How strong is the recreational property market?

The recreational property market has been soft over the past couple of years. So what is going to happen in the upcoming year? Good question. Here are a few facts: Lake McGregor Country Estates was the busiest spot for construction last year with 12 new cottages at the resort. Buyers like to see activity, not stagnant lots, so one would expect that to help things out a bit. Personally, I think that if we can get one or two sales going early in the year, it will start a bit of a trend and the market will pick up. The residential market gained strength last year, and the recreational property market is 12 to 18 months behind that, traditionally. Plus, Magnuson Realty Ltd. is starting to advertise the resort on the radio in March, so more exposure is going to help.

"What's with this offer? I am not going to GIVE my place away!!!"

Markets go up and markets go down. It is a cycle. I hear this from economists, my university professors, and many other so called experts. It happens. So what do you do when you purchased an investment, such as real estate, when it was at its peak, and now the market is down...but you don't want to "give it away". That is certainly a question to ponder. Just because your neighbour sold a couple years ago for X amount of dollars, (and of course your place is much better than the neighbours) it does not mean that yours will sell for more than what he sold for, or even for an equivalent amount. The current market value is what a buyer will pay for a property today, without any outside interference (such as a bitter divorce, foreclosure, or something like that). Consider this example - say I purchased a cottage at the lake back in 2007 for the family. I paid $300,000 for a cottage, which was a heck of a deal at the time. Over the years, I have kept it up, fixed up a few things, and it looks just as good now, if not better, than when I purchased it. Now, though, my kids are past the stage of wanting to come to the lake with mom and dad, and we hardly ever go out there. Thus, I want to sell. I have heard that the market has been soft over the past couple of years, so I am prepared to not go overboard with the list price, but "I am not going to give it away either". What exactly does that mean??? Of course, I am not going to give it to the next buyer that comes out of the woodwork. "Giving" means you transfer possession without any compensation, at least in my opinion. (I am not sure what the dictionary says, and frankly, I am on too much of a roll to care) The question should be, "How much of a loss am I willing to absorb if I get a low offer?" Perhaps I have a mortgage to pay off, so I am limited that way, as to how much I can sell for. Or, perhaps I am just too pissed off to take that much of a loss on my investment. Welcome to the real world! If I am not ready to take a loss, then I should not be trying to sell my property in a soft market. However, if I really want to sell in a soft market (sales are slow, not much competition among buyers) I need to decide what my priorities are - am I ready to take a loss? how much? How long am I ready to sit on the property and pay taxes, utilities, and whatever other fees (condo?) that come along with it? Sitting on a property costs money too, unless say you have a vacant lot. No. wait. Property taxes. And then maybe there is the stress of maintaining a second property. How much is this all worth to me? To my family? Oh, and just because cousin Joe who lives at the other end of the country, who is in a different market, and different market cycle, is experiencing a hot marketplace and can't BELIEVE your place hasn't sold yet, doesn't necessarily mean that he had better luck, a better real estate agent, or better knowledge of the market. If he knows the market, he knows it cycles, and that just because the market is hot there, much like the weather, does not mean that it is hot here. Oh, how the experts come out from nowhere and can tell you what you have done wrong, what you should do, and "Boy, it that was me, I sure would have done things differently." Just smile and nod, and walk away. When you want to sell, check out the local market. Check with a LOCAL agent, who knows the market where your property is at. You will get all sorts of advice from everyone, but LISTEN to the local agents, local business owners, and consider what they have to say. Then, look at your own scenario. If the market is not in your favour, consider whether now is a good time to sell or not, and if you still want to sell, look carefully at your options. Of course you are not going to GIVE it away, but maybe, just maybe, the best thing to do would be to take your losses, and then be done with it. Finished. And then walk away and not worry about it anymore. I had that real life scenario happen to me. I listed my own place too high, letting it sit on the market with very little action, still paying taxes and utilities, and driving a couple hours each week to take care of a house I no longer lived in. I dropped the price. When I finally got an offer, I cringed. It was lower than what I wanted. However, it was an offer and it was in writing. I accepted it. Didn't like it, but I did. When the deal went through, my wallet was not as heavy as it should have been, but I was relieved that I no longer had to worry about this property anymore. I am not saying that my decision is right for everyone, but it worked for me. Just something to think about...

Merry Christmas!

I just want to wish everyone a Merry Christmas and a healthy prosperous 2014!

Here is My Wish List for Lake McGregor Country Estates

When I say here is MY wish list, I mean MY wish list - only my opinion, so please do no blame anyone else Santa! 1) I would really like to see a nice year weather wise at the lake, much like we had last year 2) Last year Lake McGregor Country Estates had to have been the busiest place in the County of Vulcan for construction, with 12 new cottages at the resort this past year. I would like to see that trend continue. 3) I would like to see more buyers come out to the lake. We have cottage lots for under $50,000, and under $40,000 - where else can you get a cottage lot at a resort for prices less than that? Especially when the lots are fully serviced and there is a fully functional clubhouse with indoor and outdoor pools, private marina, and so much more! 4) Along with cottages, we have RV units on their own lot for sale. I hope that we have more of those buyers come out to the lake. There are some really nice places for sale, and they have been for sale for quite a while. However, we just have not had the buyers. Thus, I want to see more buyers for this section as well. There are a couple of RV lots for sale too. Once again, these lots are serviced and can be used year round. People need to take that into consideration when they are out shopping around. 5) I want to do more fishing. I did catch a couple this past year, but none were big enough to keep. Plus, my cousin always seems to catch more fish than me, so I would like to put an end to that streak, even just once! And I want to show that stupid fish finder gadget that I CAN catch those fish that it keeps telling us are there! 6) I would like to see a group of us clear a spot on the large hills to that we can go sledding in the winter and not have to be concerned about hitting a rock on the way down. Those are some great hills for sledding and they could make for some great family time! 7) I would like to see more pot-luck dinners at the lake. I think that they are a great community event where people get to know each other better. We use to have them once a month during the summers. I would like to see them again. (some really good food too!) 8) Buy a Seadoo! Those things are fun, and with so much lake out there to use, it would be a hoot! 9) Have boat storage sheds at the resort. I think that there is a demand for them and we just need to get one going and others will follow. 10) Get the word out about Lake McGregor Country Estates! More people need to know about us and our great resort!

Blizzard conditions sweeping through county | Vulcan Advocate

Blizzard conditions sweeping through county | Vulcan Advocate

Yes, winter has hit us with a bang again!  I have talked to people who live at the lake and they said that they can get out of the resort, but the highways are bad.  Stay at home if you can.

Farmers Tribute: So God Made A Farmer. Paul Harvey

Water quality and levels

Lately in the news there have been warnings about algae in the water of several lakes, causing concerns about swimming in the water, along with drinking it, or letting you pets drink the water. That has NOT happened at Lake McGregor. I was out on the water this past weekend and the water is fine. (the fish were biting too!) As far as the water level goes, we have reached our lowest point of the year, due to the irrigation system downstream, and the level is back on the rise.