West End Realty

A-Z: Reasons to love the West End

Tim — Wed, 15 Feb 2012 21:00:31 +0000

A – Air quality
B – Bikram Yoga West End (Alberni St)
C – Community Centre and Library
D – Delany’s
E – English Bay
F – Farmer’s market
G – Gelato places (Denman St and Robson St)
H – Herbert, Spencer Chandra
I – International feeling
J – Jagalchi restaurant — Japanese/Korean
K – Kingyo — Tokyo tapas-style Japanese food
L – Legendary Noodles — handmade noodle dishes
M – Marquis Wine Cellars
N – Nelson Park
O – Ocean Towers
P – Poncho’s Mexican restaurant
Q – Qmunity
R – Robson St shopping and restaurants
S – Stanley Park, and the Stanley Park seawall
T – Twenty-four-hour Blenz Coffee
U – Ukranian Village restaurant
V – Vancouver Park Board office — beautiful 1960s structure at the end of Beach Ave — responsible for all the little parks in the West End as well as the Big Park
W – WE. Coffee
X – Xenodochial feeling
Y – YMCA (Robert Lee)
Z – Zestful old people

Should people under 40 buy in Vancouver?

Tim — Thu, 09 Feb 2012 17:42:40 +0000

If you’re under 40 or if you’ve never owned property before, or if you’ve owned property but suffered financial loss and feel like you are starting over, you may wonder whether it makes sense to purchase property in Vancouver at all. Vancouver is currently the second most expensive city in the world in which to buy real estate, next to Hong Kong, looking at cost versus median income.

But if you can’t let go of the dream of holding a piece of real estate in your chosen city, and if Vancouver is that city (or one of them), here are a few thoughts intended to widen the discourse in your mind:

1. Vancouver is expensive. So is New York, San Francisco, Washington DC, London, Tokyo, Hong Kong, Sydney, etc etc. The world’s great cities are expensive. Many residents in these cities choose to rent forever. Is that your choice? Today, in February 2012, there are still affordable ways of purchasing prime Vancouver real estate. That investment is likely to be extremely stable and/or to rise in value (West End 1 bedroom condos cost a median sale price of $348,500 in December 2007 and $358,000 in December 2011). It will almost always cost more than rent in the short-term.

2. Buying real estate is like buying a piece of jewelry. It’s an indulgence. It’s saying, “I deserve this. I deserve to own a piece of land. I deserve to decorate my own space and not my landlord’s space. I deserve to be rooted in my town.” You could rent jewelry for less than buying a beautiful piece. But would it feel the same?

3. It raises your middle class status. Let’s face it, we hate status games and try to “rise above” them (a meek attempt at status in itself), but we are nonetheless sensitive to snobbery. Do you really want to be at the bottom of the middle class totem — a permanent renter? Or would you like to rise up one notch? I’m all for keeping appetites small and fulfilling one’s needs with as little expenditure as possible. But for me this includes owning a small piece of Vancouver real estate.

4. Rents will keep going up. Vancouver’s rents are reasonable, currently not at par with the cost of individually-owned condos and apartments. Positive cash flow investment properties are not easy to find unless you have 25% to put down. But are you willing to gamble that Vancouver rents will remain low forever? Do you like receiving that 4% rent increase notice each year?

5. It’s something to pass along to your children or your heirs. Who doesn’t like inheriting an apartment from their favourite uncle?

6. It makes your parents, children and extended family breathe a sigh of relief. It sends them the message that you won’t be destitute in old age — you’ll have a place to live, or a place to collect income from.

7. It roots you. Nothing in this world is permanent, but for the time-being, your home is. Get some return address labels printed.

8. It deepens your sense of civic and national pride. Singapore’s long-standing past prime minister, Lee Kuan Yew, made it a mandate to help each family or citizen purchase an apartment — usually a concrete square space — so that families would feel slightly better about sending their sons off to war if it became necessary (military service is mandatory for Singaporean males). This is an extreme example — I do not believe in mandatory military service — but I do see Mr. Lee’s logic in helping citizens feel like owners.

9. Forced savings.

10. Stopping worrying about the whole mess. Enough ambivalence. You’ve bought — you’re an owner — end of drama!

Search West End studio and 1 bedroom condos to $325K →
Search West End 2 bedroom condos to $525K →

West End detached houses

Tim — Mon, 30 Jan 2012 03:03:52 +0000

Detached homes for sale are rare in the West End and range from around $1.5-3 million. There are some beautifully restored heritage houses being run as bed and breakfasts and guesthouses.

