Finally made it to Lakebreeze for a wonderful lunch. Okay so wonderful is an understatement. It always turns into an adventure when you take a good friend/business alliance to one of the coolest wineries in Naramata. Not only can you watch the progress of the new building going up you can’t help but enjoy valley and lake views and  the lunch location is also dog friendly! I didn’t bring my dogs (Merl & Karma) -  around food and fine wine the 80 lb mutts can’t be trusted but feel free to bring yours!

I met up with Kelly Hood, a fabulous local designer who comes to her hometown to accommodate her staging and design clients of the Okanagan. She is currently living in Vancouver but needs a dose of the Penticton on a regular basis. I highly recommend her if you are thinking of spicing up your home, getting it ready for sale or can’t agree on colours with your significant other. Sometimes we trust our own instincts and like one colour a little too much,  like my mother for example. She redid the living area and chose white carpet, white paint with a hint of green and the accent wall…..wait for it….. white with a hint of pink!  When it was finished she was surprised at how white it all was….  Kelly would have  been a perfect match! After that experience I always recommend hiring a professional it’s a lot cheaper than repainting/flooring a large room! Ask me about my free staging program when you list your home!

Our server was Carmen, another Penticton homegrown, she was fabulous and recommended a salad that I can’t stop thinking about. I should have taken a picture for you all to see! I know that if you try this winery your will be 100% satisfied. The tables are equipped with umbrella’s for those of you who don’t need a tan and there are blankets in case the wind picks up so you can stay nice and warm. The food is to die for and the wine is award winning.  We took the opportunity to sample the whites and reds before our lunch so our beverage decisions were well educated before hitting up the patio for lunch.

Lunch at Lakebreeze

We finished up the afternoon by stopping in at Hillside winery for a quick wine tasting where we ran into a large group of tourist tasters.  Both locals and tourists get great service but the hosted tour groups really get an in depth explanation of the wine  history and grape varietals. We purchased the Gewürztraminer and Muscat. Hoping this years is as good as lasts. Hillside Winery also features a restaurant- I will need to further my blog with a review before the summer is over. Don’t miss your wine tasting opportunities while you are in the Okanagan!    Click Here for  a list of local wineries and maps.

Alysen Place

Alysen Place homes to Auction on Saturday, August 21st.

The announcement came  back on June 26th. Since there have been 3 firm sales and this Saturday we will see what is left.
Are there some deals to be had? Take a look at the current pricing.

There are a few different floor plans to choose from. To explore the different floor plans click here.

Have a look and give me a call with any questions. I have also included our Alysen Place – How to Buy at Auction Information Package.

If you have any questions please call right away to learn more about this unique event.

Just a quick link if you want to know whats going on with the new power poles being installed.  I grew up in one of the neighbouhoods that is going through the change and wanted to pass along this information for anyone who is interested.

Click here for the current petition.

July 12 2010 Penticton suffered from a severe wind storm. One of the 3 Lakeshore Towers, also known as the Lakeshore 3 experienced an interesting event.

One of the 2 Southerly  Lakeshore Towers (160 Lakeshore or 75 Martin St) lost a window from the top floor. A penthouse window was sucked into the Okanagan air! The 15th floor south facing unit had an exterior window pane that previously had a fracture, as a result of the storm the exterior window was sucked right from the building. The strong winds coming from the north acted as a vacuum and the window came falling down 15 stories and landed on a Subaru in the RDOS parking lot. Thankfully no one was injured. Last week we had humid hot weather and this week a small turn of weather events.

It’s that special time of year again, home shoppers have plenty to chose from and as a result are putting pressure on local home prices. Penticton however is a little piece of paradise holding its own as we crunch the local numbers.  HST is now in place and new construction starts are at an all time low. Historically July and August shows a slowdown in the real estate market compared the the previous few months. The British Columbia Real Estate Association’s June 2010 Housing Forecaststates “the average MLS residential price in the province is forecast to increase a further 6.2%  this year before remaining relatively unchanged.”  Their reasons: stronger economic and employment growth.

