Kelowna Real Estate Pros

Central Okanagan’s April Sales Stats

kelownarealestatepros — Thu, 10 May 2012 12:32:13 +0000

For more information on Kelowna Real Estate sales and other related Kelowna Real Estate information please visit Nyrose & Associates on the web or call us today at 250-575-1946

The Heart Of The Okanagan

kelownarealestatepros — Thu, 10 May 2012 09:20:53 +0000

Kelowna – the native word for grizzly bear was incorporated as a city in the May of 1905. In 1905 the population of the City of Kelowna was but a mere 600. From 1905 to the 1920’s Kelowna had not only grown from a population of 600 to a population of 3,336 but had developed into a fully serviced city. By the 1920’s Kelowna was fully serviced with a hospital, schools, banks, churches, competitive store, telephone service and residential lighting and power. The beautiful landscape and the mild weather continued to grow in popularity and in turn the City of Kelowna continued to prosper.
Today the downtown is home to 19,190 Kelowna residents, and can easily be described as the heart of Kelowna. While fully equipped to provide you with your day to day needs, such as groceries, medical & dental services and pharmacies; it’s also where you can find yourself fully submerged in the art and culture of the Okanagan.
For those interested in buying or selling in the neighborhood of downtown, you will be happy to know that your options range from moderately priced condominiums, to the extravagant penthouse condominium, your options for townhomes and single family homes also apply to this wide range variance. Below are a few useful stats and resources for those interested in buying or selling in the Downtown area. For more useful insights on neighborhoods and the Kelowna real estate market please call or email a Nyrose & Associates Realtor today.

Apartments: $159,800 – $2,495,000 + Town homes: $219,900 – $925,000 + Single Family Home: $229,000 – $6,295,000
A few major developments in the Downtown are Cannery Lofts, Martin Lofts, The Madison and Waterscapes.

Learn More About Kelowna’s Downtown…

Dwell’s Next Top Designer

kelownarealestatepros — Tue, 01 May 2012 13:23:04 +0000

Congratulations Joel Lewis of Royal LePage Kelowna

Dwell and CATO came together with help from Momentum Interiors to create the Next Top Designer competition. Students of the Kelowna’s Centre for Arts and Technology were given the chance to complete two modern designs; one to appeal to young bachelors, the other to appeal to young couples. The teams, “Hooked It Up” and “Maled It” have left a lasting impression on two of Dwell’s newest completed showhomes!
The Dwell Realtor’s Event on April 24th showcased these young designers hard work and these already great floor designs. With the lure of great company and beef on a bun over 100 realtors attend the event. Each realtor who attended the event was asked to submit a single business card to be entered into a draw to win a $500 Gift Certificate to Momentum Interiors. After a long and anticipated wait, we are pleased to announce Joel Lewis of Royal LePage Kelowna as the lucky winner! Congratulations Joel!!! We look forward to working with you in the hopefully not so far future.

West Kelowna – The Up & Coming Destination

kelownarealestatepros — Wed, 18 Apr 2012 10:17:31 +0000

West Kelowna formally known as MacDonald’s Plain (1811-1848), Sunnyside (1872-1881), Hall’s Landing (1901) and Westbank (1902-2009), is home to over 30,000 Okanagan residents and two self-governing reserves; Tsinstikeptum #9 and Tsinstikeptum #10. The area of West Kelowna extends from the west side of Okanagan Lake to Glenrosa, and up until December 2007 West Kelowna had remained an unincorporated area in the Okanagan Valley. When the question arose whether to incorporate or amalgamate with the City of Kelowna, it became quite clear that the residents had their own proud identity in which they wished to express in the formation of their own municipality.
West Kelowna has grown rapidly over the last few years, and continues to grow at an astonishing rate. In the past two years we have seen big box stores such as Superstore, Walmart, Future Shop and Winners flood into West Kelowna’s downtown shopping centre. West Kelowna is made up of a variety of single family homes, condominiums and townhomes; both on free hold and leased land. Some of the most popular neighbourhoods in West Kelowna are Lakeview Heights, Glenrosa, Shannon Lake and Smith Creek.

