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COVID-19 Series #8: Mothers day, Court Ordered Sales And Stats

Posted by Andy Boldt on May 12, 2020
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Warning! ;) This is a digitally automated transcript of the show so there will be mistakes throughout - including the spelling of Michele's name! 

Click Here if you want to listen to the whole show


Speaker 1: (00:00)
It's another fine Saturday morning. That means it's time for the Cummins real estate group show.

Speaker 2: (00:04)
[inaudible] she,

Speaker 1: (00:25)
it's about that time. It's Saturday morning. What a beautiful Saturday morning. It's time to check in with Michelle Cummins. It's time for the Cummins real estate group show with Michelle Cummins and myself, Curtis Pope. How are you doing this fine morning, Michelle.

Speaker 3: (00:36)
Good. Beautiful morning Curtis and everyone. I'm doing very well. Thank you for asking. And how are you and your family?

Speaker 1: (00:42)
Oh, we are doing well. I mean with weather like this that we've seen the last few days. How can you not be happy? Right,

Speaker 3: (00:49)
exactly. What do you do with your mother? Anything weekend.

Speaker 1: (00:51)
Uh, what are we doing for mother's day weekend? Oh, right. It's mother's day, isn't it?

Speaker 3: (00:55)
Uh huh. Don't get,

Speaker 1: (00:57)
Oh, you know. Well I am not going to now. You reminded me.

Speaker 3: (01:01)
Kelly would not be very happy if you forgot.

Speaker 1: (01:03)
Yeah, but she's the kid's mom, not my mom. They have to get her something, don't they? I have to help them along though. Yeah. No, we got it covered.

Speaker 3: (01:12)
Either they didn't paint something or make something or spend an afternoon doing a puzzle with her or something.

Speaker 1: (01:19)
Well actually it worked out in my favor is that our coffee maker was not working very well. So I already bought a new coffee maker this week. So he's already been using and loving. So

Speaker 3: (01:29)
is it a fresh ground or does it have like you have to grind your coffee or how, what kind of coffee makers?

Speaker 1: (01:34)
Uh, we didn't go that far. I, you know, I'd be fine with that. But Kelly just wants to put coffee grounds in and make a cup of coffee. She had, it's all about speed, but also she wants, you know, decent cup of coffee too.

Speaker 3: (01:46)
Favorite coffee,

Speaker 1: (01:47)
she just likes coffee, you know, double double, you know, two creams, two sugars. But she just, she has to have her coffee. I drink my coffee black. So it doesn't matter what you do as long as, as long as it's good coffee, I'm fine.

Speaker 3: (01:59)
Oh gosh. There's this hemlock coffee I love. There's a, there's a few really good brands of coffee. But yeah, really, really good stuff cause they're so different. If you drink a black, it really has the flavor. You tasted them in more.

Speaker 1: (02:13)
Yeah, I know there's some ones I've found over there. I mean I, I like the standard, you know, you know McDonald's and Tim Horton's coffee as much as I do anything else. But I know I buy this, some of the good stuff sometimes I've bought, uh, bought some a wine coffee one time and it was fantastic. But it was pricey.

Speaker 3: (02:28)
What, what do you usually make on mother's day morning? Do you bring her in bed? Like a mimosas? Is that what it is? Orange juice and champagne and like pancakes or,

Speaker 1: (02:38)
well you see now this is gonna this is going to get me in all kinds of trouble with a lot of men who listened. But I actually bring my wife breakfast in bed every Sunday morning.

Speaker 3: (02:47)
Oh, that is, okay.

Speaker 1: (02:49)
So I, I, you know, it's not that special if I bring her breakfast in bed cause I do it all the time.

Speaker 3: (02:54)
Oh my gosh. That is so wonderful. I'm glad you said that. Yeah, yeah. In,

Speaker 1: (02:59)
yeah, it gets, it gets me in a lot of trouble with my friends and uh, and the Lord says my wife would go, no, no, I'm getting up. I'm getting up. Just, just take it back to the kitchen to which my sister in laws are like, he brings you breakfast in bed and you tell them to take it back to the kitchen. You saw it.

