A Sign Of The Times? Vancouver Real Estate Liquidation

A condo developer in Vancouver who built a number of condominium projects all over the Lower Mainland is liquidating 375 properties at 20%-40% off of assessed value. This recent development is definitely a sign of the times. You have to ask yourself – why are they selling these units at such a discount? Why? Because maybe they see the storm on the horizon. If you owned these units would you discount them if you expected sales prices and activity to increase?

What do you think? Any opinions out there?

Here is the article by CBC…

A Vancouver real estate developer is making an unprecedented move to offer a liquidation sale of $350 million worth of its condominiums throughout the Lower Mainland.

The marketing strategy by Onni Group of Companies is aimed at selling off hundreds of condos in its inventory.

About 375 unsold condominiums in cities such as Richmond and New Westminster will be offered at 20 to 40 per cent off, a real estate insider told CBC News.

It is not known whether the big discounts are based on prices when the condos were completed or current market values. Onni was to hold a media event Thursday to announce details.

Onni’s marketing tool might nudge some reluctant home buyers off the fence, said Tim Silk, an assistant professor at the University of British Columbia’s business school.

“If you see the units being priced below comparable units, then you might see people jump in,” Silk said Wednesday. “But there’s still that hesitation of, ‘Have we reached bottom?’ ”

Home prices in the Vancouver real estate market dropped almost 11 per cent between December 2007 and the end of 2008, according to a special price index updated earlier this month by the Real Estate Board of Greater Vancouver.

And the number of homes sold in 2008 fell more than 35 per cent from 2007 sales of more than 38,000 homes.

Link to CBC Article.

B.C. Assessment Information and How It Affects Your Property.

For the 2009 Property Assessment Roll only, BC Assessment will be providing property owners with the market value of properties as of both July 1, 2007 and July 1, 2008. The lower of these two values will become the 2009 assessed value for most properties.

On November 27, 2008, the provincial government passed the Economic Incentive and Stabilization Statutes Amendment Act (Bill 45), which provides special valuation rules for the purpose of the 2009 tax year only. Part 3 of Bill 45 provides that properties valued at market value will, on the 2009 assessment roll, be valued at the actual value calculated using either a July 1, 2007 or July 1, 2008 valuation date, whichever is lower. This initiative is part of the B.C. Government’s economic strategy to provide stability and predictability to British Columbians in response to the downturn in the real estate market which began mid-2008

About 94 per cent of property owners in British Columbia will see an identical or lower assessed value on their 2009 notice compared to 2008. Eighty-two per cent of BC’s 1.85 million properties will reflect last year’s assessed value. Another 12 per cent of properties will be assessed at July 1, 2008 values because that value is lower than July 1, 2007. The remaining six percent have undergone changes that are described online.

If you were wondering if your property taxes were decreasing this is not necessarily the case. BC Assessment does not have a direct role in setting property taxes. Taxing authorities (municipalities, regional districts) set their tax rates for property taxes based on their budget requirements.

For further information or questions about your property assessment visit BC Assessment online here.

Featured Property Of The Week: 419 Opal Drive, Logan Lake, B.C.

Logan Lake is a small community 60 km outside of Kamloops and 47 km from Merritt just off of the Coquihalla Highway. Logan Lake sits at an elevation of 1067m (3500 ft.) In the summer enjoy warm days and cool nights. There are a lot of outdoors activities to enjoy in the warmer months such as hiking, golfing and dirt biking. During the winter months expect a fair amount of snow (average 4 feet) and a lot of sunshine; excellent for cross-country skiing and snowmobiling. Traditionally a company town, Logan Lake has developed into a dynamic, growing community.The current population of Logan Lake is estimated around 2300.

419 Opal Drive is located within one block of the city centre. The recreation centre, schools and shopping are right at it’s doorstep. This four bedroom home has three bedrooms on the main floor. It has a very open floor plan, newer kitchen and updated bathroom with a deep soaker tub. There is over 1,000 square feet of living space on the main floor. The basement has one large bedroom and a den. There is also a three piece bathroom, laundry room and ample storage. The extra long single car garage has room for a shop or storage.

This Logan Lake home is a great family home, with a lot of yard space for the kids to play and a large deck for summer barbecues. This home is listed at $229,900. To view the slide show click HERE.

Front Of Logan Lake HomeLogan Lake Home Living RoomLogan Lake Home KitchenLogan Lake Home DiningLogan Lake Home: Back Yard

East Barriere Lake Real Estate Information

For up to date Barriere, Kamloops and surrounding area homes for sale click here.

East Barriere Lake West End BayEast Barriere Lake is located less than an hour north east of Kamloops. This lake is one of the last undeveloped lakes in the interior of British Columbia. East Barriere Lake is clean, full of fish and uncrowded. It is a beautiful lake that boasts a variety of activities year round. It’s shallow bay and warm waters make water skiing, wakeboarding, tubing, kayaking, swimming, canoeing and fishing very popular activities in the warmer months. The shores are sandy, surrounded by beautiful scenery to hike for hours makes this lake an undiscovered gem. For those who love to fish, East Barriere has plenty of rainbow trout. There are 100’s of kilometers of logging roads and off road trails for dirt biking and ATV’s in the spring, summer and fall. There are many winter activities to enjoy such as snowmobiling, cross country skiing, snowshoeing, ice skating on the lake and sledding.

East Barriere’s elevation is only 2,100 feet above sea level. The Max. depth of the lake is 302 feet with a mean depth of 156 feet. East Barriere Lake is approximately 10 Km long. The average summer water temperatures are between 75 – 82 degrees Fahrenheit.

Shuswap Highlands is a residential/recreational area on East Barriere lake where the lots are freehold parcels all belonging to a strata. Water and sewer system included in the strata. Telephone, internet & hydro are available to this area bringing the convenience of city life to the outdoors.  There are a variety of homes located both on the lake shore and set back from the water. There are a lot of log homes custom cabins in this area. There is a shared sandy beach at the foot of the lake, as well as a boat launch, grassy recreational area and boat moorage. The access road to the development is plowed in the winter making it easier for property owners to access their homes.

The Sands is a leasehold area of East Barriere Lake. The Sands is directly beside Shuswap highlands (to the east) and covers a large part of the southern shoreline of the lake. There are many private beaches and beautiful log homes along this stretch.

Currently there are a number of properties for sale on East Barriere lake. There is a prime building lot that is located in the Shuswap Highlands. It sits at the foot of the popular South East bay of the lake and has beautiful views up the stretch of the lake. There is direct access to the shared beach and the boat moorage is seconds away. This lot is the only lot available in Shuswap Highlands. Properties with newer cabins on them in this development go anywhere from $450,000 +.

There are also eight waterfront building lots, and 19 water view sites. These properties are priced from $125,000 to $250,000. Roads, water and sewer are in for these properties. These properties are located on the north side of the lake.

To get more information about these properties on East Barriere lake or any other lake front properties click here.

East Barriere Lake

East Barriere Lake

Wakeboarding on East Barriere Lake

Wakeboarding on East Barriere Lake

East Barriere Looking East

East Barriere Lake looking East

Shuswap Highlands @ East Barriere Lake

Moorage at Shuswap Highlands @ East Barriere Lake

East Barriere Lake Wilderness

Surrounding Wilderness at East Barriere Lake

East Barriere Lake Looking East

View of the frozen lake in January looking North East

East Barriere Lake in January

Looking towards the West bay of East Barriere Lake (The Sands & Shuswap Highlands)

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