This two year old basement entry river view home offers quality finishings throughout. There are five bedrooms, one den and three bathrooms. The main floor has 1,500 square feet of living space. Enjoy an open floor plan with a large living room and dining room with vaulted ceilings. Three bedrooms on the main floor plus a den and a two bedroom legal suite make this home the perfect family home with a mortgage helper.
The large master bedroom has a spa-like ensuite featuring a two person soaker tub. The main floor is finished with crown mouldings, hardwood floors, gourmet kitchen, granite surround fireplace and luxury carpets. There are two separate laundry areas, separate hydro meters, 50 gal hot water tank, two car garage and security system. This home is located on a large corner lot in Batchelor Heights. The extended back patio is comprised of interlocking brick. The yard is tiered to maximize the use of the space. This home won’t last long, it is listed $27,000 below appraised value at $449,000.
Click here to view other homes for sale in Kamloops.
I found this article on the Vancouver Sun online. I thought it was important to post because there are a number of pre-sale units in Kamloops for sale, specifically in Sun Rivers and the Dunes Golf Course in Westsyde (Westlinks). Buyers have to know what they are signing when committing to these pre-sale contracts. It’s important to get legal advice or involve your Realtor to help negotiate the pre-sale contract. Just because a developer is asking ‘X’ amount for a pre-sale home, doesn’t mean that the price and terms are not negotiable. After all, real estate purchases are negotiable. Buyers have to get educated and informed when it comes to pre-sales. It is very easy to get caught up with the beautiful, colorful displays and convincing sales people. I have included the article below written by Derrick Penner.
When British Columbia’s real estate cycle was on the upswing, many condominium buyers reaped the rewards of buying so-called pre-sale condominiums which, in many cases, were worth more on closing than the agreed purchase price. Now the cycle is on the downside and a growing number of buyers are finding themselves compelled to honour contracts they signed to complete purchases of units that have fallen in value. They have few options to get out of deals even if they don’t qualify for a higher mortgage.
Pre-sales can be “a win-win transaction” for both buyers and sellers, in the words of an advice pamphlet produced and distributed by the Urban Development Institute and the B.C. Real Estate Association. They allow buyers to pick homes they want to live in, and give developers certainty about their ability to sell and finance projects they are taking the risk to build.
If buyers try to walk away after signing a deal, they can be sued by developers, and risk losing not only the deposits they paid to secure units, but the difference between the current, lower market price, and the price they agreed to pay the developer in their contracts. “What the biggest risk [in pre-sales] is,” said Kenneth Pazder, a Vancouver real estate lawyer, “[that] what you essentially are doing is, you’re playing a futures market in real estate.” Buyers put down a deposit, usually about 15 per cent, and trust that the price they agree to pay reflects the home’s value on completion of its construction when they have to take ownership. “How sophisticated is the average [buyer] to do that?” Pazder asked.
At least six different developers are suing some 74 different buyers for not completing the purchase of homes they’d signed contracts to buy. Pazder is in discussions with a number of buyers who want to counter-sue developers. Developers are required to file disclosure statements that outline their projects’ details and pass them on to prospective buyers. Pazder’s advice for buyers considering pre-sale purchases is to seek legal advice to understand the contracts they are signing and the disclosure statements they are agreeing to accept.
The B.C. Real Estate Development and Marketing Act (REDMA) allows developers to sell real estate before it is built, and sets out the conditions developers have to meet in doing so. One of the conditions is that buyers have a seven-day right-of-recision period — the ability to cancel the contract — if they change their minds. Pazder advises clients to use that period to get a legal opinion on the contract, and to bail out if that opinion is negative. It will cost a buyer $300 or $400 for the service, Pazder said, but he reckons it is worth the fee to understand the potential risks a buyer is assuming in signing the contract.
“Sometimes people feel that they know the price, [the purchase] is going to close in two years, and that’s good enough,” Pazder said. “Then the problem is when, like now, things go sideways.” Pazder said one of the most common questions he gets these days is how buyers can get out of their contracts.
