What is happening with the local luxury real estate and homes markets?

All too often when luxury real estate markets are discussed and highlighted the focus goes offshore. But this is not the case in the Christies Global luxury real estate Market Report for 2017. Luxury defined is Christie’s International Real Estate fifth annual white paper that looks at 100 luxury real estate brokerages around the globe. This paper provides insights into the residential luxury property market.

Having said this the Comox Valley’s luxury real estate market has taken off over the past year. A total of 32 homes sold for over 1 million dollars in 2017 and there have already been three sales at this level this year. Moreover, they are often selling quickly- often in only days after being listed.

What constitutes luxury real estate varies around the globe. The report tells us that homes under $1 million are luxurious in Costa Rica but the same luxury level rises to more than $10 million in Monaco. The report tells us that the worldwide average price of a luxury home is $2.1M. The entry level luxury home in Zurich is about $6M whereas in Miami it is “just” $2M. Having said this most Canadians would still use $1 million as a really good metric for a luxury home even though average homes in areas such as Vancouver and surrounding suburbs are breaking the million dollar mark. Just as beauty is in the eye of the beholder so is luxury.

Hong Kong leads the world as the top ranking city for luxury real estate. It is followed by London, United Kingdom, New York, Los Angeles and Singapore. Sidney is 6th followed by San Francisco, Paris, Toronto (yes Toronto is 9th in the world) and Miami. Pretty lofty levels for a Canadian city amongst those topping the world at the luxury level.

While prices of million dollar plus homes have increased globally, so has the time required to sell them which now sits at about 220 days (based on 2016 sales). Stepping up to the next level which is referred to as the ultra-prime luxury market, there are generally about 1500 homes for sale at the $20 million dollar level and about 30 for sale at the $100 million dollar level. Hong Kong generally has the most homes listed at the ultra-prime level.

Perhaps more interesting from a Canadian perspective is what this paper calls the luxury thermometer which reveals market momentum. Momentum often has an effect on home prices and high-end inventory.

Toronto is ranked as the hottest performing luxury real estate market worldwide. And guess which market is second? Victoria BC followed closely by San Francisco, California, and Austin Texas, and Charleston South Carolina. Honk Kong is listed as the world’s top ranking city for luxury real estate around the globe. The shift towards Victoria is attributed to the 15% tax levied on nearby Vancouver but it can also be attributed to more affordable homes for the same money when compared to Vancouver. Victoria offers a terrific alternative to Vancouver.

What happens in Victoria does not necessarily stay in Victoria when it comes to real estate. Shifts in real estate trends from Vancouver to Victoria often then move up Vancouver Island to Nanaimo and the Comox Valley. If this trend spills over to the luxury home market, sellers of luxury homes in the Comox Valley can look forward to next year as a growth opportunity.

The world’s affluent population grew by 4.2% in 2016 and their wealth expanded by 2.5% Yes the rich did get richer and there was more of them. This is a good thing when it comes to our local luxury real estate markets. We need more buyers capable of buying luxury homes if we expect to be able to sell more of them. What about other trends? When uncertainty prevails, luxury residence sales often soften. The biggest uncertainty in BC at the moment is how long our coalition government will last. As well, we saw the first volley from the federal government on interest rates with a 1/4 percent increase. A few more increases may have a chilling effect. Low interest rates helped fuel the recovery in the global economic cycle and we do not need the government to raise rates beyond more than what they have already done if they want to perpetuate the growth.

Uncertainty also undercuts secondary residence spending. Will Victoria follow suite with a tax on foreign buyers like what happened in Vancouver? Let’s hope not. The free market should prevail and not be driven by government interference. When governments get involved history is replete with examples of unexpected and unintended negative consequences.

Luxury home markets are not driven by trends in the average home market. People with sufficient free capital to invest at this level are motivated by other things such as preservation and growth of capital, diversification against geopolitical risks, defense against inflation, diminishing volatility, lifestyle, and the desire to own a beautiful asset of lasting intrinsic value.