 According to the South Okanagan Real Estate Board for the month of May 2010 there were

• 155 new active listings (224 this time last year) Statistics released by Canadian Real Estate Association (CREA) show that homes sales activity and new listings in Canada declined in May right accross the board

• 89 units sold (85 last year)

• Homeowners will like this one……average sales price this year $344,894 compared to last years’  $318,301 this is an 8% increase over last year*

• Days on market has shortened to 88, when last year it was 111

*Although the average sales price is up, I feel that with the million dollar home market being hit the hardest these numbers are skewed by lack of activity in the higher end home markets.

According toOzzie Jurock “Seasonally adjusted home sales activity declined nationally by 9.5 per cent in May from the previous month. Activity declined in more than 70 per cent of local markets, the largest declines coming in Toronto, Vancouver and Ottawa. In a departure from the normal seasonal pattern, national activity levels in May were also down from April levels. This suggests that the combination of changes to mortgage regulations and rising mortgage rates pulled forward a number of sales into April that would have otherwise taken place at a later date.”

An interesting stat was talked about at this weeks staff meeting of Royal LePage REALTORS gathered at the yacht club. If not one more home was listed how many months of inventory would we have?                                      

Well that depends on which segment of the market you are analyzing….

The strongest sector of the market are single family homes priced between $200,000 and $300,000. With current inventory levels to date we have 7 months of inventory!!! First time buyers, the new first time home buyer, downsize-rs, and investors have been picking up homes in this price point. In fact I have sold several of these to very savvy buyers. Deal of the month was 799 Torontowhich I helped a reapeat client of mine obtain for a mere $200,000. I had one brand new construction 1/2 duplex sell just under the nasty HST deadline. Sold for $280,000 buyers paid the 5% GST and saved $12,000 by closing prior to July 1st.

The next sector being homes priced $300,000 to $400,000 there are 4.5 months of inventory.

$400,000 to $500,000 the inventory levels jump to 14 months supply.

$500,000-$600,000 a scary jump to just over 18 months of inventory.

As we jump in hundreds to the million dollar mark we are seeing a trend of  increasing inventory levels.

$600,000-$700,000 shows 19 months of inventory

$700,000-$800,000 a whopping 33 months of inventory.

$800,000-$900,000 shows 41 months of inventory

$900,000- a million 47 months of inventory

and 1 million to 1.5 million  57 months of inventory.

Million plus sector is primarily driven by the stock market, which is vitually dead unless very sharply priced. Where one could consider a $50,000 price reduction “measly.”

The Numbers – April 2010
The historically busy spring real estate market is in full swing. All activity (both on the buyer and seller sides) has picked up significantly in the Penticton’s real estate market. Despite supply outpacing increasing demand, we are also continuing to see across board price increases.

• There were 181 new listings in April 2010. 175 in April of 2009. March showed 193 new listings.
• Sales came in at 86 units sold where last year this month we had 76 units sold.
• sell/list ratio 48%
• average sales price $326,938
• sell price / list price 96%
• days on market averages 89 days last year average market time was 109 days

Buyers appeared to be hesitant. Prices generally continued in their upward trajectory, but with big jumps in inventory (new listings) and smaller increases in sales the upward pressure on prices eased.

Earlier this month I had the pleasure of attending one of Paul Fabri’s presentations on the Penticton Market place at the Penticton Golf and Country Club. I had seen Paul the month before with a similar presentation at the Royal LePage Awards Breakfast at the Penticton Lakeside resort but couldn’t resist the opportunity to listen and learn once again. Paul is a Senior Market analyst for Kelowna and the Southern interior. He is an economist who works for the Canadian Mortgage Housing Corporation (CMHC).  I was so wrapped up in this busy market that I did not get the chance to post what I found to be very informative informaiton on local real estate market conditions and forecasting.2010 See for yourself what the local housing market facts tell us. If you would like this presentation explained please contact me and I can go over the trends with you.