Browse current West End detached house listings →

Financing West End detached homes

Justin Blacklock, Aver Bach Mortgages
604-736-1855
Johnny Lee, BMO Bank of Montreal
604-762-7081
Jeff Fraser, RBC Royal Bank
604-340-1809
Ryan McKinley, Vancity
604-340-1611

West End condos

Tim — Mon, 30 Jan 2012 02:33:25 +0000

Freehold strata ownership is by far the most common type of individually-held real estate in the West End. Owners of individual strata lots also own a share of the common property and are responsible for the strata corporation’s maintenance and operating costs according to the unit entitlement of the strata lot. The strata lot may or may not include an allocated parking stall or storage locker. Owners have the opportunity to vote on yearly budgets, bylaw amendments and major expenses, and can nominate themselves (or agree to be nominated) to serve on the strata council, which meets semi-regularly.

Browse current West End condo listings to $300,000 →
Browse current West End condo listings $300,000-500,000 →
Browse current West End condo listings $500,000-1,000,000 →
Browse current West End condo listings $1,000,000-2,000,000 →
Browse current West End condo listings $2,000,000 and higher →

Financing West End condos

Justin Blacklock, Aver Bach Mortgages
604-736-1855
Johnny Lee, BMO Bank of Montreal
604-762-7081
Jeff Fraser, RBC Royal Bank
604-340-1809
Ryan McKinley, Vancity
604-340-1611

West End leaseholds

Tim — Mon, 30 Jan 2012 02:29:23 +0000

There are nine corporate-owned leasehold apartment buildings in the West End, mostly in the Harwood/Burnaby St corridor south of Davie. Leasehold strata title gives the lessee the right to occupy a suite until the lease expires, at which point the value of the leasehold interest is zero. Prepaid lease terms in the West End typically run until December 31, 2073. West End prepaid leasehold properties have increased in value over the last 5 years at roughly the same rate as freehold strata properties, and are likely to continue to do so for another 10-15 years.

Since individual leasehold interests in these buildings are registered on title, many banks will provide mortgages for them, including RBC Royal Bank. A West End leasehold property can be a good positive cash-flow investment, as purchase prices are considerably lower than freehold properties, they can be financed at the bank’s best rates, and there are few rental restrictions. Something to keep in mind, though, is fluctuating monthly maintenance fees which can be brought up quite high by the management company when there are major repairs to be done, such as replacing elevators or repairing the underground parkade membrane. Unlike owners of freehold strata property, leaseholders do not have voting rights on the building’s annual budget and corresponding maintenance fees.

West End leasehold buildings are solid concrete highrises and many suites have good views of the city, mountains and water. If you want the flexibility of being able to rent your suite out, can tolerate year-to-year fluctuation of maintenance fees, and wish the purchase price to be substantially less than what a similar freehold unit would cost, a prepaid West End leasehold might be an excellent choice for you.

Browse current West End pre-paid leasehold listings to $200,000 →
Browse current West End pre-paid leaseholds $200,000-300,000 →
Browse current West End pre-paid leaseholds $300,000 and higher →

Financing West End leaseholds

Jeff Fraser, RBC Royal Bank
604-340-1809
Chris Cornborough, RBC Royal Bank
604-765-4823
Kjell Nyroos, Canadian Western Bank
604-730-8818
Sarah Wilkinson, HSBC
604-678-6812

West End coops

Tim — Mon, 30 Jan 2012 02:27:59 +0000

Before strata law came into effect in British Columbia in 1966, creating condo ownership, equity cooperative corporations were formed as a way of dividing up ownership of non-subdividable buildings and land. The corporation would purchase the land and building and become the fee simple owner, selling shares to purchasers in proportion to the size of their suites. Owning shares in the corporation means proportionate ownership of its land and improvements along with the right to occupy a particular suite. Equity coops are extremely common in apartment-dominated cities like New York and are also quite common in the West End, and include some of the West End’s nicest art deco and mid-century buildings.

Coops have the right to refuse new members based on their application, unlike most strata corporations (condos) which do not require an approval process for new owners. Rentals are generally not allowed, but coop boards often give temporary permission to members who are traveling or living out of town for a specific length of time. This should be investigated carefully prior to purchase if important.

While mortgages for shares in a coop are not possible since shareholders’ interests are not registered on title, several banks and credit unions provide loans structured like mortgages for up to 65% of the appraised value. The interest on these loans is about 1-1.5% higher than conventional mortgage rates.

Prospective shareholders must meet with the Board of Directors and be prepared to answer questions about their financial background and willingness to contribute some energy towards the coop’s administration and maintenance. But Vancouver interviews are nothing like the notoriously difficult New York City coop interviews!

