redefining Your Real Estate Experience." </div>
<div>
<br /></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-91355500005436079732015-06-10T20:22:00.000-07:002015-06-10T20:22:32.353-07:00Upper 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.<br />
<div>
</div>
<div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXgofTIWLJqdLw5oCyA42Nh2oDvfi722dYz7X7OUbAtjA7MT3oMGrc3ZXfIvfi8UR7Ltt7AJxZwrISoUXZ6BzTXhTdok1l_hNO-PDzycWzgIg3Y9PTIRH2qQqLyDnHqTQ_52DyIXEtHA/s1600/Luxury+Home+%2526+Condominium+Sales+by+Price+Range.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXgofTIWLJqdLw5oCyA42Nh2oDvfi722dYz7X7OUbAtjA7MT3oMGrc3ZXfIvfi8UR7Ltt7AJxZwrISoUXZ6BzTXhTdok1l_hNO-PDzycWzgIg3Y9PTIRH2qQqLyDnHqTQ_52DyIXEtHA/s200/Luxury+Home+%2526+Condominium+Sales+by+Price+Range.jpg" width="200" /></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGox7x2K2vWpR137cCmFPtTs4etq7cxweE6nynd5gXbIOj5q9ei5PjRRPl9famdmsOwH1tY6FduAgHoFgOJTycoR5SJi2mf45C-jh92a6gLptBqQRPpTf3kQMtLGSEamgG9Pz4Ym3HEQ/s1600/Luxury+Home+%2526+Condominium+Sales+Summary+2015.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGox7x2K2vWpR137cCmFPtTs4etq7cxweE6nynd5gXbIOj5q9ei5PjRRPl9famdmsOwH1tY6FduAgHoFgOJTycoR5SJi2mf45C-jh92a6gLptBqQRPpTf3kQMtLGSEamgG9Pz4Ym3HEQ/s200/Luxury+Home+%2526+Condominium+Sales+Summary+2015.jpg" width="200" /></a> Through the end of May there have been 40 sales reported though the MLS® system of the <a href="http://www.sgbrealtors.com/">Southern Georgian Bay Association of REALTORS®</a> above $750,000 compared to 28 sales in the same period last year. <a href="http://www.thebluemountains.ca/">The Blue Mountains </a>continues to be the hot bed for luxury upper end home sales with most buyers having a strong preference to be located close to <a href="http://www.bluemountain.ca/">Blue Mountain </a>and the area's private ski clubs. <a href="http://www.collingwood.ca/"> Collingwood,</a> and the Municipalities of <a href="http://www.greyhighlands.ca/">Grey Highlands </a>and <a href="http://www.meaford.ca/">Meaford </a>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</div>
<div>
<br /></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKdsTU_ijECezEAQG-I0-c9xKOcNn2NhC7ubEZLvj4hkZ66yb2HznKVxaQjFvNJWyMGwpDJWVAC8K8C9DGGUhqGGLJDTDxtOrOKjQm-5rjdFq5AI0Qe-0TEXZC6eeCei-DcX8xuNV86w/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKdsTU_ijECezEAQG-I0-c9xKOcNn2NhC7ubEZLvj4hkZ66yb2HznKVxaQjFvNJWyMGwpDJWVAC8K8C9DGGUhqGGLJDTDxtOrOKjQm-5rjdFq5AI0Qe-0TEXZC6eeCei-DcX8xuNV86w/s200/Luxury+Home+%2526+Condominium+Sales+by+Area.jpg" width="200" /></a> 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. <br />
<br />
In my next post I will talk further about the issue of pricing high end properties in order to attract a willing buyer. <br />
<br />
<br />
<br /></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-64771223841360820212015-05-28T09:16:00.005-07:002015-05-28T09:16:47.514-07:00Is Now A Good Time To Sell Your Luxury Property?The southern Georgian Bay real estate market continues to perform beyond our expectations. Unit MLS
<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">® </span></span>sales are up 26% through the end of April, while MLS<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">®</span></span>dollar sales have increased 36% over the first four months of 2014. Conversely, the number of new MLS<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">® </span></span>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?<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTBp-1mKPZgkJm8jmZgWCoS5ghCr5TfIyMZBjc3unlaj6MhqOH_qJogIQm3Dg5U33MOH3VHuFvo_iLs5Vkyyw9nZhwq1Pz6V36e5tpAmeY8ScQaV6ttF5z65XlxZB4JmL70OFguS6mJg/s1600/Luxury+Home+%2526+Condominium+Sales+%2526+Listings+2015.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTBp-1mKPZgkJm8jmZgWCoS5ghCr5TfIyMZBjc3unlaj6MhqOH_qJogIQm3Dg5U33MOH3VHuFvo_iLs5Vkyyw9nZhwq1Pz6V36e5tpAmeY8ScQaV6ttF5z65XlxZB4JmL70OFguS6mJg/s320/Luxury+Home+%2526+Condominium+Sales+%2526+Listings+2015.jpg" width="320" /></a> To the end of April there have been 29 MLS<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">® </span></span>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<span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;">®</span></span>system of the <a href="http://www.sgbrealtors.com/">Southern Georgian Bay Association of REALTORS
</a><span style="font-size: 14pt; line-height: 115%;"><span style="font-family: Calibri;"><a href="http://www.sgbrealtors.com/">®</a>. </span></span>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.<br />
<br />
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.<br />
<br />
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. <br />
<br />
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-12515106286103632232015-01-18T14:31:00.000-08:002015-01-19T10:38:45.482-08:00Luxury Home and Condominium Sales up 36% in 2014<div class="separator" style="clear: both; text-align: left;">
<span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;"> 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.</span></div>
<span style="font-family: Arial, Helvetica, sans-serif;"><br />
</span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPmT0xxOAIZ2mB3jDIVQFqsh2UCKqL5Pk33_pX0fwtVuTQgFmtsvuUo7Im3b6boGy-WftARNBIvff7dY7fQr1zxv-y1eK3iz2kQvMDGPQ5YXS85eME8W21lkvpyTzqV21YqDqAcgw-Qw/s1600/Luxury+Home+&+Condominium+Sales+2009+to+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPmT0xxOAIZ2mB3jDIVQFqsh2UCKqL5Pk33_pX0fwtVuTQgFmtsvuUo7Im3b6boGy-WftARNBIvff7dY7fQr1zxv-y1eK3iz2kQvMDGPQ5YXS85eME8W21lkvpyTzqV21YqDqAcgw-Qw/s1600/Luxury+Home+&+Condominium+Sales+2009+to+2014.jpg" height="240" width="320" /></span></a><span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;"> 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.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
