Hmmm....I did say, last Fall, that I thought it would take until this Fall for our secondary home / discretionary market to show a sales volume "uptick".
This does seem to be happening.
Undeveloped land and commercial options are two property segments that remain inactive, however.
The good news for the residential property category is that both volume and interest, in higher priced opportunities, have increased dramatically this year over last year's "solds" data.
Except for one higher end residential property sale, in 2009, the majority of sales were in the "under $500,000" category, with most of them actually coming in below $430,000.
This year, there are already a remarkable number of sales up to 1.2 million range, and residential options between 600,000 and 900,000 are finding interested buyers.
There has only been one sale, to date, over 2 million, but there have been 10 sales over one million.
As the good opportunities in residential listings continue to "thin out", there will be a renewed interest in raw land options.
Good all day sun exposure, good views, good water, sense of peace/calm...these are the property characteristics being sought by island property purchasers.
If existing dwellings/developed properties with these attributes sell off, then the buyer will return to undeveloped land (lots or acreages) offering same.
So many "good deals" out there right now, too. Raw land sales have been in a suppressed state since early 2006, and prices have reduced dramatically.
Fear of currency unrest and good undeveloped properties at bargain prices...hmmm....a recipe for a land rush?
Nothing ever stays up or down. Property investment is a market driven item.
So, 5 acres, sunrises and sunsets, ocean views, short stroll to a beach, quiet area, close to amenities, zoned for main home, guest cottage, studio, and on market for 399,000, open to an offer?
Perhaps by early Spring (starts in February, in our area), we will see a land rush develop?
No crystal ball, but it's a definite maybe!
And your thoughts are? Always welcome....
How may I help you to discover special Salt Spring Island & the Southern Gulf Islands? Call me!
