In talking with my online colleague @benjaminbach on Twitter this week - we had been discussing as he put it "a tale of 2 markets" where I was providing residential information from the Okanagan Shuswap - and he was looking at Commercial real estate from his area of Kitchener-Waterloo in Ontario. It occurred to me that I was not aware of anyone locally blogging information about commercial real estate on a regular basis.
In the discussion he said "@brell I am in relationship with several #cre buyers, sellers and developers because of my blogs. #CRE info is guarded. Open the gates!" so... with his little shove in this direction... here I am with a preliminary look at what happened in Commercial Real Estate within the Okanagan Mainline Real Estate territory. These statistics were pulled from the Okanagan Mainline Real Estate Board on January 4th, 2011
The results below contain properties sold (For Sale- not For Lease) in the Central Okanagan, North Okanagan and Shuswap in the following commercial types:
· Business Opportunity
· Commercial
· Land
· Multifamily
Okanagan Shuswap Commercial Real Estate : Sold (123) properties in 2010 | |||||
List Price | Sold Price | DOM | |||
Min | $1,000 | $19,900 | 3 | ||
Max | $5,490,000 | $5,200,000 | 1526 | ||
Avg | $560,676 | $506,965 | 194 | ||
Sum | $68,963,128 | $62,356,651 | |||
As expected – the Central Okanagan garnered the lion’s share of these transactions:
Central Okanagan Commercial Real Estate: Sold (68) | |||||
List Price | Sold Price | DOM | |||
Min | $22,500 | $22,000 | 3 | ||
Max | $5,490,000 | $5,200,000 | 757 | ||
Avg | $618,673 | $552,919 | 189 | ||
Sum | $42,069,778 | $37,598,506 | |||
North Okanagan Commercial Real Estate: Sold (29) | |||||
List Price | Sold Price | DOM | |||
Min | $1,000 | $19,900 | 11 | ||
Max | $3,850,000 | $3,700,000 | 579 | ||
Avg | $511,574 | $484,764 | 169 | ||
Sum | $14,835,650 | $14,058,150 | |||
Shuswap Commercial Real Estate Sold (26) | |||||
List Price | Sold Price | DOM | |||
Min | $39,000 | $35,000 | 23 | ||
Max | $1,500,000 | $1,350,000 | 1526 | ||
Avg | $463,758 | $411,538 | 235 | ||
Sum | $12,057,700 | $10,699,995 | |||
What I find initially most interesting about this is the relationships within the 3 regions results. The fact that the Shuswap area recorded almost as many sales as the North Okanagan is significant to me. I say this because having watched residential sales results each week – I can say with relative confidence that the trend is for every 4 residential sale in the Central Okanagan, 2 will sell in the North Okanagan and 1 in the Shuswap.
Now my curiosity has been aroused.. and I will have to look more closely to see what is selling to be able to project what that may mean for local businesses and homeowners alike.
In addition – I will be running more in depth commercial real estate stats and reports later this month, and perhaps quarterly to see what things really look like after the paperwork has been processed.
See you online,
Brell ~ Brenda Ellis REALTOR ®
Your Okanagan Real Estate Umbrella
with Century 21 Executives Realty Ltd
(250)549-2103 Office Reception
1-877-227-4073 Toll Free
(250)308-4310 SMS
Century 21 Executives Realty Ltd.
2907 - 32nd St.
Vernon, BC V1T 5M2
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