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Should I Buy a Condo?

As single family home prices have risen, many consumers have been looking to condominiums as an alternative. First time buyers like the lower prices, which makes entry into the real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.

Condo Concept
When you purchase a condominium, you purchase and have title to your individual unit in a multi-unit property, and share in the ownership of the land and other common property with all the other unit owners.  The type of common property varies depending on the type of condominium - high rise or townhouse for example - and would include hallways, elevators, heating system, parking structures, landscaped areas, recreation areas etc.

A condominium is a specific form of ownership and does not describe a type of building.

One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run.  Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.
 

Advantages and Disadvantages of Condo Ownership

If a winter holiday is part of your lifestyle, you can leave with your mind at ease, without the worry of a driveway to clear. In the summer the grass will be cut, you won't have any exterior painting projects or fence repairs to look after.

Condo projects are now part of most communities which means being able to stay in the same location where you were a homeowner.  Some condo projects are more successful than others in terms of capital appreciation and length of time to sell. Here are some of the advantages and disadvantages of condo ownership:


 


Advantages

  • protection from rent increases
  • monthly cost of owning is often less than renting
  • easy financing
  • wide range of property types, prices, locations, sizes and amenities available
  • availability of amenities such as swimming pool, tennis courts, hot tubs, saunas, whirlpools, exercise facilities, health spas, sun decks, community rooms (the cost of which may otherwise not be affordable)
  • you are investing in your own home and build equity
  • appreciation of capital value
  • pride of ownership
  • freedom to make interior changes and enhancements to your unit
  • enhanced security availability and peace of mind when leaving unit unattended
  • maintenance and upkeep is kept down or eliminated
  • security of tenure and permanent occupancy
  • cost is often less than single family home due to efficient use of land and economies of scale
  • very marketable
  • wide range of prices depending on features, luxury and location
  • sense of community due to permanence of residents and resulting social activity
  • developments available geared to a specific lifestyle (restrictions on age, pets, children etc.)
  • participation of owners in operation of development including budgeting, decision making, determination of rules and by-laws.
     

Disadvantages

  • some loss of freedom may be experienced due to rules and by-laws e.g. type of pets allowed, right to rent unit etc.
  • due to a larger concentration of people you may experience problems with the "5  p's”, pets, parties, parking, personality and people.
  • money is tied up in equity
  • you may be paying for some amenities you never use
  • boards of directors vary in terms of skill and effectiveness

Courtesy of www.remax-western.ca
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News Release
Greater Vancouver residential property sale and listing 
activity below 10-year averages in November
Vancouver, B.C. – December 4, 2012 – Over the past six months, the Greater Vancouver 
housing market has seen a reduction in the number of homes listed for sale, a gradual moderation 
in home prices and a decrease in property sales compared to historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of 
detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing 
Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in 
November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.
November sales were 30.3 per cent below the 10-year November sales average of 2,420.
“Home sellers appear more inclined to remove their properties from the market today rather than 
lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to 
moderate,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758
in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222
properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323
new listings in October 2012.
New listings were 12.9 per cent below the 10-year November average of 3,168.
At 15,689, the total number of residential property listings on the MLS® increased 13 per cent 
from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the 
region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.
The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.
“Home prices in Greater Vancouver have generally declined between three and five and a half
per cent, depending on property type, since reaching a peak six months ago,” Klein said.
“Changes in home prices vary per municipality and neighbourhood. It’s good to check local 
market statistics with your REALTOR®.”
Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark 
price for all residential properties in Greater Vancouver has declined 4.5 per cent to $596,900.
This represents a 1.7 per cent decline when we compared to this time last year.
 


Greater Vancouver residential property sale and listing activity below 10-year averages in November

NEWSFLASH

Vancouver, B.C. – December 4, 2012 – Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.

November sales were 30.3 per cent below the 10-year November sales average of 2,420.

“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 2,758in November. This represents a 14.4 per cent decline compared to November 2011 when 3,222properties were listed for sale on the MLS® and a 36.2 per cent decline compared to the 4,323new listings in October 2012.

New listings were 12.9 per cent below the 10-year November average of 3,168.

At 15,689, the total number of residential property listings on the MLS® increased 13 per cent from this time last year and declined 9.7 per cent compared to October 2012. Total listings in the region have declined by nearly 3,000 properties since reaching a peak of 18,493 in June.

The region’s sales-to-active-listings ratio was unchanged from October at 11 per cent.

“Home prices in Greater Vancouver have generally declined between three and five and a halfper cent, depending on property type, since reaching a peak six months ago,” Klein said.“Changes in home prices vary per municipality and neighbourhood. It’s good to check local market statistics with your REALTOR®.”