</span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT4ua5kfwRXmPjHYnpz07URhDDu6GRW7wWTw7oHhbBQ0QbN3k9c-QtNrD8xNLVT_IpkbprdV6U22UMq-L6_-UaMxx1_QoaAFydsxgsgGGq5VbdRhfwwAdkr33A9YQ-Xi9oQIG96qpBrQ/s1600/Luxury+Home+&+Condominium+Sales+by+Area+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjT4ua5kfwRXmPjHYnpz07URhDDu6GRW7wWTw7oHhbBQ0QbN3k9c-QtNrD8xNLVT_IpkbprdV6U22UMq-L6_-UaMxx1_QoaAFydsxgsgGGq5VbdRhfwwAdkr33A9YQ-Xi9oQIG96qpBrQ/s1600/Luxury+Home+&+Condominium+Sales+by+Area+2014.jpg" height="240" style="cursor: move;" width="320" /></span></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2v6yjXOuy_ojCCOIUdYYsHbp0FzeThAPlym76qbI5_FJFHhO2Zht-9tn2ntFwRsjiw3y6maXh01AKAzgBBDbxn7tsV2QXMLI5b7YxvRNC0Zp6qf1a88K3F940J5kaeFsfYL4avcOrgA/s1600/Luxury+Home+&+Condominium+Sales+by+Price+Range+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2v6yjXOuy_ojCCOIUdYYsHbp0FzeThAPlym76qbI5_FJFHhO2Zht-9tn2ntFwRsjiw3y6maXh01AKAzgBBDbxn7tsV2QXMLI5b7YxvRNC0Zp6qf1a88K3F940J5kaeFsfYL4avcOrgA/s1600/Luxury+Home+&+Condominium+Sales+by+Price+Range+2014.jpg" height="240" width="320" /></span></a><span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;"> 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. </span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
<span style="color: #fff2cc;"> The Blue Mountains is clearly the municipality of choice when it comes to luxury, high-end properties. While upper-end MLS® sales in the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> 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 <a href="http://collingwood./">Collingwood.</a></span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
<span style="color: #fff2cc;"> 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. </span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;">For a summary of the overall real estate market inb 2014 see my <a href="http://propertycollingwood.blogspot.ca/">Live Play - Georgian Bay blog</a></span><br />
<span style="color: #fff2cc;"><br /></span></span>
<span style="color: #fff2cc;"><br /></span>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-10572598233466820282014-11-07T10:05:00.002-08:002015-01-18T14:32:56.349-08:00Year-To-Date Upper End Home Sales by Area<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCvE5Q4I6Za7DGKZjV66tN7nRuYGVTC8z4G30Hz2F2XhoZVRlyK1nHxG_F7_cUiOvnk9TTEmn7bTQ5iX0tPMNKQvLteQUpoqj7UKd8Q6V9fj5fJ-hInEp_9anMnap_8xsCOBRzZHYbnQ/s1600/Luxury+Home+&+Condominium+Sales+2009+to+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCvE5Q4I6Za7DGKZjV66tN7nRuYGVTC8z4G30Hz2F2XhoZVRlyK1nHxG_F7_cUiOvnk9TTEmn7bTQ5iX0tPMNKQvLteQUpoqj7UKd8Q6V9fj5fJ-hInEp_9anMnap_8xsCOBRzZHYbnQ/s1600/Luxury+Home+&+Condominium+Sales+2009+to+2014.jpg" height="240" width="320" /></span></a><span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;">As per my prior post, upper end home sales across southern Georgian Bay have remained very robust throughout 2014. To the end of October, MLS® sales for homes and condominiums priced above $750,000 total 66 units to the end of October compared to 47 in the first ten months of 2013 an increase of 40%.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
</span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIJ4xGs98hvf1QVeD56TH_3nbB2FjbMidrRDG2zCEeUcLybjHIQbUR5C5XvIXQ6C8uc4G8UK6wogzWDymfT8uE2XMzXW6g767omk8Mt-CwnCADxUhy-QX-yVb3ClMDjAmlZ0b9Jmn4Vw/s1600/Luxury+Home+&+Condominium+Sales+by+Area+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIJ4xGs98hvf1QVeD56TH_3nbB2FjbMidrRDG2zCEeUcLybjHIQbUR5C5XvIXQ6C8uc4G8UK6wogzWDymfT8uE2XMzXW6g767omk8Mt-CwnCADxUhy-QX-yVb3ClMDjAmlZ0b9Jmn4Vw/s1600/Luxury+Home+&+Condominium+Sales+by+Area+2014.jpg" height="240" width="320" /></span></a><span style="color: #fff2cc; font-family: Arial, Helvetica, sans-serif;"> The bulk of these upper end MLS® sales (63 units) reside in the municipalities of <a href="http://www.clearview.ca/">Clearview</a>, <a href="http://www.collingwood.ca/">Collingwood</a>, Grey Highlands, <a href="http://www.meaford.ca/">Municipality of Meaford</a>, <a href="http://www.thebluemountains.ca/">the Blue Mountains</a> and <a href="http://www.wasagabeach.com/">Wasaga Beach</a>. Approximately 38% of these sales are in the <a href="http://www.thebluemountains.ca/">Blue Mountains</a> driven by Buyer's desires to be close to the private ski and golf clubs they belong to.</span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
<span style="color: #fff2cc;"> Inventory of upper end homes remains relatively high. As of this posting there are 179 active MLS® listings priced above $750,000 which represents about 27 months of inventory. Over $1 million there are now 98 active MLS® listings. This is the first time the number of MLS® listings over $1 million has dropped below 100 properties in quite some time. With 27 MLS® sales year-to-date to the end of October, there remains a three year inventory of MLS® listed properties over $1 million.</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
<span style="color: #fff2cc;"> As with other price ranges, correctly pricing an upper end home correctly to attract a Buyer(s) is very important perhaps even more so. Upper end Buyers are very savvy. Many have built their own homes in the past. They know what they want and they know the costs associated with building. If they don't see both the quality and value in the property listed for sale then securing a Buyer at the price being asked is highly unlikely if at all.</span></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="color: #fff2cc;"><br /></span>
