Virtual Tour Link:

http://www.justsnooping.com/tours/2727953/?b=false

Additional rebates for first time buyers of brand new homes. Click Here.

BCREA news release

I just could never live in the city anyways. I do, however, read the reports and visit my brother in Yaletown here and there… (he is getting married in JUNE!!!!)

Recently, there are now about 174 homes in foreclosure in the central Okanagan (Kelowna). This is a 10-fold increase from one year ago. Most foreclosures that we come across as real estate agents are the result of divorces or speculators who bought during the 2006-2007- market peak. (source: Ozzie Jurock)

A good website for Vancouver foreclosures: www.homeforeclosuresbc.com

If you want the scoop on Penticton foreclosures let me know!

FYI: 348 Comox St, Penticton SOLD $210,000 Pent in Court multiple offers presented to Judge

Current Foreclosures in Penticton:

1439 Leir St. Shown below:

Woodruff Ave, Penticton BC – New Listing – email me for details.

I will be buzzing about 2 very special properties.

The first 10:30am-12 is my New Listing

164 Highland Place, Penticton BC

Feature Sheet

$257,900

• 3Bed 2Bath 1556 Sq ft
• Updated
• Columbia neighbourhood

I couldn’t be more excited to show this home. It has the most amazing backyard and is in such a great neighbourhood.

The second is Doug Chapmans’ listing

Open House at Lee Ave, Penticton BC 1-2:30

$699,900

• 2400+ sq ft
• triple car garage
• rancher

This your perfect retirement property. Close to Skaha Lake!!

……………….I will have pizza from Pappa Murphy’s for all visitors!

Last Year Royal LePage Penticton hosted our annual garage sale we raised over $13,000 !! Royal LePage agents all over the country put on our red aprons, hope to see you or your lightly used items at the curling rink this year!

In my opinion, a similar complex would be Alysen Place.

Alysen Place is at the opposite end of town with occupants able to enjoy a short walk to Skaha Lake. These units have struggled slightly in the market place. I had a very educated client inquire about these units and I wanted to provide the answers via blog as I know many people might like to know the same.

How many units in total? 69 titles and 68 suites. The strata bought the common room title which makes the 69th title.

What is happening now with Alysen Place?

Originally, Alysen place was SOLD OUT. There were some delays in construction which essentially changed the developers’ disclosure allowing the purchasers an “out”. As the market had dropped about half the original purchasers walked. These remaining unsold units went into receivership and the 2nd mortgagor bought the first mortgagor out. Therefore there is no need for court approval.

How many units are for sale? 15 units are for sale. 

Who are the occupants?

Many owners are absentee owners, some units owner occupied and some units are rented out. The number is unknown and varies due to absentee owners, vacation properties etc.

I hear the strata fee is high?

Yes, the strata fee is high but when one breaks it down it is actually not all that steep considering the fee covers a host of essentials. Alysen Place is unique in the fact that it is geothermal.

Strata Fee includes:

• Heat
• Air conditioning
• Hot Water
• Domestic Water
• Natural Gas
• Garbage
• Recycling
• Security System Monitoring
• Maintenance of all Landscaping & Grounds
• Maintenance of all common area in the building
• Building Insurance

Strata Fees do not include

• Property Taxes
• Electricity to operate your suite
• Telephone, cable and Internet

Current Alysen Places listed for sale.

Price List of all 15 units.

Current Floor Plans

Make sure you know the product that you are being sold.

Are you being sold an ‘interest rate’?

2.99* – Wow! So low! It pretty much can’t get any better, right!?

These fancy stars (*) mean some RESTRICTIONS apply !!! Want to know what they are? Now is the time to get educated….pre-signing at the bank…

Things you should know about, ask about and educate yourself about.

• Do you have prepayment privileges? (nope!)
• Can you payout the mortgage if you choose to sell in a few years? (nope!)
• What about a running account – Do you know what that is? (I bet you don’t, it LOCKS in your loyalty)
• What is the amortization offered? (25 only. 30 year is out of the question – this affects your max purchase price.)
• What credit score is needed?   (Average credit score of 700 the norm to qualify.)
• Can I use a two-year average income to qualify or stated income?

Rates are attractive today. What about the product? There are many different products.

There are over 50 lenders and ‘The Big 6’ all have different products. Please make sure you find a mortgage product that fits your individual needs. Qualifying is not all you need, you need advice tailored to your lifestyle and future plans.

In my profession of selling homes, I have come across a few brilliant people who have been shocked to discover, over all the excitement around purchasing their home, that there is a $17,000 prepayment penalty.