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 4.5 per cent to $596,900.This represents a 1.7 per cent decline when we compared to this time last year.

Sales of detached properties in Greater Vancouver reached 629 in November, a decrease of 31.3 per cent from the 916 detached sales recorded in November 2011, and a 40.1 per cent decrease from the 1,050 units sold in November 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 5.5 per cent to $914,500.

Sales of apartment properties reached 750 in November 2012, a 25 per cent decrease compared to the 1,000 sales in November 2011, and a decrease of 28.7 per cent compared to the 1,052 sales in November 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 3.9 per cent to $364,900.

Attached property sales in November 2012 totalled 307, a 30.9 per cent decrease compared to the 
444 sales in November 2011, and a 24.6 per cent decrease from the 407 attached properties sold in November 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 3.6 per cent to $454,300.

Feature Facts:
 
• Of the 15,689 homes currently for sale on the MLS® in Greater Vancouver, 49.6 per cent are listed for $600,000 or less. Of those, 1,321 are detached properties, 5,039 are condominiums and 1,419 are townhomes.
• Of the 1,686 homes that sold in Greater Vancouver in November, 273 (16%) sold for $1 million or more.


Courtesy of the Real Estate Board of Greater Vancouver.

 
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Among everything there is to do in December, decorating your home for the holidays is sometimes the most difficult task to accomplish as everything else takes priority. Even if you have the time, all the Christmas shopping can make budgeting for seasonal decor tough on the wallet. Fortunately, there are a myriad of ways to inject some holiday spirit into your home, even when you're short on time and money! 
Hang some holiday sparkle

chandelier

An easy, yet splashy holiday decorating tip is to hang baubles at various lengths from your chandelier for extra bling. I like to use iridescent ribbon cut in varying lengths and inexpensive Christmas balls in an assortment of colours and finishes to give my chandelier some extra holiday sparkle! 

Courtsey of StyleAtHome.com 
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fireplace

Get your home ready for winter living with these 7 must-do steps.

Winter's coming, and with it, plunging temperatures and shorter days that make you want to curl up and relax, warm and cosy by the fire. As the coldness looms and you prepare to pump the heat, it's important to protect your home from potential damage and address heat and energy leaks. These seven simple tasks will help you stay warm, safe and energy-conscious this winter. 

1 Prepare your hearth for fire 
Before getting chestnuts ready for the roasting, get your fireplace set for the fire. Grab a flashlight and look inside for build-up, bird's nests or obvious cracks. From the outside, check for broken bricks and crumbling mortar. Ensure that your damper opens and closes and seals tightly. Clean out the ashes and remember that in addition  to these steps, you should have your chimney professionally cleaned every other year (more often if you burn a lot of fires). Stock up on wood and kindling, and you're ready for a comfy, cosy season by the fire.  

2 Seal the windows 
Seal drafty windows to keep heat in and energy bills low with one (or both) of these two simple tasks. First, caulk the cracks. Sold in temporary or permanent form, caulking is inexpensive and easy to apply. Second, cover your windows in a thin plastic film (available at any hardware store) and tape it down with waterproof double-sided tape, heating the edges with a hair dryer and pressing the protective layer into place. When it gets warmer outside, simply peel the film off, open the window, and let the sun shine in. 

3 Clear out the gutters
Clogged gutters block the drainage of rain and melting snow, resulting in household leaks and damage to landscape and foundation. As fall sheds its last leaves, grab a ladder, a garbage bag, some rubber gloves and dig in. Remove everything, from twigs to leaves to caked-on dirt. Check that the downpipes are clear of obstruction and then ensure the entire system is un-clogged and leak-free by running water through it. 

4 Prepare for winter storms
Don't let a blizzard take you by storm―always have a fully-stocked emergency kit at hand. Include batteries, a flashlight, candles, matches and a lighter; warm clothes and blankets; a battery-powered radio; non-perishable food items and water (two litres per adult per day); a first-aid kit and specialty products like medicine, baby formula and pet food (if necessary). Store at least three days' worth of supplies for everyone in your household. 

5 Don’t forget about heating maintenance 
Is your heating system ready to weather the winter? Have a professional check your heating system and ensure it's in good working order before you turn it on. Schedule checks for your furnace, venting system and chimney. Don't forget to replace the batteries on smoke and carbon monoxide detectors, in case any of your heating systems are overworking.  

6 Pad your pipes 
A small frozen pipe can cause big household damage if it bursts, so pad your pipes to prevent floods. Grab some tubular pipe insulation sleeves from your local hardware store and set to task covering exposed pipes in unheated areas, such as a basement, attic, crawl space or cabinet. The pipe sleeves are easy to apply and can be cut to fit. Cover all exposed parts, including bends and joints. Finally, seal the seams with duct tape. With that simple task, you're not only preventing considerable water damage, but also conserving energy.  

