Victoria’ Real Estate Market shows resliance compared to Maui Real Estate Market.
Are you looking for that Holiday home on Maui? It may be the perfect time to buy. Low rates and a strong Candian dollar.
After spending the better part of my time on Maui on my bicycle exploring this wonderful Island, rich in natural beauty and of course almost perfect cycling weather (at least in January) I have seen numerous properties for sale. Trying to be on holidays and not think of work while I was here only lasted a few days. I wanted to know how this market compared to the Victoria market. Both are Islands and both in their own right are very desirable location to reside. Our market in Victoria has been very strong over the last 6 months and has pretty much recovered from its lows of a year ago. Please click on the link to the Victoria Market Update.
Maui on the other hand has not recovered from its highs of a few years ago and appears to still be languishing in a soft market. This may be a great opportunity for Canadians to buy and it looks to stay that way for the foreseeable future. Take for example the following condo for sale on Maui
Lovely 2nd floor Remodeled One Bedroom One Bath Unit in Kuau Plaza located on Maui’s North Shore. Close to the World Famous Surfing/Wind Surfing Beach Ho’okipa, Baldwin Beach and Paia Bay. As well as Paia Town with Many Shops, Restaurants, Post Office, Pharmacy, Coffee Shops. Allows vacation rentals. Low monthly maintenance fee that includes cable, water, trash, and yard service. Within walking distance to Mama’s Fish House Beach and Restaurant.15 minutes to airport. $310,000.
There are many available condos in the Victoria core area of similar size, but locations do not compare. Here what you can purchase with a similar price:
Fantastic 9th floor southeast corner suite in the Corazon, 1 bedroom with outstanding views of the city, ocean and mountains. The moment you enter the suite you will love the floor to ceiling windows that enhance the view. Terrific open floor plan with efficient kitchen featuring stainless appliances. Large bedroom with ample closet space and the nearly 9ft ceilings give you everything you could need. Unique zoning for the building allows for legal short term rentals, pets allowed and a great onsite caretaker make this a worry free home. Secure parking and additional storage in a downtown concrete building, just move right in! $314,900
I believe that in the medium to long term Victoria market is a more sound investment as our fundementals are strong compared to the Maui and the US in general. They do have a long way to go before there economy turns around and their own citizens begin to invest in their own real estate market. With our strong dollar, and looking to gain strength, and the number of listings on the market it may be a good time for Canadians to look at the possibilities. If purchasing in Maui is a consideration please contact us and we will be happy to put you contact with Billy or Pete from Jim Sanders real estate team on Maui to help you navigate through its market.
Maui Market Update: January 2010
Residential unit sales declined (-24%) from one year ago, average sold price = $713,946 (-14%), median price = $498,106 (-14%) and total dollar volume sold = $494,764,887 (-35%).
Condo unit sales increased (4%), average sold price = $719,993 (-22%), median price = $450,000(-18%). Total Condo dollar volume sold = $593,273,850 (-18%).
Total sales for immediately past 12 months: Residential = 693, Condo = 824, Land = 109.
IN A NUT SHELL…… the good, the bad….. AND THE ROAD AHEAD ……
The market seems to be getting its footing as Number of Sales increase, Inventory decreases, yet Median Prices bounce along the bottom. The inventory includes many short sales and REO (bank owned) properties which will need to be absorbed as sales before we can move ahead to a more normal marketplace, at which time prices will eventually start to rise.
FOR SELLERS: Sellers who don’t really need to sell (just “fishing?”) should stay off the market, and clear the marketplace for those who REALLY have to sell. To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (including lease-with-option-to-buy and sale-withlease- back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe. “Priced Right” is still the determining factor.
BEST Deals are selling, everything else is getting old.
Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage knowledgeable offers from realistic Buyers. Doing this can prevent unanticipated escrow fallout. Unrealistic Sellers continue to be ignored by the market and miss current opportunities that later become woefully apparent. They may even end up in a Short Sale or Foreclosure situation that could have been avoided.
FOR BUYERS: Continued low interest rates and Newly Extended first time/move-up homebuyer incentives provide plenty of options for Buyers who qualify. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).
More “short-sales” and foreclosures are happening in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6 months) to close, if at all. Be prepared, but BE REALISTIC.
If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave
Cheers,
Bill
Properties in Victoria Professionals™- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent from 85,028 units in 2009 to 90,100 units this year, before declining 3 per cent to 87,500 units in 2011. Higher home prices and rising mortgage interest rates will provide a constraint on home sales next year.
