AdminMay.26.2011

Aiming to purchase property in newest cottage hot spots best of luck

Prince Edward County realtor Lori Slik has started every spring with a stock of properties that sellers would faithfully re-list after they hadn’t offered the previous season.

However almost overnight business at the Picton-based Chestnut Park brokerage has altered.

I have absolutely nothing on my plate anymore. Last year was a boom year. I offered everything, she stated.

Prince Edward County is among the hot locations for Torontonians looking for a rural escape.

Like other Ontario resort areas, it is feeling the impacts of the GTA s hyper-heated real estate market. From the Countyto Collingwood, picturesque landscapes are being dotted by high prices and multiple offers.

The desire for luxury, a custom in Muskoka, is moving to drowsy, lower-priced locations such as Kawartha Lakes.

Sales are up however listings are down, way down.

We have been woefully except listings through the beginning of the season partially because they’re offering so rapidly and partially because it’s the time of the year where a great deal of cottagers has the tendency to wait until their property is green and nice and all set to choose the supreme proving, said Coldwell Banker’s Mike Taylor of the Lakelands Association of Realtors that covers a huge location including Muskoka, Haliburton and Orillia.

Sellers who are waiting are risking more competition as more properties increase for sale, he stated.

There is a 10 per cent drop in Prince Edward County this year, said Slik.

If we don t get more properties on the marketplace it’s going to be harsh, she stated.

Among her clients recently bid $15,000 over the $615,000 sale price on a property. Her rival’s buyer went $30,000 over. Another buyer just chose not to go near the $689,000 asking rate on another more rustic home.

The expansion of wineries there are now 47 nation appeal and distance to Sandbanks Provincial Park are driving County costs north.

When you look at exactly what s for sale right now, they’re pretty much palaces, she said.

Of 91 active listings previously this month, 40 were priced in between $700,000 and over $1 million.

Anything under $500,000 were in multiple offers, said Slik.

Hot properties with excellent winery and Sandbanks Provincial Park access are being bought by financiers from the GTA and Quebec. Lots of lease them weekly in a location where summertime traveler accommodation is limited.

They’re getting a pile of money for 8 weeks or 12 and it’s carrying the expense of their property for them, she said.

In the Lakelands location people are buying and enjoying their homes. But they’re likewise buying to rent them out, stated Taylor.

At the end of the day they’ve got a very strong valuing possession which you don t get other location today.

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