7 Clean out your garage  
Like your traditional spring cleaning, consider scheduling a traditional 'fall cleaning' of your garage. Organize the remains of your summer projects and clean and store gardening tools. Like a seasonal turning of your closet, push what you won't be needing―the lawn-mower, hedge trimmer, rakes and summer toys―to the back and bring any winter necessities―shovels, snow blowers, skis and sleds―to the front. Set out salt and gravel containers, and you'll thank yourself the first time the ice hits. 

Courtesy of StyleAtHome.com 
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OPEN HOUSE Sunday, November 25th from 3-5PM
 
12180 Mellis Drive, East Cambie 

 

living room Mellis

Please come with any questions you may have. As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.  In the meantime you can take a virtual tour of this gorgeous family home in East Cambie.


Alisa Sakamoto

RE/MAX Westcoast - Steveston Real Estate

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OPEN HOUSE Saturday, November 24th from 2pm -4:00pm 

  6233 London Road, unit #318, Steveston South
 
This is the perfect opportunity to check out this fabulous condo for sale in beautiful Steveston South.

London Station

Please come with any questions you may have. As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.  In the meantime you can take a virtual tour of this Steveston South Condos for sale.


Alisa Sakamoto

RE/MAX Westcoast - Steveston Real Estate

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I just finished uploading this Townhouse for sale, 4 8391 WILLIAMS Road, Richmond, British Columbia 

Southarm Gardens

HST INCLUDED! A collection of 15 two and three level luxury townhomes offering the active lifestyle you crave, adjacent to a community centre, pool, parks and numerous sport venues. This quality townhome features a free-flowing layout, quartz and granite counter top finishes, and ground floor space for you to customize as you wish. Conveniently located just across the street from South Arm community centre and park and both Hugh McRoberts Secondary and Whiteside Elementary. Broadmoor shopping centre and all its amenities are less than half a block West. Showhome open Mon-Thurs 2-5pm and Sat & Sun 12-5.

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Congratulations Cheryl!

Southpointe Cove Eating Area


JUST SOLD November 7th!  #39 12351 No 2 Road, Richmond
 
At Southpointe Cove, you can live the village life you have always wanted in the luxury you deserve.  Revel in Steveston's rich tapestry of life with its sparkling waterfront vistas, rolling farmland and picturesque mountains.  The South Arm of the Fraser River is one of the most beautiful places in BC.  This gorgeous townhome is built by Westmark Development Group and is covered by National Home Warranty.  Southpointe Cove's 3 bedroom homes are built to meet your needs as families grow and lifestyles change.  Modern architectural design, meticulous attention to detail, and lush landscaping all help to make this your perfect home for years to come.


View this recently sold Townhouse or see all my home sales


 

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I just finished uploading this Condo for sale, 318 6233 LONDON Road, Richmond, British Columbia

London station: reinforced concrete & steel construction. Luxury finishing include 9' ceilings, 2 large balconies, granite countertops throughout, undermount kitchen sinks, glass back splash, quality stainless steel appliances including wine fridge, huge kitchen with overheight cabinets, designer light fixtures, natural bamboo wood flooring, indulgent bathrooms with soaker tub, beautiful west exposure with partial marina views.

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Fall is the perfect time to get your home ready for the coming winter, which can be the most gruelling season for your home. During winter months, it’s important to follow routine maintenance procedures, by checking your home carefully for any problems that may arise and taking corrective action as soon as possible.

Fall

  • Check fireplace and chimney; service or clean if needed
  • Clean range hood filter
  • Clean leaves out of eavestroughs
  • Check roofing and flashing for signs of wear or damage
  • Close outside hose connection
  • Close windows, skylights
  • Check weather-stripping around doors and windows
  • Clean and reactivate heat recovery ventilator, if it was turned off
  • Winterize landscaping
  • Test space heating system
  • Close vents to crawl spaces
  • Test your smoke alarms; change the batteries at least once a year

Winter

  • Clean or replace furnace filter
  • Check/clean heat recovery ventilator; wash or replace filter
  • Clean humidifier and turn it on if needed
  
  • Check exhaust fans
  • Ensure that air intake, exhausts and meters are clear of snow
  • Clean range hood filter
  • Check basement floor drain
  • Do safety checks: fire escape routes; fire extinguishers; door and window locks
  • Ensure gas valve is clear of ice and snow

Annually

  • Dust or vacuum electric baseboards
  • Vacuum ducts behind warm air and return air grilles
  • Test plumbing shut-off valves to ensure they’re working
  • Test pressure relief valve on hot water tank; drain water from tank
  • Check and, if needed, oil door hinges
  • Lubricate garage door motor, chain, etc
  • Check attic for signs of moisture in summer or fall
  • Check septic system; clean if needed (usually about every three years)

