Prince Edward Island

Central Mortgage & Housing (CMHC) reports that Prince Edward Island waterfront properties remain very attractive to investors. In the year 2000, the average price of a recreational property in PEI was $48,360. In contrast, by the end of 2007, the value had increased to $120,620., an increase of nearly 150%. Going along with the higher prices, was also an increased level of sales of properties. In 2000 the number of recreational properties sold in PEI was 76, by the end of 2007, the number of recreational property units sold was an astonishing 131 units. One reason for this increase is from former residents of Prince Edward Island who have left the province and gained money to come back and purchase waterfront cottages, etc.

Recently a lot of Prince Edward Islanders have gone to the oil rich province of Alberta to work for good wages. These same islanders will eventually be buying PEI Real Estate and probably retire in PEI.

That's it for now,

George, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com

Mr. "Las Vegas" himself, Wayne Newton and his 10 piece orchestra is coming to Prince Edward Island, Canada, on March 14, 2009, and will play at the great Confederation Centre Of The Arts in the capital city of Charlottetown, PEI. It will be great for the citizens of PEI to see this seasoned entertainer perform his many hit songs.

The Confederation Centre Of The Arts in Charlottetown is a PEI cultural landmark well known for its many live plays, especially the world famous "Anne Of Green Gables".

That's it for now,

George, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com

Jason Aspin is returning to Prince Edward Island, and is bringing his successful company with him. Aspin Kemp & Associates is a marine electrical engineering company, and has designed the world's first hybrid tugboat. This tugboat starts its work on February 6, 2009 in Los Angeles, California.

Aspen Kemp will build a new production building in Stratford, PEI this spring and will provide 10 new jobs to the Prince Edward Island economy. This is good news for the growing community of Stratford.

In these days of global recession, it is exciting news when a vibrant company such as Aspen Kemp can be successful and, at the same time, increase valuable jobs in PEI.

This new business to Stratford, PEI will also enhance the PEI Real Estate market.

That's it for now,

George, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com

Today Buyers and Sellers of Central Oregon homes are hearing these terms more and more which bring more questions than answers most of the time. There are many misunderstandings of what these terms mean and what the process is or can be. The current real estate market is one that even veterans of 40 plus years have never seen before. Let's explore what these mean here locally and have a glimpse of what they may mean in other areas.

The Short Sale - A seller is attempting to sell their home for less than they owe the bank. That is the simple answer to what a short sale is. As we tread on you will see that the answer is not all that simple. How can the seller do this is one of the most common questions followed by how can I buy this home for less. The seller of a short sale is usually behind at least one payment and can not keep up with the current mortgage. The banks do not want to have to take the home (Foreclosure). Some of the reasons are, banks are not in business to be home owners and the average cost to the bank for a foreclosure is in excess of $30,000 according to some experts.
Ashley Drake Gephart, Associate Broker, REALTOR® a good friend in Albuquerque explains in more detail what a short sale is

A short sale of a residential property is still owned by the owner, but the owner is usually behind in their payments and the price listed is short of what is needed to pay off the mortgage and closing costs. There is no guarantee that the bank will accept a short sale even if the owner offers the full list price, and the response time from a bank on an offer can take up to six months.

A Short Sale is always subject to the lender approval this process is far more complicated that it sounds. Some homes currently listed as a short sale have a first and a second mortgage. In these cases approval by both lenders is necessary. Most short sales will be sold as is, with few if any warranties. Everything about the contract depends on the bank agreeing to it. A short sale can take weeks to months to get bank approval.

Joshua Jarvis REALTOR® in Georgia also explains short sales;

Pre-Foreclosures are also called Short Sales in some cases. Most of these will be listed as well. Short sales can be a great deal and opportunity but do require patience and a easy living arrangement in case the deal falls through. Not all pre-foreclosures are short sales, but most will be.

The process is not as simple as it sounds. There are specific documents the seller will need to provide sometimes multiple times, the listing agent will need to have extensive communication with multiple parties to keep the ball rolling and be familiar with the process and the specific situation.
As a buyer you can have the best agent out there and if the listing agent is un-aware of the process your offer can be a total waste of time. Sellers if you are working with an agent and trying to short sale your home, make sure your agent knows the process. More than one buyer can tell you that they had an offer with a short sale only to find that it went to foreclosure anyway. Reasons for this can vary from the bank would not accept the offer to the listing agent did not ask for the sale date to be delayed while the offer was negotiated.

Complete Article of Central Oregon Bank Owned vs Short Sale

Anne Shirley of Green Gables is 100

Yes that's right. Anne turned 100 this year.

2008 marked Lucy Maude Montgomery's Maritime classic series about the orphan girl with an enormous independant indomitable spirit always on the lookout for her 'kindred spirits'.

And I was there! Prince Edward Island was teeming with celebration this summer, with plays and Everything-Ann.

The Legendary 'Green Gables'.

(I almost drove right by! The sight was closed, but seeing was enough for me.)

Lucy Maude Montgomery lived in this quaint country house for a year while teaching in the area.

I didn't 'plan' on hitting the 'Anne' or Lucy Maude Montgomery sites, but happened on all of them along my drive. I also saw the house of Lucy Maude's birth - however as I previously mentioned, so much photo op gets in my way.

The new movie, Anne of Green Gables: A New Beginning, is both a prequel and sequel to the famous long running series with Megan Follows playing Anne. Before her arrival at Green Gables in Prince Edward Island, Anne had found a kindred spirit in a wealthy widow played by Shirley Maclaine. Barbara Hershey plays the adult Anne.

From among 1000 young Canadian girls,12-year-old Hannah Endicott-Douglas of Toronto was chosen as Anne - a tough job following years of Megan Follows in the role, whom I would like to have seen play the adult Anne.

Quiet pastoral south shoreline. I was frequently moved emotionally travelling here.

PEI is a serenely beautiful pastoral province of Canada, which I'd always wanted to visit. Driving along a country road, I smiled at a mailbox with the name Blanchett on it - my grandfather's last name - very possible distant relatives. The history of the Acadian French relates back over 250 years here.

Taken about 6:30am - PEI central north shore, Rustico Beach on the 'Anne's Land Drive, not far from Anne's Cavendish.