Rentals - what is happening in the rental market

Well it seems that the number of rentals were up 18% last year over 2008 but the average price per unit went down 15% . Bad news for landlords as property maintenance fees etc. continue to rise.

Fewer properties were rented at over $9000 per month and properties remained on the market longer.

Coldwell Banker Bermuda Realty reported that based on 2009 figures, the average price for 1, 2 and 3 bedroom properties was as follows:
1BR @ $2,378
2BR @ $3,576
3BR @$5,514

Obviously prices vary according to location and amenities based on supply and demand. Looking on the various websites at present there seems to be a lot of inventory out there - particularly in studios and 1 bedrooms which are usually very hard to come by at a reasonable price.

To read more about the rental market in the Coldwell Banker January Newsletter in its entirety click here

Real Estate Sales - January Newsletter

What's been happening and what can we expect in 2010??

My sales manager at Coldwell Banker Bermuda Realty, Susan Thompson, published her bi-annual newsletter last week and in it she compares sales figures for houses and condos in 2008 and 2009 here's what she says:

"the figures for 2008 vs 2009 are little changed (which may surprise some people) with the average price of a single family home in 2008 at $1,415,003 vs $1,422,169 for 2009.

Condo/townhouse prices were basically unchanged with $803,271 reflecting the 2008 average price and $807,274 in 2009.

Vacant land again nearly the same with $644,136 (2008) vs $624,447 (2009) once the $10,000,000 South Shore Road (2008) sale and Loughlands (2009) land sale at $11,864,000 were removed as anomalies.

Because all 2009 figures are unaccounted, it is difficult to reconcile the overall strength of the Bermuda housing market. We suspect that even though the average price per unit has not varied greatly that the overall volume of properties sold has diminished. We can report that 40% of the recorded inventory for 2009 that successfully closed were condos, followed by 25% being single family homes. Only 9 properties thus far have been recorded as selling at $3,000,000+.

Available inventory is still at an all time high with 56% of the inventory condos. Based on unsold inventory, the average days on the market (DOM) is approximately eleven months. For those looking to buy, a third of the inventory is $1,000,000 or under. So, the market is still promising for those looking to purchase as interest rates are low, choices are plentiful and sellers are somewhat more negotiable."

To read the January Newsletter in its entirety click here

When do you stop wishing people Happy New Year?

I see Cablevision is still wishing us all a Happy 2010 and I was just wondering how long one should continue to wish all a happy new year.

Tips for Sellers

These small changes can up your home's value               

* Clean away all clutter
* Freshen up with a neutral paint job
* Shampoo carpets
* Restore appliances to sparkling condition
* Lubricate windows, locks and doors

Caught between buying and selling?

Caught Between Buying and Selling?

Sometimes selling a home and buying a new one can be a difficult balancing act as a homebuyer tries to place an offer on a new home and sell their current home simultaneously.


These homebuyers and sellers get "caught in between." Below are a couple of suggestions on how to close that time gap between buying and selling a home.

Consider a bridging loan. A bridging loan means borrowing from the current home"s equity until the proceeds from its sale are obtained. Some bridge loans require that only the interest be repaid; others mandate a single payment of interest and principal when the loan needs to be paid back. If protracted, bridge loans can be expensive, so it is best to use them for overlaps of a short period of time between closings.

Review home equity options. For those who need to borrow for a longer period than just a few months, it is best to use a home equity loan or a fixed-rate line of credit, particularly if sizable equity has been built up

Buy on contingency. Have a “subject to sale” clause included in the purchase contract for your new home. It provides the opportunity to withdraw from an offer if the current home does not sell by a certain date.

Talk to your real estate agent, they can advise you on the best approach to suit your situation.

3 bedroom house with pool and apartment - $1,250,000

Look no further for a house and a pool with an apartment to help pay the mortgage.

Nestled in a private lane in Somerset is a great 3 bedroom 2 bathroom house with a pool as well as a one bedroom apartment. The living room has a fireplace, wood floors and access to the nice private yard. This property has wonderful views of Mangrove Bay from the master bedroom.  

Please click on the visual tour link to have a look at what it has to offer

http://www.visualtour.com/show.asp?T=2075059

If you know anyone who may be interested please pass this on and ask them to contact me about it scranfield@brcl.bm or tel: 3058074

Luxury Home Market Update - January 2010

Market Update January 2010
As luxury home practitioners, very often we are asked to dust off our crystal ball and comment on the state of the luxury home market. Although the interpretation of historical trade patterns is usually insightful, extrapolation of these trends is very difficult in times of economic uncertainty. We can compare and contrast, for instance, in 2005 our market intelligence noted that Bermudians were the driving force at this end of the market in terms of acquisitions with 75% of the luxury homes purchased by Bermudians. In 2009, Bermudians accounted for only 33% of luxury homes purchased. Overall, in 2009 dollar and transaction volumes in our stand-alone luxury home market were 50% down compared to 2008. We are aware of a couple of pending contracts which will close during the first quarter of 2010 equating to sales proceeds of approximately 11 million dollars.