Often, Pazder said, the buyers’ problem is that they can no longer secure a mortgage to complete the purchase at the price agreed to in the contract. Their bank or lender can lend them funds based only on their unit’s current, and lower, market price.
Pazder said contracts often contain language that allow a developer to seek damages greater than the deposit, if the amount the developer has to cut the price of a unit to sell it in the current market exceeds the value of that deposit when a buyer walks away from the contract. Pazder added that in the current market, pre-sale buyers will want to try to limit that clause: “You want [the clause] to say, ‘If I don’t complete the purchase, this deposit is forfeited as liquidated damages as the sole remedy of the developer.’ ”
He added that buyers will also want to look at firmer language around the completion dates for construction of the units and clauses allowing the developer to make changes in finishings or unit layouts that also give them an out. The Urban Development Institute and B.C. Real Estate Association pamphlet includes a checklist of items that are required to be in a disclosure statement.
For the latest Tobiano, Savona and Kamloops real estate for sale click here.
Neighbourhood: Savona & Tobiano, Kamloops, B.C. Real Estate. Savona and Tobiano are located south west of the city of Kamloops at the western end of Kamloops Lake. From Kamloops it’s approximately a 15 to 35 minute drive depending on the destination. This is rural living with few shopping areas and amenities.
Properties & Real Estate: Savona
Many of the properties that are located in Savona sit on large parcels of land often over 20 acres in size. Parts of Savona are classified as ALR land, or Agricultural Land Reserve. This means that the land is specifically defined as land designated for agriculture. This was done because of the region’s dwindling agricultural land.
There are also smaller properties on much smaller lots, some of these properties can be found on Savona Access Road, Watson Drive, Buie Street and Ernest Street. There are often a few mobiles or modular homes for sale in the Savona area.
Tobiano is also located in this region.
Thompson River Estates area has numerous waterfront acreages that sit on the Thompson River. There are also riverfront properties on Savona Access Road which are smaller often 1/4 acre lots. This area is also known as Walhachin.
Tobiano is a developing community in the Kamloops region and is home to a beautiful golf course. Previously six mile Ranch, Tobiano is set on a 1,000 acres overlooking Kamloops lake and surrounded by 17,000 acres of wilderness area. Tobiano is still a developing community and some of the amenities are in the process of being built or in the planning stages.
There are numerous homes in Tobiano bordering the beautiful golf course. Summers Landing is a single family home and townhouse development that sits along seven of the golf course fairways. Lake Star at Tobiano is a townhouse development perched on the bluffs above Kamloops Lake. There are 52 homes in total in this town house development. Bluff, golf and resort lots are available for building your dream home at Tobiano. They range in size from 6,000 to 20,000 square feet. Golf bay and equestrian lots at Tobiano. These lots are some of Tobiano’s largest single family home lots.
Tobiano is rural living at it’s best. If you need something away from the city but not too far it’s a beautiful place to call home. The most recent addition to the Tobiano community is the marina where boats can be moored and visitors can rent many different types of equipment and boats.
Savona has a variety of outdoor activities to enjoy year round. Swimming, hiking, dirt biking, ATV riding, snowmobiling and boating. Savona is home to Steelhead Provincial Park which is located on the south west shore of Kamloops Lake. Visitors to this park can enjoy camping, picnicking, fishing, paddling, swimming and hiking.
Tobiano has an 18 hole golf course, numerous hiking and back country biking trails, cross country skiing and snow shoeing are a few of the recreational activities available in and around Tobiano.
Due to Tobiano’s close proximity to Kamloops many city amenities are within a 20 minute drive.
Savona has it’s own elementary school called Savona Elementary School. Secondary students take a school bus to the city of Kamloops and attend school there. Visit School District 73’s website fore more information about schools.
There is not any public transportation in these areas.
To view home and property listings in Tobiano and Savona click here.
To read more about other neighbourhoods click the link below:
Many home owners in the Kamloops area are thinking about selling their home but are unsure about where to start. There are numerous real estate companies in Kamloops with even more Realtors at each company. Here is a guide to help home owners prepare and understand the steps before, during and after selling your home.
