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Bowen Island/Gulf Islands - help please?
03-08-2014, 06:26 PM,
#11
RE: Gulf Islands - help please?
Glad to help, Jimmy, any way I could. Good luck with your search and keep us up to date with the results.

Hope you'll come back to visit us often.
Cheers,
Skook
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03-10-2014, 11:39 AM,
#12
Some more thinking...
Navier and Skook (and anyone else interested)

It occurs to me that legislation relating to house prices (by which I mean, mandating access to historical records) would really put the cat among the pigeons in terms of Canadian property, which perhaps explains why it's not happened yet.

For instance, in terms of the great data you guys have given me, it's pretty clear to me that almost all properties on Bowen are still priced significantly above assessed value, and that sellers are unwilling to move based on how long some properties stick at certain prices - which must, to be fair, be as frustrating for the realtors as the buyers. Now it may be that as a rural/urban area, etc, Bowen is a micro-market: but in the US and UK, access to this kind of data is a game-changer for both buyers and sellers.

Anyway, just thought I'd offer my reflections now that I've digested the data.


Jimmy
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03-10-2014, 03:24 PM,
#13
RE: Gulf Islands - help please?
Jimmy,

All the assessed values are on the bcassessment website. You can look up any property as long as you know the address. Also all the solds for the past year are available on the same website.

If you type in the address and hit compare by address then you get the assessments of that house and the nearby houses. if you type in the address and hit compare sold properties then it lists all the sales in the last year on bowen and their sales prices and their assessments. I guess all solds on bowen are comparable.

Sales prices are usually higher than the assessed prices otherwise too many people appeal their assessment.Smile

Assessed values have been dropping on Bowen and sales prices have been dropping as well. The asking prices are just as out to lunch as ever. That is why the realtor site is such a poor indicator of pricing. The overpriced listings with owners who don't need to sell sit on the market for years and are not representative of the market because they aren't really in the market.

http://evaluebc.bcassessment.ca/

The following website has imaging and mapping for all the gulf islands including bowen. I found it useful.

http://www.islandstrust.bc.ca/maps/mapit.aspx

I agree that free access to all the data would simplify all of our efforts but on Bowen the market is so small that I just got all the data sent to me by my realtor for all plausible houses that came up. We probably only looked seriously at 12 houses in three years.

That is all for now!

Navier

(03-10-2014, 11:39 AM)JimmyWW Wrote: Navier and Skook (and anyone else interested)

It occurs to me that legislation relating to house prices (by which I mean, mandating access to historical records) would really put the cat among the pigeons in terms of Canadian property, which perhaps explains why it's not happened yet.

For instance, in terms of the great data you guys have given me, it's pretty clear to me that almost all properties on Bowen are still priced significantly above assessed value, and that sellers are unwilling to move based on how long some properties stick at certain prices - which must, to be fair, be as frustrating for the realtors as the buyers. Now it may be that as a rural/urban area, etc, Bowen is a micro-market: but in the US and UK, access to this kind of data is a game-changer for both buyers and sellers.

Anyway, just thought I'd offer my reflections now that I've digested the data.


Jimmy
Reply
03-10-2014, 03:55 PM,
#14
RE: Gulf Islands - help please?
Current list pricing is hard to understand because you are in the "logic" phase of your search. When you've finally reached the point of choosing between two or three homes, then your emotions kick in. You want that home that meets all your wishes and desires.

So, my thought is when you go to sell, all those emotions come to the surface again. The listing price set is thus a combination of monetary and emotional values. More than likely, buyers in the future will be thinking the same about your property when you put it on the market one day. Of course, your home will be special and worth every penny of that list price...LOL.
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03-10-2014, 04:19 PM,
#15
RE: Gulf Islands - help please?
Thanks to both of you. You've opened my eyes to lots of stuff. Especially grateful to Navier this time out for the stuff about assessments and sale prices - most stuff appears to be selling just above assessed value at the moment. Again I say, pure gold - thanks guys!

(03-10-2014, 03:55 PM)Skook Wrote: Current list pricing is hard to understand because you are in the "logic" phase of your search. When you've finally reached the point of choosing between two or three homes, then your emotions kick in. You want that home that meets all your wishes and desires.

So, my thought is when you go to sell, all those emotions come to the surface again. The listing price set is thus a combination of monetary and emotional values. More than likely, buyers in the future will be thinking the same about your property when you put it on the market one day. Of course, your home will be special and worth every penny of that list price...LOL.
Reply
03-20-2014, 01:36 PM,
#16
RE: Gulf Islands - help please?
Hey Jimmy,

I just stumbled on the website of a co-housing project currently under construction near Snug Cove on BI. The architect is Peter Treuheit of Mobius Architecture (some cool past project designs) and the builder is Burtnick Enterprises - both from the Sunshine Coast.

The units are pricey but then you are also paying for the land and common area buildings. You might find it interesting to nose around the Belterra Co-housing website.

I had a chance to visit the Roberts Creek Co-housing complex a few years back and I was really impressed for a number of reasons. Unlike, BI's Belterra, the units here are single detached homes. There is a home for sale there now and its cheaper than the Belterra units; however, land was a lot cheaper when the first RC co-op members made that initial purchase.
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03-22-2014, 10:15 AM, (This post was last modified: 03-22-2014, 03:33 PM by Skook.)
#17
RE: Bowen Island/Gulf Islands - help please?
Jimmy,

You posted in the thread ‘Sunshine Coast Price Drop: How low will they go?’