Victoria and Vancouver Island in general have seen rising prices for most of 2017 to date and lower inventory than in the recent past. This does not mean, however, that sellers can or should set unrealistic asking prices in a rising and strong seller’s market. The property value of luxury homes is dependent on several unique factors such as location, provenance, quality, rarity, and comparable value. Yes comparable value does factor into decisions made at the luxury level as well as any other level in the real estate market. Price it too high and a home will sit and the listing will become stale over time. Homes should always be priced “right” for the market at the time they are listed. Real estate agents who suggest asking whatever price you want should be viewed with suspicion and they should be asked to provide facts to back up their opinion.

Luxury home buyers are often very well versed and knowledgeable and they want to know that the prices they are being asked to pay are justifiable based on recent property sales. Once you get outside a “comparable” price range, properties sit. As an example, when home prices exceed the $1 million dollar mark in the Comox Valley about 10% of them actually sell in an average year. In 2017 to date there have been 8 million dollar sales yet there are 46 active listings so the rate is up a bit to 17%.

What does $1 million dollars buy around the world? In Cannes France it will buy a 650 square foot apartment. In London England you can get a larger 668 square foot apartment. In Montreal you get a 1650 square foot apartment. On Vancouver Island you can get a really nice single family home.

What are some of the trends in luxury homes? Kitchens are often the focus and hub of the luxury family home. A great kitchen is said to fuel a healthier lifestyle with more sit-down dinners, conversation opportunities and healthier dining choices. Large master bedrooms and large closets continue to be a highly desirable amenity for luxury home buyers. The passion for recreation at home is getting more expansive and important and home theatres are almost a must. As homes go up in value and the need for privacy increases so does the need for security systems, especially when the location of these high end homes is remote and away from the hustle and bustle of busy and active neighbourhoods. Many other kinds of technology are filling the need to control most aspects of life in these high end abodes.

If you are looking for affordable luxury try looking at Victoria BC and the rest of Vancouver Island. The scenic vistas are spectacular and you may just be drawn to our Island Lifestyle.

To read the full 88 page Christies report click on the following linkChristies Luxury Defined Report 2017

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• Secrets Everybody Should Know About Selling a Luxury Home

Luxury, or high end, homes are an increasingly sought after commodity in our area because of the rampant price increases on the mainland. Considering the value of luxury homes, it is understandable that sellers would want to get things right. These homes are substantial investments, often worth millions of dollars. The real estate market has changed and while there are fewer luxury homes out there, it is still very more important that the seller put forward a positive image of the home.
 
As the price goes up on a home there are generally fewer buyers for that home. You have to attract the right buyer, know how to make the buyer understand what makes the home worth the money, and be able to negotiate effectively when selling some of the highest-priced homes available. Having the right list price and the best real estate agent are two vital cogs in the sale of a luxury home.
 

Generate a Buyer Profile and Understand What Motivates Buyers

While it may seem a bit odd to start off a list of the best luxury home selling tips with creating a psychological profile of the end buyer, it’s really not. When selling you need to focus on the buyer. First and foremost you want to know who you will be marketing to when trying to draw in a high-end clientele. With a luxury home sale, you are not always casting the widest net to any and all buyers. Instead you are focusing your efforts to appeal to a specific audience. Of course, the buyer needs to be able to comfortably afford the home. The last thing you want to be targeting is those who are marginally qualified.
 
But what exactly are you selling? Beyond the magnificent features and stunning architecture of your home are you also selling close proximity to an urban area, oceanfront living, pristine natural privacy, an award-winning school system, the top neighborhood in the area, proximity to an iconic area attraction or feature, or the best restaurants and shops within walking distance? Yes any and all of these can help sell a specific home. You and your real estate agent need to have a strong grasp of what separates your home from other luxury properties in the area and you need to market to those strengths. US News has an excellent article on how to think like a luxury real estate agent. Understanding what motivates a luxury home buyer is important.
 

