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Bowen Island/Gulf Islands - help please?
02-06-2014, 09:37 AM, (This post was last modified: 03-22-2014, 10:17 AM by Skook.)
#1
Bowen Island/Gulf Islands - help please?
hi there - I'm trying to get some historical information from the last few years about the direction of prices on Bowen, Keats etc. My overall impression is that things are dropping, but VERY slowly, with some vendors showing a remarkable talent for sticking at the same price for over a year +++ with no offers. Any information gratefully received!
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02-08-2014, 08:50 AM,
#2
RE: Gulf Islands - help please?
Hey Jimmy. Welcome to VanPeak.

Well, that’s quite a request for info. Let’s find out what you mean by “etc”:

1. Are you looking for info on all the South & North Gulf Islands”? (Scroll down for list of islands)

2. Are you looking for info on all the islands in the Gambier Island Local Trust Area? (Check out the ‘Regional Districts Boundary Map’ under ‘Maps’). The Gambier Island Local Trust is itself divided up into 5 areas, too (see map).

The reason I ask is that all these islands are broken up into different municipal jurisdictions and the real estate boards tend to follow district boundaries. Bowen Island has its own municipal government within the Greater Vancouver Regional District.

Next, where have you been looking for info? I need to know how extensive your own search has been so I don't direct you to someplace you've already been.

I’ll follow up with suggestions based on your response to these questions. Cheers.
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02-12-2014, 09:50 AM,
#3
RE: Gulf Islands - help please?
(02-08-2014, 08:50 AM)Skook Wrote: Hey Jimmy. Welcome to VanPeak.


The reason I ask is that all these islands are broken up into different municipal jurisdictions and the real estate boards tend to follow district boundaries. Bowen Island has its own municipal government within the Greater Vancouver Regional District.


I’ll follow up with suggestions based on your response to these questions. Cheers.

Hi Skook

Thanks a lot for your message - I appreciate it. Principally, I'm interested in Bowen, and within Bowen, I'm trying to get a handle on price declines in the last 2-3 years. I've got the data from GVREB's press releases, I follow some of the realtors and I've also looked at Zoosk and MLS. What I think I'm really interested in would be something of the flavor of what An Observer offers all of us on the excellent "Vancouver Price Drop"; intuitively (and sometimes by observation) I can see that certain sellers are totally stuck on their price (I've been following for 18 months, and doing a little of my own charting) but the ones I'd be interested in help with are those MLS listings where you go, "Wow, I seem to remember this was on last year for $300,000 more/less" etc - it would be great if there were a resource for that kind of thing.

FWIW I grew up in West Van but have spent most of my adult life in Europe, just returned to Canada last year. In most European countries, previous prices are relatively easy to access - by law. I think Canada would benefit from a similar law. But that's just me.

anyway, would be grateful for any help you could provide.

Thanks -


Jimmy
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03-03-2014, 09:31 PM,
#4
RE: Gulf Islands - help please?
I moved to Bowen in 2012 from the prairies. Dodged a bullet this winter! Anyway we rented for the first year and bought this spring.

I tracked the market very carefully from 2011 through the purchase of our house. There are still some houses on the market from 2011. Obviously relisted many times to refresh the DOM and at up to 30% less asking price.

Depending on what you want there may or may not be anything available that you might be interested in. Much of the house stock are cottages that have been renovated and added onto. Most would be fairly major projects.

Prices are on the way down and although market activity has picked up recently the sales prices are much less than the asking prices. In our case, the house was on the market almost a year and we were the first offer. They were ready to negotiate.

The upcoming BC Ferries cuts may push some people off the island and that could lead to an increase to the supply side in the summer.

It has been a great place to live, but I wouldn't want to commit to a daily commute off island.

Regards,

Navier
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03-05-2014, 09:40 AM,
#5
RE: Gulf Islands - help please?
Thanks Navier that's awesome and extremely helpful. It also confirms everything I've heard about prices, and my own research; I'm actually very mildly irked at some of the pricing I see - people putting it on in the Spring (I've been following the market for 2 years) then again the next Spring, dropping by 10%. I also notice some sales right away - obviously because the place is fairly priced!

Thanks also for your comments about commuting. What about if one worked from home one/two days a week - would it be more bearable that way?

I appreciate you taking the time to reply to my enquiry.

All the best -


jimmy
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03-05-2014, 12:15 PM,
#6
RE: Gulf Islands - help please?
Shout out to Skook and Navier,

Just to let you know that thanks to you guys I've answered a couple of the questions I had. Skook pointed out this site:

http://univs.ca/area/bowen-island/?page=8

which shows that Jan-Feb 2014, the average price reduction was approx. 5% in ASKING. To Navier's point, what properties achieve is on average probably far below that.