Every Two to Five Years

  • Check and repair driveway cracks
  • Check and repair the chimney cap and the caulking between the cap and chimney, re-caulk as necessary
  • Refinish wood surfaces, including window frames and doors

For other great home maintenance tips, visit:www.cmhc.ca.
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News Release
Housing market sees slight changes in October
         
Vancouver, B.C. – November 2, 2012 – The Greater Vancouver housing market saw a slight
increase in the number of home sales, a slight reduction in the number of listings, and a slight
decrease in home prices in October compared to the summer months. With those changes, the
sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.
The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales 
of detached, attached and apartment properties on the region’s Multiple Listing Service® 
(MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a
27.4 per cent increase compared to the 1,516 home sales in September 2012.
October sales were 28.5 per cent below the 10-year October sales average of 2,700.
“Buyer demand increased slightly in October compared to the previous few months,” Sandra 
Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of 
buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. 
This translates into a calmer atmosphere for those looking to buy a home and it places more onus 
on sellers to ensure their homes are priced to compete in today’s marketplace.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323
in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374
properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321 
new listings in September 2012.
At 17,370, the total number of residential property listings on the MLS® increased 12 per cent 
from this time last year and declined 5.3 per cent compared to September 2012.
Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®)
composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per 
cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.
“There’ve been modest price changes since they peaked in the spring. The largest reductions 
have occurred in the areas and property types that experienced the biggest price increases over 
the last few years,” Wyant said.
Since hitting a record high in April, the benchmark price of a detached home on the Westside of 
Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouver
have seen declines of 6 per cent over the same time period.
Continued

NEWSFLASH
Housing Market Sees Slight Changes in October

 


Vancouver, B.C. – November 2, 2012 – The Greater Vancouver housing market saw a slight increase in the number of home sales, a slight reduction in the number of listings, and a slight decrease in home prices in October compared to the summer months. With those changes, the sales-to-active-listings ratio increased to 11 per cent in October from 8 per cent in September.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,931 residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) in October, a 16.7 per cent decline compared to the 2,317 sales in October 2011 and a 27.4 per cent increase compared to the 1,516 home sales in September 2012.

 


October sales were 28.5 per cent below the 10-year October sales average of 2,700.

“Buyer demand increased slightly in October compared to the previous few months,” Sandra Wyant, REBGV president-elect said. “Overall conditions in today’s market remain in favour of buyers, with low interest rates, more choice, and less time pressure in terms of decision-making. This translates into a calmer atmosphere for those looking to buy a home and it places more onus on sellers to ensure their homes are priced to compete in today’s marketplace.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,323in October. This represents a 1.2 per cent decline compared to October 2011 when 4,374 properties were listed for sale on the MLS® and an 18.8 per cent decline compared to the 5,321 new listings in September 2012.

At 17,370, the total number of residential property listings on the MLS® increased 12 per cent from this time last year and declined 5.3 per cent compared to September 2012.

Since reaching a peak of $625,100 in May, the MLS Home Price Index® (MLS HPI®) composite benchmark price for all residential properties in Greater Vancouver declined 3.4 per cent to $603,800 in October. This represents a 0.8 per cent decline compared to last year.

“There’ve been modest price changes since they peaked in the spring. The largest reductions have occurred in the areas and property types that experienced the biggest price increases over the last few years,” Wyant said.

Since hitting a record high in April, the benchmark price of a detached home on the Westside of Vancouver has declined 8.6 per cent while detached homes in Richmond and West Vancouverhave seen declines of 6 per cent over the same time period.

Sales of detached properties in Greater Vancouver reached 790 in October, a decrease of 18.9 per cent from the 974 detached sales recorded in October 2011, and a 19.1 per cent decrease from the 976 units sold in October 2010. Since reaching a peak in May, the benchmark price for a detached property in Greater Vancouver has declined 4.1 per cent to $927,500.

Sales of apartment properties reached 803 in October 2012, a 16.2 per cent decrease compared to the 958 sales in October 2011, and a decrease of 18.4 per cent compared to the 984 sales in October 2010. Since reaching a peak in May, the benchmark price for an apartment property in Greater Vancouver has declined 2.9 per cent to $368,800.

Attached property sales in October 2012 totalled 338, an 11.5 per cent decrease compared to the 382 sales in October 2011, and a 10.3 per cent decrease from the 377 attached properties sold in October 2010. Since reaching a peak in April, the benchmark price for an attached property in Greater Vancouver has declined 2.9 per cent to $457,700.

Courtesy of The Real Estate Board of Greater Vancouver 
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