Kelowna, BC

There are currently 61 foreclosures (as of February 8,2010) amongst the entire listing inventory for the Central Okanagan. That is a decrease of 14 properties (-22.95%) in the foreclosure inventory from last month.

The foreclosure inventory breakdown is as follows:

2 Lots and Acreages (both at $115,000) with no pending sales

2 Manufactured Homes ($79,000 and $125,000) with no pending sales

31 Single Family Residential ($199,900 to $1.995 Million) with two pending sales

26 Strata Properties ($179,900 to $570,000) with no pending sales

In terms of January 2010 foreclosure sales there were a total of just 7 or a decrease of 10 properties from December 2009. There were 6 sales of single family residential homes ranging in value from $345,000 to a whopping $2,075,000 estate property. There was also one sale of a building lot in West Kelowna originally listed for $259,900 and sold 35 days later for $250,000. This lot sold in June 2007 for $429,000 plus GST so that is an overall loss of approximately 55.5%. The purchasing of single family dwellings continues to be the top priority for the buying public of foreclosure properties.

Here's the breakdown for all residential sales in January 2010:

A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 164 days later for $345,000 - 1.45% discount off list price

A 4 bed/1 bath 1200 sq/ft. 1970's built home in South East Kelowna listed for $349,000 sold 80 days later for $355,200 - 1.78% increase over list price

A 4 bed/3 bath 1820 sq/ft. 1980's built home in Black Mountain listed for $442,166 sold 99 days later for $436,000 - 3.17% discount off list price

A 3 bed/3 bath 2995 sq/ft. 1990's built home in University District listed for $499,900 sold 68 days later for $488,000 - 2.44% discount off list price

A 5 bed/4 bath 4696 sq/ft. 1990's built home in Dilworth Mountain listed for $1.130M sold 43 days later for $899,000 - 25.70% discount off list price

A 4 bed/5 bath 6728 sq/ft. 2006 built home in Dilworth Mountain listed for $2.295M sold 158 days later for $2.075M - 10.60% discount off list price

Current foreclosures of all Central Okanagan listings represent 1.65% of the total listing inventory!

Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. However, there is a trend for higher priced listings to take the greatest financial beatings at the hands of buyers in the courts. There are fewer buyers for the multi-million dollar foreclosure homes whereas the average homes in the $400,000 range are most sought after and competed for. Real estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.

If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com

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Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders. This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage. By providing these documents in a timely fashion, you will help to ensure a speedy approval/renewal process:

Buying a home?

Information that describes the property you are purchasing:

___ Contract of Purchase and Sale Agreement*

___ MLS Detail Feature Sheet*

___ Property Disclosure Statement (PDS)*

___ Title search*

___ Strata property information: Form B, Meeting Minutes, Strata Fees* **

___ Name, address, telephone number of your solicitor/notary

Confirmation of your down payment:

___ Savings or investment statement from the last 90 days

___ Sale of an existing property - a copy of the sale agreement

___ Gift letter if down payment funds are from family, friend etc.

___ Withdrawal from RRSP through the Home Buyer's Plan

Employment verification:

­­___ Copy of latest pay slip

___ T4

___ Letter of employment

___ T1 General and Notice of Assessment (NOA) if self-employed

Refinancing your home?

Information that describes your existing property:

___ Recent mortgage statement

___ Current homeowner insurance policy

___ Recent property tax statement

___ Legal description of your property

Additional information that may be required...

As part of your application process, you may be asked questions relating to what you owe and own. Some projected expenses relating to your property such as: taxes, heating costs and condo fees.

Once the lender has given final approval:

___ A void cheque for the account that the mortgage funds are to be debited from.

This checklist is by no means exhaustive as each lender has criteria that is important to them. Should you have any questions about applying for a mortgage or refinancing an existing property I am happy to refer you to some local mortgage brokers in your area.

*Your real estate agent will be able to provide these documents to your bank or mortgage broker.

**Typically required if purchasing strata titled property.

Sincerely,

Jason Neumann, REALTOR®
Century 21 Assurance Realty Ltd.
Cell: (250) 808-7700
Office: 1-888-301-2121
KelownaRealEstateNews.com

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Current Active Central Okanagan MLS Listing Inventory as of January 10,2010:

Single Family Dwellings - 1323 properties (a 12.17% decrease from December) including 12 pending offers ranging in value from $49,900 to $15.9M

Strata - Condos - 945 properties (a 11.96% decrease from December) with no pending offers ranging in value from $62,400 to $4.99M

Strata - Townhomes - 318 properties (a 14.47% decrease from December) with 1 pending offer ranging in value from $134,900 to $1.624M

Manufactured Homes - 178 properties (a 12.36% decrease from December) with no pending offers ranging in value from $28,000 to $350,000

Lots/Acreages - 607 properties(a 19.44% decrease from December) with 4 pending offers ranging in value from $65,000 to $15.9M

Total properties for sale - 3,371 Current Inventory 3,831 (total inventory decrease of 13.65% from last month's report)

December 2009 saw total unit sales of 241, a jump of 99% from the 121 unit sales in December 2008. However, with the holiday season, there was a 25% drop in sales from 324 sales in November 2009. Residential units sold showed an 84% improvement over last year (214 from 116) and a 19% drop from last November(266 unit sales). Sales of single family homes increased by 65% over last year (109 from 66) but were down 20% from November 2009 (137 unit sales). Townhouse and condo sales improved 100% with 30 townhouses sold compared to 15 in December 2008 and a 154% increase to 56 condo sales versus 22 in December 2008.

