Fall 2017

As many owners at the resort have winterized their dwellings, things are slowing down at the resort. Mind you, with the last blast of chinook weather, there may be a few people coming out this weekend to enjoy some fresh air. The snow is almost all gone, and the lake has opened up again, as the ice melts. (Probably not good news for the ice fishermen) Sales activity at the lake continues to be weak, but that is expected for this time of the year.

Still Deals to be Made

Over the past month or so, there have been a couple of cottage lot sales. These are properties that have been on the market for years, one as long as seven years. It is nice to see them finally sell. The sale prices were much lower than what was asked for when they were first listed. Back then, the market had reached a high and was just starting to fall off. Hence, the sellers are disappointed as to the price point where they had to sell, but they are also relieved in that their lots finally sold. So now those sellers can move on, and we have new owners who are anxious to begin a new chapter of their lives at the lake!

Feedback on Listings

It seems like not that long ago, when an agent showed someone your property, there was an unwritten rule that you would receive feedback on the listing. Sometimes it was helpful. For example, they might say that the potential buyers were concerned with spots on the bathroom wall and think that there may be mould issues. The seller could then address the issue however they chose to do it. (treat the spots, as they may not have noticed them before, or let the buyers know that you had already seen them, had the spots tested, and found out that the kids had just been colouring on the walls!) There was more communication. Today, however, as a seller's agent, we are lucky if we get feedback on 50% of our listings. Buyer's agents do not have to give any feedback whatsoever. This may sound a bid rude, but our real estate "higher ups" decided that if a buyer's agent gives feedback, it may put them at a disadvantage during the negotiation process. For example, if the buyers say that they like the house, after being asked for feedback. They say that it showed well and that they are interested. When it comes time to negotiate on an offer, the buyers submit a low offer, stating that the house "needs a bunch of work". But they said it showed well and they seemed to like it, after they had viewed it! Wait a minute. Were they just telling us stories after they view it, or are they just now trying to say that the house magically turned from being nice to becoming a "fixer upper"? Hence, the distrust can start before the negotiations really get going. Do I give feedback on properties that I have shown? Yes, with my client's permission, and sometimes it can be very vague feedback, but at least it's something. I find that sellers want to hear something. "They do not like the colour scheme". "The garage is too small." "The house shows very nice. Very modern looking." "My clients are just starting to look and want to see more properties before they make a final decision." It can be a bit of a grey area at times. A little frustrating too. Then again, sometimes buyers give feedback that the sellers may not like. "The place is a tear down. It needs too much work." I have had that when the agents just finished renovating! They were not too happy to hear that. No one wants to hear someone tell them that their place is a dump, or that someone thinks that their workmanship is subpar. At times, we need to be careful what we ask for because we may not like the answer. And if someone who said that your handyman work is crap puts a low-ball offer on your home, that can make for hurt feelings and the negotiation process may not go so well. My point is, if you want feedback on your listings, you may not always get it, AND, be prepared, because if you do get feedback, you may not like what you hear.

Establishing boundaries - Real Property Reports

Establishing boundaries - click on the link to read the article.

Lake McGregor Country Estates - not for overnight campers

If you are looking for a spot to camp for the night, or for the weekend, there is a public campground at the north end of McGregor Lake by Milo. As for Lake McGregor Country Estates, if you want to camp there, you must be registered by an owner at the resort. Yes, there was a time when "potential buyers" could stay at the resort for the weekend to see if they liked it there, liking it enough to possibly purchase. However, that is not the case anymore. Thus, the person who called me earlier today looking to camp on the weekend and check out the cottage lots, that is not permitted anymore. If you want to come look at the cottage or RV properties, we can set up a time to meet at the resort and view the properties. But, unlike 5-years ago when they were last out, you cannot just come out camping to look around. This incentive may have been abused a time or two, me thinks. IF you do know an owner at the resort and you would like to book a spot, please contact that owner and there is a website strictly for owners, where they can book you in.

Cottage Lots vs RV Lots

Lake McGregor Country Estates has both RV and Cottage lots at the resort. I have had people ask me several questions about these lots. First of all, each of the cottage lots has water, sewer, natural gas, electricity, and telephone services to the property line. The RV lots have water, sewer, electrical and telephone services. These are deep serviced lots, so if a person wanted, the RV lots could be used year round. For the RV lots, any RVs being brought in that are older than 11 years of age, need permission from the developer. Once the RVs are here, there is not much wear and tear, so it has not been an issue. NO, RVs are not permitted on the cottage lots, as set out in the bylaws. Why are the RVs more expensive than some of the cottage lots? All of the RV lots have been sold at least once, whereas not all of the cottage lots have been sold yet. The developer still owns the smaller, interior cottage lots. Basically, it is a supply and demand situation. The owner of each lot, whether it be a cottage lot or an RV lot, pays $150 per month community association dues. This fee covers water, sewer, and garbage services, as well as use of the clubhouse, marina, and boat storage areas. If you have any other questions, please let me know.

What to expect in 2017?

The real estate market has been soft over the past several years at the resort, (well actually recreational property in Southern Alberta period) so what do we think is going to happen this year? Well, there are going to be people who want to sell, and many of those people have been trying to sell for over 12 months now. There are also going to be people who will want to buy. Those potential buyers are going to be picky, and most likely, are not going to be in a hurry. They will be able to take their time to shop around. This is where sellers are really going to have to stand out from their competition (other sellers), in order to catch the buyer's attention. Sellers are going to have to have their property looking WAY above average, and they are going to have to be VERY competitive on their pricing. Any buyers now, who are looking for recreational property, have likely been saving their pennies, or I guess we should say nickels now (pennies are no more), and those people have been very cautious with their money. They did not ride out this downturn in the economy with some disposable income in their pockets by spending carelessly. They are smart and they do their homework. They will know a good deal when they see one, and they know when properties are priced too high, and when a property is ripe for the picking. Buyers, this is your chance to shine, with not much competition on the market...yet. Sellers, if you really want to sell, it can be done. Are you ready to work for it?