This week's Niagara Crier featured an article with local Real Estate Broker Gary Zalepa Jr. Owner/Broker with CENTURY 21 City Realty Inc. located in Historic Old Town Niagara on the Lake. www.CENTURY21Niagara.com
As published in the NIagara Crier, July 25, 2008...
DECREASE SEEN IN AVAILBLE HOMES...
The number of homes available in Niagara-on-the-Lake has decreased by six per cent this year says REALTOR Gary Zalepa Jr.
Based on figures on multiple realty listings in the past year, the number of available homes in town has decreased compared to numbers in 2007. Based on statistics as of June 2008, there were 120 homes sold this year compared to the 148 at this time last year.
Despite the decrease, Zalepa said in general the residential real estate market for Niagara-on-the-Lake has been stable and balanced. He said there are signs that home buyers are attracted to NOTL as a desirable place to live due to its natural beauty and geographical location.
"There are specific types of properties buyers are looking at," Zalepa said. "Most listings showcase ground floor bungalows. With an older buyer, they tend to lean towards properties with single-floor dwellings."
Home buyers are also attracted to properties that require minimal change, Zalepa said.
"Most owners don't have the time or expertise to invest in a fixer-upper," he said. "They want to move in and enjoy the home."
The average price for a home in Niagara-on-the-Lake is $380,000, Zalepa said. Most new homes are built in Virgil, St. Davids and Niagara-on-the-Green.
For a link to the article click on http://www.niagarathisweek.com/news/article/194085#