Understand the Market and Marketing

How many countless time have you heard that real estate is local? While this understanding is true, it is not always the case for the luxury home market. A combination of factors drive the luxury market. Proximity to high paying jobs, access to the high end jobs market, the specific area that the home is located within, the appeal of that area, local issues that affect the area, and the proximity of other home types and area features, attractions and distractions all can impact this market. In a smaller area this type of market may only represent a small single digit fraction of the total number of homes listings and sales.
 
Marketing a high end home often requires a different approach. Finding the right buyer requires getting the word out about the property for sale. Today the primary marketing channel is the internet, but putting up a listing on the multiple listing service (MLS) is not enough to sell a luxury property – or any home, for that matter. Merely putting the home on the internet and waiting for a buyer to come along just does not work. Running ads in a local newspaper is going to be similarly ineffective. So will placing ads in Kijiji and Craigslist. Getting back to an earlier point about high end buyer profiling you need to market where that buyer is spending leisure time and expecting to see such a home presented. Competent real estate agents will know and understand this and take advantage of it to get the exposure necessary to attract interest and the right qualified buyers. A reputable and competent Realtor will have a number of marketing options for your luxury home. The first will be online, but the most pervasive will often be the network he or she has with other Realtors, past clients and other people involved in high-end real estate.
 
The marketing material should tell a story both about the home as well as the city or town the property is located in. Selling such things as the neighborhood or outstanding education are all part of the puzzle. Often you are selling a lifestyle and this should be conveyed in the marketing material. Keep in mind that many luxury home buyers look for well know luxury brands. This should be reflected in your marketing. For example in the kitchen, high-end appliances include a Sub-Zero fridge, a Wolfe or Viking stove, a Thermador oven, a Miele or Bosch dishwasher. Luxury buyers look for these brands. When marketing the home these things should be emphasized. The kitchen and master bedroom are the most important rooms in the house so extra time should be spent featuring it.
 

Find the Right Real Estate Agent

The best buyers may be found through the internet, or they may be found through a contact of the real estate agent’s. The point is to work with someone who has the ability to reach buyers who will want what you are offering. Top real estate agents understand the best marketing tips for selling a home and they take advantage of them all. Exceptional agents leave no stone uncovered when selling a high-end home.
 
The real estate agent you select to sell your luxury home should have a dominant internet presence. Use Google as a tool to seek out and find luxury market real estate agents in your area. You can try searching for “best real estate agent in city, province” to locate an exceptional agent. Typically agents that come up high in searches such as this tend to have a great understanding of real estate marketing on the internet.
 
A highly visible real estate agent will be knowledgeable in both search engine optimization (SEO) along with terrific social media skills. Let’s face it more and more people spend a ton of time on their smart phones and tablets. Everyone has their favorite social network they regularly use. Social media real estate marketing is just another way of going outside the box in getting a high-end home sold. Whether it is marketing on Facebook or other social media – people love looking at luxury properties. Real Estate agents should be well versed in marketing to affluent clients.
 

Find a Facebook-Savvy Real Estate Agent

Social media can help sell homes when used correctly and Facebook has some powerful options to help. However, make sure that your real estate agent uses Facebook frequently and knows how to market homes on the platform. Facebook, like Google, often changes it algorithm which affects how something shows up in someone’s feed. Trial and error is often one way to find out what works and what does not. Hire a professional who knows the ins and outs of using Facebook to sell a home.
 
People are visual beings and posts need to have great images to attract attention. The attraction should be strong enough to draw people to the property and to get them to make an appointment to view the home. Marketing is about getting exposure and generating interest and advertising focuses on selling so the deal can be closed. Professional photography combined with a focus on nearby amenities will add to the draw of the home to potential buyers. Getting the right type of ad in front of the right buyers is very important. This comes back to the previous point of creating a buyer profile and understanding what motivates a luxury home buyer.
 

