experts: real estate column Wednesday, May 24, 2000

SALMON ARM AND THE SHUSWAP

While, generally speaking, sellers are much more confident, prices have stayed low.

By Ozzie Jurock

Ace Realtor Al Christopherson reports that the fist quarter was very slow, as confidence levels were low. He also reported a number of foreclosures working through the system in both Salmon Arm and the North Shuswap (Celista and Scotch Creek).

While, generally speaking, sellers are much more confident, prices have stayed low.

Prices went a lot higher but now have fallen back to 1996 levels. "If you took an appraisal from 4 years ago, the value would be the same." However, the month of May to date has seen more deals that the whole of the first quarter.

Most of the buyers for the out-of-town property are still the baby boomers from Vancouver: They are highly educated and much more astute (Internet babies prepare themselves!).

In the North Shuswap there is some $10 million in commercial development. Amusement Park, waterfront condos and malls.

What you can buy here:

North Shuswap

  • 1,200 sq foot, 4 years old, great retirement place - $100,000
  • Cottage 2 blocks from beach - $50,000;
  • Cheapest Waterfront home - $199,000;
  • 2 Bedroom cottage overlooking Shuswap lake - $69,000;
Salmon Arm
  • 47 homes under $160,000
  • 1,200 sq foot home, 19 years old - $139,000
Armstrong & Enderby

While the population base is small, Statistics Canada reported the area as one of the fastest growing communities in Canada for the period 1991-1996. (The last census period)

However, with the mill closing in the area, the local economy was hit. Result: A number of foreclosures and a depressed market.

However the beauty of the place will always be attractive to newcomers and the current deals are quite sweet for the astute investor.

What you can buy here: Enderby

  • Older home, 2 bedroom, 1.5 baths - $89,900
  • Older 4 bedroom home, large corner lot - $94,900
  • 3 bedroom plus 2 bedroom suite, double garage - $98,900
Armstrong
  • 56 homes under $130,000




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