Welcome to this episode of The Niagara Real Estate Show with Rob Golfi, Phil Golfi and Tim Denis NEWSTALK 610 CKTB with Rob Golfi and Tim Denis.
We are going to start off by talking about how hot the cottage market is right now. Between the hot weather, COVID lockdown and the slow opening of stores and life, everyone seems to want to be in Cottage country and they want someplace to go. All your summer concerts and festivals have been cancelled; The Blue Jays are not playing. Anybody who has been on the verge of buying a cottage over the last few years are now actively shopping and buying cottages. People love to live on the lake, and they love owning vacation properties especially now that people are not traveling.
This is the perfect time to by a cottage home. It is the perfect year to own a cottage property that you can escape to on the weekends. And it’s just because there’s nothing else to do but escape to something you own. Recently, there was a headline in a local paper that cottage prices recently surged as much as 25%, which is incredible.
When Real Estate takes a hit, it is usually the second properties that go first rather than your primary residence. When people need quick access to money, they tend to cash in on their cottage homes and second properties. There is no sign that this real estate market is slowing down. Cottages are an escape during this uncertain time and people need somewhere to go with their families which is what makes the cottage market so attractive right now.
Cottages can also be turned into investment opportunities if you only use it for certain weekends of the year. On the other weekends, you can easily rent them out either through AirBnb or different platforms and programs out there. So now your weekend getaway becomes an investment as you generate a source of income. It is a win, win situation.
If you are thinking it would be a great time to take advantage of the market as a seller, would you get more for your cottage now than you would have last year at this time? Yes, Cottage prices are on the incline and you could do a two to three week closing because people want to get in there right away. But quick closings for cottages right now are sometimes a problem because people want to enjoy this summer and close after the season. So, there is a shortage of cottages for sale for the number of buyers looking to buy because people are taking advantage of the summer months to enjoy their cottages with their families before they sell. Many are waiting until next year to list their cottages.
Popular right now for cottages is Muskoka, Georgian Bay and cottages in Niagara along the Lake Erie shoreline. We’ve got two Lake shores in Niagara.
For more details about buying a Cottage, listen above to this episode of The Niagara Real Estate show, July 11, 2020