<span style="color: #fff2cc;"> If you have an upper end property you are thinking of selling or if you are in the market to purchase one, please visit the <a href="http://www.propertycollingwood.com/luxury-homes.cfm">luxury home page</a> of my personal real estate website to see how my experience in this segment of the market can benefit you. </span></span>Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-41434480949189867512014-11-06T14:28:00.001-08:002015-01-18T14:30:57.382-08:00Luxury Home Sales Remain Strong in 2014 <span style="color: #fff2cc;">With less than two months remaining in 2014, Southern Georgian Bay area real estate is poised for another record year in terms of total MLS<span style="font-size: 14pt; line-height: 115%;">® sales activity. </span></span><br />
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"><br /></span></div>
<div>
<span style="color: #fff2cc;"><span style="font-size: 14pt; line-height: 115%;"> MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">® s</span><span style="font-size: 14pt; line-height: 115%;">ales through the first ten months of 2014 total $597 million, an increase of 8% over the first 10 months of 2013. Total MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> sales volume for all of 2013 totaled just under $625 million, this was the first time MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> sales had past the $600 million mark and we appeared destined to surpass that amount for 2014.</span></span></div>
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"><br /></span></div>
<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqMvrzoPu87BC-pbwk86WXKDLMQViO3EhC_dlSgxxbCvcT8NsrXV8c2mrp5YEcd9WztKPfcl0PbLPJAGoUioig7CfvHiNVK2Yz-I_XTSmUEfb5JN7Q0ThMZ9ANDQnohqcXsCc-DGQ9VA/s1600/Southern+Georgian+Bay+Luxury+Home+Sales.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="color: #fff2cc;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqMvrzoPu87BC-pbwk86WXKDLMQViO3EhC_dlSgxxbCvcT8NsrXV8c2mrp5YEcd9WztKPfcl0PbLPJAGoUioig7CfvHiNVK2Yz-I_XTSmUEfb5JN7Q0ThMZ9ANDQnohqcXsCc-DGQ9VA/s1600/Southern+Georgian+Bay+Luxury+Home+Sales.jpg" height="240" width="320" /></span></a><span style="color: #fff2cc;"><span style="font-size: 14pt; line-height: 115%;"> To a large degree, the sale of luxury, high-end properties continues to have an impact on total dollar sales in the area as the increase in MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> dollar volume typically outpaces the annual increase in the number of properties sold. </span><span style="font-size: 14pt; line-height: 115%;">Year-to-date through the end of October we have seen 82 MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> sales above $700,000. As per the accompanying chart, MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> sales above $1.5 million are running dead even with 2013 with nine sales reported. Where we are seeing a significant increase in activity is in the $800,000 to $1 million price range. Year-to-date there have been 32 sales in this price range, double the number from one year ago. MLS</span><span style="font-size: 19px; line-height: 21.4666652679443px;">®</span><span style="font-size: 14pt; line-height: 115%;"> sales between $1 and $1.5 million have also continued to perform very well with 18 sales year-to-date reflecting a 38% increase over the same period last year. </span></span></div>
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"><br /></span></div>
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"> The trend among luxury home Buyers leans towards buying smaller in terms of the size of the dwelling but it must have the best of everything including, finishes, technology and energy efficiency. This chart would seem to reflect this given the level of sales activity we are seeing in smaller well appointed properties in and around the $1 million mark.</span></div>
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"><br /></span></div>
<div>
<span style="color: #fff2cc; font-size: 14pt; line-height: 115%;"> In my next post I will summarize luxury home sales and listing activity in the various municipalities around our area. </span></div>
<div>
<br /></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-20881905186295146852014-07-14T12:43:00.000-07:002014-07-14T12:47:12.663-07:00Luxury Home Sales Up 68% to the End of June<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKjL3PmZ_02jU4stbqz0UYkki8BC4YdHDxM_EcVE987So4TNjAk47-IL-vMlegJkANJzUSgV8rlP1XpahIqspqkSB7-8Zfdl36A0Q4ug1-QOetCF6qkWtXmatojlKE3oKGie00KPVNjg/s1600/Luxury+Home+&+Condominium+Sales+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKjL3PmZ_02jU4stbqz0UYkki8BC4YdHDxM_EcVE987So4TNjAk47-IL-vMlegJkANJzUSgV8rlP1XpahIqspqkSB7-8Zfdl36A0Q4ug1-QOetCF6qkWtXmatojlKE3oKGie00KPVNjg/s1600/Luxury+Home+&+Condominium+Sales+2014.jpg" height="150" width="200" /></a></div>
<span style="background-color: black; color: white; font-family: inherit; line-height: 16.100000381469727px;">The upper end home market across southern Georgian Bay continues to show a strong demand in with year-to-date sales to the end of June up 68% from one year ago.</span><br />
<span style="background-color: black; color: white; font-family: inherit; line-height: 16.100000381469727px;"><br /></span>
<div class="MsoNormal">
<span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"> For the purpose of statistical reference, luxury properties in our market are those priced over $750,000. To the end of June there have been 33 MLS® sales reported for single family homes and condominiums in the $750,000 and up price ranges. By comparison, during the first six months of 2013 MLS® sales above $750,000 totaled 19 properties.<o:p></o:p></span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"><br /></span></div>
