A Brief Review for 2015

Lake McGregor Country Estates has seen some positive moves in 2015. While the real estate market has still been fairly soft, the community association has gained some traction, and this sees the resort moving into a more positive direction coming into 2016. The community association has elected a new board of directors, and they are working more directly with the developer, and taking what seems to be a more hands on approach. Owners at the resort seem to be more positive in their thinking about how the resort is moving forward now, compared to just one year ago. There is new management, and a whole new attitude shedding some sunshine on what seemed to be a dreary outlook not so long ago. We have all heard the statement that "Attitude is everything", and I think that this situation is a prime example. A more positive outlook, shining a more pride of ownership at the resort, is going to trickle down through to each of the lot owners, and I feel that this is going to help the marketability of the resort. Looking forward to 2016!

Boil water advisory lifted

There was a boil water advisory at the resort for a while. This was due to an extended power outage, which effected the water treatment plant. However, an email was received this morning and everything should be fine now. It is suggested that everyone should run their taps for about 5 minutes or so to make sure that all the water coming through now is the good stuff!

As the summer makes way for the fall

Over the past summer there have been some changes at Lake McGregor Country Estates. There have been a few cottage sales, and an RV lot or two. Yes, the market is still slow. When I say that, I mean the recreational property market. I know that there are some people who may object to that opinion, and that it is just the market at this resort that is hurting, but here are the facts - last month in the publication of the Calgary Real Estate News, the recreation property section was one page. One. The recreational property section in the edition run before that (I cannot recall off hand how many months ago that was), Magnuson Realty Ltd. ran an ad in it, and we were the only ones in the recreational property section. I have access to sales in the area and I can show anyone exactly how many, or perhaps how few would be a better term, sales have taken place at not only Lake McGregor Country Estates, but also Little Bow Resort, and other recreational areas in our county. One thing that I am excited to see at our resort is a change in attitude. The community association is having a special meeting tomorrow to elect representatives to the board, and a representative for the developer will be present. This is looking to be a much more professional association, bringing a much more positive outlook to Lake McGregor Country Estates. I feel that this is going to help uplift the community there, and perhaps this will bring more interest to our resort, and to those who already own there, give them a greater sense of pride!

Rain!

The past few days have seen some good bouts of rain come through the resort. This is sure is good news for the farmers, and those who are fighting fires around the province. Might not make for the best camping weather, BUT at least we have the clubhouse at the resort! Still swimming indoors, hot tub, sauna, games room, teen games room, and plus there is the lounge to sit back and relax, and listen to the rain coming down.

A Sign of the Times

In 2015, there have been two cottages sold so far this year at Lake McGregor Country Estates. The two cottages, in my opinion, have sold because they were both good quality dwellings, and to build something like them at the resort now, it would most likely cost more than what these two cottages sold for. The Alberta economy is not as strong as what we are used to, and it is spreading throughout different areas of the province. There are people building at the resort who own recreational property in what used to be a "hot spot" in the province, but they are finding it difficult to sell up there. I have had calls from other owners at the resort, wondering what prices cottage lots are selling for, thinking that it might be time to unload their own lot(s). My response is that the lots aren't selling. Once again, I think that there are buyers out there, but they are like vultures, waiting to swoop down on someone who is ready to get rid of their property at a discounted price. It is a tough market for sellers.

Challenging times if you are trying to sell

My brokerage has recently compiled statistics over the past 5 years regarding sales of cottage lots in Vulcan County. If you are in the market to sell your cottage lot, it is a bit concerning. Between Little Bow Resort, Milo Estates, and Lake McGregor Country Estates, the average number of cottage lots selling each year is 4.6. There was a recent article in a Canadian real estate magazine, stating that the recreational property market in Canada is picking up. That caught my eye so I read further. The article pointed out that this upward trend did not apply to Alberta and parts of British Columbia. That was a bit of a kick to the stomach, but I guess we already knew that the market is still soft (perhaps much like my stomach!). Patience is a virtue, and it applies here. And when you do get an offer on your property, decide whether it is worth the money to hold out for the price that you really want your property to sell for, or are you ready to just be done with it and move on. Buyers are usually pretty smart, and they are looking for a bargain. For example, a couple of weeks ago, I showed cottages to a couple. We looked at most everything that was available for sale at the resort. They purchased a cottage from owners who were aware of the current market conditions, and were ready to take their loses and move on. The buyers are happy that they got a deal, and the sellers are happy now that they can move on with their lives. It should be noted, that during challenging markets, there are buyers out there. They are more like vultures, ready to scoop up a deal.

Interest at the lake so far in 2015

In 2015 so far, there have been a few people out looking at properties at Lake McGregor Country Estates. The comparison between people looking at cottage lots and RV lots is almost 50/50. With the unfavourable outlook that economists have been having, it may end up being a slower year for sale this year. Then again, we tend to "buck the trend" anyways, so I hope that this trend continues and we have a better than average year. Currently, there are about 5 cottages for sale on the MLS system, with one or two more coming up. There is one RV lot for sale, and a few other RV lots with units on them. Those numbers may pick up as people come back from their "winter hibernation", but the goal is get some sold signs on those properties as the grass starts to green up. This way the sellers can move on, and we get some new families enjoying life at the lake!

The market so far in 2015

The price of oil has dropped and that has some people nervous. If you are not planning on buying or selling, it really does not mean a whole lot to you with regards to the recreational property market. However, I do have clients who have had their property on the market for some time already, and with the falling price of oil and talk of a recession, they are dropping, or considering dropping their list price. They are even more motivated to sell now and are willing to drop their asking price to get their property sold. This, on top of the already slow recreational property market, could make for some good buys for those looking to "buck the trend", and purchase while people many people are selling. Could make for a very interesting spring market!