Powell River is now morphing, reluctantly perhaps, into a retirement and recreational destination, a trend boosted by low real estate prices and outstanding municipal services.
The town has a large regional hospital, a quality seniors' centre, a top-tier recreation centre and access to both the ocean, a number of islands and local lakes for recreational enthusiasts.
A civic redevelopment is upgrading the downtown waterfront marina. As well, Starbucks, Mark's Work Wearhouse, Staples and Rona have opened new outlets recently, joining Wal-Mart, which came to Powell River years ago. The opening of these new stores has generated over $13 million in new investment and about 200 jobs.
Investors will find inexpensive real estate, and plenty of it.
For example, 12 two-bedroom oceanview townhouses, being sold in two parcels of six units each, by realtor Aaron Mazuerk, priced at $65,800 per suite. Mazurek noted that all the units are rented in a community with an apartment vacancy rate of 4 per cent.
Across Powell River, the average detached house price is $222,000, down 28 per cent from 2010. Prices are now lower than they were four years ago.
It is the deals in detached houses that should be of interest to smaller investors or retirees. Western Investor found 30 detached houses for under $220,000, not including mobiles. Just one example: an oceanview house with a one-bedroom basement rental suite listed for $149,000.
Prices have been slashed by 30 per cent or more on waterfront land at the Paradise Cove subdivision, south of town, with one 13-acre oceanfront parcel now listed at $699,000.
The average price of a condominium in Powell River is $207,000, but this reflects a number of new units completed in the past two years and the low inventory on the market.
A stroll through the downtown reveals a number of vacant storefronts, many for lease or sale.
Even the city is into selling real estate. It has 97 acres of industrial or mixed-use waterfront next to the pulp mill for sale at $3.1 million. It has another 30 acres in the Wildwood area, just north of town, which could be used for residential or commercial development, listed at $349,000.
The City of Powell River also has 60 acres of land at its airport available for development. The city is offering the lands for long-term lease at approximately 6 per cent of assessed value, according to economic development manager Scott Randolph.
from Western Investor, May 2011