The residential real estate market in West Kelowna is comprised of everything from vacation properties, condominiums, townhomes, single family and extravagant multi-million dollar homes.
Below are a few useful stats and resources for those interested in buying or selling in West Kelowna. For more useful insights on Kelowna neighbourhoods and the Kelowna Real Estate market please contact a Nyrose & Associates Realtor today! Visit us on the web Nyrose & Associates
Apartments: $89,000 – $1,500,000 + Townhomes: $139,900 – $1,399,000 + Single Family: $264,900 – $2,200,000 + Lots & Acreages: $44,870 – $5,950,000

A few major developments in West Kelowna are Copper Sky, Elkridge, Lakeview Terrace, Sage Creek, Sonoma Pines and West Harbour.

Learn more about West Kelowna

2011 Okanagan Real Estate Re-Cap

kelownarealestatepros — Tue, 20 Mar 2012 11:00:22 +0000

2011 was a unique year in real estate. There were many different outlooks on the real estate market in the Okanagan, while Vancouver stayed strong and prices continued to push higher. Here is a re-cap of the 2011 Okanagan real estate market for you to look back on and see if your predictions were correct.

In 2011, we were happy to see the largest portion of Buyers were from the local area. This indicates less speculators and more end users putting down roots and planning to make the Okanagan their home for the long haul. The second largest Buying group was from Alberta which may indicate more empty nesters are making the beautiful Okanagan their new home or young couples and families see the potential of raising their families in the Okanagan.

Since many of the 2011 Buyers were local, many saw the potential to upgrade in this market. The market has dropped over the last few years which makes moving up and upgrading homes worthwhile. Assume prices fell by 20% (not actual but easier for my math) a home originally priced at $300,000 fell by $60,000, where a home originally priced at $700,000 fell by $140,000. Actual market drops varied in each product and area so please do not take this number as factual. I wanted to show how moving up in this market is beneficial.

The family dynamics of the 2011 Buyers also reflect the move up Buyer as the two largest groups were “two parents with children” or “couples without children”, empty nesters were a close third which may reflect the Alberta Buyers.

My biggest surprise was how people financed their new purchases. Since many were move ups or first time Buyers, many either had good equity in their last home or had saved for this market. The largest group at 51% put 20% or more down on their purchase. Yea….. Shows not everyone is leveraged with only 5% down.

My last point will be that Kelowna still ranks as the #1 location for home buyers in the Okanagan. Over 53% of 2011 Buyers found Kelowna to be the place to buy.

If you are looking to purchase or sell in the Kelowna area, let Nyrose & Associates help you in your next real estate decision.

Eat, Pray, Real Estate | What A Party!

kelownarealestatepros — Sat, 03 Mar 2012 17:40:25 +0000

In celebration of the success of the 2012 Kelowna Real Estate Market thus far, Nyrose & Associates and Ellen Churchill decided to throw a party for all the Kelowna Realtors! With help from great sponsors like Spagnuolo & Co. and Copper Sky the party was a huge success!

It was an evening that won’t soon be forgotten. Over a hundred realtors joined in on an evening of good food, good fun but mostly, good company! The relationships formed and strengthened at Wednesday’s event are sure to last all year.

A BIG THANK YOU to everyone that was able to share their time and lively company with us and we wish all Kelowna Realtors success in the 2012 market.

Central Okanagan – February 2012 Listing Statistics

kelownarealestatepros — Fri, 02 Mar 2012 22:46:23 +0000

February proved to be in favour of townhome and lot sales compared to 2011. Lot sales saw an extreme increase over 2011, upwards of 225%! While townhome sales grew by 113% over the townhomes sales of 2011. What surprised me the most was the drop in the median home price for both Single Family homes and Condos. Single Family homes median price went from $422K in 2011 to $405K in February 2012. Condos also saw a large gap in median price from 2011’s $240K to $186K today.