I have a few favourite mortgage brokers whom I trust. They will make sure to put you first and provide a clear, smart decision to help with your purchase or refinance needs. Ask me today for a recommendation. I’d be happy to lend a hand.

Planting the seed, making connections.

We, Royal LePage Penticton REALTORS®, meet once a week to find matches for local listings and exclusive buyers.

Royal LePage real estate agents are dedicated, each one of us doing the very best we can for our clients with continued education, solid market updates, checking current interest rates and trends along with industry- related news.

We have designated professionals in regular attendance at these meetings including a lawyer and a mortgage broker every week and representatives from institutions such as the TD and Royal Bank.

Almost every two weeks our office manager Roger Love brings in speakers such as a CMHC analyst and home inspectors. Others include Wade Webb, broker-owner of RLP Kelowna as well as a real estate speaker/trainer). We also hear from mould and rodent company representatives and oil tank removal/ environmental specialists.

After our meetings a couple of weeks ago, we toured the newest listings in certain areas of town to familiarize ourselves with the market inventory, give feedback on pricing and, hopefully, connect it to a buyer we are working with. This is routine after each Wednesday morning staff get together.

After one particular meeting recently, a co-worker and friend, Steve Thompson, told me he thought I had the buyer for his condo along Skaha Lake. I enjoy working with Steve as he is extremely professional and diligent (he also took my office when he moved to Royal LePage and gave me a Lululemon gift certificate….in my good books). I smirked and agreed, must put positive energy out there in the universe, you just never know.

Well, I had been working with a young condo buyer in the price range up to $130,000 and we had our eye on this ‘ok’ condo that would ‘do’ and it was going to court the following Thursday. We could not go any higher than $130,000 on this condo as the appraised value was $127,000 and she didn’t want to top up the amount the lenders would mortgage to her. (lenders will only lend the appraised value).

So, I went on tour with my REALTOR® friend Alana. We always have so much fun chatting and walking through Penticton real estate listings. We followed Mr T up to the 2nd floor of this three- story commercial/residential building right on Skaha Lake Road. To our pleasant surprise, we found this gorgeous condo with slate flooring, modern blue and white colors, upgraded countertops, new appliances, flat screen TV’s. It was a staged, candles lit, ambiance galore well-appointed home with a hot tub on the balcony. This place was stacked – wired in surround sound music system, a huge master with its own full bathroom, lots of storage. It was ideal and that is an understatement.

The price was $195,000 and I knew that calling my client who was capped at $130,000 was a long shot, maybe even insulting. Good thing she is also a friend because I couldn’t even make it to the staircase (there is an elevator) but I am health conscience at the best of times. I called her number, clenched my teeth, and told her she had to see this place. It was only a block from her work and out of her price range but she just had to come and see it, for whatever mystical reason I had to get her in there. She was hesitant but agreed. She wanted to cancel but I arrived at her work with my tour buddy within 30 minutes, she hopped in and all three of us scooted up to this condo.

The feeling was mutual, we had to call in the big guns. If ever there was a time to plead with parents, beg, borrow or steal, this was it and the ball was in her court. I didn’t want to pressure her, but time was of the essence. Thank goodness she knew me as a person and not a sales person!

She had some blind faith and came up with some family funds to make an offer. (nothing wrong with asking). We had our mortgage angel take care of the rest. We wrote an offer that day.

I told Steve that I take directions well. I was bringing him an offer. I wanted it dealt with that evening because it was just too good to be true. We wanted to “play the game” but decided she would pay full pop because they were going to get it regardless. Steve prices his places right and the listing the floor above was $310,000 and had nothing on this one. I mean not even a sniff.

I told Steve we didn’t want to waste anyone’s time, we wanted this place and would pay full price, TV’s hot tub and all. We would not pay over but we needed an answer that night.

Steve called back to let me know he had another agent plead to wait to present the offer until their client had a walk through. Steve and his clients went ahead to look and deal with our offer. We got it. Full Price. Yes I know…why not try for a bit off. I’ll tell you why. Within 24 hours there was a full price back up offer just waiting for us to drop the ball and this was from yet another agent within our office. We Royal LePage agents were the only agents to take a look at this unit and had three interested parties within 24 hours of the office tour.

We were relieved and extremely excited to not have missed this one and also not be in a back-up position.

My buyer, in fact, knew the backup buyer, too bad – so sad. Early Bird gets the awesome Condo!

Here’s the scoop

We have season tickets to the Vees. What an incredible season.

I had the pleasure of watching the last home game where there were well over 3000 attendees. It was an exciting game with Rob Roy won the chuck the puck!