🌼🌸🌺 GETTING READY FOR SPRING 🌼🌸🌺

How excited are we all for spring?! This year, it feels like winter just wouldn’t quit! And the recent warm weather has inspired us to welcome a fresh start. Our thoughts turn to opening those windows and welcoming in some of that brisk air. You should also be thinking about getting your home ready for spring. The tips below will help you make sure your family and Fort McMurray home are ready for a happy, clean and safe spring season.

SPRING CHECKLIST 

What’s going on in Our Fort McMurray Market?

 Real Estate Markets are constantly in flux and Fort McMurray is no exception.  Our Group would love to share with you real information based on facts and statistics, and clear up some of these common recent misconceptions. For home sellers, knowing all the data and facts surrounding the market is critical to helping you maximize the selling price.

 #1 The market is flooded with listings; 

Currently there are only 610 active and conditional listings on the market in the Fort McMurray Region. With the exception of  2018 (a very low listing month) This is actually a 12-25% decrease in number of homes for sale compared to the same month (January) during the last 5 years.

#2 All Homes are taking a long time to sell.

This is a Myth…There are many variables which impact the number of days it takes for a home to sell. Price, marketing, area, type of property, etc. While certain properties may take longer, the average days on market in Fort McMurray for January was only 78 days… so less than 3 months. So with the right price and a great marketing team on your side your home may be sold very quickly.

#3 Spring is the best time to sell.

Historically our busiest time of year is late spring. These months tend to mean higher number of sales, as well as lower average days on market. But does that mean you should wait? Sometimes, listing your home PRIOR to the spring market can give you an advantage. There is LESS competition, and buyers are out shopping for their homes in hopes to move in before the summer.

What does this mean for Sellers? January market stats still indicate a Buyer’s market, but the market IS moving, and homes ARE selling. If you are considering selling your home, and would like professional advice and our teams strategy for a timely & successful sale, at no obligation, we would love to hear from you.

Please contact us anytime.

What is the forecast for Fort McMurray’s housing market? As we enter the 3rd quarter of 2018, it’s cautiously optimistic for those both selling and buying a house in Fort McMurray, the active spring and summer markets suggest a steady path to recovery.

If you’re considering selling your Fort McMurray home, here is some positive news: Sale to list price ratios: Sellers are receiving an average of 95% of their list price thus far in the month of July and  number of sales are strengthening. You should be noticing more of those lovely red sold signs recently, as June posted the highest number of sales for Single Family Detached Properties so far in 2018, with nearly the highest since 2015. 70 Sales= a whopping 45.85% increase over 2017 numbers. Prices fell only an average of 2.5% year over year, with Inventory down year over year.

Pricing your home properly remains essential to gaining the highest and best price and a timely sale, and those that do are selling in very reasonable time frames with the average days on market at 92 days. To stay competitive, conside

r scrutinizing recent sales data for your street and neighbourhood (your Realtor can provide this data) and discuss with your Lore Group Real Estate Agent competitive pricing and marketing strategies.

Buyer confidence is noticeably returning to the Fort McMurray Real Estate Market, with an increase in 1st time home buyers entering the market and scooping up homes while prices have reached a level that is more affordable, renting no longer makes sense for many. There are generally plenty of options out there for a variety of home buyers and incomes. Interest rates remain attractive with Scotia’s Prime lending rate posts at 3.70%. With the expectation that mortgage rates will increase throughout the year, now is the time to take advantage and get pre-approval while rates are low!

What are the hot properties in Fort McMurray? Where can I find deals? The condo market saw the biggest decline, year over year as the average list price of an apartment condo in the month of June was $170,335; representing a 22.81% drop in pricing from June 2017. Condo life has never been more affordable. Vacant lots continue to move with prices falling 15% from May 2018. The average price of a city lot is in areas such as Stone Creek, North Parsons Creek, Beaconhill, Abasand and Waterways is $106,629. Saprae Creek Estate recently rolled back pricing on country residential 2 acre lots starting at $124,900. Keep an eye o

n the repo market, there is currently 45 Fort McMurray foreclosures and more anticipated in the coming year.

Oil has far exceeded what most experts said would happen this year with prices jumping past $71.00 a barrel however the Fort McMurray housing market has been slow to respond as investors continue to exercise caution.The housing market in Fort McMurray isn’t necessarily booming, but it’s not a weak market either. If you’re getting ready to buy or sell and would like more information contact one of The Lore Group, Coldwell Banker Fort McMurray experts to help guide you.

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.