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0gQo5JOFry-iv5zEP0CKiaFAvDrXAKJvynArO5xWtacJCtaN6eSIY1NZZRj5qA2Sa7H_ZDaEU6MB-jFZQy-No0nsiVWD2OKd0ATp_yH736qAycG52HHa2tq7rZFiFnTUp5lGMZWm8g/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="background-color: black;"><span style="color: white; font-family: inherit;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgg0gQo5JOFry-iv5zEP0CKiaFAvDrXAKJvynArO5xWtacJCtaN6eSIY1NZZRj5qA2Sa7H_ZDaEU6MB-jFZQy-No0nsiVWD2OKd0ATp_yH736qAycG52HHa2tq7rZFiFnTUp5lGMZWm8g/s1600/Luxury+Home+%2526+Condominium+Sales+by+Area+2014.jpg" height="150" width="200" /></span></span></a><span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"> Since my last posting on this subject at the end of May, the number of active MLS® listings for properties priced above $750,000, has increased from 180 to 190 properties. Based on the current rate of sales which is tracking at 64 for the year, there currently exists a three year inventory of available properties in this upper end price category. Compared to properties under $750,000, where essentially one out of every three properties listed sells, the rate of absorption for properties priced above $750,000 is about half that and the higher the price the more that ratio changes. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"> Year-to-date there have been 14 MLS® sales reported over $1 million whereas there are currently 100 active MLS® listings. That’s a 3.5 year supply of inventory which gives you a good idea as to how long it can take to sell a home of this magnitude.<o:p></o:p></span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"><br /></span></div>
<div class="MsoNormal">
<span style="background-attachment: initial; background-clip: initial; background-color: black; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: white; font-family: inherit; line-height: 16.100000381469727px;"> As per the accompanying graph, the<a href="http://www.bluemountain.ca/"> Blue Mountains</a> is where the majority of our market’s upper end real estate is located. For the most part, buyer’s in this segment of the market want to be situated close to Blue Mountain and or the area’s private ski and gold clubs. </span><br />
<div>
<span style="background: white; color: #141823; font-family: "Helvetica","sans-serif"; font-size: 10.5pt; line-height: 16.100000381469727px;"><br /></span></div>
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-3147379964709308832014-06-04T08:41:00.004-07:002014-06-04T08:41:51.893-07:00Luxury Home and Condo Sales Remain Strong in 2014<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcaTa7C6PbbCgobOJr8Owu_FeriRfkpnRN8T6SSnWBhEefxHJW24BxKOTZRzGh0CX-uXx_10-pYsuhg5EJCacLKO_RighRaZPK2Lrtksaux0iDqFOVHHsgPkeuJIapyDTzIRVTnC9Rew/s1600/Luxury+Home+&+Condominium+Sales+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjcaTa7C6PbbCgobOJr8Owu_FeriRfkpnRN8T6SSnWBhEefxHJW24BxKOTZRzGh0CX-uXx_10-pYsuhg5EJCacLKO_RighRaZPK2Lrtksaux0iDqFOVHHsgPkeuJIapyDTzIRVTnC9Rew/s1600/Luxury+Home+&+Condominium+Sales+2014.jpg" height="150" width="200" /></a></div>
<div class="MsoNormal">
Following the lackluster real estate market of the first
quarter, activity has started to come back reflecting a higher level of sales typically
associated with the arrival of spring. Periods such as what we experienced
through this past winter where demand softened this year due to the harsh
winter, typically serve to create a pent-up demand and this time was no
exception. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
MLS® sales reported by the Southern Georgian Bay Association
of REALTORS® during May reflected an 11% increase in unit sales for the month
versus May 2013 while dollar volume for the month was up 14%. While stronger sales through both April and
May have helped to lessen the impact of the weak sales activity we experienced January
through March, MLS® unit sales are still trailing behind 2013 particularly for
single family homes.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The upper end of the
market which we define as any homes or condominiums, priced over $750,000 has
remained very bullish in 2014. As per
the accompanying graph, sales though the end of May for properties over
$750,000 total 27 units. Baring any
downtown in the market we are on track to handily exceed last year’s sales of
58 properties.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Upper end homes and
condominiums is one segment of the local market where there is always an
abundance of available inventory. As per
the accompanying graph, there are currently 180 active MLS® listings priced
above $750,000. Based on the current
pace of sales in 2014, the current level of available inventory reflects a 2.8
year supply. If we move up to the $1
million plus range, year-to-date there have been 10 sales whereas there are
currently 98 active MLS® listings over $1 million. This translates into a 4 year inventory of
homes for sale over $1 million. </div>
<div class="MsoNormal">
<br /></div>
<br />
<div class="MsoNormal">
I am always amazed
when I see a contractor building a $1 million plus home on speculation ie: they
are building it merely to sell. This is in
my opinion is a very risky move. First
is the obvious issue of over-supply.
With 4 years of available inventory for homes over $1 million, you are
really rolling the dice so-to-speak when you are custom building a million
dollar plus property strictly for resale.
It could takes months even years to find a buyer. Secondary to that but
of perhaps even greater importance is the matter of clientele. In my experience the numerous buyers that I
have been fortunate enough to work with for upper end properties are very specific
in what they want. Many have been
thorough the custom home building process.
