After sharing last week's stats with you, I decided to delve deeper into each of the top 5 areas to find out the scoop about the waterfront sales activity in these regions. Beginning with our top jurisdiction, I had a conversation with our member real estate agent Freddy Marks of LandQuest Realty about the buzzing waterfront activity around Williams Lake.
Freddy was not suprised when I told him that the Williams Lake (rural) jurisdiction had the highest number of single family waterfront sales so far this year. In fact, with it's plethora of lakes, this area is consistently a top performer for waterfront sales in B.C.. Freddy cited the roaring economy, including the current success of Mount Polley mine (copper/gold) in the area and exploration in the area leading to rumors of more to come (Skygold Ventures , Hawthorne Gold ). In addition to the strong local economy, he pointed to out of province and international interest in the area as the drive behind the market. Although waterfront prices have risen in this region (from an average selling price of $150, 078 in 2005 to $278, 276 this year) prices are still a far cry from waterfront prices in other popular areas of B.C., making a little piece of paradise much more affordable to the average buyer.
According to Freddy, the hottest lakes right now are the larger ones including Quesnel and Horsefly Lakes. He says that smaller lakes are popular too but when prime properties come up (easily accessible/private) they are snapped up quickly. Freddy estimates that 40% of his buyers are buying their primary residence for immediate retirement, while the other 60% are investors, buyers who plan to retire in a few years, foreign buyers, vacation property purchasers and locals.
Where exactly do these buyers come from? As expected, many are from Alberta and the Lower Mainland; however, Freddy estimates that 35% of his business is from Europe (Germany, the UK and Netherlands) and mentioned that even with the falling US dollar, American buyers are still purchasing in the area (more on this, inlcuding stats from our site in an upcoming blog).
Here are some of Freddy's value picks for the area:
1. Lowry's Resort
According to Freddy, some of the best (subdividable) lakefront on Quenel Lake.
2. Crooked Lake Resort - Motivated Sellers, Prime Lakefront (leasehold)
3. Acreage with 500 feet Riverfront
