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Archive for February, 2012

New listing 164 Bridgeport Blvd, Leduc

Monday, February 27th, 2012
This truly is a rare find. Penthouse, end unit with a view. This two bedroom single bath home has an open concept kitchen, living room and dining room while offering privacy to the bedrooms.

Property Details

Making your Real Estate needs my
priority!

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

Buying a foreclosure, what to expect

Monday, February 20th, 2012

This is an article taken from the Calgary Herald February 17 2012. It gives food for thought.

After a month-long search for the perfect home to remodel, Jason Holt and Jym  Genesta were eager to follow the lead of their real estate agent to a  foreclosure in the southeast.

But when they walked inside the premises of a bank-owned home that was just  hitting the market, the couple discovered a grisly scene.

“It was like a total CSI DNA-fest in here,” says Holt, a manager at IKEA,  pointing out the stains on the subflooring.

What greeted them were walls formerly used as dartboards and punching bags,  living quarters that had served as a hockey rink, and a colour palette that  featured curry brown and shocking pink.

The foreclosure has become emblematic of our times, at least in the U.S., and  stories of Canadians getting steals on distressed properties there abound.  Genesta, who runs a salon in Los Angeles, was well aware of the opportunity this  sort of property can present to home buyers, but wondered what value they would  find here in Calgary.

On his first visit, he kept an open mind, pulled his cashmere sweater below  his hands and cautiously peeked around the corner.

The duo uncovered a four-bedroom, 3.5-bathroom family home in Riverbend,  complete with a backyard next to a green space with a walking path.

“You know Jason, it does have a lot of potential,” Genesta ventured.

Holt couldn’t help but agree.

As the American economy spiralled down, Canadians were turning their  attention south of the border.

“We had clients who were going down and buying foreclosures from the banks in  big blocks,” says Jeff Kahane, senior partner with Kahane Law Office in Calgary. “They were buying big houses with a pool for 25 cents on the dollar for what  they’re worth.”

Canadians now represent 60 per cent of business for some U.S. real estate  agents.

The hype surrounding foreclosure sales surfaces in Calgary as well. One  bank-owned property in the northeast of the city visited by the Herald for this  article was shown to 20 interested parties over the course of just three  days.

Yet Canada is a completely different ballpark.

“I don’t see tremendous deals,” says Kahane, who founded what is now one of  the busiest real estate law firms in Alberta. “There’s one every once in a  while. … There’s always been a rationale for it.”

The biggest discounts are often former grow ops or properties that need  significant work. Since foreclosures don’t come with any guarantees, the risks  can be jaw-dropping — and there are costs homebuyers may not have  considered.

In order to get a Real Property Report — a survey showing property lines and  structures — the new owner can expect to shell out about $700 plus $100 for a  stamp of compliance from the city. And what the documentation reveals can be the  real surprise.

If a garage or a fence is in the wrong place, you may have to pay for an  encroachment agreement, which could cost anywhere from $500 to $20,000. Plus  there’s a chance you’ll discover structural damage or serious mould problems  after the fact.

Foreclosures can be a good buy, however, if you’re purchasing with the right  perspective, says Ann-Marie Lurie, chief economist with the Calgary Real Estate  Board.

“It depends on your objective,” she says. “Are you going to be able to buy  it, hold onto it and expect those strong appreciations that we saw in the boom  years? Unlikely.”

At one point Lurie herself considered purchasing a foreclosure, but decided  against it, realizing she wasn’t interested in a fixer-upper.

A month into their reno, Holt and Genesta are still in the thick of it.  They’re saving a bundle doing all the labour themselves. They’ve ripped up the  carpets, removed all the door moulding, and are constantly patching and sanding  the walls. They feel lucky they haven’t come across any serious problems — yet.

“You have to look beyond what you’re going to walk into,” says Genesta. “You  make it amazing.”

Having saved 17 per cent off the sale price of the average benchmark home in  the area that month, and sticking to a $25,000 remodelling budget, they’re  confident they’ll come out ahead, whether they decide to live in the house or  flip it.

Holt says buying a foreclosure wouldn’t make sense for everyone.

