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Thursday, May 20, 2004

Old Washington Fishing Villages Attract Homebuyers

by Blanche Evans

Old Washington fishing ports such as Gig Harbor, Port Orchard, Lakewood and Bremerton in Washington state offer small town appeal and rising investment opportunities, says a local Realtor.

Gig Harbor

"Gig Harbor is a small harbor town," says Realtor Sandra Wade, "an old fishing village with quaint shops and nearby extensive shopping and support services. It's 45 minutes to the SeaTac airport."

She explains, "Gig Harbor has enjoyed a minimum 10 percent appreciation of properties, and sellers are enjoying 96 percent to 100 percent of the asking price, if not many offers that are creating a bidding war. Land is also at a premium, as we are running out of it, and controls are set for growth. Some waterfront and view properties are still available in adjacent communities at reasonable prices. Fox Island is considered Gig Harbor by most of the community, yet the island is approximately two to five percent higher in appreciation for homes and land. Purdy is close to the harbor (10min) with larger parcels."

Port Orchard

"Port Orchard is approximately 15 minutes drive from Gig Harbor and one hour from SeaTac Airport," says Wade. "Offering a small town feel with inner city craftsman-style homes and outlying country areas, Port Orchard is close to Southworth Ferry to Vashon Island and West Seattle with easy access to Hwy 16. Sleepy Port Orchard offers a little country and only small town city life. Homes, although not appreciating as rapidly as Gig Harbor, have investment potential for both residential and commercial properties. Port Orchard is South of Tacoma and further South of Gig Harbor and gives the buyer an opportunity for bargain hunting."

Lakewood

"Well established, most homes/business in Lakewood are on smaller lots, giving the resident a feeling of a true neighborhood," suggests Wade. "Homes have appreciated slightly in some neighborhoods and greater in areas with view properties. The buyer still on even ground in this market as supply and demand lends to many selections. Sellers however have no difficulty holding their value. This is a convenient neighborhood for commuting on three highways north, south, and east. The median Days On Market is 62, and the median Home Price is $240,000.00, with many homes available in the $130,000- $240,000.00 range. Lakewood is always a good place to invest."

Bremerton

"Bremerton is an old WWll navy shipyard town and still hosts the Bremerton Navy Base," says Wade. "On the Sound and the Downtown areas are going through an extensive revitalization. The Ferry in downtown Bremerton will take you direct to Seattle.

"Homes are older craftsman-style homes and new construction growth," advises Wade. "Bremerton is an area that is coming into its day. There is huge investment potential for residential and commercial properties. It's still affordable."

Published: May 20, 2004

Blanche Evans is the publisher of Agent News and the associate editor of Realty Times, the Internet's largest independent real estate news service. She is the author of two best-selling real estate books: The Hottest e-Careers In Real Estate, Real Estate Education Company, an Internet marketing primer for real estate professionals, and homesurfing.net: The Insider's Guide To Buying And Selling Your Home Using The Internet, Dearborn, a consumer homebuying and selling guide. In 2000, she was recognized by the editors of REALTOR(r) Magazines as one of the "25 Most Influential People In Real Estate," and in 2003 when the "Most Influential" list was updated, she was recognized as one of nine "Notables." She is also a frequent contributor to "Your Money" on CNN fn.

Copyright © 2004 Realty Times. All Rights Reserved.

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Vacation Property Prices Are Skyrocketing In Canada

by Jim Adair

The cost of vacation property in Canada is skyrocketing, with demand far outpacing supply, according to reports issued this week by the country's largest real estate companies.

A report by Royal LePage Real Estate Services says prices for waterfront cottages are up by 10.3 per cent compared to last year, to a national average of $199,922. Prices for a standard chalet and condominium unit are up by 9.3 per cent, to an average of $244,547.

In Ontario, the country's hottest vacation property market, a waterfront cottage costs an average of $349,483, up a whopping 17.4 per cent over last year. While waterfront properties in Quebec are cheaper, averaging $291,667, they have appreciated by 20.7 per cent.

"The waterfront is becoming an exclusive retreat for affluent purchasers," says Michael Polzler, executive vice-president, Re/Max Ontario Atlantic-Canada. "Purchasers of more modest means will have to compromise to realize their goal of ownership." He says that means some buyers will have to put up with longer drive times to get to their cottages, and settle for smaller lakes or channels. Other options, such as entering into a fractional ownership agreement, may also have to be considered, he says.

The Re/Max report says that "spurred by historically low interest rates, investment potential and family lifestyle, Canadians, Americans and Europeans are entering the market for recreational properties like never before." Of 49 markets surveyed by Re/Max, 83 per cent reported a "severe lack of inventory," the company says.

Across the country, the market is so hot that "in 2004, there will be seven Canadians in search of recreational properties for every two owners who plan on selling," says Phil Soper, president and CEO of Royal LePage.

The Royal LePage report includes a poll of cottage owner and buyer attitudes conducted by a market research firm. It found that 33 per cent of potential buyers said they were having a difficult time finding a cottage or recreational property, compared with 22 per cent who answered a similar poll in 2001. Only nine per cent of those looking for a cottage now said they were having a "very easy time" finding what they wanted.

Re/Max says that the cost and limited inventory of prime vacation properties is also putting upward pressure on less traditional recreational properties, such as rural residential markets. Those looking for recreational properties are now competing with local buyers and driving up the price of homes in rural communities.

Leased-land opportunities, where buyers are allowed to build a home on land that is leased for as long as 99 years, are also becoming more popular, says Re/Max. With waterfront properties in short supply, "many purchasers are buying property with little concern for the existing structure" on it, says Re/Max. "In many areas, land often outpaces the value of the existing cottage/home. As a result, seasonal properties are virtually disappearing from the landscape in some markets."

