Like Beauty.. Value is in the eye of the beholder.
A visitor to our Facebook Page asked what makes Port Side Court
a deal when priced at $350k - $600k and that is what provided the stimulus for this post.
As individuals - people each have their own perspective on things, which is a very good thing. I don't know who first said that beauty is in the eye of the beholder - but I do think most people would agree with that concept. I think that value is also in the eye of the beholder... whether we are talking about real estate, art, vehicles, or even the simple things like where to go for lunch or dinner.
It is no secret that real estate values have slid over the last year in many parts of Canada. This change brings heartache and opportunity. ( More about this in a subsequent blog.)
The charts in the presentation above real estate values rise and fall with the economy - but over time.. they rise... unquestionably.
So - what makes a property a deal? Is it the fact that the units that sold last year were purchased at over 40% more? Is it in the fact that lake shore property is a limited commodity and you could join the relatively small group of lake shore property owners? Or could it be that your version of value is found in the memories that you and your family can create on lazy summer days - on the water - poolside or gathered around the barb-b-que?
Do you see a lasting vacation home for your family - or a real estate investment that is - backed up by history and statistics GOING to make you money, possibly provide you with income and a vacation home or do you see the luxury of a second home that will pass on to your grandchildren someday and provide a trail of family memories that provides financial leverage.
Property values go up over time. Always have. Always will.
People will spend money as it relates to value and those choices are personal.
Today - someone will decide to eat fast food and someone will have a gourmet meal - both will call it "lunch" and each will see value in their choice but not that of the other. Even IF the dollar value were the same - the choices would still be different.
Someone will buy an original painting for the way it moves them and someone will buy a one of a 100,000 print - both will call it "art" and each will see value in their choice but not that of the other. Again - even if the prices remain the same.. the choices will still be different.
I can provide all kinds of statistical background to validate the monetary price point "deal" factor of these units.. but it will depend on your own circumstance as to whether you will consider it a deal, a steal or just another piece of real estate in a market full of choices.
Today - a variety of real estate will be purchased in BC.
Each buyer will see value in what they purchase. They will purchase for a number of reasons - in a number of price points and various property types. Each one will consider what they buy a deal or even a steal. Even if the prices are the same - the choices will be different.
At Port Side Court
- we know we are offering the opportunity for buyers to take advantage of a unique situation - the chance to buy a limited commodity - lakefront property- with a luxuriously appointed living quarters at a price that you could not duplicate if you had to buy the land and build . We know that the prices we are offering have changed the asking price for property in the area. We know that people who buy these units will see an increase in equity almost instantly and a serious return on their investment over time. A limited number of people out there will see this opportunity and recognize these things as well. They will buy a deal or a steal.. while others will wonder what the fuss is all about.... and with a change in perspective once the market is in full recovery and we see the escalation of values yet again.. maybe in the corner of their mind they will recall that at a time when borrowing costs were almost zero... they could have had a piece of paradise for what will certainly look like a pittence in hindsight.
That is just how the world works. If you would like detailed information regarding the market value or an investment analysis please Contact Us
What makes a property "worth it" for you? What does a "deal" look like? and what would you need to see to consider a real estate purchase " a steal?" There are no wrong answers... and the discussion could be lively and enlightening! Please feel free to comment on this post!
Ciao for now,
Brell at Port Side Court