Fernie property… so where shd we all be buying ?

[rbkc]

1/2 lot houses in Downtown 3 years ago cost under CAD100,000. Now you struggle to find a house under 200,000 other than mobile homes… Have we all missed the boat now ? What’s happening with prices near the new golf course ? Is West Fernie the place to be buying ? Should we be buying land/houses in Rossland ? Should we buying up near Lake Koocanusa/Elko/Sparwood ? Would love to hear all thoughts on this. :” title=”Question” />

[czar from afar]

I hear many people champion Elko because, though it is very close to Fernie, there is a major difference in the climate – summers are noticeably earlier and longer, with lots of great outdoor options at hand.

[username]

When you buy property you can never (well almost never) lose. The only boat that you might miss if you don’t buy soon is the LOW INTEREST RATES. Thats one of the reasons I was able to afford a home in Fernie. The low interest rates. Several of the property for sale in Elko and Lake Koocanusa is right in a Migratory route for Elk and other animals, so I would never buy there. If you want your presence in B.C. to be subtle, consider it. Look at all the new property going in everywhere. Fairy Creek, down Kakato, Golf Course, Alpine Living Group, out towards the tunnel, South Country. I hear “If it was up to me, there would be more rules for hunting” Remember, loss of habitat is the animals number one destuctive force.

[griz-boy]

Free elk meat at your door. HA

Yah so anyway when will the interest rates go up? That’s the big question. I locked in a couple years ago in fear that they would go up that year, two years later and only minimal increases. But for the new home owner if the rates do go up sharply housing prices will go down, a good time to buy if you have a large sum of money. Now that theory that can be applied to cities like Calgary but if it would happen in a small market like Fernie is to be yet determined.

Prices right now are way to over inflated. From last year, prices increased by 35%.

Rental income is also a factor you might be deciding to purcahse a home with a suite for a little more than one without. I can be rented out for 5 months of the year if not year round which helps pay for the overall morgage. Its the old saying make your money make money.

Besides an investment I think the question is, where do you want to live to fit your lifestyle?

I am getting off topic but hope it helps you. I decided to buy in town for my own reasons.

[gagbandit]

Griz – I think the only questions re interest rates are when will they go up, not if they will go up. The US cannot sustain the downward pressure on the $USD. Their current account deficit is massive. They export way more than they import – and its increasing. As a result they must sell more $USD (than others buy ) to pay for the imports. They also are running a massive budget deficit ( war is really expensive ). All of this puts huge pressure on their $. The only way to sustain it will be to raise interest rates – and ours will follow. I bet ( but what do I know ) that we will see 7%-9% within five years.
All this being said, what I have been doing is only renewing 1 year mortgage terms. Each year I grind the shit out of the bank for the best 1 year rate. They will negotiate quite a lot for a one year term.I haven’t paid more than 3.25% for the last three years. I haven’t paid more than 1.5% less than their best posted rate for the last four years. I’ve saved at least 1.5-2% each year for the last three. When the rates begin to climb – at a clip of greater that 1.5 % a year I will lock in and not until. Until then my bank manager hates to see me coming each year ’cause he know the game and he will continue to drop his interest rate shorts for a one year term. ….. It’s also fun to negotiate !
Now where to buy ? I bought in Alpine Trails, four years ago. The property has almost doubled. It can’t keep this up for ever – there will be a correction – there ALWAYS is. No one can predict when. Just make sure that you can hold on for the long haul. You might make $$ if you buy/sell in the short run but in the real estate game you should NEVER bank on this. In the long run, real estate is well proven to be a sound investment.
…. and what nicer place than Fernie to buy and hold for the long run ?

[gagbandit]

oops I meant to say that they IMPORT more than they EXPORT

[rbkc]

So I guess the real point is that as long as you can cover your mortgage in the bad times with relatively high rates – be they 7% or >10% – over the long term, you should do ok.

Best case scenario is that the new golf course goes ahead bringing in much more summer traffice and they open up the back of the mountain so Fernie sees more winter business as well subsequently driving up prices ? Seems a shame given Fernie’s charm lies in the fact that it is neither too small nor a mega resort like Whistler or the French Brit Ghettos like Meribel…

If the Mountain does get better, intuitively you would think people would start buying up plots in between the mountain and town so places like West FErnie should take off.

As for downtown, amazing to see how rents no longer cover the cost of your mortgage if you were to buy the 1/2 and full lot places – especially the ones closer to the high school. Only places available are either on 6th ave or down past 10st st on 1~3rd ave.

[rbkc]

ANy other thoughts ?

[username]

Let me guess……You’re from Calgary??

[flyingecko]

most buyers from Calgary can actually afford their “Fernie Homes”

[czar from afar]

Damn, Username makes me laugh.

U. I have a question for you. I have heard from a few different sources that Fernie is close to achieving some alpine expansion. Some have said the hill to the south (to add some blue terrain), others have said Fish Bowl (in a four-way deal with Tembec, B.C. Parks and Recreation and Island Lake). A writer above gets me thinking about this when he talks about the backside of the mountain.

An RCR rep has told me that there is no expansion in sight, since the mountain is not yet delivering the revenue to justify infrastructure expansion.

You seem uniquely qualified to shed some light on this topic.

[rbkc]

If I had the choice, I would definitely live in Fernie over Calgary. Unfortunately, I am living in England at the moment trying to get the courage together to up and move over.

What is the latest with the golf course ? Conflicting rumours about it going ahead/not going ahead…

Any views on the commercial property for sale on the main street like the coffee shop on the same street as the Royal ?

[Author]

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