Speaker 3: (03:14)
Oh, that is so amazing dish. If she journals or whatnot. Like it would be kind of neat to like take photos of every Sunday and what it looks like or, I don't know. That's like, I see that on a blog like Sunday morning breakfast in bed and then she writes a story every Sunday.

Speaker 1: (03:31)
Yeah. Well you know that that's a possibility. We could start doing that. Maybe

Speaker 3: (03:35)
fun. Well, I've been watching the Mandalorian this week and it is amazing. It's all that you said it was cocked up to be.

Speaker 1: (03:44)
Yeah. I told ya. And baby Yoda is the most adorable thing ever.

Speaker 3: (03:48)
Okay. Cute. When he was going to try to heal them in the first, the, the Mandalorian and, and he didn't know. Right. He's pretty backable.

Speaker 1: (03:59)
Well, he doesn't know yet.

Speaker 3: (04:00)
Little hundred year old baby Yoda.

Speaker 1: (04:03)
Yeah. No, it's, it's, it's actually really well done. I can't wait for season two, which is coming out against this falls. So I didn't know that. Yeah, they got all the filming done before they had to shut everything down. So, uh, they should be on track.

Speaker 3: (04:14)
Wow. Yeah. The film industry around here, because of the May 18th and the slow release and state going into phase two of the four phase, uh, getting back into things, uh, BC, uh, has been mentioned that the film industry will be getting back in June, July. So that's one that's not on phase two, but I think for phase three, I think it is.

Speaker 1: (04:35)
Yeah, I believe it is. I think it's phase three for that, which, which makes sense because by June, July, I'm majority of the whole filming will be done outside and things like that. And, but again, will there be the borders be open by then? Who knows?

Speaker 3: (04:47)
Yeah, exactly. Yeah, exactly.

Speaker 1: (04:51)
I guess, I guess it's not giving you the opportunity to go down and check out your, your wonderful vacation property in Oregon.

Speaker 3: (04:57)
No, but you know what? I haven't had a concern. It's okay. I take it one day at a time,

Speaker 1: (05:05)
I guess, but I guess at the same time, he can't go see your family down in the States, so they can't come see you. So I guess zoom and Skype meetings have become the norm.

Speaker 3: (05:11)
Yes. It's been a weekly, usually Friday evenings at five o'clock, but sometimes we've changed it to Saturdays and it's been fun. It is. So like we've even become closer together and know about each other more now than we did before. So that's a very good thing about this silver lining.

Speaker 1: (05:29)
There have been some silver linings for sure.

Speaker 3: (05:31)
Yeah. This is our eighth coven, 19 episode.

Speaker 1: (05:34)
So it's been two months since you've had to come in here and put up with me. I'm sure you are. I know the rest of the staff love working from home.

Speaker 3: (05:44)
Oh my goodness. No. We're going to talk about today on this show, uh, two of the most unique, uh, properties for sale right now that I thought I'd mentioned. Uh, and then a list of foreclosures and court, your sales, cause you know, it's kind of gone up a little bit as I kind of thought a month ago or so. I can't remember which episode it was, but mentioned that most likely in about three weeks we'll start seeing some, um, things like that happen. Um, but not too many and it's true. It's exactly what's happening. Even though actually the last week and a half or two we've seen an uptick in the real estate market. But we'll get to that later. Uh, the first time when I also wanted to go through the week by week listings and souls. And then the second segment, we just got the full April monthly statistics. And so it's very interesting and good stuff and uh, surprising. Actually most people will be very surprised about it. So that's what we kind of got on the show for today. Uh, so the first two unique properties, and I don't know if you know Curtis, but you know, me being a horse lover, equine lover, and um, somebody who trained in, in road and bread and, and competed in everything, I've always loved the community. High point in Langley. You know that community?

