Strong Sales: Penticton makes a comeback!Okanagan Real Estate Update – April 26, 2012.
Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , reported today that of the Single Family Sales this week (April 26,2012) in Penticton and Summerlandseem to be balancing out with strong sales in Penticton this week.
In Summerland & Penticton Okanagan BC the new SOLDS hit the market this week at an average list price of $374,450 and $485,696 respectively while the selling price was $352,500 and $459,889 respectively.“This week home sales in Penticton clobbered Summerland with 13 sales versus only two in Summerland” says MAASKE
On the LISTING side, the average list price of what was listed in Summerland and Penticton was $719,342 and $422,942 respectively. A few scenarios can be run to explain this dichotomy says MAASKE “ we may be seeing a bounce back to ‘normal’ after slower sales in Penticton relative to its size to Summerland”
Raymond MAASKE,BBA, CCC, ACRE, ATM-B Summerland & Penticton, Okanagan, BC
Home foreclosures in the South Okanagan Towns of Penticton & Osoyoos BC have climbed again this week
Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , BBA, CCC, ATM-B has highlighted 17 properties ranging from under $100,000 to almost $1,800,000.We continue to see more foreclosures from a wide varieties prices and locations.
“In Osoyoos you can now find a three bedroom, two bathroom house $329,000” says Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE.
“In Penticton, you will find Top floor South East corner unit at THE ELLIS at Kettle Valley Station. The top floor offers this unit a vaulted ceiling in the living room. Two bedrooms, two-bathroom unit with open floor plan. Secure underground parking: Patio doors from living room and master bedroom to 58 Sqft deck area: Mountain and City views: Second parking spot purchased already! All measurements are approximate. 2011 Tax Assessment: $206,800 and owner paid $235,000 in 2008.” Says MAASKE.
There are no shortages of properties to choose from in Penticton either.For example, there is a house at 233 BRANDON AVE – just reduced $7000 to now $242,900.Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE describes this “2-bedroom home well situated between the Malls offers great value 19% below its current tax assessed value of $297,000. The recently updated kitchen offers lots of cupboard space and the ease of functionality, with plenty of room to work. There is a separate laundry area just off the kitchen offering access through sliders to the rear yard and patio area perfect for barbecuing with friends and family while the kids run and play. The renovations have only just been begun, so this is a perfect opportunity for you to get in on the action and make this house your home or next investment.”
A struggling economy is to blame for more people losing their homes in the South Okanagan Towns of Penticton & Summerland, BC but in the Kelowna area, the lure of luxury condominiums has waned as buyers turn to year-round sunshine destinations South of the our border.
“I just received another foreclosure on Friday that I am processing which is getting harder to value as the process of bank sales thru foreclosures is time consuming and stressful as I often work directly with those losing their homes” says Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , BBA, CCC, ATM-B Buyers from Alberta and the Lower Mainland purchased luxury properties in Kelowna and in the South Okanagan Town of Penticton when the market was high in 2008. Now they are taking losses as prices have dropped, some by as much as 50%, which has sent foreclosures rates in the Okanagan through the roof.Watch Weekly Review here:
Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , reported today that of the Single Family Sales this week (April 19,2012) in Penticton and Summerlandare ‘bizarre’ as Summerland continues to outperform compared to its neighbor – Penticton BC.
In Summerland & Penticton Okanagan BC the new SOLDS hit the market this week at an average list price of $402,757 and $298,471 respectively while the selling price was $378,714 and $289,375 respectively.“This week home sales are outpacing Penticton -(three times the population of Summerland BC)” says MAASKE
On the LISTING side, the average list price of what was listed in Summerland and Penticton was $775,600 and $487,360 respectively. A few scenarios can be run to explain this dichotomy says MAASKE “ some people have waited for the market to improve and perhaps this is as good as they think it may get in the short term.”But why Summerland and nowhere else?
Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , has noticed a larger increase in Bank Sales in Penticton and produces an Okanagan Foreclosure list focusing on Bank Sales in Penticton & Summerland Okanagan BC.
Raymond MAASKE,BBA, CCC, ACRE, ATM-B Summerland & Penticton, Okanagan, BC
According to TheBritish Columbia Real Estate Association (BCREA) “ the dollar volume of homes sold through Multiple Listing Service® (MLS®) in BC declined 26.5 per cent to $3.8 billion in March compared to the same month last year. A total of 6,882 MLS® residential unit sales were recorded over the same period, a decline of 20 per cent. The average MLS® residential price was $545,959 in March, 8.1 per cent lower than in March 2011.”
Watch Video Here:
South Okanagan:After 5 Years of declining Real Estate prices, we may be seeing the first signs of stabilization. Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , reported today that of the Single Family Sales this week (April 12 2012) in Penticton and Summerland“early signs of price stabilization are beginning to show”.
There seems to be a ‘rush’ in a few towns in the Okanagan but from the statistics, things don’t look so promising says MAASKE.“
Summary:
British Columbia Real Estate:
Dollars Sales DOWN 26.5%
Units Sold DOWN 20%
Greater Vancouver Real Estate Board:
Sales DOWN 30%
Listings DOWN 14%
Now, listings up 16%
Note:March 2012 compared to March 2011
Raymond MAASKE,BBA, CCC, ACRE, ATM-B Summerland & Penticton, Okanagan, BC
8014 89TH STREET, Osoyoos, a 2,200 Sqft, 2 bedroom listed at $299,900 and tax assessed at $313,000 on the market for 8 days.The lot is 12,371sqft.
335 WOODRUFF AVE, Penticton, a 1,280 Sqft, 3 bedroom home listed $219,900 and tax assessed at $ 291,000 on the market for 11 days.The lot is 5,663 Sqft.
Summerland Penticton Okanagan Real Estate Agent and Home Star Realty Owner Raymond MAASKE , reported today that , Osoyoos and Penticton each fall victim to another Bank Sale – Foreclosure.”
Raymond MAASKE,BBA, CCC, ACRE, ATM-B Summerland & Penticton, Okanagan, BC
