Top 5 Preferences for Kitchen, Bathroom, and More

According to the National Association of Home Builders’ Consumer Preferences survey, these are the features most in demand among today’s buyers.

Top 5 Kitchen Features

1. Walk in pantry: 86 percent
2. Island work area: 80 percent
3. Special use storage (custom made for appliances): 66 percent
4. Built-in microwave: 72 percent
5. Drinking water filtration: 69 percent

Top 5 Bathroom Features

1. Linen closet: 89 percent
2. Exhaust fan: 88 percent
3. Separate shower enclosure: 79 percent
4. Water temperature control: 79 percent
5. Whirlpool tub: 66 percent

Top 5 Specialty Areas

1. Laundry room: 92 percent
2. Dining room: 81 percent
3. Home office: 71 percent
4. Den/library: 63 percent
5. Sun room: 53 percent

Top 5 Decorative Features

1. Ceiling fan: 83 percent
2. Built-in shelving: 70 percent
3. Window seats: 51 percent
4. Woodburning fireplace: 48 percent
5. Gas fireplace: 48 percent

Top 5 Community Features Preferred

1. Walking/jogging trails: 49 percent
2. Park area: 46 percent
3. Outdoor swimming pool: 39 percent
4. Lake: 34 percent
5. Playgrounds: 32 percent

Provincial real estate sales down by one-third in 2008

The British Columbia Real Estate Association reported today that the decline in real estate markets didn’t just affect the Lower Mainland phenomenon in 2008 as the province as a whole saw sales drop by one-third .

Realtors recorded 68,923 sales across B.C. through the Multiple Listing Service, their lowest level since 2000, the BCREA said, when the province recorded 54,179 sales.

The average home price over the 12 months of 2008 was $454,599, a 3.5-per-cent increase from 2007.

BCREA chief economist Cameron Muir said the average price peaked in March at $483,291, and fell 11 per cent to $429,210 in December.  And that $429,210 average is six per cent lower than the average price in December, 2007.

Nine Real Estate Trends in 2009

According to an article published by RISMedia, there are nine real estate trends to watch this year. While specific to the Chicago market I think they are common to many cities in North America.

1. Less, With More. Single-family homebuilders are predicting the continued movement toward smaller homes, with many buyers opting for less square footage as a means of saving more, said Jim Chittaro, chief financial officer for Naperville-based J. Lawrence Homes. “Rather than paying more for square footage, they’re taking inventory of how much home they really need and deciding to go with a “quality over quantity” approach and adding features like a spa bath or gourmet kitchen that they’ll enjoy for years to come.”
2. The New American Dream. Homeownership has long been considered one of life’s benchmarks, so much so, that the concept earned the moniker, “The American Dream.” However, in today’s economic climate, realizing that dream is no longer an option for many people.
3. Urban Suburban. For years, a new-construction home in the suburbs meant moving into a cookie-cutter subdivision. But according to many suburban developers, their focus going forward won’t be simply building homes, but entire downtowns complete with residential, retail, restaurants and more.
4. Condo-MAX-iums. According to the National Association of Homebuilders, the average single-family home is 2,456 square feet. However, Chicagoland’s developers have noticed buyers – from young families to downsizers – are looking for the same amount of square feet when buying a condominium. “What we’re finding is that downsizers don’t really want to downsize at all. They’re accustomed to the design of a single-family home and don’t want to sacrifice space,” said Bob Horner, co-principal of Winthrop Properties. “Rather, they seek the maintenance-free lifestyle and single-level living offered by a condo.”
5. Online Toolboxes. According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84% of buyers use the Internet to search for a new home. Taking a cue from these findings, leading Chicagoland residential brokerage firms will be taking their services a step further by enhancing their sites with user-friendly Web tools that do much more than list homes for sale.
6. Common Ground. In the city, where green space is as high in demand as a parking space, some developers will start going the extra “yard” to give Chicagoans more outdoor community spaces.
7. The Sure Thing. With the real estate market in turmoil, buyers will be betting on the sure thing, said Ibrahim Shihadeh, co-principal of Winthrop Properties, developer of Printers Corner in the South Loop. “With our building complete and immediate move-ins available, sales momentum has been strong,” he said. “We’re one of the few buildings in the area ready for move-in. Until things smooth out a bit, buyers will continue to opt for developments that are complete or nearly complete rather than risk something that won’t come to fruition or won’t be as it was promised.”
8. The Resurgence of Rowhomes. Dating back to colonial Philadelphia and Boston, the rowhome is a hallmark of traditional city living. But at Port Clinton Place, a new-construction for-sale community in Vernon Hills developed by Opus North, and the Residences at the Grove, a 294-unit luxury rental community in Downers Grove, managed by RMK, even suburban residents will be enjoying the urban flavor of this classic housing style. “Rowhomes were born out of practicality, as their shared walls made it possible to fit more homes in densely-populated urban areas. But today, many suburban buyers are choosing these homes for their urban style and overall aesthetic appeal,” said Andrew Lockwood, real estate director for Opus North. “It’s a housing style that’s particularly appropriate at Port Clinton Place, which is part of a redevelopment plan to revitalize downtown Vernon Hills. Eventually this area will be a lively town center, much like the city neighborhoods where rowhomes first became popular.”
9. Creating Community. Many developers today are taking strides to form a sense of community among new residents before their homes are built – a trend that is expected to continue into 2009.

