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PORT PERRY J DLV LS SECOND ll SECTION PORT PERRY, ONTARIO -- WEDNESDAY, SEPT. 29, 1976 -- PAGE 17 Slow But Steady Market: Real Estate returned to normal Waiting for the return of that fast, booming housing market of the early '70s, when holding a deed was tantamount to owning a key to the mint? When houses sold like the proverbial hot- cakes, and prices escalated at staggering rates? Well, don't hold your breath, say area real estate agents. The market in gen- eral will probably pick up somewhat, say people in the know, but there won't be a return to that free-wheeling galloping market of just a few years ago. "To a man, the real estate people contacted by the STAR agreed that the recent boom was the abnormality. Sanity Returned "What we've done is return- ed to sanity in the real estate business," smiled one agent. "Those people who got on the real estate bandwagon dur- ing the boom are now start- ing to find that selling real estate is actually work... rather than just pairing up eager buyers with willing sellers." Paradoxically, some real- tors say the boom and bust cycle is of no advantage to the business. 'You don't know where your at," said Marj. Tripp, owner of one of the oldest realty firms in Port Perry. "You gear up to an unrealistic pace." Like most realtors, Tripp would rather work in a steady normal market where sales are a bit slower but reflect the true nature of the market. Marj. Tripp is among those who feel the market * has returned to normal. "I don't think it's a depressed market. 'We've just got to lessen our expectations somewhat from just a few years ago." Prices, according to Mrs. Tripp, have "stabilized"', dropping somewhat from the highs of a few years ago but levelling out now. "I can't see further decreases in housing prices." By "dropped prices', Mrs. Tripp refers to the enormous prices people were asking... and often getting...during the recent boom. She feels people aren't getting these prices anymore, but are still getting a good, fair price. To expect the high returns from real estate of just a few years ago is simply being unrealistic, think realtors. Discover Top "The bottom hasn't drop- ped out," explained one real- tor. "We've just discovered the top." Both Tripp Realty and Howard Forder report a slower but steady market. Listings are up, according to Bob Howsam of Howard Forder Realty, and sales seem to him to be on the upswing. "I think the market is very good right now. The last half of this year seems to be turning a lot better than the first half." Middle-range housing seems to be the slowest moving, according to Mr. Howsam, with the few homes left for under $40,000 or $50,000, and the $100,000 and up homes "moving well". Still, according to How- It's a buyer' s market today, most real estate people will agree, with the number of houses up for sale far outstretching the number of buyers. Waiting for an upswing? Don't hold your breath, say local realtors, especially if you're waiting for a return of the real estate boom of the early 70's. Realty * Edumntaist Lr A 5 VT . 4 ERE RPAIALS NER ITD FS Subdivision developments sich as this one on the north end of Cochrane Streets can be held up by local, regional and provincial red tape for years...six years, one developer reports. The delays can and do add thousands of dollars to the cost of the property, driving costs out of range of the average buyer. sam, people are paying what the real estate is worth. "People asking exorbitant prices aren't'selling." Ken Middleton, in the business for eight years and an agent working for W. Frank Realty, describes the market as "'a bit slow right now". He said the market hasn't been bad up until July, but has fallen off since. "It's a spotty, irregular market right now...periods of good, fair and bad." Five Percent Drop Over the long-term, how- ever, Ken sees the market "steadying, up". He said prices have dropped some- what from last year, about five per cent, he thinks. For a quicker sale, a seller might consider dropping his asking price about five per cent from last year, thinks Ken. "You're still not going to lose money. I think people are getting the same this year as they would have last year." As far as movement is concerned, Mr. Middleton said the market is "way slower from last year". He doesn't think prices or even interest rates will drop. "Iimagine it'll pick up again . when people realize prices just aren't going to go down significantly." Morley Bruce of Scugog Realty sees the slack market as a sign of a public jittery and uncertain about govern- ment and the entire econo- mic situation of the country. "I think people have lost faith in the system and the way itis being run," said Mr. Bruce. "Until we get that confidence back, the slow market will continue." Both Bruce and George Stone of Stone Realty see economic controls, inflation, high interest rates, and On- tario's anti-speculation legis- lation as contributing factors to the slow housing market. But there are more reasons than that...factors which effect this area in particular. It's a contract year at General Motors, and that usually spreads uncertainty. Happens every three years." explains Stone. Then there's the stalled Pickering airport project. "Get the Pickering project on the road again, and real estate will take off again," said Mr. Bruce. A land developer, Bruce points to "years of red tape' at local, regional and provin- cial level as another prob- lem. One subdivision has been in the "paperwork stage' for some six years, points out Bruce. If develop- ment of the lots had taken place six years ago, the house prices would have in- cluded land costs of about $8,500. But six years of delay, paperwork, lawyers fees and other processing... as well as inflation...has jacked that price up to $20,000. Result, as Bruce sees it, is a house that few can afford, and a house that is harder to sell. Not as critical but also a local factor is the attractive- ness of the area to outsiders, mainly those from the Toronto-Oshawa area who searched for a more rural type of life and lower real estate costs. 'Look at prices in Oshawa now. We're as high here as they are down there. What's the advant- age?" said Stone. 'We've priced ourselves right out of the market." The idea of commuting, because of higher gasoline prices, has also become less attractive. How long before the pace quickens? "I wish I knew," says Stone. "Maybe next June. But there's so many things that have to be taken into account..." Province to help repairing arenas A special Ontario Govern- ment program announced to- day will provide up to 75 percent of the cost of repair- ing unsafe arenas in the province. Culture and Recreation Minister Robert Welch said provincial funds will come from a special Wintario pro- gram and through The Com- munity Recreation Centres Act. The remaining 25 per- cent is to be raised through public subscription. "As a result," he said, "municipal tax rates should not be affected by the arena problem and communities can move ahead with the necessary repairs almost immediately." Open House The Port Perry Fire Hall on Crandel Street will be open for the public for inspection to kick off Fire Prevent- ion Week. The annual opery] house will run Sat. October 2 from 1:00 p.m. to 5:00 p.m., and Sunday, from 2:00 p.m. to 5:00 p.m. and 7:00 p.m. to 9:00 p.m. Films, equipment dis- plays, and demonstra- tions are planned to give the public an idea about the workings of a modern volunteer department. MNES ITS dau --