Buyers are nervous in this market. Who can blame them? Every day we are bombarded with negative messages about the economy and the declining real estate market. The challenge is to balance off the caution with the optics of opportunity. This is the buyer's market that you have been waiting for!
Right now I firmly believe that there is great value in the Woodcroft complex for the condominium buyer. Prices are off by 10-15% from the peak of the market. Sellers are being more flexible in negotiations and mortgage rates are more affordable than last year.
All of the buildings have or are completing major infrastructure upgrades. Pemberton (2012) and Lillooet (2016) have recently replaced hot and cold water plumbing and completely renovated their common areas to like new condition. Underway right now is a complete rebuilding of all six elevators and new roofs on both buildings will be installed over the next two years.
The great news for a buyer in these two buildings is that all of these upgrades are being paid for by the current owners! Factor in the price changes and a healthy contingency fund and you have the closest thing to a worry free condominium purchase that you can get.
Remember that trying to "time" the market only works in hindsight. You should be planning on holding your purchase for the next 3-5 years which should give the market sufficient time to recover. Throughout my nearly 23 years in this business, it has always been the buyers with the courage to act when others are afraid who seem to be the long term winners.
© Marc Haslam 2009