U.S. homes set to lose over $2 trillion in value during 2008

According to analysis of recent Zillow Real Estate Market Reports, home values declined 8.4% year-over-year during the first three quarters of this year, compared to the same period in 2007.

U.S. home values lost $1.9 trillion from the first of the year through the end of the third quarter, and were likely to fall further in the fourth quarter, leaving approximately 11.7 million American households owing more on their mortgage than their homes are worth. One in seven of all homeowners (14.3%) were underwater by the end of the third quarter.

Wealthiest Postal Codes in Vancouver

Rank	Postal code	Local community area	City	Reporting population	2008 average property value	2006 median employment income	2006 average employment income	2006 average total income
1	V7W	Eagle Ridge/Glen Eagles/Caulfield	West Vancouver	6,210	$1,270,980	$38,006	$71,886	$118,602
2	V7V	West Vancouver Waterfront	West Vancouver	11,550	$1,910,752	$29,274	$51,861	$92,962
3	V6H	Shaughnessey East	Vancouver	15,110	$2,291,039	$39,597	$49,971	$71,943
4	V6R	Point Grey	Vancouver	13,160	$1,778,214	$36,000	$50,571	$76,337
5	V6J	Shaughnessey West	Vancouver	15,510	$2,291,039	$38,324	$45,092	$66,144
6	V6N	Southlands	Vancouver	10,340	$1,592,514	$30,929	$51,117	$80,208
7	V7G	Deep Cove/Dollarton	North Vancouver Dist	8,040	$862,920	$40,248	$51,001	$66,156
8	V7S	British Properties/Cypress Park	West Vancouver	7,800	$1,600,182	$29,250	$46,958	$86,625
9	V6S	UBC South	Vancouver	6,150	$1,592,514	$35,238	$45,154	$63,156
10	V6Z	Downtown South	Vancouver	11,260	$1,244,433	$38,397	$44,740	$61,462
11	V7R	Capilano	North Vancouver Dist	10,740	$936,892	$34,595	$46,068	$67,016
12	V6K	Kitsilano	Vancouver	17,510	$1,238,133	$38,625	$43,101	$56,550
13	V5Z	South Shaughnessy	Vancouver	16,440	$2,291,039	$36,880	$36,876	$53,683
14	V6E	West End	Vancouver	18,690	$907,630	$33,652	$40,138	$58,576
15	V7T	Park Royal	West Vancouver	6,700	$1,218,808	$26,182	$39,768	$64,993
16	V6M	Kerrisdale	Vancouver	12,970	$1,417,410	$26,896	$35,344	$63,031
17	V6L	Arbutus Ridge	Vancouver	8,030	$1,414,730	$29,193	$35,730	$57,966
18	V7N	Upper Lonsdale	North Vancouver Dist	10,680	$893,529	$31,724	$39,448	$56,003
19	V7K	Lynn Valley	North Vancouver Dist	8,700	$764,908	$36,531	$39,315	$50,504
20	V7H	Blueridge/Seymour Heights	North Vancouver Distr	8,830	$807,933	$32,077	$39,149	$54,413

Helping the U.S. Housing Market – How Much Is $700 Billion Anyways?

