Here is some interesting real estate data in regards to lots selling on Pender Island. You can see in the previous post that home sales were down over last year but as you can see below lots are up! This is good news.
|
Lots Sold - Monthly | ||||
|
|
2010 |
2009 |
2008 |
2007 |
|
January |
2 |
1 |
0 |
0 |
|
February |
0 |
0 |
0 |
0 |
|
March |
4 |
0 |
2 |
0 |
|
April |
3 |
1 |
2 |
2 |
|
May |
1 |
5 |
0 |
6 |
|
June |
2 |
2 |
1 |
5 |
|
July |
2 |
0 |
0 |
3 |
|
August |
2 |
2 |
1 |
1 |
|
September |
1 |
1 |
0 |
4 |
|
October |
0 |
1 |
0 |
3 |
|
November |
0 |
0 |
0 |
2 |
|
December |
2 |
0 |
0 |
0 |
|
TOTALS |
19 |
13 |
6 |
26 |
|
|
|
|
|
|
|
|
= Month with the most sales |
| ||
Pender Island lot sales contributed to a much higher percentage of overall sales in 2010. Last year 36% of all sales were lots which is the highest percentage since 2007. In 2008 only 12% of all sales were lot sales.
|
|
2010 |
2009 |
2008 |
2007 |
|
Total Sales |
53 |
72 |
50 |
111 |
|
% of homes |
64% |
82% |
88% |
77% |
|
% of lots |
36% |
18% |
12% |
23% |
|
|
|
|
|
|
|
|
= year with highest % |
| ||
Many people who purchase lots on Pender usually do one of three things:
1) They build the home they want - ideal for their needs,
2) They keep the lot as an investment,
3) They buy now with the hopes of building in the future and at times may makes small improvements like add a sleeper cabin so that it is convenient upgrade from camping.
Some have also barged in a home. They purchase from somewhere like Nickel Bros and place on the property.
If you are thinking of investing in land and will need a mortgage then it is important to speak to your lender in advance. Requirements for financing can be different than purchasing a standard home. You will also want to discuss your plans with your lender - will you build, barge in a house or just keep the land as an investment. Talk to your lender about how your plans may change your financing requirements. This is an important step to take well before you offer to purchase any property.
In addition to discussing your ideas with your lender you may want to consider getting to know the local real estate market first. Look at the costs of vacant land, compare it with properties that have homes on them already. Currently there are many situations where you can buy a property with a home on it for less than it would cost to build from the ground up. You still may choose to build so that you can make your own dreams a reality. Studying all options of the market will also help you to determine the value of your home when it is completed and that might assist you in making decisions as you build your new home.
We are here to help!
Please email Charmaine at charris@coastalliferealty.ca or Sandy at sandy@coastalliferealty.ca