Price to the Market

One of the most important tips for selling a luxury home is pricing it at the right price from day one. Pricing any home correctly is challenging. Having expert knowledge of the current market and knowing how to look at a home, measure its strengths and weaknesses, understand the appeal that it will generate, being able to effectively compare it to similar homes, examine the surrounding market and price it to both sell in a timely manner and for a good price – these are skills that Realtors take years to master. Luxury homes add another layer of difficulty when it comes to pricing. There are less comparable homes to reference, and each luxury home tends to be custom built and have unique features that only some buyers will value. Because of these differences, a luxury home tends to be harder to price properly to reflect its value and unique appeal.
 
Some inexperienced agents will try to use rudimentary ways to price the home like using statistics of comparable sales based on square footage or using price per square foot based on the size of the home .This is a sure fire way to get a luxury homes price wrong! There are significantly more challenges to pricing a luxury home. Most luxury homes are one of a kind and there often are no real comparable homes in the local area. Knowing who built the home and the quality of the builder is important. The price, however, needs to be spot on if you want to get top dollar.
 
Price a home too high, and it can sit on the market for months without selling. Eventually, it will become a stale listing and develop a stigma – buyers will assume there is something wrong with it. This is especially true with luxury homes, because with such a smaller supply, buyers and their agents are unlikely to forget about the home. They will recognize it, even if it pops up a year later at a lower price.
 
Pricing the home correctly is one of the biggest reasons to hire an agent familiar with luxury properties. The agent should understand the difference that location plays in the comparable sales data and how one neighborhood differs from the next. The neighborhood in which a property is located can have a huge influence on value. A skilled luxury real estate agent understands the factors which influence home values. Great agents know that comparable sold properties are vital to establishing true market value. They don’t waste a lot of time looking at homes sitting on the market that have not sold. Knowing how to sell a luxury home starts with accurate pricing.
 

Market at the Right Time of Year

Luxury homes are often located in areas that take advantage of local attractions and geography. A home along near the Horseshoe Bay Ferry Terminal in the West Vancouver area will look out over the water, offer views of nearby mountain peaks and possibly the city. In the summer buyers can take all of this in and get a true feel for why the home is so amazing. In the last months of winter the cold wind, oppressive rain, and constant cloud cover will tend to obscure the many benefits of owning the home. Obviously selling such a home would be easier in better weather, and the home would most likely fetch a higher price if buyers see it in the best possible light. A great luxury home selling tip is to take advantage of the optimal season in your specific location.
 
Here in the Comox Valley, where I am located it would not make sense to list a luxury home in the dead of winter when it is rainy and gloomy unless your financial situation dictates it. With a luxury property, you want to take advantage of the best selling season where there are more buyers in the market looking for luxury real estate. Without a doubt, the best time of the year to take advantage of selling a luxury home is the spring. For a typical year in the valley our spring real estate season starts around the end of February – much sooner than the rest of Canada.
 
In the spring buyers can get a complete understanding of the grounds which is often a big selling feature in luxury homes. There are going to be things that you can’t appreciate in the winter such as the dramatic views of the Georgia Strait and the distant Coastal Mountain range, tennis court, magnificent landscaping and possibly many other features that can get obscured by fog and driving rain. If you are selling a luxury waterfront property this is certainly the case.
 

Use High End Photography and Video

Whether a buyer finds your home online, or through contacts of your real estate agent, most people are going to want to look at the listing before they schedule a viewing. A quality listing will contain pictures and a video tour of the property. Just as a good portrait photographer can bring out the best ¬in a person, a skilled home photographer can make any home look its best. You want pictures that attract buyers, which requires working with a professional.
 
Luxury homes deserve exceptional photography. If a realtor shows up with their cell phone to take pictures – run away. They clearly do not understand how to market luxury homes properly. This is one of the most important aspects of selling a luxury home. When someone asks how you sell a luxury home, photography will be at the top of the list! Here are some excellent photography tips specifically for real estate.
 