The impact of foreign buyers is being felt across the country. For example, in the ski area around Canmore, Alberta, where a standard chalet starts at $335,000, demand comes from as far away as Europe, with many buyers from England, says Royal LePage.

"The English have discovered that for the cost of a one-week vacation in the Swiss Alps, a two-week vacation in Canmore can be had. Direct flights from England to Calgary make the travel time virtually identical. Rental properties are always in high demand, so overseas owners never experience difficulty filling their home while away for months on end."

Re/Max says the areas of Banff/Canmore, B.C.'s Okanagan Valley, and properties in Atlantic Canada are of particular interest to American and European purchasers. "Given current property values in prime international recreational destinations such as Cape Cod, Nantucket, the Hamptons, Aspen, and Vail, many of these Canadian markets are undervalued," the company says.

The most affordable parts of the country, says Re/Max, still have some three-bedroom, winterized, waterfront properties starting at less than $150,000. These areas include St. John's, Trinity and Bonavista in Newfoundland; the Interlake Region of Manitoba; Pembroke, Kingston and Elliot Lake in Ontario; Summerside, PEI; and west of Edmonton in Alberta.

Published: May 20, 2004

Jim Adair is editor of REM, Canada's leading business magazine for real estate professionals. He is also editor-in-chief of Canadian Homes & Cottages, the country's largest building and renovation magazine. Email him at jimhc@pathcom.com

Copyright © 2004 Realty Times. All Rights Reserved.

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Regular Maintenance Keeps Major Problems At Bay

by Al Heavens

Cleaning guru Don Aslett proved years ago that spending a few minutes each day tidying up can reduce time spent on housework by 75 percent.

Likewise, if you develop a regular household-maintenance routine, not only will you save time and money and limit damage, but reduce stress as well.

Concern over mold and its effects on health has made moisture the great enemy and narrowed the focus of home-maintenance efforts.

If left unchecked, moisture not only contributes to mold growth, but typically results in rot and infestations by various kinds of bugs and rodents.

Though some may argue this list is far from complete, the National Association of Home Builders Research Center has pinpointed many ways homeowners can keep moisture at bay.

The list was part of "Durability by Design: A Guide for Residential Builders and Designers," published by the research center. Here are some of the most important ones:

Inspect/replace caulk every two or three years. Although some high-end caulking compounds are formulated to last 25 years or longer, every situation is different. The caulk in your house might not have been applied during ideal conditions, or applied correctly. Or it might not have been allowed to cure properly before paint was applied.
Or the location of the caulk might be subject to a greater degree of weathering than the manufacturer would consider normal -- a high salt content in the air near the shore, for example, or intense heat.

Hence, the need for regular inspection. Before new caulk is applied, the old caulk should be removed and the surface cleaned thoroughly to create a solid bond with the new caulk.

Check the directions on the tube for proper drying time and whether the caulk is paintable. Some new caulks have ingredients that deter the growth of mildew on the caulk surface.

Maintain gutters/downspouts. If your previously bone-dry basement develops a water problem, experts say the first place to look is the roof-drainage system.
Clogged gutters and downspouts typically will redirect water to the lowest point in your house, the foundation. The point at which the water finds its way into your basement, even a tiny crack, will grow wider if the source of the moisture is not stanched.

Not only might the leak eventually undermine the foundation, but it might encourage mice and other rodents and provide a continuous source of food for mold.

The most obvious reason for clogged gutters and downspouts are leaves, pine needles, dirt and sediment, as well as slow erosion of the asphalt from your shingles. Gutters need to be periodically adjusted, to compensate for settling.

Adjust sprinklers so they do not water the house. With in-ground lawn-watering systems that are relatively low-maintenance, there is a tendency for sprinklers under pressure to redirect the water where moisture should not go -- foundations or painted surfaces. Have the installer come back to look at your system periodically.

Repaint every five to seven years. No exterior paint lasts forever, so repainting periodically is important. The wood surface of a house needs to have a solid protective covering to deter moisture and rotting.
To avoid painting at all, many people choose vinyl or aluminum siding to cover their houses. Too often, however, the siding hides water problems that should be corrected first.

You can extend the life of an exterior paint job if you make note of the places that react to the weather more than others.

Areas of the house on which the sun shines most of the day may suffer from fading or cracking, and those problems should be addressed regularly.

Maintain the exterior grade near the foundation. Even when the roof, gutters and downspouts work properly, you need to make sure that water that drains from the roof flows away from the house rather than toward it.
Too often, homeowners plant trees and shrubs too close to the foundation. Continued erosion from heavy rains also can affect the exterior grading.

High humidity encourages mold growth. If you have a dehumidifier in a damp basement, you defeat its purpose unless you empty the collection tank and clean the filter to make sure the appliance is operating properly.
Inspect/replace HVAC filter monthly; check the system annually. Manufacturers have made filter replacement simple and replacement filters readily available, and still homeowners do not seem to have five minutes every month to do this.

Use exhaust fans. Ever take a long shower on a warm day? Feel the walls of the bathroom when you do. If they are wet, so are all the things you cannot see or touch -- behind the baseboards, the ceiling, the grout lines in the tile.

Published: May 20, 2004

Al Heavens is a syndicated columnist who writes about real estate and home improvement. He appears regularly as the "Gadgeteer" on the Discovery Channel's twice-daily Home Matters Program.

Copyright © 2004 Realty Times. All Rights Reserved.

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