Richmond Condo News

A CBC News reported on November 27, 2007

Developer Bill Eden, who owns The Eden Group, told CBC News that because of financing difficulty it's not possible for his company to finish the projects.

"The industry itself — very difficult to get financing," Eden said on Monday. "Basically, it's extremely uncertain whether I can actually complete that building."

That development project is the Elyse, a 119-suite condominium complex planned for E7th Avenue and Scotia Street in Vancouver. There are 55 people who made presale purchases beginning in February

But the company is going to send out letters to the buyers, saying the project was not going ahead and their deposits will be returned, Eden said.

Click here to read full story...

Steveston Vinnage: Mariners Village - 11291, 11391, 11491 7TH Ave.

General description:

This Steveston Village townhouse complex is around 30 years old and the units are consisted of 2-level 2 and 3 bedroom homes ranging in built-up area between 1,100 to 1,550 square feet of living area. This townhouse complex is popularly know as Mariners Village, and has different styles and floor plans.

The smaller units are with 1.5 bath, while the larger 3 bedroom units have 2 full baths and 1 half-bath. The parking arrangements for some units are open and other units are with one covered car porch. There are extra open parkings for owners with more than one cars. The property tax for 2007 is from around $1,600 to $2,200 and the monthly maintenance is from $218 to $251.

Location:

This townhouse complex is located in South Western corner of Richmond in the the very desirable Mariners Village. The amenities include a club house, exercise centre, recreation centre, pool, swirl pool/hot tub.

Access to these townhouse complex is from Steveston Hwy or Chatham Street that connect to 7th Avenue. An elementary school is within a short walk from this townhouse complex, while a secondary school is within walking distance from the townhouses. The townhouses are close to the Gary Point Park and Steveston Village centre is a convenient shopping trip with many colourful heritage styled shops.

Price history: 2005 - $296,000/$363,000, 2006 - $349,000/$378,000 and 2007 - $352,000/$475,000, 2008 - $488,000/$545,000.

View townhomes around this Steveston Mariners Village neighborhood. For more info, you can contact James Wong at  604-721-4817.

Real Estate Tips - Getting ride of bad odor 

A musty odor coming from the basement or any part of the house is extremely unpleasant and will turn off buyers, or result in your house selling for less. No matter how clean your house is, a musty odor is a sign of dampness. Children living in a damp house are more likely to suffer from respiratory symptoms due to exposure to black mold emit toxins.

A damp house with mildews makes a home dirty. The first step is to find the source of dampness creating the musty odor.

1) Condensation

Cold water pipes in a not well-ventilated basement can cause condensation and can  create a musty odor in the basement. The best way to prevent and control musty basement odors as a result of water condensation from cold water pipes is to insulate the pipes with an insulated wrap available from any home hardware stores.

2) Humidity

Lack of airflow and ventilation in the basement can cause a musty odor. If the musty odor is not due to some leaks in the basement, try operating a dehumidifier in your basement. Check for condensation from basement water pipes and pipe seams for leaks.

3) Weeping Walls

Weeping basement walls is due to condensation on the concrete basement walls. The dampness and the high humidity around the house can cause a musty odor in the basement or in a home.

4) Cracks

Cracks in concrete is common and can cause water leaks resulting in dampness and a musty odor. Avoid a musty odor in your basement by patching any cracks as soon as they appear.

You may want to try any of the followings to get ride of your house odor due to dampness:

a) Putting baking soda in a pan

b) Placing a bowl of white vinegar in an out of the way place in the room where the odor is strongest

c) Try a product from Homax called Gonzo Odor Eliminators #OEB212. It is a 100% natural volcanic product and it recharges under the sunlight every few months. It is sold in places like Home Depot and Rona.

d) Use a dehumidifier or improve the air-flow through your home heating system and ensure the humidity in your house is somewhere between 20% and 40%.

A BC first time home buyer can buy with 5% down payment if he is qualified for CMHC or Genworth financing. If you are a first time home buyer, check out if you are qualified to withdraw your RRSP savings as down payment under the "home buyer's plan". In addition, you should find out for sure you are exempted from paying the British Columbia "property transfer tax".

When you are buying a home with less than 20% down payment, your mortgage is a high ratio mortgage. You are required to buy a home mortgage insurance to protect your mortgage lender against loan default. The insurance premium charged is dependent how much down payment is provided by you. The insurance premium may range from 1.00% to 2.75% of your mortgage amount.

Some lending guidelines for high ratio mortgage financing are:

1). The home must be located in Canada and is to be occupied as your principal residence.

2). Your payment must not exceed 32% of your gross household income. This includes payment of principal + interest + property taxes + heat + condo fees.

3). In addition to the above ‘shelter costs’, your total other debts including credit cards, car loans and personal loans must not exceed 40% of your gross annual income.

4). You must be able to cover closing costs equivalent to at least 1.5% of the purchase price.

5). You meet the lender's eligibility requirements regarding income, employment and credit worthiness.

If you like to find out more information on buying your home, you can contact James Wong at 604-721-4817.

Click here for the latest news on Richmond's real estate market.

Most people who are buying a business fail to realize that buying a business is like buying a job. Any potential business owner must consider seriously "working for others" is a better option most of the time. When working for others, there are little or no problems or headaches associated with operating a business. Being an employee also takes care of medical and insurance coverage expenses that a business owner would otherwise has to provide to his family.

Taking the first step

For people who strongly wanting to own and operate their own businesses, getting the help from a Realtor who is experienced and knowledgeable on small business operations is important. There are not many Vancouver small business Realtors who are active in this field.

