April 2011

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On Saturday, April 30th and Sunday, May 1st, 2011 open houses will be held in Aberdeen and North Kamloops.

North Kamloops House For Sale 451 Alexander AveSaturday, April 30th, 2011: 1:00-2:00: 451 Alexander Avenue, North Kamloops, $229,000

Cute North Kamloops home close to shopping, park & transportation. Some updates done such as flooring & bathroom sink. Pool has new liner & pump in 2010. 70 amp service. Room for a detached workshop. more

26-1555 Howe Road home for sale Kamloops For SaleSunday, May 1st, 2011: 1:00-2:00: 26-1555 Howe Road, Aberdeen Glen Village, $189,900

Spacious three bedroom home in Aberdeen with one full bathroom. Recent updates include roof, all windows, hot water tank, paint, kitchen appliances and more. The rec room could easily be converted to a fourth bedroom or office. more

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To view all homes for sale in Kamloops click here.

Aberdeen Real Estate 6-726 Dunrobin Amazing view! This updated Aberdeen townhouse has a view from nearly every window. There are 3 large bedrooms (could split 3rd bedroom and make a den & bdrm). There are 2 full 4 piece bathrooms, open spacious floor plan, laminate throughout the home, updated light fixtures, paint, countertops, doors, hardware and bath fixtures. Single car garage and 2nd parking spot right outside the front door. Stainless steel appliances and washer/dryer included. Central A/C. Large patio great for entertaining with sliding glass doors from the living room and door off of the master bedroom. Very spacious home all on one level. Day before notice appreciated.

Click here to view more pictures of this home.

To view all homes for sale in Kamloops click here.

This article appeared in the Kamloops Daily News on April 21st, 2011 and was written by Cam Fortems.

A meeting is set for next week for creditors to approve a deal to resume construction of the incomplete Mission Hill project so it can be marketed and sold this spring.

The creditors meeting April 26 is part of a restructuring of more than $100 million in real estate debt by Kamloops developer Mike Rink.

Christopher Ramsay, the Vancouver lawyer representing Rink’s New Future Group of companies under the Companies’ Creditors Arrangement Act (CCAA) proceeding, said the vote will allow mortgage holders and contractors owed millions to determine the project’s future.

A project evaluation done late last year said even if the first two phases of Mission Hill, a condominium project off Summit Drive, are completed and sold, there is only enough equity to pay the first mortgage from Harbour Capital.

Despite the grim financial prognosis, creditors are being asked to OK new financing to finish the project in hopes it will be more profitable and they will receive some proceeds.

Under the proposal, Harbour receives all proceeds until its $21-million loan is repaid. Other financing and legal costs will be added.

Under the proposal to be voted on, second mortgage holders and contractors owed another $15 million will be given promissory notes that may be redeemed if units are ultimately sold for more than the estimated value.

“The current market value appraisal and the Monitor’s description of costs to complete suggest that there will be no realization for creditors beyond Harbour,” states a report from an accounting firm presented to the B.C. Supreme Court this week.

Despite that forecast, Rink’s lawyer said approval is the most practical measure.

“At the end of the day it’s better to approve an agreement where creditors get something (promissory note) rather than going into bankruptcy, where they get nothing.”

In order for the plan to be approved, a majority of creditors in each class, representing two-thirds of the value, must vote in favour. If it fails, Rink can go back to court to ask for the court to OK it instead.

Ramsay said if the deal is approved, construction will resume quickly with marketing and sales this spring or summer.

City of Kamloops chief building inspector Kundun Bubbar said Rink must show he has financing, along with a project time to complete construction, before construction can resume.

Rink’s companies sought protection from creditors late in 2010. Since then, lawyers and financiers have manoeuvered to refinance, complete construction and avoid bankruptcy on each of seven troubled projects.

A restructuring at one Shuswap project owned by Rink, Carmel Cove, has already been approved. Special financing has also been arranged to complete a condominium project in Kelowna as well as the West Beach RV park in the North Shuswap. Those will come next for creditor restructuring approval.

Ramsay said creditors are being asked to approve restructuring separately in each of the seven projects. If all are successful, Rink and his companies will avoid bankruptcy.

Link

The BC Real Estate Association released it’s latest market report on April 18th, 2011. Click on images to enlarge.

Vancouver, BC – April 18, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® MLS Residential Sales BC March 2011(MLS®) residential sales in the province continued to climb higher in March. Compared to March of 2010, MLS® residential unit sales increased 11.5 per cent to 8,600 units. The average MLS® residential price rose 15 per cent to $594,157 in March compared to the same month last year.

“We continue to observe a two-speed market in BC, with surging consumer demand in Metro Vancouver overshadowing more moderate demand in other regions,” said Cameron Muir, BCREA Chief Economist. “Vigorous consumer demand drove Greater Vancouver to its most active March since 2004, while the Fraser Valley had its strongest March in four years. Conversely, sales activity in other BC markets is expanding at a pace more inline with overall economic growth.”

Year-to-date, BC residential sales dollar volume increased 21 per cent to $11.14 billion, compared to the same period last year. Residential unit sales increased 4.7 per cent to 19,147 units. The average MLS® residential price rose 15.4 per cent to $582,021 over the same period.

March 2011 sales to active listings data

 

March 2011 Residential MLS Data by boardMarch 2011 Year to date Residential MLS by board

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This Saturday, April 16th and Sunday, April 17th, 2011 open houses will be held in Aberdeen, Brocklehurst, Juniper Heights and North Kamloops.

2247 Omineca Dr Juniper Heights Ridge Kamloops BC For SaleSaturday, April 16th, 2011: 11:30-1:00: 2247 Omineca Drive, Juniper Heights $378,900

Immaculate doesn’t even describe this Juniper Heights home. Beautiful hardwood flooring throughout the main floor that has 3 spacious bedrooms, 1 full bath and a 2 piece master Ensuite. Many recent updates in this home. more

North Kamloops Real Estate 1050 Sherbrooke Ave Sunday, April 17th, 2011: 11:30-1:00: 1050 Sherbrooke Avenue, North Kamloops $329,900

Immaculate, bright second owner North Kamloops home on a large 12,000 square foot lot. This home features original hardwood floors throughout the main floor that are in perfect condition, a large one bedroom inlaw suite more.

Kamloops Home For Sale 2090 Van Horne Drive Aberdeen Saturday, April 17th, 2011: 1:30-3:00: 2090 Van Horne Drive, Aberdeen, $369,900

Private & spacious 3 level split home in Aberdeen. There are 5 bedrooms & 3 bathrooms, including 1 ensuite. Recent updates include outside vinyl “chic” paint with a 20 year warranty, tile flooring & 95% efficiency furnace. more

Brocklehurst Kamloops House For Sale 7-1655 Ord Road Sunday, April 17th, 2011: 1:30-3:30: 7-1655 Ord Road, Brocklehurst $114,900

Completely renovated inside and out. There isn’t a single thing left to update in this spacious 1,100 sq foot home. There are 2 bedrooms and a den and 2 full four piece bathrooms. more

Click here to view more pictures of these homes.

To view all homes for sale in Kamloops click here.

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