Vancouver's Real Estate Market

[quasi]

Originally Posted by sonick

Did you have to build up a retaining wall or were the pavers set flush to the ground/lawn?

The biggest cost is having to build up a retaining wall as I have is that our patio door is elevated off the ground, and aeshetically we didn't like it simply sitting flush on our lawn.

No mine is flush. I have a concrete pad but the previous owners added a solarium over it so we needed a spot for patio furniture and the bbq.

[tiger_handheld]

have a friend whos looking to get a 1+den in surrey (guilford/newton) / coquitlam (around ikea)

he's lost out on many presales with many "VVIP" realtors promising him "early access"

i have no experience to pass on presales to him.

how does one buy a presale and actually get a unit?

[RiceIntegraRS]

I really liked the wood patio, but like people say, maintenance and keeping it looking new could be a hasssle

[Great68]

I'm a fan of the Composite decking myself. When my current wood deck needs replacing, that's what I'm going with.

[JDMDreams]

Well it depends how old the project is, is he trying to get a unit 6 months after its been announced. I've looked into and even signed a deal on one. Basically any good realtor will know what new projects are coming up and can get you in when it becomes available.

In my experience pre sales are always more expensive than existing units, and I haven't heard that there's huge demand on presales on condos lately since Coronas and prices have climbed so much. Everyone still wants land, town houses or detached.

Originally Posted by tiger_handheld

have a friend whos looking to get a 1+den in surrey (guilford/newton) / coquitlam (around ikea)

he's lost out on many presales with many "VVIP" realtors promising him "early access"

i have no experience to pass on presales to him.

how does one buy a presale and actually get a unit?

[Euro7r]

^I've literally walked into pre-sale random project showrooms, and get offered units. Not sure why your buddy isn't able to secure anything? This VVIP or VIP shit is merely early access to the selection before regular joes get dibs, so I still can't see why your buddy can't even get access to something. Sounds like shitty realtors your buddy is involved with.

[SumAznGuy]

Originally Posted by Euro7r

^I've literally walked into pre-sale random project showrooms, and get offered units. Not sure why your buddy isn't able to secure anything? This VVIP or VIP shit is merely early access to the selection before regular joes get dibs, so I still can't see why your buddy can't even get access to something. Sounds like shitty realtors your buddy is involved with.

I suspect OP's friend is looking for something specific that might have a bit more demand over the other units.

Lots of times, it's the cheapest bachlor/1bd units are the first to go as they only have 1 or 2 units and people want them.

That's how it was a few years back when I was actively looking.

[tiger_handheld]

Originally Posted by SumAznGuy

I suspect OP's friend is looking for something specific that might have a bit more demand over the other units.

Lots of times, it's the cheapest bachlor/1bd units are the first to go as they only have 1 or 2 units and people want them.

That's how it was a few years back when I was actively looking.

This is it. he's a single dude looking for a 1 bed. just to get his first home.
his area is guilford/fleetwood/surrey central/newton or coquitlam by ikea.

he's told me he works with these fb marketplace realtors who list. he has walked into a couple presentation centres but only have 2 or 3 bedrooms.

seems by the time he gets it, all the 1 bed are gone but floor plans show there is at least 20+ in the unit.

part of his problem is his budget but nothing can be done on that - i've suggested to rob a bank - casually of course.

[SumAznGuy]

Originally Posted by tiger_handheld

This is it. he's a single dude looking for a 1 bed. just to get his first home.
his area is guilford/fleetwood/surrey central/newton or coquitlam by ikea.

he's told me he works with these fb marketplace realtors who list. he has walked into a couple presentation centres but only have 2 or 3 bedrooms.

seems by the time he gets it, all the 1 bed are gone but floor plans show there is at least 20+ in the unit.

part of his problem is his budget but nothing can be done on that - i've suggested to rob a bank - casually of course.

My advice, find a real realtor. Like sit down and talk to them. Find one that is a referral, and he might get better service.

I can refer the one I used. The team has done a great job for me all the times I have bought and sold.

[6thGear.]

Originally Posted by SumAznGuy

I suspect OP's friend is looking for something specific that might have a bit more demand over the other units.

Lots of times, it's the cheapest bachlor/1bd units are the first to go as they only have 1 or 2 units and people want them.

That's how it was a few years back when I was actively looking.

This. The area will determine if one can get a 1 bed unit which is flying off the shelves in hot areas like Brentwood/Surrey Central. Most developers has always given dibs to family/friends/long standing relationship realtors. Then it's VVVIP -> VVIP -> VIP-> regular Realtors-> walk ins/regular Joe's. Then it's by allotment/lottery much like at Keary and Nuvo. Most of these presale realtors truth be told are the ones that can't get listings so they mainly focus on presales and everyone here loves presales. Have to literally ask the sales staff which preferred realtors they work with and go from there but be sure you're ready to buy otherwise you'll lose that relationship before you've even started one. Don't go around interviewing realtors on your own as they'll all give you the same answer/promise they can get you in.

[SumAznGuy]

Originally Posted by 6thGear.

This. The area will determine if one can get a 1 bed unit which is flying off the shelves in hot areas like Brentwood/Surrey Central. Most developers has always given dibs to family/friends/long standing relationship realtors. Then it's VVVIP -> VVIP -> VIP-> regular Realtors-> walk ins/regular Joe's. Then it's by allotment/lottery much like at Keary and Nuvo. Most of these presale realtors truth be told are the ones that can't get listings so they mainly focus on presales and everyone here loves presales. Have to literally ask the sales staff which preferred realtors they work with and go from there but be sure you're ready to buy otherwise you'll lose that relationship before you've even started one. Don't go around interviewing realtors on your own as they'll all give you the same answer/promise they can get you in.