The proposed financial bailout package being considered by lawmakers will come at a cost of as much as $700

Too little, too late?

billion.

To put it in perspective, using numbers from the U.S. Census, the $700 billion is equal to:

• About $2,300 per American
• About $6,000 per U.S. household
• About 85 percent of the New York State economy
• The combined economies of all U.S. states beginning with the letter “A”: Alabama, Alaska, Arizona, and Arkansas; plus Oklahoma.

The tally for all the various rescue measures launched by U.S. authorities this year runs to about $1.8 trillion. The $1.8 trillion is equal to:

• About $6,000 per American
• About $15,500 per U.S. household

Source: Reuters News (09/21/2008)

4 Tips for Selling a House in a Buyer’s Market

House prices are falling across Canada and there are more homes for sale than there are buyers. That’s bad news for sellers, because buyers feel free to make lowball offers and then just wait. It’s a buyer’s market, but don’t despair.

1. Face Reality and Then List Your Home

A successful home sale begins before the house is listed…when you come to grips with the fact that you are probably not going to get as much for your house as your neighbour did 2 years ago.

In a falling market, if you have to sell, you need to have the best possible product out there at the price it should be.  Not what you wish you could get, not what the neighbor got two years ago, but at the price you should get now. That’s the reality.

2. Scope out other houses for sale.

The most important thing is to compare your home to the competition on the market at this point in time.

Get out in the car and spend a weekend looking at everything you can. Visit some weekend open houses. Just get a feel for what your buyers are looking at. Visit newly built houses and find out which amenities and incentives builders are offering. Eavesdrop on other visitors to open houses to find out if there’s something in particular they’re looking for — something you should do to make your house more presentable.

3. Make it move-in condition.

Your house has to be at it’s best when buyers have a lot of houses to choose from. Generally buyers do not want to buy a house that needs a lot of work unless it’s an absolute bargain. You have to take away all their opportunities to say no.

Last year when buyers outnumbered sellers, you could get away with selling a house with ratty carpet, smelly furniture and walls that need painting. But that was then and this is now.

You may even want to hire a house inspector before putting the house on the market so you know now, and fix it.

4. Price realistically.

Don’t get greedy.  Just because home prices grew almost exponentially over the past decade you have to be realistic that there has been moderation in the market.  There have not been this many houses on the market for almost a decade!

It takes research, often conducted by a real estate agent, to come up with a realistic asking price, and discipline to abide by it.

It’s important that you, as the seller, understand the dynamics of pricing your home. Don’t go into it thinking there is a sucker born every day because most people are represented by a Realtor who will advise them not to pay more than a house is worth.

In a seller’s market, sellers typically ask for 10 percent to 20 percent more than they expect to get, but in a buyer’s market 3 percent to 5 percent more than you expect to get is more realistic. Setting an aggressive asking price attracts more prospective buyers to your door, discourages lowball offers and saves negotiating time.

Perfect Home for Pets???

There is a house for sale on a web site called Redfin that caught my interest, but I’m worried about the shape of the backyard with such a large pet.

This is the actual photo of the eating area:

Magnifying glass??

Here is the actual listing. Click on the photo for a larger image:

4 Housing Upgrades That Don’t Pay

Before you dive into a major renovation project to give a house your special signature, consider how long you’re likely to stay.

“Where a lot of people get into trouble is that they go into a home that they’re only going to be in for a relatively short period of time, and they start doing renovations and additions that are sort of on their fantasy list, but that they’re not going to be there long enough to really enjoy,” says Jeff Beneke, author of more than a dozen home improvement books, including his most recent title, “The Fence Bible.” “And when they turn around to sell, they’re just not going to get their money back.”

Here are four reasons to proceed with caution, particularly if you want to maximize your chances of a profitable resale later on.

1. High maintenance
If your upgrade requires too much upkeep, buyers may view it as more of a nuisance than an asset.

A prime example is an in-ground swimming pool, which can cost a small fortune to install, secure, heat and clean especially in a location where the season for outdoor swimming is much shorter, a pool can be a risky investment.

