Today’s post features a look at the Alexis Park neighbourhood in Vernon BC real estate focusing on the residential sales numbers for the year 2010. For more information about Alexis Park please visit the neighbourhood page on our website.
Residential real estate in the Okanagan is comprised of the following types:
· Lots and Acreage
· Manufactured Homes
· Recreational
· Single Family Homes
· Strata
Within each classification – there are sub categories – but we will deal with those on an as needed basis.
In 2010 –within the Alexis Park neighbourhood, there were 42 residential sales transactions – which is less than half of the number of sales this neighbourhood saw in 2005, and 20 less than the volume of sales in 2009. In the big picture of North Okanagan Real Estate in 2010 this neighbourhood contributed approximately 3% of the total number of sales 2% of the overall dollar value traded in the North Zone. and The chart below looks at the overall number of residential real estate transactions in Alexis Park each year from 2005 including 2010.
In 2010 the 42 properties that sold broke down into the Lots & Acreage (3), Single Family (13) and Strata (26) categories within the residential category, with the majority of the sales being Strata or multi-family property sales.
With that in mind, let’s look at the pricing graph for Alexis Park residential real estate from 2005 including 2010:
Now – Alexis Park is a really interesting study in hyper local real estate...
Why?
Well the new development neighbourhood of Turtle Mountain is contained with the Okanagan Mainline Real Estate Board boundaries for Alexis Park. This area has been under development since the early 2000’s. As a major development with multiple builders, many sales of lots and single family homes have occurred outside of the MLS system – and therefore, the data is not included in our searchable information. The important thing to remember is - that in 2005 none of those homes existed therefore – it is far from accurate to think that real estate values more than doubled in this area – it is more accurate to understand that a whole new sector of high end housing was added to the market.
The other factor to consider is the high percentage of strata units in the Alexis Park area – especially when comparing to other neighbourhoods which may have little to no multi-family complexes. Because this is a high multi-family neighbourhood, let’s look at the strata market in more detail for 2010:
Alexis Park 2010 Apartments Sold (9) |
| | List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area |
Min | $79,900 | $75,000 | 16 | 1 | | 532 |
Max | $289,900 | $280,000 | 275 | 3 | 2 | 1300 |
Avg | $197,822 | $189,389 | 142 | 2 | 2 | 1084 |
Sum | $1,780,400 | $1,704,500 | | | | |
Alexis Park 2010 Townhomes Detached Sold (1) |
| | List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area |
Result | $410,000 | $405,000 | 42 | 3 | 4 | 2170 |
|
Alexis Park 2010 Townhomes Sold (16) |
| | List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area |
Min | $129,900 | $124,500 | 12 | 2 | 1 | 825 |
Max | $375,000 | $350,000 | 255 | 3 | 4 | 2430 |
Avg | $203,300 | $194,994 | 95 | 2 | 2 | 1196 |
Sum | $3,252,800 | $3,119,900 | | | | |
If we look at the sales of single family homes for this neighbourhood – the results for the 13 sales are:
|
Alexis Park 2010 Homes Sold (13) |
| | List Price | Sold Price | DOM | Beds | Total Baths | Finished Floor Area |
Min | $259,900 | $250,000 | 15 | 2 | 1 | 800 |
Max | $519,900 | $492,500 | 184 | 5 | 3 | 2400 |
Avg | $323,365 | $305,915 | 79 | 3 | 2 | 1689 |
Sum | $4,203,750 | $3,976,900 | | | | |
And in the building lots and land sector:
| |
Alexis Park 2010 Lots Sold (3) | |
| | List Price | Sold Price | DOM | |
Min | $190,000 | $183,000 | 79 | |
Max | $234,900 | $200,000 | 378 | |
Avg | $204,967 | $189,333 | 202 | |
Sum | $614,900 | $568,000 | | | | |
| | | | | | | | |
So all in all these real estate transactions comprise the $9,774,300 in value over the 42 properties sold. Details on these properties are available on our website. Our sold reports will provide you with the basic information to evaluate real estate in the Alexis Park neighbourhood whether you are buying, selling or just interested in getting a feel for the neighbourhood. For a complete market analysis on specific property please contact us. We are happy to provide a complimentary Personalized Market Snapshot for you. ( Now that’s PMS like you’ve never seen before!)
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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