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07-19-2017, 11:49 PM
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#10151 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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| Quote:
Originally Posted by Infiniti  | A co worker just rented out her one bedroom apartment fully furnished with Cable/phone and internet included for $1700 near metrotown. Want to live in DT then better pay up is as simple as that.
There are tons of one bedroom that that be rented out for $1200 or less if people move farther away.
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07-20-2017, 10:01 AM
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#10152 | | I have named my kids VIC and VLS
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And here i thought $1600/month for my brand new suite was steep lol..
we've got killer tenants though, i'd probably knock $100 off to keep them if they ever considered moving.
Good tenants worth more than a few extra hundy a month
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07-20-2017, 10:43 AM
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#10153 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
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I'm currently paying $1080 a month all-in (heat, hydro, internet) for a 1 bedroom in East Van... obviously that is an absolute steal in today's market.
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07-20-2017, 11:39 AM
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#10154 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
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I charge 3200 a month for a 2 bedroom at 199 Drake. I'm not sure how these people are able to afford my insane rent prices but they just keep coming. Found new tenants about a year ago and had to turn away 6 groups.
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07-20-2017, 11:54 AM
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#10155 | | I contribute to threads in the offtopic forum
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1600 for 2br/2ba appt with big balcony in richmond
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07-20-2017, 12:06 PM
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#10156 | | I don't like cheese but I love milk!
Join Date: Nov 2002 Location: Van
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| Quote:
Originally Posted by Mr.HappySilp
Having some issue with my apartment. Been figuring out on how to install a door/panel in the bedroom. Currently there are no bedroom door. The opening is 46 inch wide and 89inch tall. Way too big and tall for standard door. The ceiling and the sides use some drywall so is not very strong. Not to mention there is a power panel on the right side that's very close to where I want to install the door/panel.
Any suggestions from RS?
| There ought to be some support at the edge of the drywall. (in a condo they might use metal stud that doesn't hold anything heavier than drywall tho)
The easier and cheapest solution I can think of is get those panel curtain from ikea. They are like $20 and light enough you can probably mount it on drywall with an anchor. (Basically the same idea as that video you posted, but locally available and probably cheaper) It will let light thru and feels very flimsy tho.
I have an opening to my laundry room like that, and I bought a sliding barn door hardware kit from homedepot for $89 to make something like this. 
The hardware is fairly light and doesn't need too much support, but a 46" x 90" door made out of wood is going to be very heavy and need a strong wood stud for sure. I am guessing you can try to make it out of 1" thick foam glue together and paint it lol
But at least that will feel more like a door than a curtain.
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07-20-2017, 12:50 PM
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#10157 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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^^ I just heard back from the developer and they are willing to install a custom 2 glass sliding panel/door for $1500..... Each glass panel have their own rail at the top.
I think I would rather install the panel curtain. Is fine if it let light run through or sound. Basically I just want something to cover the room when I have guest/gf over and if I/gf want to change there is something to cover up the room so no one can see. I look at a youtube video of the Ikea panel and the wheels and rail and pretty much all plastic so it might not hold up for more than a year or two...
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07-20-2017, 03:20 PM
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#10158 | | I STILL don't get it
Join Date: Feb 2010 Location: VanCity
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Crazy how much people are paying for rent in a 1 bedroom dt. I started renting my current address about 5 years ago at 1900 and rent has increased over that time to $2100 for the 950 sq ft 2 bed/2bath middle of downtown. We've been lucky compared to most I suppose. Still, I hate seeing money go toward someone elses mortgage when we could have our own. That said my fiance and I started the mortgage approval process to buy a place in the DT,False Creek or Cambie corridor and while we are seeing things in our budget on the market, we were hoping to buy presale.
I'm pretty noob at this, so bare with me, but someone school me on presales. I spoke to a friend/realtor and he advised us to avoid them right now because the prices are insane and we'd be better off buying something already on the market. Our initial thinking was, "Why buy from someone when we could buy it a little cheaper pre sale, wait a few years and even gain some equity when it's done." But apparently that ship has sailed for these areas...is this true?
