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Altus at SOLO District

Altus: The Tallest Building in Burnaby in the Heart of Brentwood Town Centre

I was invited to an exclusive REALTOR® only event at the Altus launch as I have sold other units in SOLO District's Stratus release. They are offering Price Incentives to the first 100 purchasers which I have detailed below.

altus a

Some of the key features of SOLO District are:

  • Built by Appia
  • 4 iconic glass towers featuring over 1400 homes
  • Centrail air conditioning in suites
  • Geothermal heat exchange system
  • Concierge service
  • Whole Foods as the anchor tenant

Altus (second tower released) features:

  • 9 foot ceilings
  • Units start on the 15th level with commercial below with this level being equivalent to 20th level due to height of each commercial floor
  • Club 55 is the premium, Hottest Rooftop Patio: top floor of building with 5000 square feet of amenity space featuring full kitchen, indoor and outdoor entertaining space
  • Fitness gym and garden areas
  • 3 eleveators and concierge
  • Soft close doors and drawers in kitchen with quartz backsplash, stainless steel appliances
  • and many more features to list

The Club 55 Rooftop Deck at the top of Altus.

altus rooftop

Pricing are as follows as of today and will increase when released to Public:

  • 1 bedroom unit 539 sq.ft. starts at $294,900
  • 1  bed and den 539 - 589 sq.ft. start at $304,900
  • 1 bed and sleep/flex which can fit an additional bed at 665 sq.ft. start at $342,900,
  • 2 bedroom 814 - 916 sq.ft. start at $415,900
  • 2 bedroom and den 886 - 940 sq.ft. start at $467,900
  • 2 bedroom and den 834 - 854 sq.ft. on 38th to 46th floor start at $497,900
  • 3 bedroom 1032 sq.ft. start at $544,900
  • Penthouse 3 bedroom 1390 - 1707 sq.ft. start at $969,900

These prices are in line with today's market and resale units that may be a few years old. This complex completes in 2016.

Maintenance fees will work out to about $0.39 per square feet. This will include the air conditioning, heating and hot water as well as the typical things like recreation, management, and the items in the operating expenses.

PRICE INCENTIVES

The sales team at Altus has told us that they are offering special exclusive release to invited and attended REALTORS® prior to the public release. They are offering $5000-10,000 discounts for the first 100 units sold. Also, after the first 100 have been sold, prices will increase 3%. That will be close to $10,000 for an entry level unit. If the REALTORS® that were at this event sell out that first 100, then the public release will have to choose between the remaining suites with a higher price.

Contact me if you are interested or would like more details about this development. I am to bring interested parties to their presentation centre at 12pm on June 1 to preview and hold units for my clients and potential purchasers.


Posted: 25th May 2013 under


We Believe in Home

This is the new Coldwell Banker TV ad. Who can guess the voice?


  
This is similar to a newsletter that I sent out awhile ago. A home is a home. It is where long-lasting memories are created. Whether it is the ultimate bachelor pad for a night of partying and friends crashing on the couch. Or for a couple looking to start a family, renovating the home, and creating that 'baby's room'. Or it could the place where the joys of raising a child take place. Or having family and close friends over for the holidays. Or in my situation, a place I still call home even though I don't live there anymore where I visit a couple times a week to see my parents where they help raise and babysit their grandchildren.
 
If you live in Vancouver, there are affordable choices. You have to start somewhere, buy something small like an older apartment, build equity and then soon enough, you can climb the property ladder and eventually purchase a detached house that you want. Sure, it may need some work, may not have all the finishes you want, but you have a place to call home. You might even have to live in the basement suite and rent out the upstairs to make it work, but if you sacrifice and stay patient, overtime, your goal will be achievable.
 
You can look back and feel proud of what you have done just like how my parents can look back and say they did it all by themselves. They didn't have the nicest house and they still don't, but it was the perfect home. The memories you have and create will make your home perfect.