Video is becoming as important as photos when selling real estate today – especially when you are selling a luxury home. Buyers may be coming from across the country to view your home. Even if they are coming from next door, a video tour can give them a good idea of what living in the home would be like, and convey what makes your home special. Filming a quality video tour may cost a little bit of money, but it can be considered an investment. The better the video looks, the more likely you are to attract the right kind of buyer. While video can do a better job of conveying the flow and sense of a home, it does not replace seeing it first-hand. That sense if only available through the sensation that you feel when you drive up to the home and walk in the door. But, getting the buyer to that stage is a key element of marketing a home so that the home generates the interest necessary to get the potential buyer to do just that.
 

Avoid Open Houses

Open houses are so common when selling homes that most sellers just assume they are necessary. In reality, there is no consensus on the benefit of an open house when selling the average home. However, there is consensus on the subject of open houses for luxury homes – avoid them. When you have an open house for a luxury home, it attracts everyone under the sun into your home.
Plenty of people will show up that do not have the financial ability to buy your home. Perhaps worse is that you may simply not know who they are or what their background of motivation is in viewing the home. Even those that do have the money may not be interested in buying, they may come over just to compare, to see how you live or just for something to do. People often ask if open houses work to sell homes. The answer is they are completely unnecessary to sell a home in the digital age.
 
The benefit of an open house goes to the real estate agent who is using this time as a prospecting opportunity for both potential sellers in the neighborhood, along with buyers who can’t afford your home. Keep in mind with a luxury home there is going to be a high level of curiosity. This is going to bring through the door plenty of people who don’t belong. More worrisome is the criminal element that can be attracted to open houses. It is hard to keep track of everyone coming in and out of the house, which allows unsavory individuals to take things that are not theirs. Even worse, they may not take anything from the open house. Instead, they may use the open house to unlock doors or windows so they can access the home later, and take as much as they like. Open houses can be a breeding ground for criminals to enter your home and take what they want, especially when selling a high end home. Skip the open house and you won’t miss a beat. Be very leery of an agent who pushes for an open house.
 
Instead of an open house to the public do a realtors’ open house instead. Your real estate agent will invite all the local real estate agents and especially those Realtors who specialize in working the luxury home market. By having a realtors’ open house you are giving local agents the opportunity to see all the best features that make your property luxurious. If they are working with a luxury buyer, the agent will be well versed enough to speak intelligently about it.
 

Luxury Home Agents

When marketing and selling a luxury home the agent you select becomes even more critical. The agent you hire will be your voice in getting the word out about how magnificent your property happens to be. Some of the most important traits of a luxury real estate agent include:
• Very effective communicators.
• Extremely detailed oriented.
• Understand the local market inside and out. This includes all local attractions.
• Well versed in pricing homes correctly. The agent should have a great list price to sale price ratio and lower days on market than the average.
• Expert marketers.
• Have a good sphere of influence.
• Skilled in problem-solving.
 
All of these skill sets are valuable when selling a high-end property. Keep in mind your real estate agent plays a vital role in the sale from start to finish. Each aspect of the transaction is important whether it is communicating with you, the other agent or potentially solving a problem that comes up in the sale. Selling a high-end home is not just about marketing! Selecting the best real estate agent is one of the most important tips when selling a luxury home.
 

Promoting and Selling Luxury

Promoting and selling luxury homes is about luxury lifestyle and not just the home. High homes often have features that are not found in any other type of property. High-end fixtures, cabinets, appliances, woodwork, lighting, etc. More often than not luxury homes have features like:
1. Extravagant home theaters.
2. Incredible wine cellars.
3. Dining, sitting and other rooms for entertaining.
4. An indoor pool.
5. An outdoor recreation area with water features and fire pits.
6. An intricate security system.
7. Surveillance cameras.
8. A central music service (increasingly wireless).
9. Energy monitoring.
10. Thermostatic control.
11. Window covering controls.
12. Complete “smart home” capability.
 