Speaker 1: (06:58)
Yes, I know that one. Yes.

Speaker 3: (07:00)
Okay. Well onto Hunter street at 64, it, they've got the cornerstone of a high point community. It's 13 acre property for sale. It's the equestrian center, the state of the art facility that includes an indoor and outdoor question. Writing rings, the gym, the clubhouse entertained space. The door viewing areas are just beautiful of the equine events. The outdoor areas include three bedrooms, three bathrooms, caretaker's residence. Nice. I used to be a caretaker when I first came to Canada actually. Um, I ran a breeding farm of Swedish warmbloods off two 48th in a Langley district and that's what I did. So I had a caretakers course for that. What? I did that. Anyways, this is one, I didn't have a three bedroom, three bathroom, one. I had this little, a cute little cottage, but this one also comes with storage barns of obviously for hay equipment to dazzling the 20 stall horse barns, and if you've ever been in there you'd be like, wow, this is just, you know, so fancy you, you feel like you have to change your boots for high heels, but then you're like, no, I don't wear high heels in a bar.

Speaker 3: (08:07)
You got the Washington station, the lounge and kitchens and Rosh. It's just so amazing. The price tag on this place is 24 million, 588,000 so not too bad.

Speaker 1: (08:20)
Maybe for you, but no, I know what you're saying. Actually considering where that is and everything that's coming with it, that is, that is a good price.

Speaker 3: (08:29)
It is actually a wonderful investment because I see this going to 50 million, you know, you will learn to it for a good 10 years or I just see it going up very quickly. Yeah, this is pretty good opportunity, but okay, so the second one is actually on the street that I just talked about that I first came to Canada and lived on two 48 in Otter district. This is actually very close to the Smallville farm. If our listeners know the Smallville farm was filled up two 48 and I would just go when they were, uh, onset and, and that's the house, the farm that they use for the TV series, Smallville. So anyways, this property is, is close by to it. It's at five, five, eight on two 48th street. And it is gorgeous. It is like, it is more than just a mansion. It is this magnificent country.

Speaker 3: (09:20)
A state. It is so incredible. Um, is 12,400 square foot, majestic manner. You don't expect it. It's on almost this, the prime acres of three rolling pastures and story Mount views. This, this area is, uh, some of the highest areas in Langley actually. So when I lived there, I remember seeing what are those, um, the Northern lights because we had a power pole on the back of the seven acres parrot power station and sometime we got Northern lights. Anyways, it's really high. I could see into Bellingham and we could see the fireworks that, you know, July 4th for them down there. So we got to enjoy their fireworks so that this area is sort of like that. So this house or mansion famous Hollywood movie locations. So they've done a lot there as well. It's built and owned by champions of industry. Um, Cascadia rich. So it's looking for the first lady and gentlemen in indoor pool, tennis courts riding arena trailed of course, again, a caretaker's house with a shop.

Speaker 3: (10:21)
Everyone needs a shop. This place is amazing. It's ALR land hundred 5,400 square feet. You could actually build, um, anyways, lots. If you, anybody wants information on it, you can always contact me. But that price has on that one is 15 million, 680,000. So those are the two, I would say most unique listings for sale right now in the Fraser Valley area. And then for the closures. OK. So, uh, there's been more quarter's sales and foreclosures, more foreclosures in the quarter sales, but they're under the industry, uh, real estate industry. It's all under court ordered sales. When you're, when you're searching and looking online, you don't know if it's actually foreclosure or what the reason is that they're being, uh, uh, taken over from the bank or a loader for reasons. But I'm going to go through kind of the different areas. Uh, first attached for Chilliwack.