They have very specific tastes and desires and more importantly they can
afford it. More often than not, they
would just as soon build their own home to the standard they want and we have
no shortage of available vacant land for them to fulfill that desire. Based on their prior building experience
these people are also very knowledgeable on costs. In my next post I will speak more on the
matter of luxury home pricing. </div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-5430874053402411552014-05-08T06:47:00.002-07:002014-05-08T06:47:18.136-07:002013 Was Another Good Year For the Wealthy<span style="font-size: large;">Based on various article and reports I have read in recent weeks, 2013 was another good year for wealthy individuals. This no doubt stems from a variety of reasons. The global economy continues to improve following the last recession, gains are being realized in the stock market and most importantly, many wealthy clients or individuals I have met, work smart and work hard.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;">The following is a summary of the key indicators that reflects the ongoing growth talking place in the wealthy demographic segment. </span><br />
<span style="font-size: large;"><br /></span>
<div class="MsoNormal" style="line-height: 14.4pt; margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<ul>
<li><span style="font-family: inherit; font-size: large; line-height: 14.4pt;"><i>The
world’s club of ultrawealthy individuals, or those with $30 million or more in
net assets, added about 5,000 new members last year. Over the last decade, the
ranks of the über-rich have swelled by 59 percent, and the register of
billionaires climbed 80 percent, to 1,682.</i></span></li>
</ul>
<div>
<span style="font-size: large;"><span style="line-height: 19.200000762939453px;"><i><br /></i></span></span></div>
<div class="MsoNormal" style="line-height: 14.4pt; margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<ul>
<li><span style="font-family: inherit; font-size: large; line-height: 14.4pt;"><i>The
world’s 0.1 percenters had a pretty good year; three-quarters said their assets
had increased. Only 4 percent said they wound up worth less.</i></span></li>
</ul>
<div>
<br /></div>
<div class="MsoNormal" style="line-height: 14.4pt; margin-bottom: .0001pt; margin-bottom: 0in;">
</div>
<ul>
<li><span style="font-family: inherit; font-size: large; line-height: 14.4pt;"><i>By 2023,
China is expected to have 322 billionaires, more than Britain, Russia, France
and Switzerland combined.</i></span></li>
</ul>
<div>
<span style="font-size: large;"><span style="line-height: 19.200000762939453px;"><i><br /></i></span></span></div>
<div>
<span style="font-size: large;">Lastly and of good news for the real estate market,</span><br />
<br /></div>
<div class="MsoNormal" style="line-height: 14.4pt; margin-bottom: .0001pt; margin-bottom: 0in;">
<br />
<ul>
<li><span style="font-family: inherit; line-height: 14.4pt;"><i><span style="font-size: large;">Looking
for someplace to park their wealth, the world’s rich still prefer property.</span></i></span></li>
</ul>
<div>
<br /></div>
</div>
<span style="font-size: large;"> Here in the southern Georgian Bay region we continue to modest growth in the luxury property market. This area has yet to reach the point where we are regarded as a globally recognized destination to invest in luxury real estate and I suspect it will be years before we are. Nonetheless, every year there is an increasingly greater number of wealthy individual looking to invest in our market.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"> As of this writing, there are 108 properties listed for sale on the local multiple listing service. As mentioned in prior posts, that represents roughly 4 years of inventory in this price segment of the market. Selling a property in the $1 million plus segment takes time and most importantly it's all about price. Wealthy Buyers are smart. They know what they want and they know value. Many have had the experience of building or extensively renovating homes and they know the costs associated with construction. When viewing your property if they do not see an asking price that is a least equal to the bare minimum replacement cost, they will simply move on. </span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"> If your property has been listed for an extensively long period of time with no offers and or very few showings perhaps you need to ask yourself and your REALTOR</span>®<span style="font-size: large;"> what's wrong?</span>Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-55480790088218773602014-04-09T07:12:00.000-07:002014-04-09T07:12:01.718-07:00The Sale is Dead - What Happens to the Deposit?<div class="MsoNormal">
<span style="font-family: inherit;"> <span style="font-size: large;">Buyers and Sellers entering into a real estate Agreement of Purchase and Sale are usually at opposite ends of the spectrum on a number of issues the most important of which is money. Obviously the purchase price is the biggest hurtle to agree on, secondary to that, deposits can sometimes be a thorny issue as well.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Contrary to what you may believe, an Agreement of Purchase and Sale is a binding contract even if there is “zero” monies paid as a deposit. A contract is made based on considerations being made. In real estate, the considerations made in an Agreement of Purchase and Sale includes the Seller transferring the title to the property to the Buyer. It may also require the Seller to include specific items ie: the appliances and other things that are specified in the Agreement. Similarly the Buyer agrees to pay the Seller the agreed to purchase price on a specific date etc. All of these items are essentially promises that are being made by both parties in the terms of the contract. What makes the contract binding is not the deposit but the fact that the Agreement is signed “under seal.” As you will note on most real estate forms, signatures are make next to a small black seal and the Agreement is noted as being SIGNED, SEALED and DELIVERED…..<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Virtually all Agreements of Purchase and Sale do however include a deposit the mount of which can vary. There is no specified or accepted deposit amount ie: 10% of the purchase price etc. The deposit is a further show of good faith by the Buyer. The amount of the deposit is not only based on price but also the length of the closing date is an important factor as well. If a Buyer purchases a property with a long closing date ie: 6 months with say a $2,000 deposit, there is not much of a deterrent for them to not complete the Agreement if all they have at risk monetarily is $2,000.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Most real estate transactions today have “conditions” that for the most part need to be satisfied by the Buyer. These can include the sale of the Buyer’s current home, securing a mortgage to complete their purchase, obtaining a satisfactory home inspection report and so on. Conditions are typically worded such that if they have not been either satisfied or waived by the Buyer by a set date and time, “…the offer shall become null and void and the deposit shall be returned to the Buyer in full without deduction.” Seldom are deposits “non-refundable” unless specified as such which is rare. Sellers are as a rule not eligible to keep the Buyer’s deposit even when the Seller feels the Buyer has reneged on the terms of the Agreement. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Deposits are for the most part held in the trust account of the real estate Brokerage representing the Seller(s). So what happens with the deposit when an Agreement of Purchase and Sale becomes null and void or should a conflict arise between a Seller(s) and Buyer(s) and the Agreement is not completed?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Real estate Brokerages can release a Buyer’s deposit one of two ways. When an Agreement is aborted, the Seller and Buyer sign a “Mutual Release.” This releases both parties from the contract, the Brokerage holding the deposit refunds it to the Buyer(s) and life come goes. If either the Seller or Buyer refuses to sign a Mutual Release it may be an indication that one of the two parties is going to litigate in an attempt to make the Agreement enforceable. Should that be the case, the only way in which a Brokerage can release a deposit to the Buyer is via a Court Order. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> If you are a Seller, you want a sufficient enough of a deposit so as to feel comfortable that the Buyer is committed. A relatively large deposit potentially signifies that the Buyer(s) have the financial ability to complete the transaction. As a Buyer, you naturally may want to cough up as small a deposit as possible as most deposits are held on non-interest bearing trust accounts. This means that if your money is sitting in a real estate Brokerage’s trust account for several months, it is not earning you any interest. As a Buyer, providing a larger deposit shows you are serious and depending on the Seller it may give you more leverage with respect to negotiating the price, closing date and other terms that you want.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<br />
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> I hope you find this information helpful and I encourage your comments.</span></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-63889373719030917622014-04-04T10:10:00.003-07:002014-04-04T10:14:03.251-07:00Luxury Home Sales Start 2014 With a Whimper<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWUxspXzcKYpvDEbtopoulDq4qXGy_7q51-iDXWxAq1FA_ofhEcj10U9NXI1r63uxTToXfx1kYruwJCya3igPYhUjw8-LY_QaWw6CrXPrzpr8OZUe678r-jOMo3ZmsLmxFAGXm8EIg1Q/s1600/Georgian+Triangle+MLS%C2%AE+Luxury+Home+Sales.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWUxspXzcKYpvDEbtopoulDq4qXGy_7q51-iDXWxAq1FA_ofhEcj10U9NXI1r63uxTToXfx1kYruwJCya3igPYhUjw8-LY_QaWw6CrXPrzpr8OZUe678r-jOMo3ZmsLmxFAGXm8EIg1Q/s1600/Georgian+Triangle+MLS%C2%AE+Luxury+Home+Sales.jpg" height="150" width="200" /></a><span style="font-family: inherit; font-size: large;">As was reported in my <a href="http://propertycollingwood.blogspot.ca/">regular blog</a>, area real estate sales in the first quarter of 2014 have gotten off to a somewhat slow start. This winter's excessive snowfall and abnormally cold temperatures have had a profound impact on our ability to show properties and in many cases weekend road closures prevented would-be buyers from making it up here even when showing appointments had been booked.</span><br />
<span style="font-family: inherit; font-size: large;"><br /></span>
<span style="font-family: inherit; font-size: large;">As with the mainstream segment of our market, the upper-end price ranges or luxury home market has felt a softening of sales in the first quarter of 2014 versus 2013 with one notable exception. Sales in the $700,000 to $800,000 range from January 1st to March 31st are five times higher than the same period last year with 10 MLS® sales having been reported in this segment compared to just 2 one year ago. At the present time, there are 46 properties listed for sale between $700,000 and $800,000 or roughly 13 months worth of inventory. Conversely, there are 89 active listings for homes and condominiums price above $1 million which represents 4.4 years of inventory based on the current rate of sales.</span><br />
<span style="font-family: inherit; font-size: large;"><br /></span>
<span style="font-family: inherit; font-size: large;"> Typically, first quarter sales in the upper price segments of our market are very strong. I have always attributed this to the timing of year-end bonuses paid to senior executives or business owners having had a good year and thus affording them to make a large discretionary purchase as a reward. There is seemingly no sound economic reasons to explain the weaker luxury home sales during the first quarter or 2014. Interest rates remain low although many of these purchases are cash anyway. Consumer confidence is up and real estate remains an attractive investment for most. </span><br />
<span style="font-family: inherit; font-size: large;"><br /></span>
<span style="font-family: inherit; font-size: large;"> I suspect the arrival of warmer weather will trigger an upturn in market activity overall and this will spill over into the upper end market segments as well.</span>Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-64372513628992636682014-03-15T08:13:00.001-07:002014-03-15T08:13:29.393-07:00Are Luxury Home Open Houses Effective<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;">Over the past several years I have had the privilege of
listing and selling some noteworthy luxury properties in the area ranging in
price from $1 to $2.75 million. Through
those sales I gained some great experience working in this exclusive and extremely
small segment of the market. Further,
through attending the National Association of REALTORS® conference in the U.S.
I have met and kept in contact with two of the top luxury home REALTORS® in the
U.S. and I have read both their books dealing with the luxury home segment. This has and continues to give me additional insight
into the luxury home market which along with my own experience I will share via
this blog.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Many sellers and
REALTORS® for that matter question the value of Open Houses. I can honestly say that in over 13 years of
practicing real estate, I have never sold a home through an Open House. I have however met many people to whom I sold
another property to at some later point in time. Properly utilized, Open Houses have always served
as a great way to meet people and gain potential clients. Every once in a while, a house will sell
through an open house but it’s rare. Times
however change and the validity of holding an Open House even for an expensive
luxury home should not be discounted or casually dismissed.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> </span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> As I have stated
before, technology and primarily the Internet has had a profound impact on all
manner of businesses and real estate is no exception. Many buyers spend weeks if not months searching
for properties online. Buyers have often
viewed countless listings and gathered an abundance of information before they
ever talk to a REALTOR® much less step inside the front door of a home listed
for sale. An open house, properly executed
even for expensive properties can serve to bridge the gap between a prospective
buyer sleuthing around online versus physically getting into a property and
meeting a REALTOR® with whom they can develop a relationship.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> </span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Much of the real
estate market here on southern Georgian Bay has traditionally been made up of
secondary properties. While some potential
Buyers in this market may be moving up from a lesser property to one of greater
size and value, many of these buyers currently do not reside here nor are they
ultimately familiar with the market. I often
find that a great number of attendees at Open Houses ask more market related questions
than they do about the property they are in.