Browse current West End coop listings to $300,000 →
Browse current West End coop listings $300,000-1,000,000 →
Browse current West End coop listings $1,000,000 and higher →

Financing West End coops

Ryan McKinley, Vancity
604-340-1611
Kjell Nyroos, Canadian Western Bank
604-730-8818
Sarah Wilkinson, HSBC
604-678-6812
Greater Vancouver Community Credit Union
604-876-7101
Prospera Credit Union
604-734-5774

What’s it like to own property in the West End?

Tim — Mon, 30 Jan 2012 01:31:54 +0000

Owning real estate in the West End is gratifying, as it’s a neighbourhood that has everything, and you won’t grow out of it unless you have several children and can no longer afford the space you need. If you’re worried you’ll grow out of it (or be offered a great job in another city), try to buy something with relaxed rental restrictions so that you can hold the property and rent it out if need be. And many buildings with rental restrictions will make an exception for owners going out of town for up to a year — each strata council or board of directors is different so it’s important to investigate this carefully by asking questions and reading the minutes of past meetings.

In general, buying real estate in Vancouver is a juggling act: you must choose the balls that you absolutely want in the equation and let some of the others fall to the ground.

Some things to watch out for when buying real estate in the West End:

leasehold properties with capital improvements coming — your maintenance fees could double and you have no voting rights on this
non-rainscreened buildings from the 1980s and 1990s — more building envelopes are likely to fail in the coming years
remediated/partially rainscreened buildings from the 1980s and 1990s which have not been well-maintained since their remediation, or which elected to forego rainscreening on certain elevations (which could fail in a few more years)
suites with inadequate natural light. Vancouverites need all we can get of it!
suites in buildings with wiring errors that cause elevated magnetic fields similar to those found near high-tension lines. This is a health concern for some people. I measure extra low frequency magnetic fields with a Sypris/Bell triaxial ELF magnetic field meter.
suites you end up paying almost full market price for that require cosmetic upgrades — these could cost you more than you think
buildings with underground parkades showing advanced signs of membrane deterioration — this can be an expensive fix resulting in special assessments of many thousands of dollars
certain woodframe buildings with poor insulation between floors. Avoid them unless you like hearing people clomping around above you!
coop units in buildings with overly frugal residents who don’t like proactive maintenance or aesthetic upgrades. You better get used to that paisely red carpet!
argumentative or deeply divided stratas that are having problems moving forward on much-needed repairs to the building, or worse, are threatening legal action against each other

SOLD: “TV Towers” — #708-233 Robson St, Downtown, Vancouver

Tim — Fri, 23 Dec 2011 00:43:12 +0000

SOLD FOR $275,000. Clean, bright and minimalist south-facing studio at TV Towers, one of Concord Pacific’s newest developments. Located across the street from Library Square in the heart of Downtown, TV Towers has a full-service concierge and great amenities including an exercise room, steam room, sauna, hot tub, yoga room, games room and screening room. This studio suite has an excellent layout with floor-to-ceiling windows, good city views and a private balcony.

Freehold strata apartment
Studio — 442 sq ft
Built in 2009
Building name: TV Towers II
Construction: Concrete, with aluminum and glass exterior
Total units: 459 (in both towers, including 5 commercial units)
Sale price: confidential until Completion
Sold: December 2011
Represented: Buyer
Listed by RE/MAX Central (Burnaby Hastings)

Attention to detail and understanding of our preferences

Tim — Tue, 08 Nov 2011 23:40:23 +0000

“Because of Tim, we were able to find not one but two homes. When we began looking for our first, real estate was moving quickly. Tim was extremely kind and patient while helping us to see a variety of places in and out of the West End. In the end, Tim suggested a new listing that would have otherwise flown under our radar. We fell in love and shortly after, it became our first home. Later, when we began to think about upsizing, Tim came to us with a listing he thought would suit us. Because of his close attention to detail and understanding of our preferences, he was able to once again pinpoint a home that was perfect for us. All the while, he made the sale of our first home exceptionally easy. After buying and selling our first home with Tim, and then buying our second, we are absolutely delighted and thrilled with him and can’t imagine ever working with anyone else. Through all three transactions, Tim has been amazing and incredibly hardworking.”
— Spencer K. & Kenny S.-H.

A walk in the park

Tim — Tue, 08 Nov 2011 23:39:16 +0000

“Not only have I found my dream place but because of Tim the whole experience was a walk in the park. He quickly learned what I needed and always alerted me to new listings of interest. He respected my opinion and was never too pushy. I trust him completely and would recommend him to anyone. It’s because of Tim’s market knowledge that I was able to beat out the other bids and buy my place at the right price. Thanks Tim!”
—Victoria C.