Vancouver's Real Estate Market

[Ch28]

Originally Posted by Manic!

Is she 7 feet tall or is that door just really short?

It's a scaled down model............

[jing]

Originally Posted by sonick

You would think that is common sense, but remember this is targeting a group that has stories of using their gas oven and opening the door as a heat source because natural gas is included with their strata.

Don't forget the sprinkler head coat rack

[carsncars]

Yeah, these are basically my concerns:
- If natural gas is included with strata... I can see those strata fees skyrocketing.
- If it's considered a common element, these systems seem pretty finicky. I wonder what the cost is to maintain/fix/replace in the future.

Plus the question about it making interiors darker.

Actually... also noticed that the units are air conditioned + forced heating too. Depending on what type of system they use and how it's billed (to units vs. central via strata) I can imagine people leaving those systems to cool or heat the "solarium" areas too. A big part of what Concord Metro has is these exterior glass walls + sliding floor-to-ceiling windows to make them walk through.

Also just noticed that they have this typo right in their feature sheet:

[Manic!]

Not Vancouver but:

https://www.instagram.com/p/CLSwOVdg...=1rrv5b70mwx2y

[GLOW]

their company has the word "clout" in the name
they think they're entrepreneur for renovicting?
vancouver slumlords be like hold my beer

[Vansterdam]

got a family member looking into getting a 2 br condo around 500k closest to Burnaby possible what are the best options ? looking like Surrey at the moment lol

[Tapioca]

Units in older low-rise buildings by Coquitlam centre are probably hovering around 500K. If your relative absolutely needs a Burnaby address, there's some old complexes off Gaglardi. There's definitely some more affordable homes in that area if your relative doesn't mind getting their hands dirty and just wants a way to get into the market with a limited budget. Something like MLS R2535419.

[ryany]

Originally Posted by Vansterdam

got a family member looking into getting a 2 br condo around 500k closest to Burnaby possible what are the best options ? looking like Surrey at the moment lol

If your family member is okay with older buildings, there's a few by Central Park (Patterson Skytrain) area. I've seen a few units on Willingdon Ave and they are older (40 years), but some have been fully renovated in the price range of 500k-ish. Some have high strata though.

FYI. Around these listing's area - MLS# R2536840 (2bd, 2bth), MLS# R2535347 (2bd, 1bth)

[jcmaz]

You have to consider that 40 year old concrete buildings will be extremely hard to resell in the future and may have repair items due.

Would they consider upping their budget to something newer?

[donk.]

"extremely hard to resell concrete building"

[iambuRnz]

Close to which side of Burnaby exactly?

[Vansterdam]

Burnaby south or even New West (closer to Burnaby side)

It's to live in, not Invest.

Hearing I should only look for buildings that are built oldest 2000 and up

and ya not crazy strata fees lol

[JDMDreams]

Though luck with the strata fees, usually it's like 10% increase per year, you also have to deal with buying insurance. I think you should be able to find something in New West for that price

[ryany]

If you're looking at New West, there are several listings in the building directly above the New West skytrain station for your price range. Also, lowrises between on the border of New West and Burnaby there are 2 bedrooms as well.

I've been looking at places for over a year now, and it's definitely tough on a budget so I totally get it. Hope your family member finds something they like!

[mikemhg]

Originally Posted by donk.

"extremely hard to resell concrete building"

Ya, I'm going huh as well?

I thought concrete buildings were more desirable?

As a total newbie here, I'm curious, what happens if you did purchase a condo in a 40 year building? What ends up happening say in 20 years, and the building needs to be knocked down?

I assume as an owner you're bought out by whatever potential developer of a new building based on a portion of the land value commensurate to your suite?

How exactly does that all work?

[Hondaracer]

Would assume somthing similar to a land assembly where you would get a portion of the value based on the sq footage being built upon the torn down site? So really you’re hoping for a tower double the size of the one being knocked down I would think lol

Never really hear about anything over 6 stories being torn down in the lowermainland though

[jcmaz]

Probably something similar to how Hong Kong does it where the developer buys a majority of the tower.

Even if it is to live in, there are so many areas of the building that could go wrong - plumbing, rain screens, roof. Also, how safe will you be in an 40+ year old building if an earthquake hits Vancouver?

[Hondaracer]

In 30+ year old high rises most of the time there isn’t even rain screening to fail. The only points of water ingress would be windows snd doors

I’m sure engineering for earthquakes etc has improved however the building I used to live in was built in 86. Every exterior wall was 6” of concrete with probably 6-10” concrete floors and 4-6” concrete common walls with probably a fuck load of steel inside. Would you prefer that or this new cantilevered stuff where your whole floor is held up by a column on an outside corner? Lol

Concrete also continues cure basically the entirety of its life, so is harder concrete better than concrete in an earthquake? Lol I dunno

[donk.]

Concrete lasts forever, like my mortgages

[GLOW]

i assume aging assets would just undergo capital improvements throughout the life of the building, extending it's useful life

[Gerbs]

I think we can look at NYC buildings as guidance. 1900s building looking nice and renovated inside. Issues fixed. Strata at a reasonable operating budget.

[Hondaracer]

Originally Posted by Gerbs

I think we can look at NYC buildings as guidance. 1900s building looking nice and renovated inside. Issues fixed. Strata at a reasonable operating budget.

Yea necer really even considered that but Europe etc. Multi story buildings that are more than 100+ years old still functioning fine and likely not constructed initially as well as 30/40/50 year old concrete high rises

[lilaznviper]

Originally Posted by Vansterdam

Burnaby south or even New West (closer to Burnaby side)

It's to live in, not Invest.

Hearing I should only look for buildings that are built oldest 2000 and up

and ya not crazy strata fees lol

I bought a unit recently in new west, right on top of the skytrain for around 545 for a 2bed 2bath and got it under asking price. 11year old building

[Gerbs]

Originally Posted by Hondaracer

Yea necer really even considered that but Europe etc. Multi story buildings that are more than 100+ years old still functioning fine and likely not constructed initially as well as 30/40/50 year old concrete high rises

Kind of treat it like an older car. If you got money to keep maintaining it, it'll always keep running haha. But I think with buildings you don't have issues with finding parts.

[donk.]

I would not go as far to say "no issues finding parts for buildings"

Moreso your cost to replace broken part X or system X is a split bill across 30-500 people so its pocket change.

I work in stratas and commercial properties repairing hvac-r equipment, if we cant repair it for 10k, we simply replace it for 150k
And here is where your special assessment for 5k/unit pops up for a new boiler system.

Thank you for living in condos everyone!
"starts to steam lobster and cracks open a 6pack"