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Real Estate discussions

Hey guys,

I'm looking to buy a condo in Vancouver and couldn't think of a good place to discuss more than one listing or building at a time, or the market in general - feel free to lump this thread into an existing one if it exists.

Really curious about this listing here:
https://www.realtor.ca/real-estate/23339403/601-1686-w-13th-avenue-vancouver

A 2 bedroom unit with 3 exposures in a 2-unit-per-floor building seems like a pretty good deal for $799k even in a 1990's building. Sure, it needs a new floor, kitchen and bathrooms, but still seems like a good deal. Possible leaky condo? I guess the walkup across the street is overdue for a view-blocking replacement...

https://i.imgur.com/PElzpCw.png

On second thought, I looked at a few other downtown listings and they don't seem particularly expensive, probably comparable to Toronto actually. Did something happen over the last few years?

Quote:

Originally Posted by gentlepuppies (Post 9350889)

It was covered in scaffolding in 2007 so you assume they fixed it :D

This one I would be concerned about. I know it had real issues when built.

If you want something a block away, see this listing. its bigger in a solid concrete building and less in per sq foot price.

https://bcres.paragonrels.com/publink/de...a-b9c1-4de5-ab2f-9df4cdefdb44&Report=Yes

Quote:

Originally Posted by gentlepuppies (Post 9350889)

It seems realistically priced for what you get. For a 25 year old building, around $1,000 per sq ft seems right. In a few years it will have better transit nearby, but not yet. There are bigger 2-bed units from that era nearby that sell at a similar psf price. The average in Fairview recently is apparently around $930 psf, but a lot of those are woodframe. It's an efficient layout, and more like a contemporary building in that sense. Although the rainscreen has been fixed (or so you would hope) there will be window seals, membranes and the roof, and piping that could all be coming up for replacement (if the haven't been needed yet) and there aren't a lot of owners to spread the costs between. That's probably why the strata fee is $555 a month. There's probably only one elevator, which could be a pain when it needs fixing.

I'm already paying $500/month in strata fees for my 5 year old 1 bedroom condo in Toronto lol. Strata fees seem a lot lower in Vancouver to begin with? Hence for me an older building is ok as long as it has floor to ceiling windows, an open plan and doesn't look too dated

Any comments on why it seems that Vancouver doesn't seem to be any more expensive than Toronto these days?

Toronto strata fees often include HVAC, which many Vancouver ones do not.
Toronto ones also have to deal with snow removal and many Vancouver condos do not have conceirges.

Quote:

Originally Posted by gentlepuppies (Post 9350889)

Hey guys,

I'm looking to buy a condo in Vancouver and couldn't think of a good place to discuss more than one listing or building at a time, or the market in general - feel free to lump this thread into an existing one if it exists.

A 2 bedroom unit with 3 exposures in a 2-unit-per-floor building seems like a pretty good deal for $799k even in a 1990's building. Sure, it needs a new floor, kitchen and bathrooms, but still seems like a good deal. Possible leaky condo? I guess the walkup across the street is overdue for a view-blocking replacement...

On second thought, I looked at a few other downtown listings and they don't seem particularly expensive, probably comparable to Toronto actually. Did something happen over the last few years?

I don't know much about that building but I'm always a little leery of highrises with a limited amount of units (11 floors, 19 units). When things start to need replacement that's not a lot of owners to spread the cost over. Check and see what has been done already (elevators, roof, parking lot membrane).

Location is not bad at all but it’s not downtown and not one of the top desirable areas.
In 4 years there will be a rapid transit station 10min walk away at Broadway and Granville.

Quote:

Originally Posted by gentlepuppies (Post 9351975)

Strata fees seem a lot lower in Vancouver to begin with?

Most are way too low with very little going to the contingency fund, a higher strata fee is a good sign to me.

In Vancouver, the All-Cash Sale of a Lavish C$42 Million Mansion Has Shattered Area Records
A domestic buyer snapped up the Canadian home that’s been dubbed Vancouver’s most significant privately held residence
BY MICHAEL KAMINER | ORIGINALLY PUBLISHED ON UPDATED JULY 28, 2021 2:51 PM ET | MANSION GLOBAL

https://www.mansionglobal.com/articles/i...n-has-shattered-area-records-01627498292

Quote:

Originally Posted by SpongeG (Post 9352951)

And if I understand correctly, purchased using an SPE.