Freestanding luxury home inventory currently on the market for sale and available to overseas buyers increased marginally during the last quarter of 2009, equating to approximately 18 homes with a total dollar value of $175 million. Interestingly, although demand from overseas buyers fell off in 2009, there are signs that it is very subtly re- emerging as a number of agents purport to have qualified overseas buyers looking for luxury homes in Bermuda.

Bermudiana

Exquisite waterfront property located in the

heart of Tucker’s Town, Bermuda

 
This newsletter written by Brian Madeiros, President of Coldwell Bnanker Bermuda Realty is available in its entirety on Coldwell Banker Bermuda Realty's website.

Bermuda properties ARVs change

This past week the ARV for your own property changed. By looking up your property address on Bermuda Government's land valuation website you can see how this has affected the land tax that you pay.

I have found that for the most part ARVs have gone up - pulling the annual land tax along with it.  Some are unexpectedly large increases and other are relatively minor but in some cases, particularly in the high end properties, they have come down a little. This is in line with rental values which we have seen depreciate island wide over the last year and the rate able value and land tax is supposed to be based on rental expectation. 

With the rental value for properties which fall under rent control being increased from $ 24,600 to $ 27,000 a few weeks ago an increase in ARV may be welcome news for some home owners who are landlords.  Others are going to find that their properties now do fall under rent control where they didn't before and this will have other implications for them.

For the majority of us it is another expense to add to a mounting list of increased expenses which is raising the cost of living here and yet not raising our standard of living or improving our way of life.

Sharon Cranfield's Bermuda blog

Hi,  I'm Sharon Cranfield a Realtor at Coldwell Banker Bermuda Realty and I've started writing a blog called Bermuda - Home on the Rock and if you would like to take a look at it and perhaps follow my bi-weekly blog which is mainly about property market here in Bermuda please click on this link Bermuda-Home on the Rock.  I like to use photographs to enhance my topic and make it more fun to read.   Here's one I took on the way home the other day I think they call it a herringbone sky.

I have also launched my website called Bda4Sale on which you can see the properties here in Bermuda that I have listed for sale, take a visual tour of these properties as well as useful information on buying and selling property on the island. Click on the link to Bda4Sale to get an idea of what it's about.

If you have any questions relating to real estate here in Bermuda that you would like addressed please contact me and I will try to assist.  I can be reached at the following address within minutes scranfield@brcl.bm

Let's keep in touch

Family 3 bedroom home - $ 1,150,000

Are you looking for a great place to raise your family?  One in a quiet area on a cul-de-sac? How about this 3 bedroom 2 bathroom house with a big garage on 0.17 acre?

Nice bright kitchen with lots of counter space.

Big living room with fireplace and sliding doors leading to outside patio with water views.

Click here to view the visual tour of the property  http://www.visualtour.com/show.asp?T=2064731


If you are interested give me a call on 305 8074 or email me scranfield@brcl.bm

Harbour House Condominium - Paget, Bermuda

2 bedroom Condo, Paget, Bermuda

This elegant 2 bedroom ground floor apartment in Paget is a quick walk to Darrells Wharf ferry. Spacious, quiet and private with a large covered patio for entertaining guests or enjoying the surrounding gardens.

There is elevator access from the parking area as well as a swimming pool and tennis courts. This is great for people who are downsizing as it has all the elements of a house but the convenience of a centrally located condo. Negotiably priced at $1,150,000. 

Please click on the visual tour link to have a look at what it has to offer
http://www.visualtour.com/show.asp?t=2071435&prt=10003

If you know anyone who may be interested please pass this on and ask them to contact me about it scranfield@brcl.bm or tel: 3058074

Mark your calendars for the upcoming Coldwell Banker Home Show

What: Coldwell Banker Home Show
When: Saturday 13 February 2010
Where: Cedarbridge Academy

Open to all!  It's the best home show in Bermuda showcasing anything to do with house and home whether you are building or buying or simply want to improve of your lifestyle . Lots of fun, food and freebies.

See you there!

I resolve...

Ok so who is starting their 2010 resolutions tomorrow?  100's of us I bet!

Me, I'm charging my Ipod for that first (regular) visit to gym -  oh,  and I've made my list of stuff to buy at the supermarket so that I can also start on that healthy eating regime tomorrow as well.

I've given myself one extra day off before starting back at work - good thing too as I just found out that Ryan only goes back to school on Tuesday...

I'm going to write regularly, get through the paperwork, gym frequently and stop with all the fat food.   It's been fun but the holiday is over and it's time to get serious!!

Right - who wants to buy at house?