The absorption rates or the total number of sold units versus the remaining inventory for condos, townhomes and residential homes continue to stay strong. With steady decreases in the overall inventory levels and increasing sales month to month, 2010 could see some property owners realize an increase in their investment. First time home buyers are still enjoying low interest rates and as a result are out there looking and purchasing actively in the Okanagan.

Below is an overview of Central Okanagan Stats for December 2009:

December Ratio of Sales vs. Total Inventory = 5.92%

Condo -- Sales = 56

Condo -- New Listings = 116

Condo -- Current Inventory = 961

Condo -- Sell/Inv. Ratio = 5.83%

Condo -- Days to Sell = 85

Townhouse -- Sales = 30

Townhouse -- New Listings = 72

Townhouse -- Current Inventory = 355

Townhouse -- Sell/Inv. Ratio = 8.45%

Townhouse -- Days to Sell = 125

Lots -- Sales = 13

Lots -- New Listings = 44

Lots -- Current Inventory = 696

Lots -- Sell/Inv. Ratio = 1.87%

Lots -- Days to Sell = 197

Residential -- Sales = 109

Residential -- New Listings = 180

Residential -- Current Inventory = 1058

Residential -- Sell/Inv. Ratio = 10.30%

Residential -- Days to Sell = 86

Average House Price = $469,514.65

Median House Price = $438,500

If you would like more in depth statistics or have any general questions please contact me at (250) 808-7700 or at jason.neumann@century21.ca

Complete OMREB Statistics for December 2009

Sincerely,

Jason Neumann

There are currently 75 foreclosures (as of January 10,2010) amongst the entire listing inventory for the Central Okanagan. There was a slight decrease of 3 properties in the foreclosure inventory from last month.

The foreclosure inventory breakdown is as follows:

4 Lots and Acreages ($115,000 to $590,000) with no pending sales.

32 Single Family Residential ($199,000 to $1.995 Million) with one pending sale.

38 Strata Properties ($179,900 to $899,900) with no pending sales.

In terms of December foreclosure sales there were a total of 17 for the month. There were just 5 residential home sales versus 12 the prior month ranging in value from $340,500 to $499,000 with an overall average days on market reaching 84 days versus 117 days in November. Stratified properties saw a sharp increase to 12 sales with 11 of those being in one development in Lake Country alone. Those 11 sales were for full list price ranging in value from $189,900 to $339,900. The other lone strata sale was another condo in Lake County and it sold for $180,000 after sitting on the market for 223 days at $184,900.

It is worth mentioning that all 5 residential home sales in December sold for under list price, here's their breakdown:

• A 5 bed/4 bath 2650 sq/ft. 1990's built home in West Kelowna listed for $359,000 sold 26 days later for $340,500
• A 3 bed/2 bath 2200 sq/ft. 1970's built home in Rutland South listed for $350,000 sold 162 days later for $345,000
• A 4 bed/3 bath 1820 sq/ft. 1990's built home in Glenmore listed for $399,000 sold 104 days later for $387,500
• A 6 bed/3 bath 1318 sq/ft. 1950's built home in Kelowna North listed for $439,900 sold 91 days later for $391,000
• A 4 bed/4 bath 3210 sq/ft. 1990's built home in West Kelowna listed for $529,900 sold 40 days later for $499,000

Current foreclosures of all Central Okanagan listings represent 2.22% of the total listing inventory!

Bottom line is there really is no guaranteed strategy to pick up foreclosure homes at greatly reduced prices. Real Estate investors are a savvy bunch and will patiently wait for the proverbial deal to come to them. Some buyers going to purchase these "Court Ordered Sales" are willing to battle it out in the courts and as a result are creating bidding wars in the process. It is important to understand the foreclosure process and how the court system works for buyers interested in purchasing one of these properties.

If you would like more information on the court process or a detailed list of current foreclosures in Kelowna and/or its surrounding areas please contact me at (250) 808-7700 or jason.neumann@century21.ca

Sincerely,

Jason Neumann

I am one of those people who loves to set goals each January. I don't make new year's resolutions as that sounds too negative to me. I like to use the 9 section Western Feng Shui bagua as my guide and put pictures, photos, sayings, etc. reflecting how I want 2010 to materialize. This is one of the Law of Attraction strategies that I have personally found to be very powerful. It seems that if we know what we want we have more opportunities of achieving our goals. If you want 100 new awesome clients this year then say so and then put that into action. I want to attract 100 new enthusiastic entrepreneurial home staging students who want to get out and stage homes to sell quickly and for top dollar for YOU!