The Year That Was - Lake of Bays & Huntsville 2010 Waterfront Review

Sales activity in 2010 on Lake of Bays and the Huntsville Lakes saw a decline in the number of sales posted from the prior year.  In large part, inventory was the problem with fewer new, realistically priced  listings being introduced into the market.  Sellers that continued to ignore realistic pricing strategy found buyers would not engage in the offer process. It is not clear that the Lake of Bays and Huntsville waterfront market has fully recovered from 2008 although certainly an improvement. 
If we look at all recreational properties reported sold in the area covered by the Muskoka Haliburton Association of Realtors, we see a solid 6% increase over 2009 (813 properties reported sold versus 768) and a whopping 44% improvement over 2008 reported sales of 566 recreational properties.
Sellers must come to terms with pricing reality in 2011 in order to ensure sales. Although heading to a balanced market, market updraft is not expected in 2011. It is widely thought that rates will rise in the latter half of 2011 and this is expected to encourage early year sales.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services.  “Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels."
We look forward to a balanced recreational market in Lake of Bays and Huntsville. If Seller's price their properties fairly, we are sure to see successful transactions follow.  I have many buyers who remain optimistic in their search for waterfront properties in beautiful North Muskoka.


Data in the following chart was taken wholly from information supplied by the Muskoka and Haliburton Association of Realtors and represents properties on the MLS system. No private or exclusive sale data is included.

Sales  ALL Waterfront in Huntsville and Lake of Bays District 2008 - 2010
Year	Total # Sales	Average Selling Price
2008	189	$412,010
2009	199	$429,822
2010	215	$422,556

*All waterfront - rivers, lakes, private lakes located within the Huntsville and Lake of Bays District. All information based on MLS statistics and provided in full by Muskoka-Haliburton Association of Realtors.  (Exclusive/private sales not included)


RECORD BREAKING SALE ON LAKE OF BAYS 

The first cottage sale to break the $3 million dollar mark on Lake of Bays occurred in the fall of 2010. The landmark property located on Osborne Point Road was listed at $3.6 million and sold by business partners, Jay Richardson and Stephen Leonard. Known as waterfront authorities in Lake of Bays, Jay and Stephen have cataloged an extensive list of properties on Lake of Bays with current market values in excess of $3 Million. This recent sale will herald the way for Sellers of such waterfront properties to achieve the higher values their waterfront properties should command.