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Bowen Island/Gulf Islands - help please?
04-03-2014, 10:47 AM, (This post was last modified: 04-03-2014, 10:50 AM by Skook.)
#21
RE: Bowen Island/Gulf Islands - help please?
Two days ago, on April 1st, BC Ferries raised its fares for all routes. I posted detailed information in a Sunshine Coast post found here. I recommend reading that post before continuing. Here are the new Bowen Island fares and those going back to April 1, 2013. They apply to a standard vehicle carrying two adult passenger.

[Image: attachment.php?aid=851]

But, there is something missing. Do you know that nowhere on any route fare schedule page is there any mention of taxes? To determine what taxes will be added to those fares, you need to visit BC Ferries’ “Frequently Asked Questions” section of its website. It just so happens that as for every other “service”, you will pay the 5% GST. So let’s revisit those fares above and tack on the GST.

[Image: attachment.php?aid=852]

I have to admit I had no idea that the fares would be this high for Bowen Island since it is appears so close to the Horseshoe Bay terminal.

[Image: attachment.php?aid=853]

Information about the Experience Card and the Reservation system is contained in that Sunshine Coast post, too.


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04-03-2014, 11:01 AM,
#22
RE: Bowen Island/Gulf Islands - help please?
Very interesting Skook, as always. At the risk of lighting the blue touch paper on the firecracker with my intended future neighbours, and to quote the Irish poet, "I have seen them at the break of day" - and I do wonder why quite so many people *have* to commute by car. I get it that the island is not that small, that you pay for leaving a car in Horseshoe Bay (and not just financially: crime can be a problem) and also that the bus service on the island can hardly be described as frequent. But all that aside, it is 5x more expensive to take a car than to go on foot. I think this speaks to the Council's plans for Snug Cove and to expand parking options. Right now, the mornings are something of a nightmare...

this summer we will rent on the far side of the island (and I'll buy you that Drambuie someplace :-)) so I'll get my taste of what it's like to commute about, etc...
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05-30-2014, 12:52 PM, (This post was last modified: 05-30-2014, 12:54 PM by Skook.)
#23
RE: Bowen Island/Gulf Islands - help please?
Bowen Island April 2014 Benchmark Update:

Here’s the Bowen Island Benchmark Price Table and Chart for April, 2014. There’s been an upswing and the same thing has happened on the Sunshine Coast. I don’t think this is anything to get excited about since this is the spring sales period. Note that this month’s Benchmark is the same as April 2013. I think what happens after June will carry more weight.

[Image: attachment.php?aid=904]

With the upswing, the “Drop from Peak” has moved from -11% (March) to -8.6% (April).

******************************

Hey Jimmy,

Just reread your last post directly above. Yes, you really do have to wonder why so many have to take their car. I would think with a little planning (getting shopping and appointments done over one to two days) this could be reduced. I can’t help think that with car companies turning vehicles into “computer & home entertainment systems” on wheels this attachment to life in your car is going to get worse.

Your trip west and sojourn on Bowen should be fast approaching. I hope you plan to keep us updated on all you see and do. Look forward to reading your real estate comments and insights.


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05-30-2014, 08:24 PM, (This post was last modified: 05-30-2014, 08:28 PM by Alexcanuck.)
#24
RE: Bowen Island/Gulf Islands - help please?
I spent about 8 years total on Texada Island as a child and teenager in three separate periods so I really get island life. Car journeys should be rare, it's absolutely ridiculous to put a car on a boat frequently. Especially on the southern gulfs/Bowen etc accessing Vancouver or Victoria where transit options are great.

Commit to island life with only rare off-island journeys, or travel sans car, then it is cheap, easy, no waits, just bring a book/computer/paperwork/whatever makes the time pleasant and/or productive.
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06-01-2014, 04:39 AM, (This post was last modified: 06-01-2014, 04:41 AM by JimmyWW.)
#25
RE: Bowen Island/Gulf Islands - help please?
Dear Skook,

Thanks so much for your selflessness in undertaking this task at such a difficult time for you. If it's of interest to others, I'd be pleased to take on this charting for Bowen. The thing is, I don't know how to do it! If you could PM me some hints and tips, I'd be pleased to give it a whirl.

Anecdotally, we're seeing very much the same stock coming back on the market one year on - still priced at 30-40% above assessment.

As you've said elsewhere, I think 2014 could just be the year in which some owners get the memo about prices needing to be readjusted downwards. One thing I think a lot of owners are pinning their hopes on is an impulse purchase by someone from Toronto or Vancouver. A friend of mine is retiring to Bowen and paid 20%+ over assessment (5% under asking) for a property that then needed 50K of work doing to it.. still a lot cheaper than the home he'd sold in Lawrence Park, Toronto!

Anyway, sir - thank you again and I'll be sure to keep folks updated on our search when we come out in 11 weeks time. Hope you are doing OK - the offer of a Drambuie still stands if you feel up to it at the end of August...