Every one of these components and features needs to be understood by the Realtor if he or she wants to get the best price for the home. Location and neighborhoods are other factors when dealing in luxury real estate. Sometimes the place is just as important as the home. The agent has to know how to sell all of these things, something that not every real estate agent is not capable of. When you are aiming for the best possible price, you need to have an agent that understands luxury and knows how to sell it to potential buyers. Keep these things in mind when choosing your real estate agent.

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• Luxury Fairway Homes in the Comox Valley

Luxury homes with great views from their yards can be found all over the Comox Valley. This is also true for views of golf courses and the beauty that they share. There are seven golf courses located in and around Courtenay and Comox. Golfers and duffers alike can book times and play a round on the Comox Golf Club course, Sunnydale Golf and Country Club course, Mulligans Golf Course, Longlands Golf Course, Glacier Greens Golf Course and the course at the Crown Isle Resort and Golf Community. While there are homes located near all of the courses, only one offers luxury homes nestled in and around its scenic vistas. Crown Isle offers luxury fairway homes as well as luxury homes throughout this high end subdivision.

Many of the courses in the Comox Valley have interesting spectators watching the golfers go about their recreational activity. So if you are new to the area and are not aware of the local furry residents that inhabit the local courses watch out for the deer. They are well accustomed to the local golfers and they often move across the courses at a snail’s pace. Families of deer accompanied by their fawns can be seen throughout the year enjoying what the courses have to offer them.

Crown Isle homes that adorn the golf course fairways and greens are priced above the luxury homes that are not right on the golf course. Back a few years the price point differential was around $100K but that difference in price has dropped recently as the demand for custom homes located near, but not on, the golf course has risen. Some of the first homes built definitely had the golfer in mind with features such as small garages for golf carts but this has become far less common now with most custom built homes focused on high end finishing details and features to meet the refined tastes of their new owners. Residents of Crown Isle do not have to be golfers. In fact, it would be fair to say that many are not.

Home construction at Crown Isle is in full swing and will be for many years to come as many of the more than 700 acres of this luxury residential housing development are yet to be developed in Courtenay East. Custom built single family home predominate the local landscape with many of the residents formerly residing in other provinces. They are now here to enjoy the laid back lifestyle of this sophisticated subdivision and all of the amenities that the Comox Valley has to offer that are a short drive (and in some cases walk) away. Crown Isle has set the bar high to maintain the sophisticated elegance of the homes that make up this part of the Comox Valley.

If you are looking for a change from the hustle and bustle of city life and harsh winters perhaps it is time to consider making Crown Isle your new home. This area offers luxury living close to shopping, recreational and social activities. It also offers easy airport access when you want to jet set away to your favourite holiday destination. Contact Brett Cairns of RE/MAX Ocean Pacific Realty for help finding your new luxury home in the Comox Valley to start to enjoy living in one of the most temperate climates in Canada.

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• Wood Fireplaces in Homes and WETT Inspections

Most homes purchased in the Comox Valley today do not have wood burning systems (stoves, fireplaces and chimneys) in them anymore. However when they do they are of sufficient concern to warrant additional due diligence on the part of the home buyer. Why is that?
 
Insurance companies may not insure your luxury homes in Comox with fireplaces if you purchase it with a wood burning system in it that has not been inspected and certified as being safe to use. Other insurance companies may charge higher premiums for the use of wood burning devices and some may not insure homes that are full time heated with wood. Before buying a home with a wood burning device it is wise to consult with your home insurer on the existence of any issues related to these systems from their perspective. Most likely you will be asked to have to have the device professionally inspected.

