Life's Short. Live Better.

Conferences and Conventions -

I recently returned from one "conference" and one "convention". I'm still trying to figure out the difference between a conference and a convention. 

I was pleased to be asked to represent Aviawest at the 11th Annual Ragatz Fractional Interest Conference in San Francisco, March 14-16th. Aviawest was selected as a "top performer" in the Fractional industry, for our sales success at Parkside Victoria Resort & Spa and Pacific Shores Resort & Spa in 2010. 

I spoke on the top performers panel with Larry Shulman  from the Aspen Grand Hyatt, Joshua Dempsey of Calistoga Ranch, and Keith Marlow of One Steamboat Place. 

The Ragatz conference tone could be summed up as cautiously optimistic. Here's what the executive summary stated:  

It is widely felt in the resort real estate industry that shared-ownership resort real estate will rebound more rapidly and more strongly than whole-ownership resort real estate as the country’s economy recovers. Reasons include being a concept that is based on:

(1) personal use rather than speculation;

(2) being able to purchase only the amount of time that have vacations to use and discretionary income to spend on;

(3) lowering household spending habits and capabilities;

(4) being hassle-free, i.e., “show up and enjoy;” and

(5) the opportunity for flexibility and variety of use due to the external exchange process.

- Courtesy http://www.ragatzassociates.com - full report available for purchase.

Teranet - National Bank Housing Index - Canada

I've followed Standard and Poor's Case-Shiller index in the US for some time now, but never really knew there was a similar style index developed in Canada until recently. The "House Price Index" was developed by Teranet in conjunction with the National Bank of Canada. 

The idea is that the traditional 'average sale price' measurement can be skewed by markets such as Vancouver/Victoria and Toronto where values are substantially higher than the rest of Canada. Interesting to see how high and early (2007) Calgary peaked.

 

November is Snowbird Month

November is Snowbird Month at Parkside Victoria and we have an exceptional deal for those wishing to spend some or all of the Winter in Victoria BC.

Snowbirds

 As winter is quickly approaching, we thought it timely to feature our unique “Snowbird” usage program. Now, we know some folks whom live in cooler climes are reticent to call themselves “snowbirds”.

Mildest Climate in Canada

For those of you that desire to spend a few weeks (or months) in Canada's mildest climate, we've got the perfect fractional ownership usage program for you. If you hail from the USA, please excuse us. You may not be familiar with how warm Victoria can be for the winter. Palm Trees do well here.

How it Works

So how does the snowbird program work? We took the period of time from November 15th, through until the end of March, and packaged that time as designated for "Snowbirds". 

The great part is that you can choose any 3 week period of time, and configure as you like. Maybe 3 weeks in November appeals to you, and another 3 weeks again in February. Or, come for 6 consecutive weeks January 1 to mid February. 

Global Travel

Let's take an example where you may own a 1/8th interest in real estate at Parkside. That means you have access to a minimum of 6 weeks per year. If you choose to allocate one week per year into the RCI global travel exchange program, you can actually leverage that one week into as many as 5 or 6 weeks abroad. Ask us how. Here's a sample in Mexico.

Why Now?

Parkside is prime real estate. The location is perfect. There are limited suites at Parkside, and the best inventory is selling out quickly. During the month of November, if you take the time to engage, and secure a 1/8th or 1/4  interest with us, we'll also issue you $5,000 in WesJet Flight Credits. That's enough flight credit for about 16 return flights to Victoria!

No Fees Until 2014

We really want to kick this winter off right. So,until the end of November, we'll actually pay the fees on your purchase until the end of 2013. Imagine owning a vacation home in Victoria BC that you don't have any maintenance costs or fees for the next three years! Now that's a vacation.

Victoria Real Estate. Why I'm bullish. In the long run at least.

There are some key factors why we believe Victoria will be one of the best markets in the world to own real estate in:

1. Geography. Everyone knows that Victoria is the warmest place to live in Canada, but few people appreciate that the city is almost completely surrounded by water. The highest real estate prices in the world are in places geographically restricted by water, mountains or borders.

2. Tourism Time Bomb. Emerging tourist markets. The World Tourism Council predicts that global travel will double from 800 million to 1.6 billion global travelers from 2008 through 2020. 

3. Political Stability. Safety. Canada is one of, if not the best country in the world to live in. Simply put, there are few places which are as safe and enjoyable to live and visit as Victoria. Part of the reason for this is Victoria is on an island. 

4. Global Population Growth. As the old cliche says, "They aren't making any more prime real estate".  Global population and more importantly, global wealth swells, prime locations will be driven up in price, and sought after.

Developers Sue Purchasers to Complete Sales

Western investor article about developers suing purchasers who are trying to dodge out on their condo purchases, due to volatile markets....interesting.

Fractional Ownership Replacing Second Homes?

We've seen it in action, our fractional sales have actually picked up during this economic turmoil. Nuwireinvestor has some hypotheses why. They refer to Dr. Dick Ragatz, fractional industry consultant.

Ragatz also noted that many individuals have changed their mentalities when it comes to buying real estate, thanks to the housing bubble burst and the recession. “People don’t buy for appreciation anymore,” he said. “They buy for use. They feel that they’re much better off spending $200,000 on a permanent, very high-end, quality vacation than on something [like a second home] that sits vacant most of the year.”

However, the author Nellie has a few misconceptions about the product:

Another common issue amongst group members is usage of the property. Like a timeshare, the owners of a fractional ownership must still work out a reservation system that ideally allows all owners to use the property during on- and off-seasons. 

 Most fractionals (all that I know of) have pre determined usage programs. So it's simply a non issue. 

All-in-all, a good article.

It pays to be boring...especially if you're a bank.

A friend forwarded this link to a Newsweek article about Canadian banks and our lending patters and consumer incentives - how they differ from that of the USA.

Sometimes it pays to be boring. Or at least a bit conservative.

BMO says the worst is behind us too. That'd be nice.

As soon as people start believing things will get better, they will. It's a downward spiral of bad news, breeds more bad news. Obama's the right guy to get people positive and is taking a page out of Ronald Regan's tactics.

Vancouver Island Property

If you've got a few million, here are some great vancouver island and purchase opportunities for the future. 

MLS.ca Gets Geographic & Visual

MLS.ca recently added a mapping feature which gives the user geographic context. This a big improvement if you're looking to purchase a home in a specific area (who isn't!?) 

From what I can tell, realtors have the option to load the home location into the site, or to leave it out. About 75% of properties are mapped, and 25% are not.

The other 25%? I could be wrong, but my guess is it's the 25% of the realtors who just don't get it. They want you to "call". This is trying to channel things on their terms.  Anyone who does business like this is likely to be out of business in a few years. We're all too busy for the fun and games, and waste of time.

I posted about Zillow earlier, but if you missed that. Check it out. Only in the USA for now.

Canada Housing Forecast for 3Q 2008

The average residential resale price in BC is forecast to increase by 7.6% and 3.3% for 2008 & 2009 respectively .... which is much different than some media sensationalists forecast.

For more information on Canada's housing market, visit the CMHC website.