“This would be very difficult to do with children,” he offers, adding  necessary renovations could also present a cash-flow issue. “For most people it  takes them some time to save down-payment money, let alone a whole other pot of  money to then start doing renovations.”

And they’ve started to become part of the community, too. Neighbours wave as  they drive by and pass along horrendous stories about former occupants.

“This place was a disaster,” remarks Genesta. “But the thing is, would I do  this again? Absolutely.”

Tips for Purchasing a Foreclosure

– Pay for a home inspection before making an offer, if you can

– Neighbours can be an excellent resource when researching the history of the  property.

– Do your homework on average sale prices for similar homes in the area

– Set a budget and stick to it

– Before making an offer ensure financing is securely in place

– Check furnace for efficiency and gas leaks

– Do renos yourself if you have the skills, time and expertise required;  obtain any City permits needed

– Seek lightly used instead of new appliances

– Home insurance may end up paying for itself

– Buy necessary items in bulk

– Search YouTube for DIY ideas to help speed up home reno projects

© Copyright (c) The Calgary Herald

Read more: http://www.calgaryherald.com/business/Deal+disaster/6172296/story.html#ixzz1mwHrAgW8

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

 

Open house Sunday February 19 2-4 pm in Inglewood

Saturday, February 18th, 2012
Descriptions:

                Original hardwood floors, and cove moldings give this home old world charm. Upgraded plumbing, weeping tile added, 100amp electrical, newer furnace, hot water tank, kitchen cabinets, appliances, all new windows, siding, and maintenance free front porch give modern convenience and reliability. The kitchen has been completely remodeled and made functional and comfortable, somewhere you will want to sit with your coffee and morning paper. The formal living room retains every bit of its original elegance. The fully finished basement has a raised engineered hardwood floor perfect for relaxing family time. Cedar lined closets show the care and thought that has been put into this home. Situated on a large lot with room enough for a garage that would make any man jealous. The perfect blend of old world charm and modern convenience. Someone is going to take advantage of all the work that has been put into this home, why not you?            

 

 

 

Making your Real Estate needs my priority!

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

 

 

Banks rolling back mortgage discounts

Tuesday, February 7th, 2012

The banks have started to roll back interest rates. RBC has raised its five year rate to 3.39% from 2.99% early, this promotional rate was initially intended to end  February 29. BMO has also increased its rates on 5 year closed mortgages from 2.99% to 3.45%.

Other banks and lenders are expected to follow suit in the next few days.

If you are in the market to purchase a home in the next 90 days I would encourage you to talk to your bank or mortgage broker. As when these rates disappear we may not see them this low again, we have not seen rates this low in the last 10 years. Although there are some restrictions, and based on your credit score most brokers and banks can offer you a rate hold for as long as 90 days. What this does is guarantees your rate if you purchase within the hold period, even if the rates increase further.

Making your Real Estate needs my priority!

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

February newsletter

Thursday, February 2nd, 2012

 

December

Change from  to

November 2011 December 2011

  January

Change from  to

December 2011 January 2012

New Listings

1,085

-715

-39%

2,441

1,356

55.5%

Active listings

5,316

-1,272

-19%

5,303

13

-0.24%

Sales

827

-257

-23%

881

54

6.1%

Average Sale price

*House and Condo sales

$296,241

-$576

-0.1%

$283,524

-$12,717

-4.2%

House

$364,803

-$931

-0.2%

$352,000

-$12,803

-3.5%

Condo

$227,679

-$222

– 0.1%

$215,047

-$12,632

-5.5%

What do these statistics tell us?

 January is typically the least active month of the year, and 2012 is not any different.

Prices and sales are down as buyers took time off for Christmas and sellers took properties off the market, with only the most motivated staying on the MLS. The number of new listings in January brings us back up to the pre-Christmas levels, a further indication of a Christmas break more than a market shift. Average sale prices for both detached homes and condominiums and are down, but still above the levels of last January which shows that the long term trends over the last three years is a steady increase in prices. 

 In summary although these changes look dramatic they are well within normal for this time of year.

 What is come for 2012? The year has started out with mortgage rates at lows that have not been seen in recent history. This should have the market off to a great start. Within the last few weeks, since the lower rates where announced the market seems to have picked up and the energy seems to have returned to the market. As in an article I posted to my blog there are numerous factors that could spur the market this year.