As a REALTOR®, this creates an excellent opportunity to demonstrate your
expertise, thus potentially gaining their trust as a client. </span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> What’s changed in
recent times however with respect to Open Houses is this. On an increasing
basis however, I learn by asking questions of my Open House attendees that they
have seen and have been watching the listing online. They have never called or emailed me to
inquire further but as soon as they learn of an Open House being held, they are
there. The Open House is a
non-threatening way to get inside for a first-hand look without feeling pressure
by contacting a salesperson.</span></div>
<br />
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> In my next post I
will touch on the various ways in which a luxury home Open House can be organized
and executed in order to generate the best results. </span></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-27942167618434290342014-03-04T11:23:00.000-08:002014-03-05T18:44:02.063-08:00Winter's Cold Grips Our Local Real Estate Market<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh216B5MNFNXeEZimN55ZbTX32IsOeq_jTD3tA64TMUAyPvqae1Fhzi796J1A9I_jhPI0F458KmRZ8yLrWm9-_0_EugQAs5BU5Noubgnb-YlRudRHLfHbrPuMvTKYOLZE2uV65L4VfQtg/s1600/Southern+Georgian+Bay+Luxury+Home+Sales.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh216B5MNFNXeEZimN55ZbTX32IsOeq_jTD3tA64TMUAyPvqae1Fhzi796J1A9I_jhPI0F458KmRZ8yLrWm9-_0_EugQAs5BU5Noubgnb-YlRudRHLfHbrPuMvTKYOLZE2uV65L4VfQtg/s1600/Southern+Georgian+Bay+Luxury+Home+Sales.jpg" height="240" width="320" /></a><br />
<span style="font-size: large;">Our adverse winter weather is continuing to have an impact on local real estate sales and while activity improved significantly in February, year-to-date sales remain well behind last year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiW5YQBqyNtKhGR2EwJ6vrBpwybm4YsHdMxaeL0vGhtfCAaxkAmxw-e3mpKR77gt_0QV4_XivEcwFcW65l56yTc_pvq8nLBzxujiudoB5XJWXv6tttVu2FGUHZpQfsGcq7Ky6rTyIRaZQ/s1600/Southern+Georgian+Bay+Luxury+Home+Total+Summary.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiW5YQBqyNtKhGR2EwJ6vrBpwybm4YsHdMxaeL0vGhtfCAaxkAmxw-e3mpKR77gt_0QV4_XivEcwFcW65l56yTc_pvq8nLBzxujiudoB5XJWXv6tttVu2FGUHZpQfsGcq7Ky6rTyIRaZQ/s1600/Southern+Georgian+Bay+Luxury+Home+Total+Summary.jpg" height="240" width="320" /></a></div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNqDYy5e7In4tTVEJZBOjsyk5TtzI7kErroAr7G5wn2e4Hb7VM1GfHfq19xj4xFjv7f_naXKQswu6nc6Ws2rFaYFn9SIfdVJ4SFMBgguNIcW5aLF271PiEK8IuFBLfNWGSRV9nZBz8/s1600/Blog+Graph+YTD+2014.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-size: large;"></span></a><span style="font-size: large;">Sales reported through the </span><span style="font-size: large;">MLS® system of </span><span style="font-size: large;">the </span><a href="http://www.gtrealtors.ca/" style="font-size: x-large;">Southern Georgian Bay Association of REALTORS®</a><span style="font-size: large;"> in February reflected a 3% decrease from one year ago with 122 properties selling during the month compared to 126 last year. February’s dollar volume however was up 11% due to an increase in higher price home sales. Sales in several price ranges between $500,000 and $1 million posted significant gains over last year leading to the higher dollars among </span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiM_PV6xvn20de1xQWDZzox0qKr-o_S2iZ55JOn26HWml_dWcritZxR5sLNYf7gGY1Gi_mGnYGxnSRIvym-odv0so6QmTGeO1cbGJLGhVYdBAlwdRo210jVBvLO6UXeWDYtPKNGzQWR/s1600/Blog+Graph+Doillars.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-size: large;"></span></a><span style="font-size: large;">lower unit sales.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: large;"> Year-to-date MLS® unit sales for the first two months of the year are down 14% with 205 properties changing hands compared to 239 in 2013. MLS® dollar sales for the year of $65.9 million are down 9% year to date. Sales activity in 2014 is also lagging behind the first two months of 2012 with MLS® unit and dollar sales down 5% and 7% respectively.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
</div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
</div>
<div>
<span style="font-size: large;">With the exception of <a href="http://www.greyhighlands.ca/">Grey Highlands</a> which is showing an increase of 67% in MLS® units </span><span style="font-size: large;">sales year-to-date, every other area municipality are lagging behind 2013 and weather appears to be the culprit. Severely cold temperatures, excessive snowfall and road closures have resulted in cancelled property showings leading to less activity and reduced sales overall. On a year-to-date basis, single family home and condominium unit sales are both down 19% from one year ago. Conversely, we have seen some renewed interest from Buyers looking for vacant land as lot sales are up 38% this year with 22 MLS® sales reported compared to 16 after the first two months of 2013. </span><br />
<div>
<br />
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhVW6FCP8v0PKflbW5EHpvDQqlJpINqMum9G9PewNkZBevOV7JCBzdzN3RK_RJYVk-76DwSi-NCBvIrNvligBVjvaF-yxP7dTGIqxblJ9W7oKnJdf15kq6u16j2r2jpOLSbFuZxyVd/s1600/Blog+Graph+Summary.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-size: large;"></span></a><span style="font-size: large;"> As in prior months, we continue to see a reduction in the number of new listings coming to market and expired listings are also down as well. The monthly listings-to-sales ratio for February reflects a somewhat balanced market, and while with only being two months into the year this is not reflected in the year-to-date results, I anticipate that overall, stable market conditions will prevail through the balance of 2014. Within certain areas and price ranges there will be exceptions. As of this posting there are 102 active listings on our local MLS® system for properties priced above $1 million. Based on the rate of sales for properties of this value, that represents approximately 48 months worth of available inventory. With this amount of housing stock, sellers of properties priced above $1 million can expect much longer days-on-market and pricing expectations may have to be tempered.</span><br />
