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Muskoka Cottage Real Estate Market Update for 2014/2015

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Muskoka Cottage Real Estate Market Update for 2014/2015 SPRING MUSKOKA NEWSLETTER 2015 THE GARDINER TEAM The Gardiner Team [email protected] Muskoka Cottage Real Estate Market Update for 2014/2015 The recreational resale market started rela- Both in Lake of Bays and the Haliburton tively slowly in the spring of 2014. Although Highlands sales activity declined in 2014. weather conditions were not as extreme On Lake of Bays there were 84 MLS® this year as last, they were severe enough reported sales in 2014, down from the that they negatively impacted the early 89 reported in 2013. In the Haliburton market. However as the year progressed Highlands there were 246 sales, also a the number of available properties for sale decline from the 250 achieved in 2013. increased and with an increase in inventory, These results are somewhat surprising sales also increased. Overall, 2014’s predic- given the fact that price points in these tions proved to be wrong in that year-end areas are substantially lower than on the results exceeded forecasts. This is due Muskoka Lakes. primarily to the strength of the region’s Jim & Iris Gardiner The explanation no doubt rests in the most expensive area, the Muskoka Big fact that with an economy that sputtered Brokers Lakes. In 2014 overall recreational property 705.646.7358/6367 in 2014, the economic sector of our soci- sales for the Muskoka-Haliburton-Orillia ety with less discretionary money simply region increased by more than 10 percent was not buying. It should be noted that Lesley-Anne Goodfellow compared to 2013. In 2013 there were 794 Sales Representative Huntsville showed an increase of 15 reported sales. That number increased to 705.787.6110 percent in sales, but modest in actual 892 recreational property sales in 2014. numbers: 26 sales in 2013, up to 30 sales The increase was primarily due to the in 2014. sales activity on Muskoka’s Big Lakes, In the Muskoka and area market place, Rosseau, Joseph, and Lake Muskoka. unlike a large metropolitan urban market Over the last three years that region has place, it is very difficult to determine shown strong growth, and given that increases or decreases in average sale it is the most expensive area to buy a prices year-over-year. There are so many recreational property, surprising growth. variables involved in recreational prop- For example in 2012 there were 205 erty prices – location, exposure, water www.chestnutpark.com reported sales on the Muskoka Lakes. depth and access to name of few, that That number increased to 223 in 2013. it is almost impossible to create a com- 110 Medora Street In 2014, 266 recreational properties were parable universe of properties. Some P.O. Box 444 reported sold, a startling increase of comparables are, however, possible. Port Carling, Ontario almost 20 percent, dramatically exceed- In the most expensive and active recreational P0B 1J0 ing the results achieved in other areas market place there was some startling data where Chestnut Park represents buyers and sellers of recreational real estate. Continued on page 4 COTTAGESINMUSKOKA.COM What’s Been Happening in The winter of 2013/2014 was another hours of hair dryer warming of engines, their Muskoka real estate needs. This prolonged affair, lasting into early May and lots of jump-starting before we referral component of our business in some areas. With over 20 feet of had all machines running. Even then continues to grow year over year. snowfall over the course of the winter it we could only travel at slow speeds Our Team relies on many other profes- was a constant battle to keep driveways as the wind chill was below -50°C. A sionals to complete a real estate trans- and sidewalks open. For the first time in one-hour trip to a restaurant was all the action. A special thank you goes out quite a few years, many cottage owners gang could endure. While warming up to all the lawyers, bankers/mortgage and local residents felt the need to have (thawing out?) in the hot tub after our brokers, appraisers, advertisers, sign their roofs shovelled off, in order to return, Iris and I decided that perhaps makers, home inspector, website gurus, minimize the potential for serious dam- less snowmobiling and more golf in Real Estate Board staff, insurers, and co- age from the weight of the snow itself, warmer climes was in order. operating real estate agents, brokers and the possibility of rainfall adding During our slower paced time over the and staff who all contribute to bring our to that weight. Fortunately, we didn’t winter we were able to spend some time real estate transactions to a successful have the “perfect storm” conditions in Florida, visit Zihuatanejo, Mexico and efficient conclusion. Thank You!!! of frozen ground, high temperatures and enjoy a European River