I understand that many people are buying presales as a commodity for investment purposes, but wtf man...we're just trying to buy our first home and if what he's saying is true, it's a seriously counter intuitive route at this point. One of our main criteria is staying near DT or False Creek because I work some brutal hours and it's not a good idea to be driving a lot after 12hr days/6 days a week, otherwise we'd push out and deal with it.
He said buying a presale at a "reasonable" price may have been the case a few years ago but that isn't the case right now as developers are calling out 1100+ / sq ft in these areas for a 1 bed / 1bath without parking from the get go. Any truth to this? When I asked about the delevoper "starting at" figures you see advertised online, I was told those figures are often several years old.
Are developers selling at current market prices because of speculation, IE "Buy in at today's prices" betting things will continue to go up? Is the demand so high that developers can ask for current/sometimes higher than market value on something that hasn't even begun construction? What bothers me is I find it hard to believe, even with all the demand here and via foreign buyers that 90% of units get spoken for at those prices when the building itself may not be up for another two to three years. It just leads me to wonder if units are being purchased and resold even before they are built.
Last edited by R. Mutt; 07-20-2017 at 03:46 PM.
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07-20-2017, 03:57 PM
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#10159 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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^^ pre-sale usually are cheaper than when they are ready. By how much? Depends on the area and when you buy them? So there are some truth to what your friend said. Take mine apartment bought pre sale in 2014 for only 286k now is worth around 500k. So yea I save a ton.
I do think if you are buying in DT/False creek the saving from pre-sale might not be much. On the other hand if you don't buy pre-sale you might even get a chance to buy what you like since apartments at pre sale are usually sold out before they even hit public. Also interest rate just went out. Although not much but is still up a little. Also with a new gov in town whos aim is to lower housing cost, tax investment, etc etc I think is a good idea to wait 8 to 12 months and see what the gov is doing and decide from there.
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07-20-2017, 04:04 PM
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#10160 | | Rs has made me the man i am today!
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As someone who bought presale in 2012, I can tell you that it's so much more different now than it was back then. Some of the presale prices I'm seeing around my area (Coquitlam) make me cringe. My building just over a year old, and some units have sold for likely close to 200k on top of what they paid after taxes (comparing what I paid for my unit vs their location in the building).
While it's difficult to say what the landscape is going to look like in a few years from now, the guarantee of equity at the end of the project is not as solid as it was if you were buying a few years ago. On the other hand, you could get the opposite reaction and your gained equity at the end could easily surpass what I'm looking at in terms of increases if the market goes really crazy.
I think presales are still the best way to get into the condo market assuming a few things. It allows you to save up to make a bigger down payment, which helps a lot. Of course, that's all dependent on the builder's reputation and track record. If they have a poor record, don't bother and look at stuff that's currently available because you'll have a better grasp of where your money is going. You don't need to look further than that video by the renter in Telus Gardens to see that developer promises with respect to finishing mean nothing. There's no point "saving" some money with a presale if you're going to be spending time AND money fixing shit/getting them to fix shit.
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07-20-2017, 04:05 PM
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#10161 | | My homepage has been set to RS
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Let me tell you about the current pre-sale environment. It's fucked. My fiance and I have been searching for a place for about 6 months , and were potentially thinking about pre-sale at a few points during the process.
The idea behind pre-sales before was that you were getting a 10% to 15% discount compared to a recently built product, primarily because you are taking a risk of having to wait 2+ years for the project to be built. Plus your deposit was to be used by the developer so that they could move ahead with the development itself. Then once you have moved in in 2+ years, the place likely had appreciated a bit, so you had a bit of equity while you waited.