1.De-clutter, clean up and touch up: Ensure your home is in good condition and will “show” well. This means that all unnecessary items that clutter a room should be removed and stored or donated. The tidier a room, the larger it feels. Buyers will not be distracted by clutter and untidiness when viewing your home. Touch up the paint in your home. This includes re-painting rooms with neutral light colors. Dark colors tend to make rooms feel dark and small. Remember, any strong odors need to be eliminated as well. It is important to have buyers imagine themselves in a home, strong smells, bold colors and cluttered spaces impede a buyers ability to do so. It is important to put your best foot forward from the start.
2.Interview Realtors: Every Realtor is different, the marketing techniques and level of service varies between agents. Interviewing a few Realtors for the job of selling your home is essential. Ensure you find a Realtor who will: – Keep you informed on a regular basis about progress made towards selling your home. – Promptly return all of your calls or emails (find out what tools are in place to ensure good communication). – Actively market your home (ask about the marketing techniques used ie. internet advertising). – Give you honest, accurate market information. Developing a relationship with your Realtor is essential. You will feel comfortable asking questions or sharing concerns as they arise.
3. Signing a listing agreement: Once you have chosen a Realtor to represent you, you will then sign a listing contract. You will find the following in a listing contract: – Contract period: You will specify the period of time that you will commit to listing your home with your Realtor. This time period can range and can be from one month to numerous months. – Physical and legal description of the property to be sold. – Listing Price: you and your Realtor will come up with a suitable list price to put your home on the market. You have to ensure that you are not over pricing your home. Price it at a competitively so it will sell. Your Realtor will show you comparable sales that directly compare your property to other similar properties. These comparable properties must be SOLD, not current homes on the market, because homes on the market will not necessarily sell for the asking price. – Listing Service & Cooperation: Your Realtor commits to placing your home on the Multiple Listing Service (MLS) and will cooperate with all real estate brokerages. – Commission rate: There is no “standard” commission rate, every Realtor is different. This is an important question to bring up during the interview stage so that you know what to expect. The most important thing you can do is offer a strong buyer agent commission, otherwise it is much more difficult to sell your home. Commission is paid by you, the seller and covers both the selling agent’s commission and the buyer’s agent commission. – Commitment to Confidentiality: Your Realtor is agreeing contractually that your personal and confidential information will not be shared with any outside parties, this includes your motivation to sell or current financial situation. – Limited Dual Agency: Sometimes a situation arises in the sale of a property where the listing Realtor sells your home to their own buyer or the listing Realtor and buyer’s agent are from the same office. This is called limited dual agency and in this case the Realtors involved have to stay neutral and not advise either party. – As the seller you would agree to: refer any inquiry about the sale of your property to your Realtor and accept an offer made during the contract that fulfills your selling requirements. As a seller you have the power to accept an offer that is acceptable to you, your Realtor should not force you to accept any offer that you are not comfortable accepting. – By signing the complete document you as a seller have committed to working towards the sale of your property with the Realtor you have chosen. – If you are not satisfied with your Realtors service, some agents will allow you to cancel your contract at any time. This is also something you should discuss during the interview process.
4. Yard Sign, Pictures, Lockbox & Advertising: Your Realtor will arrange to have a yard sign placed on your property to advertise your home for sale. Pictures will be taken of your home to place on MLS and other advertising media. Some agents will take video profiles of your home to use on websites for further advertising. A lockbox will be placed on your front door or other accessible location. A lockbox is important, it allows other agents to access your property (with an appointment of course). Only Realtors and licensed home inspectors have lock box keys.
5. Showings: Your Realtor will call you with any requests to show your home. You will be given a date and time when either your Realtor or another agent would like to show your home to their client. The showing agent will leave a card behind after showing your home. During these showings you should vacate the home in order to ensure that the potential buyers feel comfortable searching through cupboards and closets.