<span style="font-size: large;"><br /></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-size: large;">Whether you are buying or selling, I am well versed in all aspects of our market so as to effectively assist you. Please do not hesitate to <a href="http://www.propertycollingwood.com/contact.cfm">contact me</a> for a confidential no obligation discussion about your particular real estate circumstance. </span></div>
</div>
</div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-5033126014049836552014-02-28T11:33:00.003-08:002014-03-03T18:36:09.123-08:00Canada's Most Expensive Properties Currently Available <span style="font-size: large;">While the southern Georgian Bay region is increasingly becoming home to some pretty spectacular properties, we still lag behind other parts of Canada in terms of luxury real estate and values.</span><br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_EZBHBpxYr6TqH2sZdRMFoFAo-5QyG5YKWGIT0z7Ecz4HJ2OSjw6NYlmn5FkB_9De4L_VweXz38bcFmg6xVMflIGKQXO22DvUdLYnk0id03zKgOwo1EfuvK01qoi1WvGrttfVv96hrg/s1600/slide_338172_3443572_free.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><span style="font-size: large;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_EZBHBpxYr6TqH2sZdRMFoFAo-5QyG5YKWGIT0z7Ecz4HJ2OSjw6NYlmn5FkB_9De4L_VweXz38bcFmg6xVMflIGKQXO22DvUdLYnk0id03zKgOwo1EfuvK01qoi1WvGrttfVv96hrg/s1600/slide_338172_3443572_free.jpg" height="240" width="320" /></span></a><br />
<span style="font-size: large;"> <a href="http://www.huffingtonpost.ca/2014/02/24/most-expensive-houses-canada_n_4834209.html#slide=3443608"> The Huffington Post</a> has just published a <a href="http://www.huffingtonpost.ca/2014/02/24/most-expensive-houses-canada_n_4834209.html#slide=3463220">slide show</a> of some of the most expensive residential properties currently listed for sale across Canada.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"> Perhaps we are not that far away from seeing </span><span style="font-size: large;">multi-million dollar homes </span><br />
<span style="font-size: large;">of this magnitude in our market as well.</span>Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0tag:blogger.com,1999:blog-3245948900930256.post-73741953339448046152014-02-26T14:03:00.002-08:002014-03-04T11:23:59.583-08:00How Is Our Local Luxury Home Market Different? <div class="MsoNormal">
<span style="font-family: inherit; font-size: large;">The Canadian luxury home market is reported to be surging
ahead significantly in many markets across the country. According to a recent article in the <a href="http://www.huffingtonpost.ca/2014/02/24/most-expensive-houses-canada_n_4834209.html">HuffingtonPost</a>, sales above $1.5 million in <a href="http://www.toronto.ca/">Toronto </a>were up 18% in 2013 while sales over
$2 million in Vancouver increased 38%.
Given the high cost of just a moderate home in these two cities, $1.5
and $2 million may not be good benchmarks to track luxury home sales activity. I have seen some pretty ramshackle homes in
places like the Beaches of <a href="http://www.toronto.ca/">Toronto </a>going for $800,000.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> As previously mentioned
herein, 2013 was a good year for luxury home sales in the southern <a href="http://www.visitgeorgianbay.ca/">Georgian Bay</a>area especially above $1.5 million. I
think this indicates to some degree, similarity with <a href="http://www.toronto.ca/">Toronto (GTA)</a> for example
where $750,000 to $1 million doesn’t necessarily buy you anything really special
so you’ve got to get up over $1 million or higher in order to truly buy
something luxurious with the features and quality of workmanship that belies
what Buyers in this niche are looking for. The big differences I have noted between
the local luxury home market and that of say of the <a href="http://www.toronto.ca/">GTA</a> lies in a couple of
distinct areas.</span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> First appears to be the
amount of available inventory. ReMax has
released a report which says 1,908 properties over $1.5 million sold in the GTA
last year with 1,000 luxury properties currently listed. If these numbers are correct then the GTA has
little more than 6 months worth of available inventory. As of this posting we have 105 listings on the <a href="http://www.sgbrealtors.com/">Southern Georgian Bay Association of REALTORS® </a>MLS® system which represents 48
months of available inventory in a market segment that is somewhat fickle. The total
value of the current local housing inventory over $1 million is $181.9 million
so again that is 5 years of inventory. </span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> </span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> Secondly, the 26 sales in our area last year represented $36.3
million or roughly 5.8% of total sales volume yet in terms of units, 26 sales
in less than 2% of total single family homes sold. By comparison, the ReMax report indicated that
luxury home sales in <a href="http://www.oakville.ca/">Oakville </a>last year were 5% of units sold double that of our
local market. In terms of dollars,
<a href="http://www.oakville.ca/">Oakville’s</a> luxury home sales amounted to 16% of total dollars sold or three
times what we experienced here. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;"> <span style="font-size: large;">What does all this mean?
Luxury home sellers in southern <a href="http://www.visitgeorgianbay.ca/">Georgian Bay</a> need to understand that
this is a much smaller market segment that places like <a href="http://www.toronto.ca/">Toronto</a>, <a href="http://www.oakville.ca/">Oakville</a> and
other urban centres. As such, they can expect
a much longer days-on-market here locally than luxury property sellers in the
aforementioned cities. Secondly, the
luxury home market here has at any given time, a much higher level of available
inventory for sale. This again will
result in much longer days on market but also makes the whole issue of pricing
your property much more important. </span></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: inherit; font-size: large;"> If you are looking to buy or have a luxury property in this market area to sell, I would be delighted to discuss and share my knowledge with you in confidence.</span></div>
Rick Crouchhttp://www.blogger.com/profile/10498345847396880634noreply@blogger.com0