Posts by Ozzie Jurock:
Q: How much below the asking price can an offer be made to seem reasonable for the seller? I hear people saying 7-8% on average, but if I believe that the true value of the property is closer to -30% off the asking price – will it look like I’m trying to low-ball?
A: That is never the issue … offer and acceptance are a matter of negotiation, market conditions, terms and urgency of the seller’s need to sell and buyers ability to pay … etc.
In the US properties have been sold for a number of years at 50% below asking price.
In Vancouver for many years, nothing sold over asking.
You never find out a vendor’s condition until you try.
Q: Looking to buy a rental property in Kamloops, BC, but I keep hearing on the news we are in for a nationwide price correction of 10 to 15 %, should I hold out for a bit or should I buy now and take advantage of 3.09% interest rate for the next 5 years?
A: In our monthly seminars we teach that it is not the city you are buying but a deal in that city.
Kamloops is a good town, we like it … but it is up to YOU to get a good deal there.
You are not buying the market … you are buying a great deal that you personally schuss out.
Good time to find a good realtor, good mortgage broker … your team … and then make offers.
Q: I read your article on Beauty of Pre-sales – where it says to take a picture of the show suite. But if anything is different after the actual condo has been built, does a purchaser have any recourse to challenge the sales team for misrepresentation? I have been told that there is a clause in the disclosure statement that absolves them from anything that the sales centre shows as to how the finished product will look like – the clause ‘all sales brochures, models….do not form part of the contract’. Is this true?
A: I do not know what contract you signed.
I certainly would add a clause that the materials used and standards of excellence presented in the show suite must be also present in the finished suite. Isn’t that why you are buying?
Have you lawyer word it appropriately.
Why would they use different materials in the show suite and then change it? And if so, better to know up front.
Q: We are selling our condo in Quilchena area of Vancouver. Both my wife and I are retired and will be living off of our pensions. What would you suggest we do with the approximately $150,000 we will have left after the sale and paying off all debts? We love Palm Springs and would like to spend more time there. Should we purchase or rent down there for 3-6 months? Where is the best place for retirement in BC and do you recommend we buy again or just rent?
A: It is a good question. One that is asked often.
Unfortunately, it is 80% personal and only 20% general. I would have to know a lot more about you and your needs.
It depends whether you like skiing, boating, whether you need a major hospital nearby…
How much time you like to spend in the US every year? … etc.etc.
Listen to Michael Campbell this morning where we discuss US investment: http://www2.jurock.com/hotproperty/tips.asp
Q: I own 3 properties in Kitimat purchased in 2009. Last year in Kitimat everything looked bleak and my properties all lost value. With the latest industrial developments there they are now worth more than what I purchased them for. Each are tenanted. A real estate agent said things are getting busy there, and they expect 1500 new workers moving in in March; she said many want to buy and they are getting calls from investors as well. Should I sell now or hold a little longer?
A: This is what I wrote a few weeks ago to my subscribers. It is the current state of the market. Whether or not you should sell now, depends on your type of property where they are and also what you believe will happen in Kitimat’s immediate future.
Kitimat House Sales Double As Pipeline Debated
Some investors are apparently confident in the future of Kitimat, the northern BC port town that would be the terminus for the $6 billion Gateway Northern Pipeline.
The town is also near a new $4.2 billion liquefied natural gas plant and terminal that is expected to come on stream next year. Meanwhile, Alcan Inc. is proceeding with a billon-dollar expansion of its Kitimat smelter.
The pipeline is currently going through two years of public hearings that started this month in Kitimat. If approved, the pipeline would link the Alberta oil sands to Kitimat, where tankers would carry oil to Asia and the U.S. The pipeline would spin off about $3 trillion in jobs and investment, according to the federal government.
The town’s potential has double housing sales in the past year, though prices remain below the levels of two years ago.
Last year, Kitimat housing sales than doubled to 214 properties and the total dollar volume hit $29.8 million, up from $13.8 million in 2010, according to theBC Northern Real Estate Board. This makes it the hottest market across the north, where overall sales last year were up about 5% from a year earlier.
Kitimat Re/Max agent Shannon Dos Santos estimated 40% of her buyers are from out of town, with investors coming from Fort McMurray, Edmonton and the Lower Mainland.
The average price of a detached house in Kitimat was $146,000 at the end of last year, down from $170,600 two years earlier. But Kitimat agents say average prices have already increased in the first few weeks of 2012. Kitimat’s traditional double-digit residential rental vacancy rate has dropped to the 7% range, agents estimate, but they say no apartment buildings are currently for sale.
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