Summer 2019 and the Start of Winter

It has been an interesting year at Lake McGregor Country Estates in 2019.  Owners who are not staying at the resort are getting their units winterized, if they have not already.  We have seen some sales at the resort, which is positive.  Park models on their own lot have been selling for as low as $81,000 and as high as $135,000.  Four of these sales were reported on the Calgary Real Estate Board, and I believe that there were a couple of private transactions as well.  There was a cottage that had been on the market for a few years that finally sold around the $250K to $260K mark.  A couple more sold, one almost $50K below list price.  The trend is that it is still a buyer's market.  Those sellers that are holding out for more money, may end up holding on to their properties longer than those willing to make a deal and move on.  On the maintenance end of things, the resort is looking well.  There is even work happening on the indoor pool!  That will be great when that is up and running again!  There has been a house moved on to an interior log.  I think that our recent wet weather has delayed the completion of the setting up of the house, but it is still nice to see progress. The Canada Day parade was a success again this year, and I hear that the kids were happy with Halloween in July.  Along with boat poker and a wake boarding competition, there was plenty going on at the lake.  We all are looking forward to an even better season next year!

First Day of Summer

Today is the official first day of summer.  The docks are in, the outdoor pool is operational, and people are enjoying life at the lake.  The market has seen a few properties trade hands, but the market is still much like previous years, it is weak.  Provincially, the residential real estate market is seeing a large amount of inventory with a small number of potential buyers shopping.  Commercial property owners in the cities are seeing their property taxes grow faster than they would like.  It is putting strain on those owners.  Recreational property owners in Vulcan County are expressing their concerns about their high tax bills.  There is a group of recreational property owners from Lake McGregor Country Estates, Little Bow Resort, and other areas that are trying to work with the County to help address the situation.  It will be interesting to see how everyone makes out.

Community Association Dues - 2019

Just a reminder that the community association dues for 2019 have increased to $175 per month, which is $2100 per year.  This is the second year of the two year planned increase. as discussed in the Fall 2018 AGM.  You can click on the title of this post and it will take you to the Lake McGregor Resort website for find out more information, including a list of properties currently on the market at the resort.

Supply vs Demand

We have been hearing more and more of this over the past several months - supply versus demand. There is a larger supply of inventory on the real estate market than there is demand. The result is that buyers can be more picky when they are shopping around and they can take their time to shop. There is not a lot of competition amongst the buyers. There is more amongst the sellers. DOM - Days on Market - is the time it takes for a property to sell. Even in larger centres such as Calgary and Airdrie, there average days on the market is larger than it used to be. In Vulcan, we are looking at an average of 134 days for a residential property to sell. Does it necessarily mean that these properties are no good, that they have "issues"? No. It may mean that there is just not much of a market for those properties right now (not many buyers). Of course there could be some properties that are just priced too high, or some that do have "issues", so that's where buyers and their agents need to do their homework in order to make an informed decision.

Summary of Sale for 2018

According to the records gathered by Magnuson Realty Ltd. from the SPIN 2 website, there were eleven real estate transactions at the lake this year. Cottage lots sold between $40,000 and $48,000. There were three cottage sales and five RV/RV lots sales. This is three more sales than in 2017, and the same number of sales as in 2016.

Hints for looking at properties in the winter

Looking for a property to buy in the winter can be a GOOD thing. There tends to be fewer other buyers out looking in the cold and snow, so there is less competition. Thus, here are a few hints that I have come across over the years when viewing houses in the winter months. First of all, wear good winter shoes/boots. If you plan on looking around outside, you are going to appreciate having a warm pair of winter boots on, especially if there is a lot of snow on the ground. Yes, sellers should have their sidewalks shovelled, but that does not always happen. Plus, you may want the freedom to look around the yard if something catches your eye, such as holes in fences or cracks in walls. Saying that, make sure that you have boots that you can slip on and off easily. If not, be ready to take the time to remove your shoes/boots when you go into the house. I had a person the other day tell me that he would just wipe off his boots as they were a pain to take off and on again. I told him that you are in someone else's house, so please remove your boots. He may have been a bit shocked that I told him to take off his boots, but he agreed and the showing continued. Tracking mud and snow into another person's house is not respectful. Imagine if it was your house. I have heard of several incidents when a seller came home to find mud tracked through their kitchen. This does not get things off on the right foot if an offer is presented and we need to negotiate. Now, if the sidewalks are clean of snow, that is a good sign that someone cares, or at least cares enough to have someone take care of the sidewalks. If you can see the roof, take note of the condition. Are the shingles curled? Is it a metal roof? If you cannot see the roof due to it being covered in snow, you will want to have an inspector check on the condition of the roof. Are there signs of pooled water/ice around the house? That could mean faulty eavestroughs, or no eavestroughs at all. Or perhaps the downspouts have been left up and were not put down when the snow started to melt. How big it the driveway? Is the sidewalk big? If it is a corner lot, does the sidewalk go around the corner too? That is good to note, because if you plan on buying the property, the snow will be your responsibility in the future. If you do not already have a snowblower, it may be a good idea to talk nice to Santa, especially if you will be having a large driveway and sidewalk to maintain in the winter. When inside, check for cold exterior walls - that could mean that the insulation has settled and may need to be upgraded. Are the windows clear, or are they frosted? If they are frosted and need to be replaced, you could use that in your negotiations. As always, I suggest a property inspection. As I have said before, property inspectors will find something wrong, as that is their job. It does not mean that it's a bad thing, as no house is perfect. However, an inspection will give you a better idea of what the future has instore for your potential future home.

Winding Down for the Season

There was another cottage sale that closed at the beginning of the month, and another one is scheduled to close next week. Plus, there are a couple of new cottages getting touched up before winter sets in. Nice to see there is still activity at the lake. For those already at the lake, it is time to get units winterized. For those who live out there year round, it is is business as usual, but for those who will not be out during the winter months, they need to get in contact with management in order to make arrangements to have the water shut off, and close things up. That being said, we DO live in Southern Alberta, so we may be snowed in during the winter, or we could have chinooks and have no snow at all! The clubhouse will be open during the winter, just changing to winter hours.