Quote:I've made this point on Vancouver Price Drop and it may not apply to Sunshine Coast places, but I honestly believe we are going to see drops of up to 80% in certain areas of the Lower Mainland BUT (and that's as big a but as I can make it) the drops are misleading in a sense, because the asking prices were such fantasy... e.g. a house went from 1.75 mil in 2007 to an asking price at peak of 8.888 (etc) mil in 2012 - now being offered for 5 mil 2 years later, and assessment is 3.5 mil.

Let's assume it sells for 2.5 million - the headline-grabber is "price drops over 70%!" - but of course the reality is (once the insanity has left us), the price has gone up by $250,000 in eight years...

All of that said, I honestly believe there is no end to the drops from these delusional levels. You know where I'm looking, and folks are still asking approx 30-40% over assessment in that area. As Navier said and I'm finding out, some people really are *convinced* that's what their homes are worth. Time and experience will tell them, I guess...

Thinking about your post, I believe the MLS HPI and Benchmark Price may help explain why a house sold in 2007 at $1.75 mill is then listed in 2012 at $8.888 mill.

The REBGV has been using the MLS Home Price Index method of reporting for years and, in fact, was the first real estate board to do so. According to the MLS HPI Guide, it is considered the best method for indicating market trends - is it rising or falling. So, if you bought your house when the market was at a certain level and then you go to sell it after the market has seen a substantial rise then you will price your property based on the current market conditions - and, tack on a bit extra to give you negotiating room. Now, if the market has peaked and you go to list when its declining you more than likely won’t want to accept that decline - in your mind you should still be able to sell at those peak prices. RFM looks at the pitfalls facing sellers regarding this situation in his excellent post: ‘Pricing Property in a Declining Market’.

Last August, I made an attempt at understanding the HPI and Benchmark Price as it pertains to the Sunshine Coast in the thread ‘Interpreting Sunshine Coast Real Estate Sales - The 3 Amigos’. I was attempting to understand why Boards were reporting sales by Average Sale Price, Median Sale Price, and Benchmark Price. That thread is a looooong read, but it might be worth it and besides there are some interesting graphs especially the one for the SC showing the benchmark price from 2003 to 2013.

When I was putting together that thread, I did some comparisons with other markets; however, I've never posted them. One area I looked at was Bowen Island, so I have just updated the data and here it is:

[Image: attachment.php?aid=812]

The REBGV began to offer separate Bowen Island Benchmark Price data in January 2012; my guess is that prior to that the figures were tossed in with West Van data. So, based on what data we have, we can see the BI Benchmark price peaking in May, 2012. The trendline is from that month to the present.

If you look at this February’s SC Benchmark Price chart, you will see the Benchmark Price peaked in July, 2010 and judging by the graph I don’t think the message really sunk in with sellers until mid-2012. I think the Bowen Island graph is showing the same pattern and, if so, reality will kick in mid or late 2014. I will plot the Benchmark Price each month for BI and post it to this thread.

Now, as I mention in my ‘3 Amigos’ thread, the Benchmark Price is based on a ‘typical’ Benchmark property in each market. It just so happens that Vancouver Realtor Kevin Wong has posted the ‘MLS Home Price Index Benchmark Properties Guide’ for the REBGV to his website stats page (scroll down to the bottom). There are 648 pages in that pdf, but Bowen Island leads the pack with 1-storey homes on page 2 and 2-storey homes on page 3. Wong has also posted the ‘Home Price Index Guide’ which explains in great detail how it works; however, if you are like the majority of us, even with the guide the mechanics behind the MLS Home Price Index will remain a mystery.


Attached Files Thumbnail(s)
   
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03-22-2014, 01:34 PM,
#18
RE: Bowen Island/Gulf Islands - help please?
Hey Skook,

Thanks for this and for your most recent, both of which are excellent as usual. I think you are right that reality will start to kick in later this year, indeed it does seem to be breaking out all over the place on the North Shore...

I'll let you know how things progress over the coming months. In the meantime, thanks so much again


Jimmy
(03-20-2014, 01:36 PM)Skook Wrote: Hey Jimmy,

I just stumbled on the website of a co-housing project currently under construction near Snug Cove on BI. The architect is Peter Treuheit of Mobius Architecture (some cool past project designs) and the builder is Burtnick Enterprises - both from the Sunshine Coast.

The units are pricey but then you are also paying for the land and common area buildings. You might find it interesting to nose around the Belterra Co-housing website.

I had a chance to visit the Roberts Creek Co-housing complex a few years back and I was really impressed for a number of reasons. Unlike, BI's Belterra, the units here are single detached homes. There is a home for sale there now and its cheaper than the Belterra units; however, land was a lot cheaper when the first RC co-op members made that initial purchase.
Reply
04-02-2014, 11:56 AM, (This post was last modified: 04-02-2014, 11:57 AM by Skook.)
#19
RE: Bowen Island/Gulf Islands - help please?
The March 2014 Bowen Island Single Family Detached Benchmark Price dropped an insignificant $300, the drop from peak remains the same at -11.0%.

[Image: attachment.php?aid=846]


Attached Files Thumbnail(s)
   
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04-02-2014, 01:19 PM, (This post was last modified: 04-02-2014, 02:49 PM by Skook.)
#20
RE: Bowen Island/Gulf Islands - help please?
Thanks a lot Skook! Jimmy
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