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October 2009 Real Estate Newsletter FROM LOUISE FULLER |
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Visit My Website to View Fantastic Canmore listings.
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Greetings!,
Sales for the month of September 2009 are as follows:
Please remember these are averages only.
Single family: 12 sales, average sale price $930,625, average days on market 93 (DOM).
Half duplex: 3 sales, average sale price $787,500, average days on market 267 (DOM).
Townhouse: 7 sales, average sale price $465,857, average days on market 94 (DOM).
Apartment: 12 sales, average sale price $400,770, average days on market 94 (DOM).
Fourplex: 2 sales, average sale price $589,000, average days on market 3108 (DOM).
Lots: 1 sale, average sale price $625,000. average days on market 107 (DOM).
For specific details, please email or call and I would be happy to be of assistance. Best Regards,
Louise Fuller |
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1073 Evergreen Circle
Feature Listing
PRIVATE, TRANQUIL, RIDGE VIEWS!
This unique Rundleview location is on the ridge and offers views, as well as a quiet and peaceful setting. Rundleview is close to The Nordic Center, the many trails around Quarry Lake and there are trails that lead to the heart of Canmore as well. You will enjoy the privacy and sunlight. There are 3 bedrooms, and 2 bathrooms (one ensuite) up and living room, dining room, kitchen with views out over the ridge and separate dinette. Living room and dining room have Hunter Douglas wood shades. The family room with wood burning fireplace opens to the back deck. The lower level is framed and ready for finishing including a rough in for full bathroom.
ASKING $795,000 |
CLICK HERE FOR MORE INFORMATION
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THERE ARE A LOT OF VARIABLES IN A VARIABLE RATE |
Garry Marr, Family Man, Financial Post
He has a landmark study on mortgages, but York University professor Moshe Milevsky says he never anticipated the credit markets of the last year.
The 2001 paper examined the previous 50 years to determine whether consumers benefitted from locking into a fixed-rate mortgage or going with a variable-rate product linked to prime. Consumers did better 88% of the time by going with the variable-rate option. The study has been used by banks to lure consumers into variable rate products. Currently, about 25% of mortgage holders have gone with floating rates.
"I've written seven books and 100 research articles and that's the one I'm known for," says Mr. Milevsky, with a laugh. "I just wish some of these banks would mention the author."
He says the study results still hold true. If you factor in the past nine years, the variable rate probably does better about 96% of the time.
But that doesn't mean if you are looking for a mortgage today you should float, he says. "There is another element of risk to analyze," says Mr. Milevsky.
He's refering to the volatility in the mortgage market for variable-rate products. The variable rate is still tied to prime, but the discounts and premiums being offered are moving up and down wildly.
A year ago, consumers were being offered discounts as much as 90 basis points below prime, meaning those people who took it are now borrowing at 1.35% based on the current prime rate of 2.25%. When credit markets tanked a year ago, variable products were being sold at 100 basis points above prime.
Credit markets have calmed since. Bank of Montreal announced a week ago that its variable rate was down to 2.25%, with no discount or premium.
The Bank of Canada may have pledged to not touch the rate until next June, but consumers getting into variable rate products are facing the risk that the discounts they negotiate today will look pretty ugly in a few months.
Worse yet, the variable products being sold by the banks are generally closed mortgages, so they cannot be paid off immediately without penalty.
An open mortgage can be paid off at any time, but you pay a higher rate for the privilege. At Bank of Montreal, for instance, an open three-year mortgage costs 3.05%, so you are paying an 80-basis point premium.
"It's important to understand what kind of flexibility features you have in your mortgage," says John Turner, director of mortgages with Bank of Montreal.
With such confusion in the marketplace, these days even Prof. Milevsky is leaning somewhat in favour of the five-year closed fixed-rate mortgage. On a discounted basis, some banks are offering rates as low 3.69%.
"At some point, people have to ask themselves if they can afford the fact that eventually these things are going to go up, whether it's in one year, two years or five years," he says.
gmarr@nationalpost.com
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| 'AGENTS' ARE NOW 'ASSOCIATES' |
There are many words in the real estate glossary and now in Alberta, a
new one has been added. Real estate industry members no longer have the
licensing class of "agents". In this province, under recent changes to
the Real Estate Act, those members are now called "associates".
This
change in licence class was made to ensure there is no confusion that
an industry member is always acting as an agent. When acting as a legal
agent, the Act sets out specific fiduciary duties and legal obligations
industry members have to their clients. Those obligations exist when
agreements have been signed between a real estate brokerage and a
consumer, creating a legal agency relationships. |
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AT WHAT POINT DOES A HOUSE BECOME A HOME FOR YOUR BUYERS?
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CRAZY HOUSE Home Staging
I think it is the moment the space is treated honestly.
Whatever the style or whatever the period of your home, tidy up by tearing out any false additions such as dropped ceilings, unpleasant wood paneling, exposed pipes, irregular bulkheads, valance boxes, and room dividers. Open spaces are most often better than closed-in rooms and dated built-ins.
I think it is the moment you think BIG with light fixtures.
Get the lighting right. Lighting is everything. In vogue now are interesting oversized hanging fixtures in almost every room in the house. Also use strategically placed floor and table lamps where you need them, to light dark corners and to spread light around.
Buy some cool lamps in great colors. Change out the shades if you need to.
Inject an element of surprise with a shade that is as wide as the table. It usually hovers only about 30-32" centered above the table. Increasing the scale of the fixture not only packs visual punch, but makes for a cozy, intimate dining.
I think it is the moment you add something living.
Set out a couple of large and abundant floor palms in an empty corner or orchids, ferns, flowering plants on counters, bookshelves, dressers or tabletops.
I think it is the moment you hang contemporary art.
It doesn't have to be expensive, but it does have to be the appropriate size for the wall, not hung too high and matches the colors in your décor. Or hang or lean large mirrors against walls for huge impact.
I think it is the moment you bring in hits of the latest colors.
Whether the color hits are in everyday dishes, pillows, lampshades, vases or accessories, a small investment of up to date colors immediately transforms your room into a room that rocks.
In vogue - mauve, citrus, coral, chartreuse, and mustard.
By Karyn
Elliott
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Thanks for reading and I will send you more info next month.
For all your real estate needs I am ready and willing to help you take that next, very important step.
Sincerely,
Louise Fuller
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