 For those thinking of moving up and taking advantage of the low interest rates, but fear being caught by the rising mortgage rates, the answer maybe to take a longer term mortgage of 10 years as opposed to 5. Rates for 10 year mortgages are still below 4.0%, this would give long term payment security and increased equity before the need to renew. For more information, and examples, please visit my blog at davedryhomes.com.

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

Open house in Newton on Saturday February 4

Thursday, February 2nd, 2012

Please join us on Saturday February 4, 2-4 pm.

Property details 

Making your Real Estate needs my priority!

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

Ways to improve your home’s interior at little cost.

Thursday, February 2nd, 2012

When it comes to  the sale of your home, it is the little things that can go a long way to increasing  the price you will receive. Most buyers respond positively to a clean, clutter-free  home that is in good condition. The more effort you put into the appearance  of your home, the more likely you will receive greater activity and multiple  offers.

Over time, we become  accustomed to our homes, often overlooking the eyesores and the list of honey-dos  that were never completed. Clutter accumulates. We think nothing of the low  light and the pale and cracked paint.

An unbiased  opinion is a wonderful idea. A Real Estate Professional has the knowledge and  experience to know where you can improve your home. At the same time, he or  she is familiar with other homes in your neighborhood. He or she is familiar  with repairs that should be completed. Your Real Estate Professional can recommend larger items  to complete, such as painting, flooring upgrades and the like. However, there  are numerous smaller, inexpensive things you can do to greatly improve the showing  of your home. With a little elbow grease, and a little creativity, it is easy  to keep your home in prime showing condition.

Prior to the  listing, have a garage sale. The rule is “less is better.” Clean.  Organize. Discard. Donate. Pack all that you can. Clean out closets and storage  areas. Donate old clothes and furniture to local charities. This will create  a sense of greater space — and mean less to move. What about all those books  and magazines that you don’t want? Perhaps you can donate them to a local library,  hospital or charity.

Set the stage.  Take full advantage of the areas in your home. Set the table with your best  china. Create warmth and coziness in the living room, with a crackling fire.  Put a pair of wine glasses and a vase of flowers on the coffee table in front  of the fire.

Eliminate the  odors. Buyers respond less favorably to smells. Use cleansers of all kinds  to make the home smell fresh, from carpet freshener to potpourri. Deodorize  your cat’s litter box. Scoop litter daily. Put cedar chips inside the  closets. Use the sense of smell to your advantage by having fresh-baked cookies  or other baked goods on the kitchen table. People have both allergies and concerns  when it comes to animals. If you have a pet, make arrangements to have it elsewhere  when a home is being shown.

Create space.  Ensure that all doors, cabinets and drawers open all the way without bumping  into anything or sticking. Clean out the entry closet. Move oversized furniture  to a storage facility or garage. Entrances to all rooms should have an open  flow.

Make the most  of your views. Put a screen or a basket of flowers in front of a fireplace  if not in use. Make sure there is enough room for visitors to view out the windows.  Remove any clutter around window areas. Clean windows.

Create counter  space. Store away extra appliances. Put away dish racks, soap dishes and  other clutter. Remove magnets from refrigerator.

Aim for netural  decor. De-personalize your teenager’s room, the family room or other areas  by removing wild posters or items that could be construed as offensive.

Increase the  wattage. Pay attention to the laundry room, kitchen and bathrooms. Prior  to showing, turn on the lights in every room.

Family photos.  Place family photos throughout your home, especially living room, bedrooms,  and family rooms.

After you have  completed these inexpensive items, stand back. Ask a friend to view your home.  What do you feel? Is it warm and inviting? Does it look comfortable and spacious?  Is the aroma pleasant? When you create a positive, warm environment it is likely  your buyer will feel the same way.

Making your Real Estate needs my priority!

Dave Dry

Realtor, Re/Max Real Estate

Website: www.davedry.com

Blog: blog.davedry.com

Office: (780) 457 3777

Direct: (780) 446 3727

Fax: (780) 478 7017

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
MLS® MLS REALTOR® Realtor