BAsically in other words don't expect to be able to get into any of the cheapest units as they are already gone before the sale starts unless the build is in an area no one wants to be in.

[6thGear.]

Originally Posted by SumAznGuy

BAsically in other words don't expect to be able to get into any of the cheapest units as they are already gone before the sale starts unless the build is in an area no one wants to be in.

Pretty much. I'll give Keary for an example 70% of the building is 1bd. There was unconfirmed 10-15 units up for allotment for regular Joe's. Our client put an allotment in for 2bed and got it no problem but ended up not going through as they found something else before we recieved allotment notice. We had another client who decided to go with a VVIP realtor and lossed out on a 1bed. Truth be told developers these days have made it more "exclusive" to try to generate more interest.

[SumAznGuy]

Yup, granted this was way back, but there would be people lining up to be first inline at presales to buy the 1 or 2 cheap units available.
I remember one ad for a bachlor unit, turned out there was only 1 unit available but the people who waited in line was pressured into buying a 1 bed room unit instead.

[donk.]

Buying a new condo 1bedroom is the equivalent of trying to buy a Ferrari superfast or some shit

You need to buy x amount of cars from the same dealership, sell your cars only to them, and then they might qualify you for the superfast

All this Vvvvvvvvvvvvvvip crap seems so scummy

[Gerbs]

Originally Posted by tiger_handheld

he's told me he works with these fb marketplace realtors who list. he has walked into a couple presentation centres but only have 2 or 3 bedrooms.

seems by the time he gets it, all the 1 bed are gone but floor plans show there is at least 20+ in the unit.

The 1BR's that are cheap are there so they can advertise the 1BR condos starting at $499,999 pricing.

They're sold to friends/family of the developers first and then usually scooped up by a realtor since there's easy profits there on the cheapest units. It never makes it to public market.

Not sure why your friend is even looking at presales, he should be looking at the resale market atm. He can get a new build for the same price if not cheaper than a presale. If he doesn't have the money to buy today, he shouldn't buy a presale either.

[SumAznGuy]

Originally Posted by Gerbs

He can get a new build for the same price if not cheaper than a presale.

Kinda curious on how you got this idea.
All the examples I have seen, pre-sale is cheaper than resale unless that person is doing something wrong.

[JDMDreams]

^^ example, South gate city presale is $700k in Burnaby for one bed. I can buy one bed units all day every day in Van for that much.

[punkwax]

Originally Posted by Great68

I'm a fan of the Composite decking myself. When my current wood deck needs replacing, that's what I'm going with.

Everyone is a fan of composite but $$$

[68style]

Great68 is gonna spend all the money he should be spending putting an engine back in his Mustang on a composite deck

[l2_narain]

Originally Posted by tiger_handheld

This is it. he's a single dude looking for a 1 bed. just to get his first home.
his area is guilford/fleetwood/surrey central/newton or coquitlam by ikea.

he's told me he works with these fb marketplace realtors who list. he has walked into a couple presentation centres but only have 2 or 3 bedrooms.

seems by the time he gets it, all the 1 bed are gone but floor plans show there is at least 20+ in the unit.

part of his problem is his budget but nothing can be done on that - i've suggested to rob a bank - casually of course.

If your friend is still looking for a place in Guildford area, DM me if you want. Good team I used to buy my place a couple of years ago.

[Gerbs]

Originally Posted by JDMDreams

^^ example, South gate city presale is $700k in Burnaby for one bed. I can buy one bed units all day every day in Van for that much.

Same for anything in Brentwood, Coquitlam, Vancouver, Downtown Vancouver, False Creek, Cloverdale, Central Surrey. Gotta add 5% GST to your presale price too!

[6thGear.]

Originally Posted by Gerbs

The 1BR's that are cheap are there so they can advertise the 1BR condos starting at $499,999 pricing.

They're sold to friends/family of the developers first and then usually scooped up by a realtor since there's easy profits there on the cheapest units. It never makes it to public market.

Not sure why your friend is even looking at presales, he should be looking at the resale market atm. He can get a new build for the same price if not cheaper than a presale. If he doesn't have the money to buy today, he shouldn't buy a presale either.

Developers have to sell to their own first in order to get the ball rolling. Lenders usually require 60% confirmed sold before releasing funds to even start digging the hole. That's a lot easier than having 2 hour lineups of random people who may or may not buy and buncha looky loo's nothing else better to do after lunch. Selling to their own basically cements financing for their development

[SumAznGuy]

Originally Posted by JDMDreams

^^ example, South gate city presale is $700k in Burnaby for one bed. I can buy one bed units all day every day in Van for that much.

Originally Posted by Gerbs

Same for anything in Brentwood, Coquitlam, Vancouver, Downtown Vancouver, False Creek, Cloverdale, Central Surrey. Gotta add 5% GST to your presale price too!

Gotcha, when I read resale, I was thinking buying the same unit from someone flipping vs buying it pre-sale, not comparing it to units for sale.

ESL you know.

[JDMDreams]

^^ you mean assignment, usually those are higher than presale price, cuz why would the original buyer sell to you at a loss unless they are hurting.

[Gerbs]

The assignment fees of 1 - 5% means that purchase price has to go up 5 to 20% before they even break even on downpayment lol. Imagine buying to flip at assignment nowadays.

I wonder if anyone ever rolled their pre-sale assignments YOY.