Today? Presales are the same, if not more than recently built product. We were looking at one presale in New West. We were quoted a price for a 2 bedroom, which we decided to go for. When we agreed with the sales team to go for a certain unit, they got back to us the next day, and the sales price had gone up 10%. Obviously they can change prices at any time before the agreement has been signed, but it was a huge price jump in 24 hours. We factored in that we would be paying rent for 2+ years, PLUS GST, and it actually was considerably more to buy pre-sale, than recently built product. So we backed off.
Developers are definitely getting greedy at this point. The land they purchased 3 to 4 years ago was purchased at them thinking they could get $400 to $500 a square foot. They went through the re-zoning and approvals process, and are now selling at $700 to $800 a square foot (in Burnaby and New West). Several of my close friends are in land acquisitions for development companies. They are using $800 for New West, $1000 to $1200 a square foot metrics for Burnaby, and $1600 a square foot for Vancouver now.
Developers are paying exorbitant amounts of money for any land purchases now. And they are passing that down to the end-user buyer. So pre-sales are great if you are treating it as an investment, thinking it will continue to skyrocket, but not so great if you are looking at is as a process to purchase your first home.
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07-20-2017, 04:28 PM
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#10162 | | OMGWTFBBQ is a common word I say everyday
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Purchasing and reselling condos before completion has been done for a long time. It's called an assignment - in other words, the initial buyer is assigning his right to purchase a unit from a developer to another buyer before completion of the unit.
The reason why a lot of people want to get rid of assignments is that the initial buyer is not liable for any purchase taxes, including the foreign buyers tax, because those taxes are only due upon completion of the unit. It's the end buyer that is responsible for all taxes owed. So, this is a great way, or loophole, for foreign investors or any speculators to make money in real estate with little more than 50-100K.
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07-20-2017, 05:07 PM
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#10163 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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| Quote:
Originally Posted by Tapioca Purchasing and reselling condos before completion has been done for a long time. It's called an assignment - in other words, the initial buyer is assigning his right to purchase a unit from a developer to another buyer before completion of the unit.
The reason why a lot of people want to get rid of assignments is that the initial buyer is not liable for any purchase taxes, including the foreign buyers tax, because those taxes are only due upon completion of the unit. It's the end buyer that is responsible for all taxes owed. So, this is a great way, or loophole, for foreign investors or any speculators to make money in real estate with little more than 50-100K. | At the same time you can charge tax on re-assigment because the gov will be call out on double/triple dipping.
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07-20-2017, 05:20 PM
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#10164 | | I STILL don't get it
Join Date: Feb 2010 Location: VanCity
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Appreciate the input guys. Spoke with my realtor and he pretty much confirmed what all of you said. He also said to take a look at the Mt.Pleasant area. Seems pretty close to work and apparently better value for your money in terms of cost/sq ft vs dt/false creek so I'm going to keep an open mind.
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07-20-2017, 05:22 PM
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#10165 | | I have named my kids VIC and VLS
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I'd say he only way to get some decent value in the areas you're looking for, false creek etc is to buy in an older building. 20+ years old.
Somthing that's 5 years old or newer is probably going to go for as much if not more than a preaale in terms of over payments
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07-20-2017, 09:06 PM
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#10166 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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| Quote:
Originally Posted by Liquid_o2
Today? Presales are the same, if not more than recently built product. We were looking at one presale in New West. We were quoted a price for a 2 bedroom, which we decided to go for. When we agreed with the sales team to go for a certain unit, they got back to us the next day, and the sales price had gone up 10%. Obviously they can change prices at any time before the agreement has been signed, but it was a huge price jump in 24 hours. We factored in that we would be paying rent for 2+ years, PLUS GST, and it actually was considerably more to buy pre-sale, than recently built product. So we backed off.
| New West is the next big popular place. Vancouver and Burnaby doesn't have much land for apartments. I mean Burnaby does but the location is not ideal. While New West if it is close the the skytrain it will sell like hot cakes.
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07-20-2017, 10:43 PM
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#10167 | | My dinner reheated before my turbo spooled
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These crooked developers are all in the same bed together. No one is undercutting each other.