6. MLS Tour: If your home is close to the Kamloops city core it will be included in the MLS tour. This is where Realtors tour new listings in Kamloops and preview them for potential clients. MLS tours happen every Tuesday in Kamloops and alternates between the North and South shores.
7. Open Houses: Some agents will hold open houses at your home. This allows for your home to be exposed to potential buyers as well as allow your Realtor to network with potential buyers.
8. Price Adjustment: There may come a time where you will have to consider adjusting your list price. This market adjustment or price reduction will help refresh your listing and create more excitement about your property with buyers. With the current market, it is important to revisit price adjustments regularly in order to remain competitive.
9. Contract to Purchase: Once a buyer makes an offer. Your Realtor will assist you in negotiating the terms and conditions reagrding the sale of your home. For full details about how a Contract of Purchase and Sale works from initial offer to completion click here.
11. Accepted Offer, Subject Removal, Completion & Possession: Once an offer is accepted, the buyer starts to remove subjects such as a home inspection, financing etc. Once the subjects have been removed the offer is considered ‘firm’ and the next step is completion and possession. Completion is the date negotiated in the contract to purchase where the monies and legal documentation is completed and transferred. Possession is the date that the buyer gets the keys to their new home.
As stated earlier, Realtors use a variety of techniques to sell a home. This is why it is important to interview a couple of agents to find the right one for you. Go with your gut feeling, it is often right! If you have any questions please give me a call. I would be happy to help you.
This beautiful 3,200 square foot two storey home with a full basement is located in a cul-de-sac in desirable upper Sahali. This home has three bedrooms on the top floor and one in the basement. There are two full bathrooms, one two piece bathroom and one three piece ensuite.The master bedroom is huge, boasting a large walk-in closet and a private balcony. There is oak hardwood floors throughout the main floor.
Other great features include three gas fire places, built in book cases, main floor laundry, two car attached garage and five appliances. Beautifully landscaped yard with lush gardens, underground sprinklers and numerous trees provide considerable privacy.
Located on the desirable Sunhill Court near to the popular Sahali Coach Hills and Albert McGowan water park. The elementary school is within walking distance and Sahali Secondary school is a short drive away.
The lower Sahali area has numerous places to shop as well as a variety of restaurants. Click here to find out more about upper and lower Sahali.
For further information about this property or any other homes for sale in the Kamloops areaclick here.
The Globe and Mail recently published an article detailing what they called “Canada’s dirty subprime secret”. They looked into over 10,000 Canadian foreclosure proceedings and uncovered a subprime mortgage problem that many (including PM Stephen Harper) claimed does not exist in Canada. Here are some of the main points of the article. Some readers claim the article is fear-mongering and exaggerating the situation while other readers claim that we haven’t seen anything yet. I will let you form your own opinions. I would love to hear what you think. You can view the entire article by clicking the link at the end of this post.
– Data from both B.C. and Alberta governments and two private companies that specialize in tracking foreclosure proceedings show that lenders are foreclosing on homes at an “alarming rate”. – More than half of foreclosures in 2008 were initiated by a number of subprime lenders who targeted riskier borrowers with poor credit histories. – Thousands of homeowners borrowed more than they could afford and lenders lent money too easily. – The number of unsold homes in Canadian cities is building which has ultimately depressed the value of homes of even people who haven’t overextended themselves. – Canada does not report court ordered sales or foreclosure numbers like the USA which uses the data to gauge it’s economic health. In Canada it is hard to get these detailed numbers. – In B.C. and Alberta private companies collect foreclosure data from the courts. Ontario handles their foreclosures through a process known as “power-of-sale which effectively removed the issue from the courts and shielded the scope of the problem”. – Canada’s real estate sector has not suffered as much as the USA. – It was common in the past couple years to hear companies who had relaxed lending practices state “We say yes when the banks say no” and “No income verification”. – We do have a subprime problem in Canada, lenders significantly reduced their lending standards over the past five