Tim Carter, the syndicated columnist from askthebuilder.com, says homeowners often assume that a swimming pool adds value to a home. “But if you talk to real estate brokers, some people may not look at a home that has a swimming pool because they think it’s a liability,” he says.

2. Overdressed
Don’t make your house look like the guest who wore a ball gown to a picnic. Luxurious amenities can be a good selling point, but only if they blend in with rather than outshine what the neighbors have.

“Buyers are becoming more and more savvy, and they understand that having the nicest home in the neighborhood can be a bad thing when it’s time to sell,” says Columbia, S.C., Realtor Brandon Hoffman.

“A lot of times, if an owner over-improves for the value of the neighborhood, they won’t get their money back. It can also make the home more difficult to sell at fair market value.”

“One of the biggest-ticket items anybody does in remodeling is the kitchen,” Beneke says. “From a resale standpoint, I think it’s crazy to start drawing your kitchen remodeling ideas from high-end home magazines.” Instead, Beneke suggests getting a peek at some of your neighbors’ kitchens.

“If the kitchen remodels in your neighborhood include moderately priced cabinets and something other than expensive granite countertops, then you’re taking a chance if you go the more expensive route,” he says.

3. Too personal
You remake a cookie-cutter house in the image of your own exquisite taste. Nothing wrong with that. Just don’t be surprised if your masterpiece is under-appreciated at resale.

A vacation in Tuscany inspired a $160,000 makeover of the interior of one Las Vegas home with travertine floors, exposed weathered beams, stone walls and murals painted by a local artist.

When the seller got divorced 18 months later and put the home on the market, Realtors told him some house hunters turned to leave as soon as they stepped inside the front door. One even called directly to offer $100,000 less than the asking price as compensation for having to tear out all the changes if he bought the place.

They did sell the house after repainting the walls a neutral color — including painting over the more personal of the two murals — and making some other adjustments. The seller has no regrets about the renovation, though he admits it was “way overdone.”

“And any time you deviate, no matter what the improvement is, from what is a fairly traditional, single-family house, you run the risk of improving in a fashion that will not lend itself to additional dollars.”

4. Unpopular
If no one else on the block has a room like the one you’re adding, or all the other houses boast the very feature you’re getting rid of, watch out.

For example, although converting your garage into an office, bedroom or playroom can be a less expensive way to add square footage and create more living space, it can have drawbacks. Potential homebuyers might miss the sheltered parking more than they welcome the additional room, especially if other homes in the neighborhood have garages.

Finally, Beneke offers a useful tip for whatever type of home renovation you may be contemplating.

“I always suggest that before you do anything in a house, you live in it for a while,” Beneke says. “I’ve gone through this myself. I write about home improvement, but I also fix up old houses. Typically, when I move into a place, I prioritize what needs to be done, and I’m always amazed a year later when I go back and look at that list, how much it’s changed.

“Having lived in the house, you start discovering that you might have problems that you didn’t realize were problems before … but often things that you thought were problems have faded in importance. Just living in a place can help you get a much better priority list in order.”

North Shore Summer Concert Series

Thought you would like to know:

10th Annual Evenings in Edgemont
Fridays, July 4th – August 22nd 7-9 pm
Edgemont Village, North Vancouver
www.northvanrec.com www.hellobc.com

Lonsdale Quay Summer Concert Series
Sundays, June 29 – August 31 1-3 pm
South Plaza – Lonsdale Quay, North Vancouver
www.lonsdalequay.com

16h Annual Concerts in the Cove
Fridays, July 11 – August 15 7-9 pm
Panorama Park, Deep Cove, North Vancouver
www.northvanrec.com www.hellobc.com

Cates Park Concert Series
Mondays, July 7 – August 18 4-7 pm
Cates Park, North Vancouver
www.musart. ca www.hellobc. com

Sager Anderson Sunset Concert Series
Friday August 1 tol Sunday August 10 7:30 pm
John Lawson Park, West Vancouver
www.harmonyarts.ca

Daytime Fountain Concerts
Saturday August 2nd – Sunday Aug 10 1-5 pm
Park Royal Fountain Stage, Ambleside Landing, West Vancouver www.harmonyarts.ca

Concerts by the Sea
Sundays, July 6 – August 31 7-9 pm
Ambleside Landing, West Vancouver
www.westvancouver.net