Presales are currently starting at $1200+ in downtown now.
While the current supply is priced around $1000sq ft.
Pretty much the developer have priced these units 5 years out. Just ridiculous.
I recommend you jump in the market soon and get it over with.
Buy in the most desirable neighborhood and overbid for the best unit in the building. It'll pay off in the long run.
With burnaby and coquitlam catching upto DT prices.
DT will rise even further.
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07-21-2017, 07:01 AM
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#10168 | | I have named my kids VIC and VLS
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Why would anyone need to undercut anyone when every project sells out in presale?
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Dank memes cant melt steel beams
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07-21-2017, 07:22 AM
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#10169 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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[QUOTE=Hondaracer;8852753]Why would anyone need to undercut anyone when every project sells out in presale?[/QUOTE]
You mean when every project sells out during VIP access...... Most if not all pre sale not are sold out or close to sold out during VIP access (Friends and family, employee, and of course a lot of these "friends" are realtors and selling them offshore.
A friend of mine who lives and work in Beijing said he saw an add on his wechat about pre sale of concord brentwood last year(or something like that). Funny thing is VIP event didn't even start during that time.
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07-21-2017, 08:53 AM
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#10170 | | Rs has made me the woman i am today!
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These days they make you feel like you won the lottery just to get selected for the opportunity to over pay for a pre-sale.
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07-21-2017, 09:35 AM
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#10171 | | What hasn't Killed me, has made me more tolerant of RS!
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Pre-sales and condo game is fucked right now. Everyone is priced out of detached homes / townhomes so everyone is rushing to get into condo's/presales.
My condo in Vancouver purchased in 2015 for 480k (2 bdrm 900 sqft) 4 years old is now selling for 750k.
My presale in NW appreciated 100k in less than a year. Who would of thought. At the time of purchasing I would of been happy to assign it for 30k.
We also have 3 presale units at brentwood all 2 bedroom +100k minimum if we assigned it today.
So yeah it is pretty much a lottery and the market has changed immensely in the last year. This was us getting into the condo market late and we still made considerable gains. Lots of vacations and destinations were missed to scramble for those deposits.
These days the crowds you see at VIP showings are all ready to buy. No one is going to these showrooms for free drinks and food or to kill time. It's a tough market. Prices have soared exponentially and it doesn't help that rent has skyrocketed as well.
The bitter truth is you might have to accept the fact that you're priced out..for the next while at least.
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07-21-2017, 09:36 AM
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#10172 | | OMGWTFBBQ is a common word I say everyday
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I hate to say this, but if you want value in the condo market today, look at downtown Port Coquitlam. That's right, downtown Port Coquitlam.
Downtown Port Coquitlam has enough old retail stock for interesting restaurants and coffee shops to move in. PoCo is getting a craft brewery. Downtown PoCo is not ridiculously far from the SkyTrain and the West Coast Express station is within walking distance.
New West is already pushing $1000 sq/ft. Coquitlam has been overrun by the Mainland Chinese. Downtown PoCo is next. https://www.zolo.ca/port-coquitlam-r...d-highway/a426
Look what you can get under 500K. 1200+ square feet, low rise concrete construction with 2 parking stalls and gas in your unit.
Last edited by Tapioca; 07-21-2017 at 09:50 AM.
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07-21-2017, 09:39 AM
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#10173 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2006 Location: Tres Ciudades
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no, fuck you all, stay away from PoCo
it's a shit hole full of junkies and rednecks
keep to coq and pomo
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07-21-2017, 09:52 AM
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#10174 | | Zombie Mod
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| Quote:
Originally Posted by 6o4__boi no, fuck you all, stay away from PoCo
it's a shit hole full of junkies and rednecks | My sister calls it PoCompton.
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07-21-2017, 10:28 AM
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#10175 | | Waxin’ Punks
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She listens to 99.3 the Fox then. Jeff O'Neill been calling it PoCompton for many years.
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