Cruise. and torrential downpours of rain like Once again, our travels reminded us Our licenced assistant, Lesley-Anne we experienced the year before. When how fortunate we are to be able to live Goodfellow, had an outstanding year of melting conditions did finally arrive, in and enjoy such a diverse, beautiful, condominium sales in both Bracebridge they did so in a somewhat controlled ever-changing and safe region of the and Huntsville. With her background as manner, keeping the flooding and high world called Muskoka. Current events the builder’s sales representative for her lake levels well below last spring’s levels. unfolding around the world as I write father’s many condominium projects, The long drawn-out winter resulted in a this newsletter just reinforce this belief Lesley-Anne has an intimate knowledge seriously delayed start to the cottage even further. of the various condominium projects in real estate selling season, but when it Muskoka, and is well positioned to assist did start, it did so with gusto! This year, 2014, was another inter- both local residents, retirees and cot- esting and rewarding year for the tagers who are selling their recreational Along with the unusual amount of snow Gardiner Team. We would like to thank properties but still want to maintain a we experienced, we also had many our many Seller and Buyer clients who presence in Muskoka. incredibly cold nights. Iris and I were have contributed to making 2014 such away on our annual “Bride Ride” snow- an enjoyable and successful year. We Our daughter Amanda’s real estate mobile trip with 3 other couples in late sincerely thank you for your business career continues to progress nicely. In January, when we awoke one morning and your referrals of family members, 2014, she joined the Heaps-Estrin team, to -38°C temperatures. It took over 2 friends and business associates for one of Canada’s top performing real 2 estate teams at Royal LePage. In her Freed Development announced that off. It’s a beautiful property and should new position, Amanda is the licenced it was partnering with Touchstone and not remain in its current state. assistant for Cailey Heaps Estrin, the would oversee the second and third As I’m writing this part of the newslet- team principal and will also assist her phases of development at the resort. ter, I have just heard that Taboo Resort own Buyer and Seller clients with their Once complete, this effort will result is shut down indefinitely, possibly for real estate needs in the central Toronto in 66 new 1 to 4 bedroom freehold all of 2015, as a result of an electrical market area. Amanda is still extoling condominiums being added to the fire in October. Further investigation the virtues of downtown Toronto’s many existing 33 fractional units. Freed is the after the fire has apparently revealed attractions and resides there with her developer behind the Muskoka Bay serious deficiencies in the electrical fiancée Billy. If you or anyone you know, Club in Gravenhurst and should add work done during the most recent have need for top flight real estate ser- the necessary experience and capabili- renovations. Where were the local vices in the finer areas of Toronto, please ties required for Touchstone to finally municipal building inspectors and the give Amanda a call at (647) 923-2238. achieve its full potential. I expect that the existing unit holders will be quite Ontario Electrical Safety Authority Our son Shawn continues to expand pleased with this announcement. when this work was undertaken? his cabinet and fine furniture making skills at Lakehouse Cabinetry in Port On other resort fronts, Lake Muskoka’s Muskoka’s Restaurant Carling. It seems he can’t get enough Patterson-Kaye Lodge is now under Scene Continues to of working with wood at his day job, Power of Sale, after the new owners so he has started a hobby business invested over $2M in renovations and Evolve of making beautiful wooden trays expansion. Very sad! Deerhurst Resort Every year there are many changes to and boxes, using re-claimed antique in Huntsville is facing opposition from the range of restaurants operating in woods and logo-stamped wooden neighbours to its $400M expansion Muskoka, and 2014 was no exception. plans for new condos, cottages and a wine crates. Check out his website at As is often the case, Port Carling is village centre, modeled after the Village www.BespokeYourWood.com to see the area where most changes in dining samples of his work. of Blue Mountain in Collingwood. The new owners of the Riverside Inn in options occurred this past year. Rebecca’s Resort and Commercial Bracebridge have recently completed Fine Dining has now become Medora, a major renovation of the building, under new ownership. Medora’s focus Development including the restaurant, which was cer- is casual fine dining and they have mas- Simon Hirsh’s residential/commer- tainly needed.
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