Thanks again to you both for your help. Any other pointers appreciated.

Cheers -


Jimmy
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03-05-2014, 01:32 PM, (This post was last modified: 03-08-2014, 07:48 AM by Skook.)
#7
RE: Gulf Islands - help please?
Hey, Jimmy, I am glad that the “Univs.ca” site has proved helpful and that Navier was able to lend a hand, too.

I am sorry for not responding again sooner, but I took a much needed break and now am trying to get caught up on Jan/Feb SC stats, etc.

As you said above, it would be great if there was a site like ‘Vancouver Price Drop” that you could turn to. ‘Observer’ has been collecting that data for years and I hazard to think how huge his spreadsheets must be by now. There may be someone out there who has been doing the same for Bowen Island, but how do you find him/her?

In searching for info after your first post here, I did stumble upon a Bowen Island forum and came across a post that may be of interest to you. It is dated January 23, 2014 and some of the replies are interesting. Maybe you could try posting your own questions there. If anyone is going to be interested in how sales are going on the Island, it definitely would be a local.

I also stumbled upon a 2010 UBC thesis titled “Dwelling, tourism and sustainability on the rural-urban fringe: a Bowen Island case study” (ROFLOL, that title sounds like something VanPeak Moderator, RFM, would come up with). Actually, I did glance through it and it's interesting. It's a 'pdf' file.

Vancouver Realtor Rob Chipman has some data on BI - the most recent is Jan 16, 2014. You will notice in the column on the right Bowen Island leads the list and you could keep checking for more recent data.

I also found another Realtor, Penny Naldrett, who makes BI her specialty. Here’s her website and here is her blog. The latter offers BI market updates; unfortunately. the last post was in August, 2013 but it may be helpful (check out the ‘Categories’ in the right column).

Finally, I'm attaching two .pdf docs to this post. I was able to access them from an older Naldrett website via Google ‘cache’. One is a 2011 ‘in review’ market update and the other is BI 2011 1st quarter market report released Aug 15, 2011. Both have BI ‘Average’ Price data going back to 2005. There is no individual property info, but the docs will give you a good overall picture that you can build on.

That's about all I can offer you, mate. Maybe more visitors to VanPeak will chip in. Keep us informed of what you find out there, Jimmy, and add to the thread.


.pdf   Bowen Island Market Update- 2011 Review.pdf (Size: 139.28 KB / Downloads: 180)


.pdf   Bowen Island Market Update Aug 2011.pdf (Size: 110.88 KB / Downloads: 161)
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03-06-2014, 03:28 AM,
#8
RE: Gulf Islands - help please?
Absolutely amazing, Skook. Have you considered being/are you an investigative reporter? Wow.

I'm very grateful to you both and if I find out any more, I'll be sure to let you know.

See you on the North Shore one fine day!

Jimmy
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03-08-2014, 07:34 AM,
#9
RE: Gulf Islands - help please?
Jimmy,

We priced the cost to build a new house on the island and determined that the cost to build was much higher than the cost to buy used. Our architect saw the house we bought and said that we couldn't have built the house for that cost even excluding land costs. Although I still think prices are dropping I am happy with my purchase.

As for commuting, lots of people do it. When we moved to the island most people asked about how much you have to commute and what is your plan. When I said that I worked at home everyone said. "Well you will love it here!"

I would think that commuting three days per week would be good and four days would be reasonable. I end up going to town at least once a week anyway so as long as you bundle some errands on your commute days it won't be so bad.

(03-05-2014, 09:40 AM)JimmyWW Wrote: Thanks Navier that's awesome and extremely helpful. It also confirms everything I've heard about prices, and my own research; I'm actually very mildly irked at some of the pricing I see - people putting it on in the Spring (I've been following the market for 2 years) then again the next Spring, dropping by 10%. I also notice some sales right away - obviously because the place is fairly priced!

Thanks also for your comments about commuting. What about if one worked from home one/two days a week - would it be more bearable that way?

I appreciate you taking the time to reply to my enquiry.

All the best -


jimmy
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03-08-2014, 05:01 PM,
#10
RE: Gulf Islands - help please?
Navier - you've been more than generous here and with your PM. I truly appreciate your comments; thank you. Hope I can buy you a beer or a coffee one day on the island to say thanks.

Thanks to you too, Skook, if you are reading - your powers of analysis and sleuthing on the internet are impressive.

You guys have opened my eyes to lots of stuff about property on Bowen.

Best -


Jimmy
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