Posted by admin on August 25, 2011 | Comments Off
by Jennifer Zielinski – Story: 64019
Aug 24, 2011 / 5:00 pm
Photo: Contributed – CMHC
Canada Mortgage and Housing Corporation expects new home construction to increase 30% in 2012.
CMHC forecasts new home starts in Kelowna to reach 1325, compared to 1025 in 2011.
Paul Fabri, Senior Market Analyst for CMHC in Kelowna, says it’s expected to be a very modest increase in housing starts for 2012.
“In 2010 there were 957 new home starts and we came in slightly higher this year. We will come in slightly higher again next year.”
Fabri says we can expect a bigger improvement on housing starts next year due to employment growth and population growth in the entire province.
“Although the growth is modest, it will trigger some demand for housing – and keep in mind interest rates are to remain low through the balance of this year and into 2012.”
According to Fabri the increase in 2012, although modest, will still exceed the growth from this year.
The supply for existing houses is also predicted to fall, says Fabri.
“There is a good supply of existing homes right now and if that comes down and the inventories of new homes come down then you’ll see builders construct new homes.”
The new homes are also projected at local buyers as Fabri explains there has been a drop in resort-owned homes or second residents.
“The biggest change that we have been seeing over the last 18 months is local buyers, and not as many buyers of investor owned properties that we saw, say, in the mid 2000s, where we saw a lot of buyers from Alberta and the lower mainland.”
Builders are now focusing on local buyers, such as families and seniors, rather than investors.
The key message that Fabri and CMHC are focusing on is that B.C. is seeing growth whether it be in employment or demand for housing.
“All areas in the interior of the province experienced the same kind of trends over the last few years. We saw a big demand for houses in the mid late 2000s then that moderated in the last year or so.”
As for the rental market in Kelowna the vacancy rate is up at 5.5 per-cent compared to 3.5 per-cent in 2010.
MLS is reporting an average price for 2010 at $419,884 compared to $405,000 in 2011 in the resale market.
Posted by admin on August 21, 2011 | Comments Off
Mega-star Brad Pitt has listed his Malibu beach house for $13.75 million.
The 4 bed, 4 bath, 4,088 square foot home on the Encinal Bluffs faces Point Mugu State Park on one side and the Pacific Ocean on the other, and features spectacular ocean views. The Mid-Century Modern main house was recently renovated, and its luxe amenities include a modern stainless kitchen with top-line appliances, bamboo flooring, and walls of glass that look out over the ocean. Two of the 4 bedrooms are currently being used as offices.
The gated home also includes stairs and beach access to a private cove, 3 fireplaces, a security system, and tennis court. Buyers who need more square footage will be happy to know that the property has Planning and Coastal approval for an additional story designed by Chris Sorenson.
Brad Pitt is, along with life partner Angelina Jolie, one half of one of the most famous couples in Hollywood. He most recently appeared in “The Tree of Life,” and will soon be seen in the baseball business movie “Moneyball.” Angelina Jolie was recently cast as Cleopatra in a new film version of the famous queen’s life which is set to appear in 2013.
Aerial view via Google Maps.
Read more: Brad Pitt Lists Malibu Beach House for $13.75 Million | REALTOR.com® Blogs
Posted by admin on August 11, 2011 | Comments Off
Vancouver, BC – August 11, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 12.9 per cent to 6,533 units in July compared to the same month last year. The average MLS® residential price climbed 10 per cent to $540,877 last month compared to July 2010.
“BC home sales edged down 4 per cent from June to July, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Less frenetic buying activity in Vancouver operated to pull total provincial sales lower.”
“The silver lining in the recent global economic uncertainty is that mortgage rates have the potential to reach record lows in the coming weeks as investors flock into bond markets,” added Muir. “The increased affordability and added purchasing power from lower mortgage rates will help bolster housing demand.”
Year-to-date, BC residential sales dollar volume increased 16.5 per cent to $28.2 billion, compared to the same period last year. Residential unit sales increased 1 per cent to 48,628 units, while the average MLS® residential price rose 15.3 per cent to $579,645 over the same period.
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For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on July 29, 2011 | Comments Off
Don Ho’s former Honolulu home has been listed for $3 million. [via WSJ]
The late singer’s 4 bed, 4 bath, 7,444 square foot home is in the Diamond Head neighborhood, just blocks from Waikiki. From the listing:
“Walk to Kapiolani Park, beach & Waikiki for an active lifestyle in beautiful Honolulu, Hawaii. A redesign of the home with picture windows would enhance the surrounding tropical views of Waikiki, Kapiolani Park & Diamond Head.”
The three story home was built in 1948, and features ocean and sunset views. It is listed for sale “as-is.”
Don Ho was a native Hawaiian singer, pianist, and television performer. He died in 2007.
Read more: Don Ho Estate Listed for 3 Million Tiny Bubbles (PHOTOS) | REALTOR.com® Blogs
Posted by admin on July 18, 2011 | Comments Off
Everyone has their summer traditions, for Goldie Hawn and Kurt Russell, summer has often meant putting their lavish beach house in Malibu, California up for rent, usally for a wallet-busting $95,000 a month. This year things are different, the house is still up for rent (albeit for a lower price, $80,000 per month) but it is also for sale for $14.749 million.
The four-bedroom home is located on Malibu’s coveted Broad Beach where many other celebrities also enjoy the soft sand and beautiful views. The couple bought the home in the 1980s. 
The home was redesigned and renovated in 2005 with an exotic Balinese feel. The home has a tranquil courtyard with fountains and lush landscaping.
Open living spaces showcase the large oceanfront patio with a covered outdoor living room with a fireplace, a fenced yard and a path across the dunes. The master bedroom suite includes a Chinese Onyx spa-inspired bath area, and large closet. There are two additional guest suites, a designer kitchen with ocean views, a fully-outfitted media room and a sumptuous office. The detached guest house has a meditation/guest room and an exercise room.