Speaker 3: (11:16)
There's only one attached townhouse in foreclosure right now and it's 38,000 less than assessed value in Abbotsford. There's only two attached townhouses and one's at 45,000 less than assessed value. And the other one's at 60, or sorry, 26,000 less Langley. There's one condo that's actually 77,000 over assessed value. And you're going to see that, uh, when I, when I'm telling you the future stats, it's a surprising that there's not a lot of amazing fuels out there right now. And some are actually way over assessed value. And so, you know, sometimes it's not the screaming deal that you think it is. You really have to do research and know what's a really good deal and what's not. Because a quarter's sales are not for the faint of heart. I don't claim that a lot, don't I? But it's true. It's because it's, it's, uh, it's risky.

Speaker 3: (12:07)
It's as is where is so, I mean, the doors could be banged in, the windows could be broken. I mean, who knows what the state of the property is going to be on the day of possession when you as the buyer get it. So it's very risky even though, uh, you know, they, that things to hire property managers to secure the property and this and that. But what if there's still a tenant in it or whatnot? So you never know what it's going to be like. So you should be getting a really good deal when you purchase a foreclosure recorders. They'll so, Oh, there's, when I say one in conduit, Langley, there's one, you know, privately owned or now a bank owned. Uh, but there's also a new project in Langley. So altogether there's actually eight court ordered listings and Langley, seven of those eight are all from the new condo project in beautiful, cute historic Murrysville called Murrysville house.

Speaker 3: (12:56)
So if you want new construction, um, that, that's a opportunity right there. Sorry. There's seven condos, two of which are over assessed value by about 37,000 and the other by 33,000 more. So again, not a great deal. The best value you'd want to an asking price of 50,000 less than assessed value. And that's in theory. Um, but most are about 30,000 less than assessed value mission. There's zero court ordered sales right now, maple originals, only one, uh, detached. Now we'll go into detached and Shilo out there seven. So one at 13,000, 700 less than assessed. That's like the list of under assess, which is a much, and one that's 53,000 over assess value. But there's one in Chilliwack of the seven that's $200,000 over assessed value. Now assessed value is not market value, but most properties that just are privately owned. And let's say haven't been maintained or updated at, you know, it's, it's, it needs some work.

Speaker 3: (13:57)
It needs maybe a new hot water tank, needs new flooring, needs new this and that. You know, those are some lean for a little less than assessed value right now anyways and properties that have a lot of beautiful updates and renovations and the assessment board let's say, doesn't know about and have been maintained really, really well, but maybe you know, the structure is actually, you know, 25 35 years old or whatnot. Those ones are going for over assessed values, some by 20 some by 50,000 over in some, a little bit more over than that. It's all really dependent. So this is interesting to know about the quarterly sales and the difference in prices. So lately for detach, there's one a quarter to sale, $242,000 less than its assessed value, but it is a four acre property in order co-op mission, there's four detached and one is 450,000 over assessed value and only one of the four are under assessed value.

Speaker 3: (14:54)
So that's the four in mission and they bill Ridge two one is an acreage at 260,000 less than assessed value and that, so that's, that's a pretty good one. And the other detached on a lot is, is close, uh, to assess. So yeah, so it's very interesting when you think, Oh I want to list, by the way, I do have a full list and I keep it updated on my website of all court orders. Sales is in the area. So Michelle Cummins dot. CA go there. If you'd like this list, if you want to be on an automatic list, which actually updates you as soon as realtors know, you will know when a quarter sale comes available. If you want to be on that list and to see how much they sell for your learning and told how much it sells for what itself. Then that you want to definitely email me for to be on that list. And you could either go to my website and a popup window has you registered for the newsletter that I have, but register for the foreclosure list by just going to my email. Em, come that's em. And companies like the diesel engine, no That works. You can find you online. But anyways, yes. So that's um, that Hey Curtis talking a hundred miles a minute. I know I am. So I'm going to ask you, how much time do we have left in our first segment?