Posted: 7th February 2013 under


Affordability in Vancouver

As you've all might have heard, Vancouver is the 2nd least affordable place in the world to live. If you read this article, it compares the median price of homes and the median household income.

Vancouver is the second least affordable after Hong Kong. Vancouver's median housing price is $621,399 with a median household income of $65,200. Sydney, San Jose, and San Fran follow. Detroit is the most affordable of the metropolitan markets studied with a median price of$75,700 and median household income of $49,800.

I hear all the negative things people say about Vancouver. It's usually about the traffic, wet weather, cold weather, hot weather (for a week in the summer), the Canucks, and the cost of living.

You don't have to LIVE IN Vancouver. For the price of some 1 bedroom and dens in downtown, you can buy a 3-level, 3 bedroom townhouse in Port Moody or Coquitlam that is recently built. There are other options if you are willing to sacrifice some commuting time.

I am well aware of the home prices for obvious reasons. You hear the same things over, that we have beaches, water, mountains for skiing and snowboarding, the beautiful interior that's not too long of a drive away, shopping, places to eat, some night life, and clean air and water. I think many take for granted what we have. I believe that any city you live in and work in, it will not be as easy to enjoy your surroundings and that is why many don't appreciate what Vancouver has to offer because you're busy with work, chores, errands, and so on.

Talk to tourists or talk to people who in other countries you visit, many want to be here. If you complain about the prices, there are nice homes in the surrounding areas for much less. To the ones who really have nothing good to say about Vancouver, there is always Detroit.

http://www.theprovince.com/Vancouver+prices+rich/7858625/story.html


Posted: 28th January 2013 under


The Importance of Pricing it RIGHT

  

The Importance of Pricing it RIGHT                                                                             

Hope you and your family are off to a great start in 2013. In today’s current market when the sales volume has declined and buyers are on the sidelines, pricing a listing is key in selling your home.

The market in Greater Vancouver peaked around April/May 2012. Prices have come down and a 15% decrease in price since the peak is not uncommon in some areas. The number of sales has declined. You can see from the chart below that the sales volume has decreased significantly from 2011 to 2012. The number of sales for detached homes has decreased 48% in West Vancouver, 43% in Richmond, and 36% in Burnaby. For Apartments, the numbers are less with 21.5% in Burnaby, 29% in Richmond, and 23% in Vancouver West which includes Downtown Vancouver.  

 

Number   of Sales 2012

Number   of Sales 2011

Change   in Percentage

 

Detached

Apartments

Detached

Apartments

Detached

Apartments

Burnaby

818

1434

1282

1827

-36.2%

-21.5%

Coquitlam

1067

665

1339

714

-20.3%

-6.9%

Richmond  

976

1101

1707

1542

-42.8%

-28.6%

Vancouver   East

1267

1148

1819

1156

-30.3%

-0.7%

Vancouver   West

1243

3417

1986

4421

-37.4%

-22.7%

West   Vancouver

609

159

1163

209

-47.6%

-23.9%

What do these numbers and the market communicate to me? It is a Buyers market where buyers have negotiating power, lower priced homes compared to 2011 and 2012, historically low interest rates, and the luxury of time where you aren’t competing to pay over asking price. Sellers need to price their property at market value and come to the reality the market is not where it was in the last couple of years. If the market declines 10% in value, 10% on a $300,000 sale is much less than 10% of a $700,000 purchase; thus, if you are selling to upgrade, it is the right time as you may not get what you expect in terms of selling, but you can negotiate more off a bigger ticket item.

I have had four listing appointments since the summer. Two have decided to wait and see what happens in the market and the other two sellers have decided to go with another agent who determined the market value of their home to be higher than my valuation.  The outcome is one listing is still on the market, and the other one expired.

I approach all my client meetings with straightforward, honest advice. Unfortunately with this approach, I didn’t get these listings recently. As much as I wish I had the listings, I did not give my potential clients the sense of false hope with a higher than market value evaluation, continuously show their home only for the listing to expire, spend my own money on photography and placing it on the MLS, and ultimately, waste my efforts and their time.