Agreed that a boutique size building offers only risk, and I don't really care about exclusivity

What about this one?
https://www.realtor.ca/real-estate/23483625/1107-1723-alberni-street-vancouver

I didn't think a 2-bedroom view unit in Coal Harbour is possible for under $1100psf. Sure it's from 1998, but the architecture could've been from yesterday. I'd keep the floor and change the millwork.

https://www.vancouverfloorplans.com/imag...099&key=d7f2eec8e34f10cebda379ea9f8653da
Though I really wished the 2nd bedroom was where the dining room is (forget the den), so that the main space is less long and narrow, and have the kitchen be more part of it. And too bad it lacks a balcony.

And what's the catch with this one?
https://www.realtor.ca/real-estate/23479831/1109-1325-rolston-street-vancouver
floorplan: http://s3.us-west-2.amazonaws.com/vancou...nt-rolston-st-condo-yaletown-3719-16.JPG
$950psf for a 2013 building? With a monster balcony! =D

I hate the high window in the master bedroom and wished the 2nd bedroom balcony was there instead, and the common spaces look pretty sad for a new building, but otherwise seems like an unreal deal...?

Prices are definitely reducing following this spring, how far they drop and for how long is anyone’s guess. Personally I see this is a good time to buy, and I have :D

The Alberni listing is right on Georgia, could be noisy, and you’re starring directly at the building to the North. A reno is definitely needed, especially the kitchen. The cladding has been replaced on that building. Obviously there’s no balcony.

As for the Rolston, this is what’s to come in front of that balcony:
https://skyscraperpage.com/forum/showthread.php?p=9332664&highlight=Loops#post9332664

Quote:

Originally Posted by madog222 (Post 9357805)

As for the Rolston, not just view issues but the years of construction noise and dust. Avoid.

I also find rew.ca a better site than realtor.ca Gives you the maintenance fee info all up front plus lists other units for sale in the same building.

The one at The Park is nice because it has the individual gated parking space - and the views to the north are generally known, although the Bayshore Hotel will be redeveloped in the future.

Quote:

Originally Posted by madog222 (Post 9357805)

The Alberni tower is like double the minimum tower separation from the one on the north side of Georgia, and the portion of future development immediately south of the Rolston will be mid-rise (ie not blocking the sun). Neither "obstruction" seems to be of the degree that would impact property value to any significant amount. To me it seems like they're undervalued by about 100-200k?

Quote:

Originally Posted by whatnext (Post 9358322)

I happen to have lived next to a construction site in Toronto for 2.5 years (on the 28th floor though). It was a single tower, so it wasn't too bad and I still used my balcony, though that tower was barely 16m from me. That won't be allowed in Vancouver!

Anyway, I agree with the above that either the units seem undervalued, or I'm really out of date on the Vancouver market? Is it now on par with Toronto?

Covid has made Downtown condo living unappealing

Quote:

Originally Posted by CondoInvestor (Post 9358703)

Covid has made Downtown condo living unappealing

Sure it has. Is that why rents are going up as well?

Talking about 2 Burrard Place but also talks about all the projects waiting to launch

Quote:

The recent sale of 100 units at 2 Burrard Place might be the sign developers have been searching for after four dark years of cancelled and delayed downtown Vancouver presale launches.

Developers and industry experts are hoping the long-frozen downtown luxury condo market is about to thaw and that long-awaited marketing campaigns can finally get underway.

Landa Global Properties chief executive officer Kevin Cheung — who had put his 21-storey architectural landmark at 1818 Alberni on hold — told RENX last month developers were watching each other to see who would launch first.

“There’s a lot of anticipation there, who’s got the most courage to come out,” he said. “Overall, downtown hasn’t had the same amount of pick-up as some markets.”

Big presale at 2 Burrard Place
That same month the 35-storey 2 Burrard Place, a Pattison Group and Reliance Properties collaboration, swiftly sold 100 of 239 units to early registrants within the first two days of launching.

The partners had waited three years to launch the strata condominium project at 1261 Hornby St., the final tower of the $500-million mixed-use Burrard Place — which includes the city’s third-tallest tower, the 60-storey, 400-unit One Burrard Place, as well as a 13-storey class-AAA office tower.