125 Bracewell Dr. $339,900. Seize this opportunity to get a solid home in a great neighbourhood. Columbia heights is a great family area in Penticton BC. Tennis courts, baseball fields, convenience stores all a short walk from this large family home. This home has 3  beds up. Roof is almost new. Furnace is brand new and duct work professionally cleaned.

This home needs

• a kitchen facelift
• appliances
• flooring
• paint
• some windows/hot water tank

Features

• large backyard
• walking path, privacy
• 3 beds up
• ensuite
• large rooms
• curb appeal
• wood burning fireplaces
• single car garage
• lots of living space
• deck off of dining area
• extra parking
• New Roof – clean ducts
• Good neighbours
• over 2,000 sq ft

Family Home

Easy to show, call for your appointment today!

Greenwood Dr

Skaha Benches

The finnerty townhome appeals to many types of buyers, it’s perfect for couples,  snowbirds or even a family.It has a great lakeview from the living/ding areas and masterbedroom. Dbl car garage and one owner kept in great condition. It’s located in a pet friendly townhome complex complete with a gym and clubhouse.  Skaha benches is a desirable complex and this unit has a fabulous floor plan with back patio to saok up the sun.  The second new listing  is a single family home in a great neighbhourhood. It is ideal for retirees, a young couple or small  family to make their very own. The interior is dated but incredibly open. The most open floor plan I have seen for a home built in the 80′s. The pool and hot tub haven’t been operational for a few years but the feeling in the backyard is unbeatable. Some new colours, flooring and appliances would make a world of diference and the price point allows for such updating. A new roof, some windows have been replaced but all in all I know there will be some folks trying to sell their family home for a chance to own this once level home.

My guess is a savvy buyer who has done his research and is waiting for the perfect home will jump on this before anyone else has time to run to the bank. I already have some realtors dancing in their pants for the listing to come on the system…but I like this house so much I need a day to absorb all the neat features and details before the frenzy begins. Handymen will drool over all that they can do to make this home their own. Although the pool and hot tub need some TLC and the dated interior it screams YOUR NEW HOME. It is an estate sale and I am sure the executors if local would keep it for themselves. Brace yourself… the one you have been waiting for has hit the market!!!

I have to mention a favorite event is kicking off this weekend. As the locals know Penticton & Wine Country is the ultimate wine connasueur destination and retirement location, its our endless options with world renowned wineries, lakes, and beaches. The scenery is stunning, and the wine is remarkable. Penticton’s beaches are beautiful, clean and uncrowded.   The town is small, we hope to keep it that way.  The much anticipated Okanagan Spring Wine Festival kicks off this Friday April 30th.  You can choose from over 100 events including luncheons/dinners with wine pairing, education and of course consumer tastings!

For more information on this popular event visit Okanagan Wine Festivals  

Wine convinced you or the real estate market?  Why not have the best land and views in the Okanagan! Looking for a wine country getaway and haven’t closed on your new home yet?  The Wine, Dine  & Stay package at the Days Inn, located just 2 blocks from Okanagan Lake!   $149 a night you can enjoy a complimentary bottle of  local wine, a dinner voucher for the Black  Iron Grill. Perfect for a family vacation or staycation. This package is valid until May 31, 2010.  Travel specials click here. I also have to say the Ramada is my favorite. It has  a great restaurant, pool and refreshments. I can help you take advantave of the Royal LePage savings.

If  you’ve decided that Penticton is the perfect destination for the place you deserve. Future retirement, career or investment property?  I know your time is limited as Penticton has so much to offer, call me Dori Munday to set up an appointment. I’ll make sure you see all the properties of interest while respecting your tight schedule and vacation time! I can provide a Re-Location Kit to get you started.