If you are here because you search the internet looking for a small business Realtor, you are one step closer to locating a business you wanted to buy. You can contact James Wong (604-721-4817) for a discussion on what you are looking for.

Why you should use a local Richmond BC Realtor when buying your home in Richmond?

If you know what you want to buy, we can help you to identify the property, negotiate the price and assist you in closing the deal. We strive to make your buying experience more pleasant and less stressful. There are compelling reasons why home buyers should have their Buying Agents to represent them. The loyalty and best interest of a home buyer can only be provided by his Buyer Agent.

With my 18 years of real estate experience, I can guide you through the whole process of buying your ideal home:

1) Loan Pre-Approval

As a dual-licensed agent, I may determine how much mortgage you may be approved and apply to the bank for a mortgage pre-approval. When you are pre-approved your mortgage interest rate will be guaranteed for 90 to 120 days. Knowing the maximum loan you can get, it will not be difficult to search the properties meeting your requirements.

2) Comparable market review

As your Richmond BC Realtor, I will then review with you the recent sales, active and expired listings. This helps you to understand what to expect when making your offer to purchase.

3) Viewing the property and making an offer

Whether a home is the right one for you can only be determined by physically viewing and touring the property by appointment with the listing real estate agent. While the condition of the home and its layout are important, it is equally important that the property is in a good and desirable location. Real estate is about LOCATION!

When your ideal home is identified, a successful negotiation will secure a "conditional" Sale and Purchase Contract between you and the Seller.

4) Completing the contract

Upon satisfactory confirmation of the home inspection, strata management minutes/financial report review (applicable for townhouse and Condo) and home financing approval, the contract will become firm and binding.The solicitor appointed by you will complete the purchase transaction as scheduled. You will be required to forward your down payment by bank draft to your solicitor, and your bank will forward the mortgage loan to your solicitor directly.

If you like to find out more information on buying your home, you can contact James Wong @ 604-721-4817.

Click here for the latest news on Richmond's real estate market.

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General description:

This townhouse complex is around 30 years old and the units are consisted of 2-level 3 bedroom homes ranging in built-up area between 1,400 to 1,605 square feet living area. The townhouse units have different floor plans; most units are with 1 full bath and 2 half-bath, while some larger 3 bedroom units may have 2 full baths and 1 half-bath. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The property tax for 2007 is from around $1,667 to $1,809 and the monthly maintenance is from $216 to $244 a month.

This townhouse complex is located in the very desirable Woodwards area of Richmond. The amenities include a recreation centre, outdoor pool, sauna and steam room.

Location:

Access to these 2 townhouse complexes are from Gilbert Road and Francis Road. Both elementary and secondary schools are within a short walk from this strata complex. The townhouses are close to the Minuro Tracks and Park, Aquatic Centre, Ice Skating Ring, the Richmond main library and Richmond Centre Shopping Mall.

Price history: 2005 - $260,000/$285,000, 2006 - $320,000/$345,000 and 2007 - $355,000/$380,000

If you are interested to look for a townhouse at the above addresses, you can contact James Wong 604-721-4817.

A fellow Richmond BC Realtor Jay Banks at Re/Max Crest Realty shared his "Walk Score" discovery on a Vancouver Blog that I stumbled upon. I am not sure if this gadget has been introduced to AR members by someone else before.   

It is called Walk Score. It helps people find walkable places to live. Walk Score calculates the walkability of an address by locating nearby stores, restaurants, schools, parks, etc. Try this out with your own address and see how walkable is your address or try this on one of your listings.

Over supply of new condos?

Some real estate analysts have expressed concern regarding the over supply of new condominium in Greater Vancouver, especially in downtown core. There are literally billions of dollars worth of new apartments slated for completion over the next 3 years.

Expensive homes...low rental return

Currently, homes bought for investment are expensive for investors. The average rental incomes for all types of residential dwellings are not in line with mortgage payments. Investors lose money every month as rental income is not sufficient to cover mortgage payments, maintenance and taxes.

Why investors are still buying?

The answer is simple: they are motivated by the expectation of appreciation in property value in a rising housing market. They are taking the short term loss, but hope to realize their profits when they sell their homes in the future. No one knows for sure how much higher prices reach. As for now the housing activities are still positive and interest rates are relatively low for prime borrowers at around 6.0% to 6.15% for 5-year fixed rate mortgage.

If you like to have more information on the real estate market for Richmond, B.C. you can contact James Wong 604-721-4817.

Vancouver leaky condos are costly to fix

According to an estimate by the British Columbia's Homeowner Protection Office, there is a total of about 65,000 dwellings in British Columbia that are "leaky condos". As of 2002, 50,000 of them had been identified. The cost to a home owner for complete remediation with "rain screen technology" may be from $25,000 to $60,000.

In spite of all the safe guards and disclosures required since 2000, a home buyer cannot be 100% certain that he or she is safe from buying a condo with water-damaged problem. The strata meeting minutes of a strata corporation are important documents for a buyer in gaining insight on operations of the corporation. Most mortgage lenders require 12 to 24 months of minutes to ascertain a strata condo is not having water-damaged problem.

Some investors are known to be buying at "bargain prices" Vancouver Leaky condos for investment. The average home buyers or first time home buyers should stay away from such bargains. In a booming Vancouver housing market buying a leaky condo can be profitable as reported by William Boei in The Vancouver Sun, "Condominium Silver Linings".