One Burrard Place sold out in weeks in 2015 and nears completion. The office tower also nears completion and leasing is underway. The 2 Burrard Place tower will come online in the next five years, completing the million-square-foot complex that covers an entire downtown block.

So, could the four-year freeze finally be ending?

“Somebody had to try it (first) and everyone is looking at this one very closely,” said Dillon Sangha, market and advisory manager at Urban Analytics.

Part of the reason for the success of the launch, he said, is that the units are more affordable than the numerous other luxury downtown offerings launched in previous years.

Some of them start at 435 square feet in size, but the 30,000 square feet of amenity space, including a full-size lap pool, will likely make up for those compact unit sizes.

“It’s unlike a lot of the other projects on the west side of downtown,” said Sangha. “I think they have a uniqueness factor with it. A lot of the units offered for sale are smaller, with convertible living rooms, and are priced pretty good compared to a lot of the existing presale inventory.”

Some mitigating factors
The unit price averages around $1,700 per square foot, which is a discount compared to what it would have been a few years ago, he said. “This one did really well, what with the price point.”

The downtown market may benefit from recently decreased pandemic restrictions, increased immigration and the spillover effect of buyers looking outside the high-priced detached house market.

Sangha said that due to the cost of land downtown condos are necessarily expensive.

He said the market was partly impacted by the province’s bevy of tax measures introduced in 2018 designed to curb foreign buying, along with investment and speculation activity that appeared to be driving prices upward and leaving local income-earners on the sidelines.

Although the market had already been slowing prior to those measures, those looking to purchase a downtown investment would have been turned off by the hefty tax bill, Sangha said.

He said the measures created a price ceiling for buyers, who were suddenly looking at a possible 20 per cent foreign buyer tax, an added school tax on homes valued at more than $3 million and a speculation and a vacancy tax on homes left empty for half the year.

Properties over $2 million also pay a higher property transfer tax upon purchase. On top of those potential taxes, a luxury buyer would have to pay the five per cent GST on a new condo.

“The (new) policies were felt across the region, but I think it really impacted the luxury condo sector the hardest, and downtown for sure,” said Sangha. “Between 2018 to now, demand and urgency . . . is virtually non-existent for those years.”

Several projects delayed, or on hold
The luxury market, he added, depends to an extent on wealthy international buyers. Pandemic border restrictions also curtailed that segment of the market from viewing properties in the last year.

“You will have purchasers in the region, a select number who can afford (luxury condos), but obviously you have to market internationally to other areas as well to attract those presales,” said Sangha.

“I don’t have the exact definite information on how much of it was foreign, but it is part of it.”

Over the last few years, there are five buildings that had trouble pre-selling a total of about 180 units, he said. Those buildings will complete this year and many will have unsold inventory. Those units are priced higher than 2 Burrard Place, so it will be interesting to see how they sell, Sangha said.

As well, there are several projects waiting to launch that will come online with pricey product.

“It’s a little early to tell how this is being received. This is the news this week, but there are a fair number of units and projects in a position to launch a sales campaign in downtown, maybe about half a dozen or so. They’ve just been waiting for better market conditions since 2018.

“The recent strengthening in the pre-sale market across the region has made these projects more viable, in that range of what’s being achieved at Burrard Place — maybe even slightly higher.

“But, I also think there are still a number of these projects that purchased the land at prices that may not make prices work today and they may need renewed immigration and a little more of a push.

“Maybe that might come next year.”

https://renx.ca/downtown-vancouver-condo-market-shows-signs-of-life/

For all the press coverage of the 'hot market' in real estate, I found it surprising looking through the freebie new home + condo guide. While the pre-owned market has undoubtedly been firing on all cylinders, it doesn't appear that it's as easy to sell new units.

Concord are offering a $5,000 cash credit on completion of a purchase at Park George in Surrey. Intracorp are offering a 5% 'decorating allowance' worth up to $58,495 on Maywood on the Park in Burnaby. Grosvenor are offering to pay the 5% GST on their unsold units in the Pacific, Downtown, Shape are offering students and first-time buyers up to $100,000 discount, and a 3% initial deposit at the City of Lougheed, and if you buy a unit at Altus in White Rock you get a free EV worth $50,000, or at Templeton in East Vancouver a Tesla 3 is included.

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