years. – Vancouver courts are overwhelmed with the flood of foreclosure applications. It now takes six weeks to process an order vs. one day six months ago. – Subprime lenders “trashed the market”. These lenders gave loans that no sound financial institution would touch. – Many wealthy individulas offered private high-interest-rate mortgages to homeowners who already had high debt and are now foreclosing on the properties at lower values than projected. – Canadian government agencies don’t publish numbers on the scope of high-risk lending also banks and other mortgage lenders don’t disclose details about these loans know as “non-conforming” loans. – Until the early 2000’s: subprime mortgage lending was often done by private investors or mortgage lenders who would take a gamble and charge high interest rates to home buyers who didn’t meet conservative lending requirements. This was a very small percentage of mortgage lending. – Mid 2000’s: this small percentage mortgage lending changed into the fastest growing segment of the country’s mortgage market. This brought aggressive U.S. mortgage lenders to the Canadian real estate market which happened predominantly in the west. – The mentality was as long as real estate values continued to increase the lenders were not taking on a high amount of risk because they could always foreclose homes and sell at a profit. – Aggressive U.S. mortgage insurers that were approved by the Canadian federal government in 2006. These mortgage newcomers further minimized their risk by selling mortgages to entities that sold securities backed by mortgages to investors. – Benjamin Tal, an economist with CIBC world markets was one of the first to sound the alarm. He published a report in late 2006 that estimated subprime loans were growing at a “meteoric” annual rate of 50 per cent by the end of 2006, becoming the fastest growing segment of Canada’s mortgage market. – In 2006, Mr. Tal estimated more than 85,000 Canadian homeowners had subprime loans. – Late 2007 easy money and soaring real estate prices tempted many borrowers and lenders into viewing homes as cash machines. Numerous second and third mortgages at high rates of interest were taken out to fund a lifestyle that was not financially responsible.
Here is an article published today by Derrick Penner of the Vancouver Sun.
Sales in British Columbia’s real estate market so far in 2008 are about half of what they were a year ago, although the pace has risen from a particularly dismal low point, according to the British Columbia Real Estate Association.
In February, B.C. recorded 3,653 sales through the Multiple Listing Service, down almost 47 per cent from February 2008. The average property price of $421,023 was down 12 per cent. Over the first two months, B.C. saw 5,768 sales, down 51 per cent from the same period in 2008. The pace of sales, however, increased 17 per cent in February, association economist Cameron Muir said in an interview, to a seasonally-adjusted annualized rate of 47,000 sales from the low of 40,200 units in January.
Recreation-oriented markets such as the Okanagan, Kamloops, Kootenays and Vancouver Island — which boomed in recent years due to an influx of wealthy Alberta buyers — are seeing some of the steepest declines. “That’s not surprising,” Muir said. “Recreational-property and investment buying decisions are much more easily put off.” Alberta is suffering its own economic contraction with consequent job losses, and Muir said Albertans have seen their property markets and values decline, curbing their enthusiasm for discretionary purchases.
The Okanagan Mainline board, which includes Kelowna, saw 230 MLS sales in February, down 60 per cent from the same month a year ago. The region’s average price of $276,776 was down 28 per cent from February 2008.
In Kamloops, MLS sales plummeted by almost 60 per cent to 92 units compared with the same month a year ago. There, the average price was down almost 14 per cent to $277,088.
The South Okanagan board, which includes the summer hot spots of Osoyoos and Penticton, saw sales drop almost 59 per cent to 61 units in February. The average price dipped just over 10 per cent to $283,634.
Vancouver Island saw its sales dip almost 50 per cent to 328 units compared with February 2008. The average price was down just over 11 per cent to $291,085.
Muir said that given the weakness of B.C.’s economy, he would expect real-estate sales levels to be similar to those during the downturn of the late 1990s. He said that means there is room for more activity in the market from current levels, which mirror the recession of the early 1980s. He said buyers are being drawn in by declining prices, and low mortgage rates have helped reduce the carrying cost of an average home to a three-year low. However, Muir still expects 2009 sales to drop from 2008 levels and has forecast that the decline will be about nine per cent. “A rebound in home sales [in 2009] over past highs is not on the radar,” Muir added.