The townhome inventory has shrunk over last year but surprisingly the median price has increased to $336K, as townhomes have become a more acceptable option to housing in Kelowna.

In short, I see the 2012 Spring Market allowing more first time owners the opportunity to purchase single family homes, in turn also allowing downsizers the opportunity to move into the townhomes with a more carefree lifestyle.

A Mission Statement! – Lower Mission’s Community Biography

kelownarealestatepros — Fri, 24 Feb 2012 19:37:44 +0000

The Community of the Lower Mission is Kelowna’s oldest community, dating back to 1859 when Father Charles Marie Pandosy established the first white settlement in the Okanagan Valley. When settlers first claimed the area as their own it was thought that the land itself held no great value. Consisting mostly of swamp, settlers were forced to take refuge on higher ground. During this time the higher ground of the Mission was used solely as range land for cattle and other free range farm animals. It wasn’t until 1900-1910 that real development of the Mission took place. During these years the swamp land of the Lower Mission was drained and cleared and replaced by orchards, hay fields and even tobacco fields for a brief period of time in 1912 and again in 1927 & 1928.
Today the Lower Mission is a well-developed neighbourhood, consisting of everything from vacation condominium complexes, to townhomes, to luxurious multi-million dollar lake front properties. The Lower Mission is also home to many popular beaches, boutiques, cafés and restaurants. Everything you need for your day to day life can be found close to home, including large & small grocery stores, doctor offices, dental clinics and even veterinary hospitals.
The residential real estate market in the Lower Mission has a wide range of price points, below are a few useful stats and resources for those interested in buying or selling in the Lower Mission area. For more useful insights on the community of the Lower Mission and its real estate market please visit us on the web at Kelownarealestatepros.com
Apartments: $150,500 – $1,350,000 + Town homes: $224,900 – $1,795,000 + Single Family Home: $369,500 – $8,355,000 + Lots & Acreages: $275,000 – $2,000,000
A few major developments in the Lower Mission are Enlcave, Southwind at Sarsons and Sopa Square.

Market Update! – January Listing Stats

kelownarealestatepros — Tue, 14 Feb 2012 21:01:05 +0000

Based on January units listed & sold, the market has stabilized, with a 1.42% drop in listings and .47% drop in sales from January 2011.

Translated that means, although sales are slightly down, listings are further down. Based on the “Law of Supply & Demand” there is an insinuation that prices could be changing direction to an upward slope.

Current Month Average DOM (days on market) is down to 118 from 125 in January 2011, meaning activity is increasing slightly and Buyers are gaining confidence in the Kelowna Real Estate Market.

Although these Market Statistics are objective and informative, I also like to discuss the “Emotional Market” with my clients. This is purely subjective and will vary with Realtor but important nonetheless.

The overall attitude is one of increased confidence for the Buyer. They are more committed to the purchase and less hesitant that prices could go lower. Sellers are moving on offers with the knowledge that they are gaining on the “PURCHASE” end.

In summary: NOW is the time to BUY if you are a 1st time HOME BUYER or wanting to move UP in the Market!

December Buyer Survey Results

kelownarealestatepros — Mon, 30 Jan 2012 12:11:17 +0000

December was a crazy month for sales with Move up Buyers leading the pack! Move up Buyers made up over 23% of Buyers in December pushing the leader in November “First Time Buyers” to third place.

The good news was local Buyers were confident in our market which resulted in over 68% of the Buyers for December, who said December is slow month? Our consistent Alberta Buyer is still active and pursuing Kelowna real estate, even with all the rumours of Albertans buying south of the boarder.

We are seeing a good start to 2012 and January remains strong. Our 2011 fall market was not as strong as expected and we are hoping the pent up Buyers are now out of hiding and ready to BUY.

For more information on real estate, or if you are thinking of buying or selling call Nyrose & Associates
250-575-1946
Thanks
Darcy Nyrose