Inspections on wood burning systems in Canada are conducted by certified WETT inspectors who are certified by WETT Inc., a non-profit training and education association. Inspections are normally done for real estate transactions, for insurances purposes and to investigate concerns with the way a wood burning system is functioning. These inspections are commonly referred to as WETT inspections but as wetbc.ca points out there is no such thing as a WETT inspection nor can any appliance be WETT certified. An inspection report is issued based on applicable codes and standards by someone who is WETT certified.

WETT has adopted a process called System Inspections and Technical Evaluation (SITE) which is a set of standardized guidelines recommended by WETT for the inspection and/or evaluation of wood-burning systems. The three levels of inspection are subsequently discussed.
 
Level 1. These inspections are generally requested (by homeowner or third party such as an insurance company or home buyer) to verify code compliance of the readily accessible components. A basic visual inspection is conducted of a solid fuel burning appliance, a site-built fireplace and the venting system for the proper use of required components, clearance to combustibles and readily visible obstructions or deposits;
 
Level 2. These inspections involve inspection of accessible system components which may include the possible disassembly of accessible system components as part of an installation or major system component repair process. These inspections are conducted when:

• a Level 1 inspection is deemed insufficient because of a detected or suspected hazard;
• verification of the suitability and integrity of the system components is required;
• an operating malfunction or external event likely caused damage to the system;
• the system experiences combustion spillage events;
• an appliance is replaced; or
• a major system component is replaced or requires significant repair.

 
Level 3. These inspections involve inspection by invasive means of concealed areas of the system including the removal of non-structural building components and/or the disassembly of parts of the system. These inspections are conducted when:

• a level 2 inspection is deemed insufficient because of a detected or suspected hazard that cannot be fully verified without access to concealed areas; or
• an incident that may have caused damage to any concealed parts of the system or building construction related to the system.

 
A WETT certified:

• SITE basic inspector can perform a level 1 inspection. Most home inspectors who are WETT certified are certified at this level;
• Technician can perform a level 1 or 2 inspection. They can also install or perform maintenance on wood burning systems;
• Chimney Sweep can perform a level 1 or 2 inspection. They can also clean and maintain your entire wood burning system including sweeping the chimney; and
• SITE Comprehensive Inspector can perform level 1, 2 or 3 inspections. They are also technicians and/or sweeps.

 
The next time you are ready to purchase luxury properties in the Valley with fireplaces and other features aim high and contact Brett Cairns of REMAX Ocean Pacific Realty.

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• Most Recent Articles

The Vancouver real estate market continues to exhibit craziness in home prices and sales. Many homes coming on the market are there for only a few days and there is a swarm of activity to buy them through processes such as multiple offer situations. Often the home seller gets more than the asking price. This ctv news article cited a rise in the average price of a detached home by over 27% from last year to over $1.3M which is way beyond the reach of most people.

The sad thing about these exorbitant prices increases is the recent spill-over effect that is now occurring in outlying market areas such as Port Moody. Tales of a 2 bedroom starter home that sold for about $500K a couple of years ago going on the market and selling in a multiple offer situation for nearly $800K means that even these types of homes are looking towards the stratosphere and making these suburban area increasingly unaffordable for average families. An average house price in areas like Port Moody, Richmond, White Rock and Burnaby has easily crossed the 1 million dollar mark. What can people do now?

Unless people are willing to pile both working family salaries into paying for a mortgage, they can look towards Vancouver Island, and in particular, up island towards the Comox Valley where luxury home prices are still affordable. While the average home prices of about $360K a year ago has risen to closer to $400K this year, 400 thousand dollars is a veritable bargain compared to well over a million for the same home in a suburban outlying area of Vancouver. An upscale home in the Comox Valley can still be purchased in the $500K range with hardwood floors, granite or quartz countertops, and other interior upgrades. And, the best part is that you do not have to put up with the stresses and traffic of the big city while still being able to enjoy the spectacular ocean and mountain views of the surrounding landscape.

If you are tired of the city treadmill and you are ready to consider a move to a more relaxed lifestyle in the contact Brett and set up an appointment with him to start your relocation process.