Jimmy

(05-30-2014, 08:24 PM)Alexcanuck Wrote: I spent about 8 years total on Texada Island as a child and teenager in three separate periods so I really get island life. Car journeys should be rare, it's absolutely ridiculous to put a car on a boat frequently. Especially on the southern gulfs/Bowen etc accessing Vancouver or Victoria where transit options are great.

Commit to island life with only rare off-island journeys, or travel sans car, then it is cheap, easy, no waits, just bring a book/computer/paperwork/whatever makes the time pleasant and/or productive.
Thanks Alex, indeed - this very much confirms how I see it working, too - OK, public transport is slower but who cares if you can work/listen to music/read while you're doing it? Interesting insight - appreciated! Cheers - Jimmy
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06-01-2014, 08:55 AM,
#26
RE: Bowen Island/Gulf Islands - help please?
guys- just quickly to say inventory on Bowen hit its highest I can remember today at 79. Two price clusters - 500-700K and well over 1 million... Jimmy
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07-07-2014, 09:29 AM, (This post was last modified: 07-07-2014, 09:32 AM by Skook.)
#27
RE: Bowen Island/Gulf Islands - help please?
June 2014 Bowen Island Benchmark Data:

This post combines Bowen Island’s Benchmark Price data for May and June. The Benchmark began its rise in April as the spring selling season got underway; that month the “Drop from Peak” price moved from -11% to -8.6% as the Benchmark increased by $14,800.

The pattern continued in May when the Benchmark price rose from $571,500 to $583,900 (↑ $12,400) and the “Drop from Peak” edged up to -6.7%.

June’s figures are showing a levelling off with the Benchmark price increasing by only $2,800 to $586,700 and “Drop from Peak” rising slightly to -6.2%. According to the Real Estate Boards, the Benchmark price is the best tool for indicating trends in the market and, if so, then June’s data likely indicates the selling season for 2014 is coming to an end and with it those dirt cheap mortgage rates. Rumour has it the banks are getting worried, are tightening the screws and aren't quite as free and easy with their money these days.

Jimmy’s indicated a high inventory on BI, so if the market is starting to slow then prices could begin to drop once again. Maybe we've been witnessing a dead cat bounce?

[Image: attachment.php?aid=939]


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07-07-2014, 10:07 AM,
#28
RE: Bowen Island/Gulf Islands - help please?
Hi Skook

Estimable and accurate as ever - thank you. Maybe the real bellweather won't come until the end of the year. Were we to see numbers below the December 12 and 13 level of $560, that might be a sign of things to come. Interesting that April-June 2014 follows almost exactly the same curve as April - June 2012. Key will be the extent to which inventory is maintained at its current high level.

Another phenomenon in such a small market is the impact of individual sales on the moving average. I know of a sale at $925,000 in June, which would by itself bolster the average by a fair margin. Please see my other post for comments on the "bunching" of listings in the $400-$600 bracket and $1m+ bracket...

Thanks as always -


Jimmy
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08-24-2014, 01:14 PM, (This post was last modified: 08-24-2014, 01:17 PM by Skook.)
#29
RE: Bowen Island/Gulf Islands - help please?
July 2014 Benchmark Price:

JimmyWW will be disappointed - the Bowen Island Benchmark price climbed again in July. So much for my dead cat bounce theory. Perhaps, Jimmy is right and the real bellweather won't appear until the end of 2014.

[Image: attachment.php?aid=980]

So, we have the single family detached benchmark price rising which the REBGV says is the best indication of a market trend. So, this being the case I would think it would be an ideal time to unload commercial property especially if you own a fist full in one area. I had no idea BI had such a substantial commercial/retail sector. Jimmy, if you’re still on BI find out what businesses are occupying all these units - I am really curious.

[Image: attachment.php?aid=981]

Does anyone have any thoughts on this big sell-off? Just cashing out while the getting is good? Is that a good cap rate?


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08-27-2014, 09:03 AM, (This post was last modified: 08-27-2014, 10:31 AM by Skook.)
#30
RE: Bowen Island/Gulf Islands - help please?
Hi Skook

So we're here right now, and I'm meeting up with Navier tomorrow for a coffee. Understand if you are not around, but I'll raise an Appleton's to you tomorrow night.

Definite feeling in the air - substantiated by one realtor from the horse's mouth, if you like - that the market is top-heavy and nothing above around 700 is moving. In that respect, BI mirrors your comments about Gibsons to a certain extent.

In terms of commercial property, there are empty units both in the cove and artisan square. This is a marked change to what we saw two years ago.

Finally, a double anecdote - not one, but two people have tried to persuade us to buy properties following basic conversations in the street. One time I'd gone down to the Cove to pick up my parents-in-law and someone tried to sell me a house (4 bed) for 635000, saying they'd been unable to sell for 2 years; then my wife and I were chilling down on a dock when someone we'd fallen in to conversation with tried to sell us a finished lot. When we politely refused, he even offered to make it a private sale and cut 5% off the price.

So your supposition that people might be trying to get out right after the peak of the market is not misplaced: the problem, according to our friendly realtor, is that they are now chasing the market down, cutting prices by 10% when the market's down 15% etc.

Thanks as ever and hope you are well -

Jimmy
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