Get Yesterday’s Prices – This Weekend, at Heritage Landing!

With prices starting at just $259,900, over 50% percent of the condos in phase 1 are already sold.

Come to the Grand Opening of the sales centre, on location at the development property at 121 Denholm Gate, just off of the far south end of Franklin Ave, to start your trip back in time, when the price of a home was still affordable.

It will be an opportunity to visit the Sales Centre, meet the realtors in person and get information about the Heritage Landing Development. One lucky buyer will receive a 1 week luxury trip for two, back in time to London, England! (compliments of Highstreet Ventures, restrictions apply).

Go back to in time by contacting Susan Lore at The Lore Group, Coldwell Banker Fort McMurray 780.370.3325 or visit fortmaccondos.com

Heritage Landing: Yesterday’s Prices Today

1 & 2 Bedroom Fort McMurray Condos Starting at $259,900

Reserve Today: 780-370.3325

The Do’s and Don’ts in Purchasing a Condo

DO Hire a Professional REALTOR®

It’s FREE. Do your homework. Find the professional who’s experience in the condo market is undeniable.

DON’T Let UNCLE FRED Lead The Way

While Fred’s advice may be great, base your decision on facts. A subjective view is always best when investing in real estate.

DO Hire a Certified Home Inspector

Enough said.

DON’T Become House Poor

Finding a great REALTOR® is only the start, aligning yourself with a mortgage specialist is a must do. Understanding how much you can afford will ensure you do not break the bank!

DO Read

Condo ownership involves a joint interest set under the provisions of a Condo Corporation. Documents including bylaws, condo fee schedules, reserve fund studies, etc., are available, Read these documents thoroughly and hire a condominium document specialist or lawyer to red flag any potential issues.

For more information about Heritage Landing, check out the Heritage Landing Project Page on our website, or visit www.fortmaccondos.com.

It’s an excellent time to buy a condo in Fort McMurray right now: there’s a great supply of real estate on the market, and many condominium developers are offering fantastic packages with extras and upgrades.

If you’re a first time home buyer on a budget, want to downsize your life or interested in a “lock and leave” lifestyle, Fort McMurray condo real estate might be the perfect fit for you. We’ve put together information about condo ownership, how it’s different from owning a single family home, and some advantages of the condominium lifestyle to get you started.

Condo Ownership versus House Ownership

The biggest difference between owning a condo and owning a single family home is what you own. When you buy a house you own the entire building and the section of land it sits on, but when you purchase a condo you have sole ownership of your condo interior only while everything else is common, shared space. When you purchase a condo you essentially co-invest in the building with your neighbours. Decisions about the exterior, common space and grounds are made by a Condo Owners Association since they are shared.

Condo Owners Associations collect monthly dues that cover the exterior, insurance, landscaping, trash collection and other building maintenance while individual owners are responsible for maintaining their condo interiors. Sometimes your condo fees will also include some or all of your utilities, and the dues often include paying into a reserve fund that can be accessed to help fund more costly repairs such as re-shingling the roof. If the reserve funds are not adequate, additional special assessment fees can be levied on all owners to help pay for needed repairs.

Owner Occupancy Rate

Some people who buy condos have purchased investment properties to rent out, while others buy condos as their own primary residence. In general owners who are also occupants are better neighbours, keep their home in better condition and are more likely to follow the rules and regulations. Many renting tenants are also excellent neighbours, but a building occupied by more tenants than owners typically has more challenges.

Benefits of Fort McMurray Condo Living

Affordability. Condos usually cost less per square foot than single family homes and are often comparable to rental prices: perfect for first time home buyers.

Lock and Leave. Living in a condo has a maintenance-free reputation for a reason: let someone else worry about the yard work and building maintenance.

Security. Living in close proximity to your neighbours is great for a sense of security: there are always lots of eyes to keep watch over the space, and many condos have extra security features like secure parking and exterior doors that must be buzzed open.

Amenities. When condo shopping keep an eye out for the luxurious extras: amenities such as fitness rooms, shared meeting or party spaces, and pools or hot tubs are all potential perks of condo living.

Searching for a Fort McMurray Condo? Check out Longboat Landing, where condos start at $389,000 and go up to 1,332 square feet. Featuring attached garages and underground heated parking.

Longboat Landing: Special Offer!

Get 200,000 Aeroplan Miles or a $10,000 pre-paid Visa when you buy in Longboat Landing.
Offer expires January 21, 2011 so hurry and contact The Lore Group for more information today! There are only 7 units left!