Speaker 1: (16:11)
Oh, we're overtime on the first segment now. So we're going to take a quick break and you've already given your email address and all that fun stuff. So tell you what, we'll take a quick break. We'll be back with more right after this. And we are back with segment number two of the Cummins real estate group show with Michelle Cummins and myself, Curtis Pope. Now we're going to geek out on some stats here. I understand Michelle.

Speaker 3: (16:32)
Yeah. A little bit of real estate geekiness happening here. And, uh, but that's good that that's, we like to have a lot of fun on this show, but we also are that real estate, uh, geek.

Speaker 1: (16:43)
Well, you know, it stats are, you know, where you can really kind of get the ebb and flow of the industry right, especially when it comes to real estate and Hey, I'm a big baseball fan is, or a sport with more stats than baseball. I don't think so.

Speaker 3: (16:54)
Right. There you go. No wonder we get along.

Speaker 1: (16:56)

Speaker 3: (16:58)
Okay. So I wanted to go through the last week or this week and the week before previous to that new listings and sold because as I said in the beginning of the show, we've seen an uptick in the real estate market this last a couple of weeks. So this last week, uh, the last seven days in Siri, let's start there. Uh, new listings were 186 altogether, of course. Uh, previous seven days is 131. So more listings sold 15, nine. Um, the last I would say I, this time I sort of went back cause subject removals and, and sold, uh, stats are slightly different. So 59 where before was 51, uh, Langley new listings, 93, and then the previous day a week was only 73. So again, more listings. And I know after the 18th, again, we're going to have a lot more listings. Tens of demand.

Speaker 3: (17:49)
It's going to be, I believe, a crazy strong, uh, uh, get ready for it. Uh, real estate market sold in Langley was 29 and before it was 19, uh, what a week and a half, I would say not seven days this time. Abbotsford, new listing, 75 in the last week, 62 before. So more listings, more sold at 23 mission new listings at 32. Where before was 20, sold 10 where before it was three. So more souls, maple Ridge, new listings at 42, where before it was 32, so 10 more. This last week and sold 17 were actually before it was 19. So that's a maple Ridge Chillowak new listing. 65 or previous was 50. Sold 25 the same as it was before. Two. What's really funny that way I've noticed really solid or I should say, um, the souls in Chilliwack has kind of stayed and their listing three posts to this week by week by week.

Speaker 3: (18:48)
But so I want to go into the full April stats cause we just got them about a week ago. Uh, sorry not a week ago, just a couple of days ago. So even though marches, initial numbers, pro promise, a banner spring, cause it was crazy busy in, in March, we expected the market to respond the way it did in April. So we're not surprised. Both sales and listings contracted in tandem as we all move swiftly to embrace the measures necessary to respond to this global pandemic we've all been in and given the volume of new listings coming on, stream fell in faster than sales in April. The market remains stable though and actually, uh, detached overall, the Fraser Valley for prices have gone up 0.5%. So that's some of the surprising news that most people don't know. They're thinking prices are falling and there it's going to be horrible, but it's actually gone up.

Speaker 1: (19:42)
Well there's been a lot of press about that. There's going to be a 15% drop in, in hosing prices in the, in the, uh, in the lower mainland. But they haven't specifically been talking about the Fraser Valley. So is that where we're getting the difference?

Speaker 3: (19:54)
Exactly. Exactly. Curtis. Yes, that's it. And uh, it'll be interesting to see how it's going, but week by week we're seeing it's getting stronger. And now April at 993,400 as your benchmark price overall in the Fraser Valley, again up 0.5% and for townhouses it's up as well. 0.7% and apartments are up 0.2% so, uh, you know, everything overall has gone up. So we noticed that the benchmark price for the detached homes, town halls and apartments, all Rose, you know, that slight amount. They all have had similar average days on the market between 30 to 33 days. And the interesting thing to note is a sale to active ratio in the different markets. Apartments were on the border of being a buyer's market detached homes. We're right in the middle, a balanced market and townhomes just Crested into a sellers market, uh, with the total of sales amount of sale.

