Oakville Real Estate Update - week ending Oct 5/12

With the leaves changing colour, Oakville has entered the fall buying season. It is being tempered by a low inventory combined with brisk sales in all price points.

Leased properties so a total of 16 properties sold with 10 of those leasing at or above list with 9 weeks of inventory. Starter properties listed from $100K to $500K had a total of 18 sold, 3 of which sold at or above list, and 23 sold conditionally with less then 5 weeks of inventory. Family properties listed between $500K to $1M had 25 properties sold, 9 of which sold at or above list, 19 sold conditionally, with 8 weeks of inventory. Luxury properties listed from $1M to $2M had 7 properties sold, 3 sold conditionally, with 16 weeks of inventory. Estate properties listing above $2M had 3 properties sell, 2 sold conditionally with 20 weeks of inventory.

Starter homes are becoming priced competitively with sellers now starting to price their properties slightly above market value and buyer's finding there is a lot less to choose from in Oakville. Oakville's family homes are still dealing with a seller's market with over 20% selling at or above list. So moving from entery level is becoming more competitive. The luxury and estate properties are selling steadily, but naturally taking more time - since there are simply a smaller number of potential buyers.

Oakville's real estate market continues to be moving steady along with entry level buyer's having the biggest hurdle to jump.

For previous real estate updates, please click here.

Oakville Private Listings:

Old Oakville Detached Home - fully renovated 4 bedroom detached home on fully landscaped lot - all levels fully finished - $1,250,000.00 - Occupancy 60 to 90 Days

Old Oakville Detached Home- older detached home - 3 bedrooms - tear down and build new, or renovate - $800,0000 - Seller wiling to stay on for one year so you can get thru the town's permits and historical board's approvals. Occupancy 1 to 2 years.

Please note that these properties are currently not listed on MLS - there is no commission for co-operating brokerages or realtors.

Moving in or Relocating to Oakville, Ontario

So you're thinking of moving in or relocating to Oakville, Ontario, one of Canada's most prestigious communities. Oakville is definitively worth considering if you're moving into or around the Greater Toronto Area, most often referred to as the GTA. I've lived in Oakville for over 25 years, and have been involved in the community since 1972. I know my way around the town, its various neighborhoods, and communities. I'm passionate about Oakville.

A Brief Overview of Oakville

Oakville is home to approximately 165,000 residents, from a wide range of communities. The town itself is divided into smaller neighborhoods, which include: South East Oakville, Old Oakville, South West Oakville, Kerr Village, West Oakville, Bronte, Glen Abbey, Westmount, West Oak Trails, Bronte Creek, River Oaks, College Park, Falgarwood, Wedgwood Creek, and Joshua Creek. A map of all the various sub-districts is available from the Oakville Milton Real Estate Board.

Oakville was founded in the 1800s, around what is now considered Old Oakville. This neighborhood  has a historic shopping district, which is filled with excellent boutiques, restaurants and cafes. The second major community, which was also founded in the 1800s, was Bronte. The area around Kerr Village was the last to be developed in the 1850s.

Transportation in Oakville

Oakville has easy access to public transit (Oakville Transit) whether you are needing to catch a bus, or catch commuter train (GO Transit) into Toronto. By car the town has excellent road systems and quick access to three major highways: QEW, 403 & 407. It is about a 30-minute car ride to Toronto Internation Airport (Pearson). VIA Rail,  the nation's rail service, has a stop in Oakville.  The vast majority of Oakville residents own a car.

Types of Oakville Homes

The majority of homes in Oakville are single detached dwellings. There are also condominiums, and townhomes as well. Homes range in style from the historic 1800s to ultra modern. Currently prices range from $175,000 for a one-bedroom apartment to $45 million for an estate on the shores of Lake Ontario. There is something for everyone in town.

Education in Oakville

Oakville residents are well educated with a significant number of people holding university degrees, college certificates, and post-graduate degrees.  The neighborhood schools are considered the best in Ontario, whether you are seeking public, catholic, or private. The public system is rated as the highest in Ontario. Most people who live in Oakville use the public system to educate their children. Oakville is also home to Sheridan College, with its world renowned animation program.

For the youngest Oakville residents there are a large number of excellent daycares.

Recreation in Oakville

Oakville has a wide variety of recreational opportunities, both in sport and the arts. There is basically nothing you cannot find happening in Oakville from running clubs and competitive canoeing, to the symphony or theatre. You'll be able to find a group, organization, or facility to meet your needs.