I personally think that no amount of advertising will attract a consumer to purchase an item that is significantly over market value, especially in a market that lacks demand and activity. Don’t forget, pricing is part of marketing.


Posted: 22nd January 2013 under


When Do You Think the Market Will Reach the Bottom

I get this question often and I don't blame people. Of course you want to place your hard earned money somewhere safe; however, nothing is guaranteed. Do I know when the market will bottom out? Absolutely not, I am a Realtor, but I cannot predict the Housing Market. How often do Economists actually predict the markets correctly? Not too often. I still personally think that Real Estate is safe in terms of investments with better returns.

One thing I do know is that it is much better to buy a home when the market is slow. I purchased my two properties in slow markets. My first purchase was my condo and it was on the market for 141 days. Since the market was slow, I was able to purchase it at a good price.

My second purchase is a house in New Westminster and it was on the market for 70 days. I was shocked it was still on the market as I have it 100% financed ,and after the mortgage, Home Equity Line of Credit Interest, and Property Taxes, I still pocket close to $300 a month while my Tenants are paying down the Principal.

In both cases, I did not have to compete and eventually I took advantage of a Seller who was getting more and more anxious to sell as the weeks go by with their home on the market with no offers. I also had the luxury of time to wait for the right property though I only looked at three properties to buy two. I guess when you see homes for a career, you just know what you're looking for.

So, today's market is very similar. More listings than usual, less sales. More anxious Sellers, less Buyers because most of the buyer's are waiting for the bottom of the market. You only know when the bottom of the market is once it passes you.

To Wait or Not to Wait

I will analyze the Detached Homes in the Average Price Graph. I know not everyone is looking at buying a Detached House; however, the Attached and Apartment market seems to follow the same trend. Note: Attached refers to Townhouses and Half Duplexes, and Apartment refers to Condominiums.

If you refer to the graph (link at the bottom of the page), you can see that the market fell drastically from 1981 to 1982 and was relatively flat (not a distinct "bottom" but a flat bottom)for the next several years. It took 7 years for the market to rebound. In 1990, the market fell and rebounded in 2 years. In 1995, the market gradually depreciated and took 8 years to recover. During the recent recession in 2008, it only took 1.5 years for the market to recover though everyone was anticipating a big "crash".

So now we are at 2012. Look at how the prices have come down since February 2012. The market for detached peaked at $1,225,893 in February 2012, dropped to $1,041,325 in July and came back up for the month of August at $1,142,237. Once again, it's hard to predict what will happen. What got me into the Real Estate Profession was I wanted to buy Real Estate. So here are a couple of things that I tell myself.

If you wait for the bottom of the market, you will know where the bottom is after it passes and by that time, other buyers are looking and purchasing. You might even compete with them putting the Seller in a better position than you. And as mentioned, if you look at the graph, the bottom tends to span over years (looking at the prices from 1982 to 1986 as well as from 1996 to 2002) or months for the shorter periods it took the market to recover.

My second point, is that the bottom of a market has exceeded the peak prior to the last drop in the market.

Both these points show that Real Estate is not a Get-Rich-Quick strategy. It might have worked for many from 2002 to 2007, but it is not a good strategy. For Real Estate to appreciate, holding it and treating it as a long term investment is the safest way. I've met many people older than me that have regretted not purchasing property. Remember, it is not Timing the Market, but Time in the Market.

At the end of the day, you need a home. My first purchase is my home and will be sold to move up into another home. My second purchase and hopefully subsequent purchases are my investments. If I can have it rented out and can put up with dealing with tenants, and my costs are covered, then it's a no brainer. Even if the rent cannot cover the costs fully, as long as the amount that is getting paid down on the principal exceeds the costs, then it is "forced savings" back into the home as equity.

Don't follow the herd mentality and buy when everyone is buying.  

August 2012 Price Graph

 


Posted: 11th October 2012 under


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