Speaker 3: (20:54)
The Fraser Valley though being down overall 50.3%. So that's down 50% sales are, but prices have been up because that's buyers are still out there needing to buy and wanting to buy and taking advantage of the amazing low free money interest rates that we have. Michigan had a drop of only 33.3% in detached homes compared to last year. A Surrey only 32.7% in their townhouse sales for the last year. Uh, and so we've seen kind of slight changes in that choose of the restrictions starting to be lifted in may. It'll really be interesting to see what the results of the real estate market will be. Uh, and for Abbotsford for detached benchmark prices year over year is at 2.5% and month over month. So March to April zero it's kind of stayed the same for detached prices. Exactly zero for townhouses in Abbotsford it Rose a 0.7% year over year, but month over month it went down just 0.3% and apartments in Abbotsford has gone down 0.2% so very minimal is practically the same prices as they were last year and the month before.

Speaker 3: (22:08)
Mission benchmark prices have gone up a year over year 1.4% but down March to April 1.8% so this is benchmark prices, which is different than average prices. Townhouses emission have gone down only 0.6% year over year and only 0.1% month over month and condos down there Oh 0.2% year over year, but up 0.1% from March to April, which is interesting. And then the last one is Palady I'll mention is Langley benchmark price went up 5.5% from the year over year and 1.3% from March to April. Crazy. And townhouses went up 2.6%, year over year in 0.9%, almost 10% from March. Fable and cargoes are the same price March to April, uh, in Langley and up 1.4% year over year. So, um, you know, the price is really, if anything overall, again, has gone up from March to April and year over year. And we're still in the second highest year we've ever been for prices in the Fraser Valley.

Speaker 3: (23:10)
But we've actually seen the lowest sale in, in April. Then we have since like historically since 19, it's comparable to 1981 when you know, they had the huge, yeah, that's for sales. So it's way down for sales. 50%. Wow. Yeah, that's a lot. So I don't know if you've been noticing, um, uh, definitely in like in town is different of course, but that's overall and again, for those April, just ask for weight, deep, deeper dive into it. I do them on my home page, home page on my website at Michelle Cummins. Dot. CA uh, always there. And, uh, I wanted to mention this afternoon, I'm feeling that sleeping, I am doing a, an open house video on one of my brand new home listings. Gorgeous brand new home in Harrison mill that's only $728,888 and there's no property transfer tax on this home because it's pre-con.

Speaker 3: (24:13)
It's new construction under seven 50. So even though you have 5% GST, you don't have any property transfer tax. So that's an amazing thing to keep a note of. Master's on the main to Sam type of golf course and resort and him off mountain, which is Sasquatch ski resort and it's on the Harrison river or the golden stream of Sam and his family. Like it literally is the golden stream they call it. And it's where the annual Eagle Fest happens is every November cause they've got so many Eagles in the area. So yeah, if you could watch a, I'll post it on my Facebook page. It's called Michelle Cummins, Remax little Oak Realty at Fraser Valley Realty. You can find me on Facebook and watch that awesome open house visual. I'll post that at three o'clock today.

Speaker 1: (24:59)
All right. Well, I guess that's about it for our time today.

Speaker 3: (25:02)
Okay. Jim, do remember coated week sometimes we are also quick to countdown the days that we forget to make the days count. Quote is from an unknown source, but I liked that one.

Speaker 1: (25:14)
That is a really good quote. I like that

Speaker 3: (25:16)
you don't, yeah, make the days count everyone

Speaker 1: (25:19)
considering as of late, I've barely known what day it is any given time. It is Saturday today, right? You got it. Okay. Just checking. We chat every week. That's right.

Speaker 4: (25:29)
All right, well I guess that's all the time we have today, but we'll be back again next week so until next time you stay safe. All right, and once again, be sure to listen in next week when we will talk more real estate in order to unlock your real estate potential on a show. Right.

Speaker 1: (25:44)
Real estate is maximized. Thanks for listening.