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• High Technology Homes

High tech gadgetry has become part of our daily lives. The people that make up generation Y grew up connected to the internet and each other. Most could not imagine life without gadgets. In contrast the Baby Boomers grew up in an era where the television was a new-fangled device. Yes I am talking about the black and white tube-based version housed in a large cabinet. Even that generation, however, has become increasingly connected to and reliant on high tech devices. This technological development and trend has increasingly found its way into our all of the finest luxury real estate in Courtenay.
 
Remote Controls
Remote controls for things like lighting, fans, gas fireplaces, televisions, in floor heating and other climate control features have become common place in most newer homes and those that have been recently updated. Selecting something from the comfort of your couch without one of these devices is rare in this day and age. Smart phones, tablets and touch screen control panels are now offering new ways to control many different features and settings in homes.
 
Home Automation
Going a step further, smart phones and tablets now have the capability to control many elements in your home such as the lights, and temperature. The designers of these devices tell us that they are configurable to control other things such as major appliances, fountains, yard fixtures, pool pumps, water heaters and sprinkler systems. Increasingly fairway homes offering luxury in Crown Isle are being outfitted with these types of devices 
Security Monitoring
These capabilities also extend to security systems that monitor your home’s doors, windows, motion sensors, water leak sensors, smoke and carbon dioxide sensors and WiFi cameras. Home automation, control and monitoring is starting to become a way of life.
 
Pet Feeding and Clean Up
Yes there are even devices that remotely dispense pet food and apps that allow a visual confirmation with a camera that the food is available for Fido to eat and drink. How about remote control litter box cleanup for cats? It may be on the horizon.
 
Morning Wakeup
Programmable alarm clocks and coffee makers have been around for quite a while. Now your smart phone can wake you up and turn on your coffee pot from your bedside saving you the trip to the kitchen to get your day started.
 
Home Access
Being able to unlock doors without keys is being marketed as a way to access your home and leave it secure without having to carry keys. They fail to mention that you have to have your smart phone or tablet with you instead. Is this progress? You decide.
 
Reconfiguration
Beyond electronic control, some homes are offering a bit of reconfiguration by being able to move a few walls around to change the layout of your home when you get bored. What the gadget maker does not address is who or how the furniture gets rearranged. Likely the old fashioned way.
 
More Gadgets
Floor plan portrayed light switches are now available so that you know which light switch controls what part of the home without having to remember what lights you are turning on and off. Touch screen control panels that you can stick to windows so that the solar panels at the back can keep it powered. How about self-sterilizing UV light door handles? What about an eco-cleaner that uses ultrasonic waves to clean dishes and convert the waste to reusable compost? How about a fingerprint accessed smart board or an intelligent bathroom mirror that displays the news, weather or provides you with some form of audio-visual entertainment while you get ready for the day? Clearly not all and perhaps few of these new devices will make their way into most homes. But most homes will have some form of remote control that can be moved around and taken out of the home in the not too distant future if peoples’ love for their smart phones is any indication. How many times have you seen smart phones appear on beaches during a winter holiday? Not sure why but some people just cannot seem to get unplugged from their electronic devices.
 
What is next?
What are your thoughts on where all of this is headed? Home automation seems to be here to stay and likely to be part of many new luxury waterfront homes built over the next decade. For those of you that can afford a great home theatre system it just seems like the right fit to be able to control the ambience and system from the comfort of your fully adjustable chair that also accommodates your drinks and snacks. Most of our homes will never offer our guests their choices of music, temperature and lighting from panels activated by pins that they wear like the Gates super tech home but is that really necessary or even desirable? The next time you are ready to buy or build a house, think about adding some home entertainment, climate control, ambiance, security monitoring, access control, and device automation ideas to make your life more enjoyable. If nothing else the high tech features and gadgets may entertain and impress your guests with the comfort and functionality built into the home. From your perspective the level of impressive technology is only limited by your imagination and pocket book.