When it comes to the question of where to invest your assets, the choice is both practical and personal. Some options can be calculated with cold figures alone. But if you are considering investing in a recreational property in Muskoka, there’s bound to be an element of emotion to be factored in, along with the crunching of the numbers.
Tom and Angie O’Hara, owners of Coldwell Banker Muskoka, Brokerage understand completely. As long-time Muskoka cottagers and local business owners, they’ve built their success on a finely tuned understanding of the region and its markets, and that includes distinguishing between observations and trends, and making long-term projections to help their clients find judicious investment properties that tick all the boxes.
Along with Mooskoka’s Ice Cream Shop and the building that houses the York & Mason Café, Tom and Angie own one of Muskoka’s most recognizable landmarks, the historic Muskoka Emporium Building. And with the Coldwell Banker Muskoka, Brokerage office located literally in the centre of Port Carling, they have invested heavily in the community themselves. After recent renovations to the historic Muskoka Emporium Building— home to retailers Another Shade of Grey, The Jewel Cabin by Mindham Fine Jewellery, Lemonwood, Open Court, and The Muskokery —they often welcome clients in its stunning loft overlooking the Port Carling locks, making it a Muskoka experience just to talk business with them.
While generations before have regarded buying a recreational property as a sound secondary investment with a big lifestyle payoff , millennials are changing the game. With the high prices of Toronto real estate, an increasing number of people are looking to buy in Muskoka and rent in the city. “For many people, unaffordable house prices seem like an unfair obstacle for young people to face,” says Angie, “but younger generations have a different perspective.” For them, renting in the city and buying in Muskoka encourages them to spend as much time as they possibly can at their owned property, meaning the risk that the cottage will be enjoyed only a few weeks in the year is lessened. Increasingly, those who have the business flexibility to work from home are also capitalizing on similar opportunities, “cashing out” of their city home to make Muskoka their primary residence. Not to be overlooked is the option to off set property taxes and maintenance expenses by renting out the cottage for a week or two every year when the owners can’t be there. “When I visit a cottage that my clients are considering buying,” explains Tom, “we frequently discuss what they could expect in terms of a weekly rental fee, and this can be a big factor for some.”
If Less Is More Just Isn’t Your Thing There’s another category of buyer looking with interest at Muskoka: those for whom less isn’t more; more is more. Millionaires, billionaires, and demi-billionaires (those whose net worth exceeds $500 million) typically own more than one property, with averages ranging from two large homes for millionaires to ten large homes for demi-billionaires. And many are actively expanding their real estate portfolios. While these individuals represent only a small fraction of the population, they are true influencers and market leaders whose preferences and spending habits affect the entire economy. Their interest in Muskoka brings with it an inflow of capital but also contributes to the region’s future culturally as wealth spreads across generations, genders, and borders. For those buyers, Coldwell Banker Global Luxury bears the hallmark of one of real estate’s most iconic names with a 112-year legacy of success. It offers the power of a global network of 92,000 Coldwell Banker–affiliated agents located in 3,000 offices in 47 countries and territories around the world producing $242.6 billion in sales volume (2017).
As the region’s inhabitants diversify across all demographics, the importance of top-quality service from real estate professionals becomes ever more vital. For Tom and Angie, it comes down to personalized service. “People want an experience that is catered to their personality and their needs,” Angie explains. “Just as every property is unique, every client is unique. We need to listen intently and be flexible to create a strategy and/or marketing plan that will allow our clients to meet their goals whether they are buying or selling. Before, during, and even after the sale is completed, we want to be the go-to source for our clients by continually assisting with everything from staging to suggestions of contractors, suppliers, and service providers.” Especially for clients looking to buy or sell in the luxury market, the process can be a lengthy one and the opinion of a realtor who understands the Muskoka market can go a long way. Open communication, feedback, and constant monitoring of current market conditions are necessary to effectively modify the approach to ensure client needs are met. “If your real estate objectives are not being met, you have to ask the question, Why not? Should I be getting another opinion?” says Tom. According to Craig Hogan, vice president of luxury for Coldwell Banker Real Estate LLC, “Personalization isn’t just a talk track. It’s critically important to know your client and personalize your engagement as much as possible.”
That bespoke service begins at Stage One, with a visit to Tom and Angie’s office, which was recently renovated to incorporate a fully-retractable front entry glass screen wall that opens up to the street. Open year-round, the office is welcoming, modern, and features a digital video wall that showcases listings, scenic Muskoka-themed videos, and sporting events. The impressive space also features an oversized map finely detailing the Big Three lakes—Muskoka, Rosseau, and Joseph—as well as the numerous other lakes in the area. It all serves the effort of personalizing the experience of buying and selling real estate in Muskoka by breaking down the barriers that can exist in business relationships when the stakes are high. “We love it when we have the front wall open on sunny days and people wander in,” says Tom. “We feel like ambassadors for Muskoka and just start conversations with people about their Muskoka experiences and connections, and it goes from there.”