The listing is with Kimberley Pfeiffer. See more details at REALTOR.com.
Read more: Goldie Hawn Lists Her Malibu Beach House For $14.749 Million (PHOTOS) | REALTOR.com® Blogs
Posted by admin on July 14, 2011 | Comments Off
Candy Spelling’s World-Famous Holmby Hills Estate in California Has Sold To Heiress Petra Ecclestone For US$85 million
Hilton & Hyland Real Estate, Exclusive Affiliate of Christie’s International Real Estate, Represents Both Buyer and Seller
The Official Closing is Today
Price Paid for “The Manor” Establishes New Record for Southern California
Holmby Hills, California—The change in ownership of The Manor is now complete. Today heiress Petra Ecclestone, 22, closed on the property built by entertainment royalty Candy and Aaron Spelling. Rick Hilton and David Kramer of Hilton & Hyland Real Estate represent Ms. Ecclestone. Mr. Hilton and Jeffrey Hyland of the same firm share the listing with Sally Jones of Coldwell Banker.
“It has been a distinct honor to work on the sale of this exceptional property,” says Mr. Hilton. “Our unique part of the world—with its glamour, natural beauty, and vibrant lifestyle—continues to attract keen interest from international buyers.”
“The luxury residential real estate market in the Beverly Hills area is performing strongly,” says Mr. Hyland. “It stands among the global markets of Hong Kong, New York and London, in enticing savvy buyers from all parts of the world. Hilton & Hyland is Beverly Hills’ luxury real estate leader commanding one-third of the local market for properties valued above US$5 million.“
“Hilton & Hyland epitomizes the caliber of brokerages invited to join the Christie’s International Real Estate network,” says Neil Palmer, Chief Executive Officer of Christie’s International Real Estate. “Our Affiliates are truly the luxury real estate specialists worldwide.”
Standing as the crown jewel in a premier Southern California neighborhood, The Manor is the largest and grandest private residence in Los Angeles. Beautifully positioned on nearly five acres of rare flat land in prized Holmby Hills, The Manor spans 56,500 square feet, setting a new standard of scale and opulence for residential estates.
This article was taken from: http://www.christiesrealestate.com/News/Press%20Releases/ReadNews/NewsContent/54876
Posted by admin on July 14, 2011 | Comments Off
Vancouver, BC – July 14, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 2.4 per cent to 7,904 units in June compared to the same month last year. The average MLS® residential price climbed 14.4 per cent to $571,837 last month compared to June 2010.
“Home sales were relatively unchanged in June compared to last year,” said Cameron Muir, BCREA Chief Economist. “However, low mortgage interest rates and an overdue pick-up in BC employment growth are expected to provide some incentive to consumers over the summer months.”
Year-to-date, BC residential sales dollar volume increased 15.5 per cent to $24.7 billion, compared to the same period last year. Residential unit sales are essentially unchanged compared to the halfway point of 2010 at 42,095 units, while the average MLS® residential price rose 16.1 per cent to $585,661 over the same period.
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For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on June 30, 2011 | Comments Off
Home Sales to Rise 5 Per Cent This Year
BCREA 2011 Second Quarter Housing Forecast
Vancouver, BC – June 30, 2011.The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today.
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.
“Home sales will post some modest gains over the next two years,” said Cameron Muir, BCREA Chief Economist. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”
“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,000 units. A record 106,300 MLS® residential sales were recorded in 2005.
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The full BCREA Housing Forecast is available at: www.bcrea.bc.ca/economics/HousingForecast.pdf.
For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on June 15, 2011 | Comments Off
BC Home Sales Edge Lower in May
Vancouver, BC – June 15, 2011. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province edged down one per cent to 7,857 units in May compared to the same month last year. The average MLS® residential price climbed 20 per cent to $596,872 last month compared to May 2010.
“Tighter mortgage rules, tepid employment growth and advance buying during the first quarter kept BC home sales on a lower note in May,” said Cameron Muir, BCREA Chief Economist. “However, recent downward pressure on mortgage interest rates is expected to provide some incentive to consumers over the summer months.”
Year-to-date, BC residential sales dollar volume increased 15 per cent to $20.1 billion, compared to the same period last year. Residential unit sales edged back one per cent to 34,191 units, while the average MLS® residential price rose 16.5 per cent to $588,857 over the same period.
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For more information, please contact:
BCREA represents 11 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, economic research and analysis, government relations, applied practice courses and continuing professional education (cpe).
To demonstrate the profession’s commitment to improving Quality of Lifein BC communities, BCREA supports policies that encourage economic vitality, provide housing opportunities, respect the environment and build communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.
Posted by admin on March 31, 2011 | Comments Off
The saga of Ozzy and Sharon Osbourne’s Malibu, CA house has had more twists and turns than the couple’s storied careers, alternately being listed for rent/sale for years.
Now this rock star property, which was listed for $40,000 rent last year, is once again listed for sale, this time at $10 million.
Enjoy the sweeping oceanfront views that will take your breath away as the steps from the balcony fall right on the sandy beach shore line. This 4,500 square-foot- villa on 0.16 acres was built in 1955 and boasts hardwood floors, stainless steel kitchen appliances, two covered parking spaces, powder room, fireplaces, walk-in closets and marble bathrooms.
The home also boasts wood framed glass front double doors that open to the main living room, faux-stone wall, a trio of French doors and a terrace. A workout room/ library, free standing hot tub and spa also are featured in this three-story home, along with office space and a back yard.
See the listing at REALTOR.com
Read more: Ozzy and Sharon Osbourne List Malibu Beach House (PHOTOS) | REALTOR.com® Blogs
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