|
>Home
>>Tools & Info >>Market Minute,
Fall 2006 |
|
| |
|
|
|
|
|
|
When we talked with the Economic
Development Officer in Vanderhoof, she
noted that many people in the area head
off to one of the many lakes in the
region on the weekends. Vanderhoof is a
perfect area for water lovers of all
sorts to kick back and relax at their
lakefront cottage. We turned to our
friends at MyLandcor.com to get further
details on the waterfront market in the
rural Stuart-Nechako area. MyLandcor
reported back to us that there still is
affordable waterfront property to be
found in this area, but prices and
values seem to be rising quickly.
Lakes and rivers are plentiful
along in the Stuart-Nechakp area. The
area in which we focused begins 32 km
east of Vanderhoof in the popular
Cluculz Lake region, home to one of NIHO’s
sold-out subdivisions. We then looked at
the lakefront and riverfront properties
north and south of Vanderhoof. We also
included rural Fort St James, and
fishing paradise Stuart Lake. Finally,
we took a look at the lakefront and
riverfront in the rural Fraser Lake
area, as well as properties surrounding
this scenic lake. |
|
|
|
|
|
Waterfront properties in this area
are plentiful. In total, 1573 properties in the
defined area were considered waterfront. Those
properties were broken down into three main
categories. Seasonal dwellings comprised the
majority of the properties, with 29.9% of the
total. Next was vacant residential properties
under 2 acres, with 25.7% of the total. The
third major category was single family
dwellings, with 22.7% of the total. In addition,
we’d like to draw your attention to the vacant
residential properties over 2 acres. While only
about 6.5% of the total, there are still
properties of this type to be found in this
area.
|
|
The EDO noted that in many cases, it may be
cheaper to buy a vacant property and build
your own house than purchase a property with
a house, tear it down and rebuild. Keeping
that in mind, we decided to narrow our focus
even further and look at vacant waterfront
residential properties.
Vacant Residential under 2 Acres
Vacant residential properties
under 2 acres have seen a jump in popularity
over the last 5 years. The number of sales
in this area has risen an astounding 800%
from 2001 to 2005. Average sale prices in
the area have also risen dramatically,
rising about 105%. However, average assessed
values have not risen as quickly, rising
only 12% over the past 5 years. Clearly,
people are snapping up waterfront properties
here. |
|
|
|
|
|
|
|
|
The majority of recent purchasers
in this area are mostly local, from both Vanderhoof and
Prince George. Other purchasers are located in
Kamloops, Fort St John and Edmonton. There are
very few purchasers located outside of British
Columbia or Alberta, however, other purchasers
have come from Washington State, Utah, Montana, Toronto,
andfrom Europe (namely Germany) |
|
|
Vacant Residential over 2 Acres
With the more limited number of
properties in this area, we were surprised
to find that while the number of sales rose
over the past five years, the average sale
price actually dropped. The number of sales
increased 1000% over the past
five years from one sale in 2001 to 11 in
2005. However, the average sale price
dropped about 35% over the past five years,
although sale prices in 2005 increased 13%
from 2004. While the sales price dropped,
the assessed values rose in line with the
under 2 acre vacant residential properties.
Assessed vales rose about 17% over the past
five years. |
|
|
|
|
|
|
|
Recent purchasers are from the
Lower Mainland, the Okanagan, Prince George and
the Vanderhoof area. There were several purchasers from the
New York area. There were some purchasers from
Europe, again, from Germany
Waterfront properties in the
Stuart-Nechako area are expected to benefit from
the record levels of demand for waterfront
across British Columbia We pointed out to Cottage
Magazine that prices for waterfront near
Merritt can range from $325,000 to $800,000 for
waterfront lots, with sub-shore lots beginning
at $120,000. However, at NIHO’s sold out Cluculz
Lake properties, a one acre lot on the water
sold for $62,000 in November 2005, and a 10 acre sub-shore lot
for $28,000 in Dec 2005. |
|
|
|
|
As prices continue to rise in the four and six
hour corridor from the Lower Mainland, Edmonton
and Calgary, those looking for waterfront will
have to expand their geographical search to find
something affordable. In addition, recent
upgrades to the Prince George and Vanderhoof
airports means that it is becoming easier for
people to reach this area for their holidays.
If you are looking for an ideal
place to build your recreational cabin, the
Stuart Nechako area still has inventory left at
affordable prices. However, properties are
selling quickly, so we remind you of our
philosophy of purchasing land: “Never wait to
buy land. Buy land and then wait!”
|
| |
 |
|
 |
|
 |
|
|
|
|