Parks in Oakville

There are a wide range of parks, from the formal Garilock Gardens to the vast trails of Glen Abbey. You can sit on a beach in the summer, and cross-country ski in the winter.

Weather in Oakville

For a northern climate, Oakville weather is moderate. The winters are cold with snow, and summers are usually warm and humid, and. However, you can always cool off by the lake. The lake also provides Oakville with very moderate winters (though you'll have the occassional fridged day). The most pleasant time of the year - at least for me - is Fall, when it is usually warm but not humid, and the trees change color to vivid oranges, reds and yellows.

Local Oakville News

OakvilleNews.Org

Oakville Tourist Information

Oakville is also a tourist destination due to it's beautiful downtown core of shops, restaurants, cafes and art galleries. So it is no wonder that Tripadvisor has a section dedicated to Oakville. I'm a frequent contributor to this website, since it is important for visitors to have a current understanding of our town. If you are interested you can see what Oakville has to offer at: Tripadvisor - Oakville, ON.

Oakville Restaurant Information

Oakville has a large selection of excellent restaurants, catering to a wide variety of tastes and budgets. When I travel, I rely on Urbanspoon to provide me with a good solid reviews. If you are interested in Oakville's restaurant scene try Oakville Restaurant Reviews at Urbanspoon.

Oakville Real Estate Listings

For Oakville real estate listings please click here.

Staging & Renovation:

An Oakville Realtor's Personal Experience

During this past summer I needed to sell a family property. The home had been in the family for over 40 years. It had very few upgrades, but had been well maintained. The neighbourhood is in transition, from small post war homes to large $1,000,000 plus homes.

Here are the steps I took when deciding on what to do with our property:

1. I brought on another realtor to work with me. Like all home owners, I wanted to make sure I wasn't making emotional decisions. The other reason for bringing in another realtor is for personal protection. If a realtor sells there own home, then the realtor's errors and omission insurance is voided.

2. Working with the other realtor we analyzed the market and found that the property as it sat, would only appeal to a builder as a tear down. That the neighbourhood real estate did support the sale of small homes that had been fully renovated. As land value the property would sell for $550,000. Renovated homes of similar size had sold recently from $610,000 to $675,000.

3. I hired an experienced local stager, who understood what the neighbourhood buyer's expectations. It was a fairly inexpensive to determine what might need to be done from design, demolition, renovation, and finally staging. She provided me with a report for $200.00. I took this to my realtor, to determine if she felt the recommendations were valid. Almost all the recommendations were thought to be necessary.

Recommendations:

Interior

• Gut and renovate main 4 pc bathroom
• Gut and renovate 2 pc bathroom
• Gut and renovate kitchen
• Paint interior
• Replace all pulls for built-in closets
• Replace all light fixtures
• Strip all ceiling of popcorn stucco
• Refinish hardwood floors
• Stage living/dining room, master bedroom, bathrooms and kitchen

Exterior

• Paint exterior
• Repair garage door and paint garage
• Replace tiles on front porch with brick and create white picket railing
• Remove all over grown shrubs and replace with new flowers
• Build a small picket fence at front yard to define property
• Replace all light fixtures

4. A well recommended builder quoted the demolition and renovations, and the stager provided a quote for design and staging. The quote came in at $45,000, with completion in 2 months.

5.  Went back to the realtor to discuss quote, and likely return. I decided that the return on the investment which I budgeted at $55,000 and 3 months was worth the potential return. I hired both the stager and builder, who had to work together.

6. During the process, I was constantly needing to keep track of expenditures. Did we go with marble floors, or straight forward tiles, solid surface counter tops or laminate. With each of these decisions, I worked with the realtor, stager, and builder.

The Result

The home was finished in 2.5 months at a cost of $50,000. It was staged in 1 day, the property was photographed and then listed on MLS for $639,000. A public open house was held on the next day, which was Sunday. An agents open house was held on Tuesday, and another public open house was held on the following Sunday. A total of 200 people went through the house, along with 50 realtors. Offers were held until the Monday following the second open house. I received 4 offers: one below list, one at list and two above list. The house sold at $656,000 and closed in three weeks.  This positive result speaks for itself, which is why I always recommend taking these steps prior to listing any property.