Vancouver's Real Estate Market

[Ludepower]

Originally Posted by CRS

Building insurance (via strata) should be covering it.

RIP the deductible and future cost for insurance though. Depending if the strata has enough of an emergency fund to cover the cost of the deductible, there may be a one-time special levy to cover the cost.

The building should have a 2 year warranty. Westbank and their insurance should be paying for this. Not the strata insurance.

[yray]

Originally Posted by Hondaracer

When you spend 1.5 mill on a condo you don’t want a drain in the middle of the floor like some Shanghai slum

You’d expect you wouldn’t need it.. lol

Hongers and their 10mil condos still have them lol.

[Eff-1]

Originally Posted by Ludepower

The building should have a 2 year warranty. Westbank and their insurance should be paying for this. Not the strata insurance.

I know of a brand new high end dt condo that suffered a burst pipe on a high floor not long after residents started moving in. Damages were in the seven figures. Even though the developer paid for all the repairs and no claim was made on the strata's policy, the strata's insurer still was aware of the leak and the quoted premiums and deductibles on the new policy increased significantly.

Part of that was due to the market conditions, but almost certainly part of that was due to the leak. Based on that, I'd bet that the strata insurance will still feel the impact of this, unfortunately.

[Y2K_o__o]

saw this on Dailyhives
that water damage is going to cost arm and legs to repair....

https://dailyhive.com/vancouver/vanc...49IBvdswhB82ao

[m4k4v4li]

is there much of a spread in terms of property exposure depending on your listing agent?

my listing agent is pretty solid, great communicator, good realty, great marketing (professional pics / vid etc whole shabang)

my condo however has been on the market for almost 2 months, only a handful of showings and no offers! I've seen 2 similar units sell for similar per sq ft asking price already within 2 weeks

there is however about 10 other units in the same building for sale, am I just being impatient? thinking of swapping listing agents once it expires

[roastpuff]

Originally Posted by m4k4v4li

is there much of a spread in terms of property exposure depending on your listing agent?

my listing agent is pretty solid, great communicator, good realty, great marketing (professional pics / vid etc whole shabang)

my condo however has been on the market for almost 2 months, only a handful of showings and no offers! I've seen 2 similar units sell for similar per sq ft asking price already within 2 weeks

there is however about 10 other units in the same building for sale, am I just being impatient? thinking of swapping listing agents once it expires

Be patient, condo sales are slow. It took me 3.5 months to sell my unit near Marine Gateway. I was on a lower floor, so it was somewhat less desirable to buyers, which I am sure exacerbated the problem as well. We ended up doing well over 25 showings I want to say, before we got some offers. Where is your condo located? If there are other units in the building for sale as well, that only adds to the competition.

Right now, townhome and SFH detached are where the hot markets are. If your condo is outside of downtown, be prepared to have it be slower, especially with the recent Vancouver House water damage news.

[whitev70r]

I've always thought a duplex was a good option. Townhouse, inevitably, you have to pay maintenance and that's $300-400 'down the drain'. Duplex should be a bit more affordable than single detached but very few builders do duplexes ... just gotta make sure your neighbours are not wackos.

Selling a condo unit with say $350-$400 maintenance fee is a real hard sell if you ask me. What does $300/mth equal to in terms of a mortgage? $300,000?

[westopher]

$74000 over 25 years at 1.7%

[6793026]

Originally Posted by whitev70r

I've always thought a duplex was a good option. Townhouse, inevitably, you have to pay maintenance and that's $300-400 'down the drain'. Duplex should be a bit more affordable than single detached but very few builders do duplexes ... just gotta make sure your neighbours are not wackos.

Selling a condo unit with say $350-$400 maintenance fee is a real hard sell if you ask me. What does $300/mth equal to in terms of a mortgage? $300,000?

there are condo fees upwards to 700 a month, that's when u have a pool and all these amenities which no one can use right now.

[westopher]

Condo fees suck, but its just more of the same with townhouse, duplex, SFH, unless like you mentioned you have expensive amenities like a pool.
20 years of condo fees = a SFH roof replacement = foundation work on a duplex, etc, etc.
Unless you have a poorly managed strata and you're getting stuck with special assessments. Owning costs stupid money regardless of how it's costing you that.

[EvoFire]

We are selling our home right now. Some of these buyers ask the dumbest fucking questions. I just need to rant.

How do some of these dumbasses come up with the money to buy a place in this market?

Don't underestimate stupidity I guess.

[Traum]

Originally Posted by EvoFire

We are selling our home right now. Some of these buyers ask the dumbest fucking questions. I just need to rant.

Care to entertain us with their dumb fuck questions LOL?

[carsncars]

Honestly condo fees of $300-400 are totally fair for an average unit as long as you’re getting a well managed building in return. Mechanical systems, common elements, security, utilities, etc. all cost money and like others have said with a SFH you have costs as well.

Definitely there are some buildings with absurd fees though. I’ve seen some Yaletown and Olympic Village buildings with fees in the $800s for a 900-1000 sq ft unit.


The really painful ones are the townhouses/city homes that are built into a larger condo development - the $/PDT is the same so you end up paying a lot compared to the average condo units in the development. It’s enough that I stay away from these and look to all-townhome or townhome/garden suite developments when looking for a townhome unit.

[EvoFire]

Originally Posted by Traum

Care to entertain us with their dumb fuck questions LOL?

I would, but let's wait till I have at least subjects removed in case Mr dumbfucks reads RS.

[JDMDreams]

What if Mr dumb fuck is on rs

[68style]

Guilty. Am Mr. Dumbfuck

... or at least have been called one before

[underscore]

Originally Posted by whitev70r

I've always thought a duplex was a good option. Townhouse, inevitably, you have to pay maintenance and that's $300-400 'down the drain'. Duplex should be a bit more affordable than single detached but very few builders do duplexes ... just gotta make sure your neighbours are not wackos.

Selling a condo unit with say $350-$400 maintenance fee is a real hard sell if you ask me. What does $300/mth equal to in terms of a mortgage? $300,000?

To quote myself, that's about what maintenance on a SFH costs if you break it down as per month:

Originally Posted by underscore

A roof is $10k, windows and doors are $10k, furnace and AC is $8k, those all last about 30 years. Hot water is $2k every 10 years. Gas $720/yr, water $1,400/yr, lawn treatments $200/yr, the closest gym is $640/yr/person.

Just that stuff for 2 people is $400/mo and I have to clean my own windows, shovel my own snow, do my own yardwork, etc. If I pay someone for that too I'd probably be at $500/mo and I don't even get a concierge.

[yray]

Twitter

https://www.citynews1130.com/2021/04...ngley-complex/

wood condos with common attics

[roastpuff]

Originally Posted by Traum

Care to entertain us with their dumb fuck questions LOL?

One that I got for my apartment was that "I thought this had more of a view?"

Didn't you look at the damn listing pictures before coming in here? What kind of view do you expect from a 3rd floor apartment anyway?

Another good one: "How many square feet is this? Oh it's way too small, we're looking for 1000+!"

Well then look at the damn listing info, it has the square footage right there! Your realtor should've filtered my unit out before you even stepped foot in the door!

Really annoying when these guys came in for a mid-day, weekday showing, spend all of 30 secs for the showing and leave again.

[JDMDreams]

Holy shit not sure what's gonna happen with the neighbouring houses there's lots of apartments and townhouses in that area

[ImportPsycho]

Not sure which development but someone said Alexander Square.
Sigh, can't imagine what's going through those who bought in presale, waiting for their new home...
What happens now, delayed until dev rebuild? Or whole thing gets scrapped?

[Hondaracer]

Originally Posted by yray

https://twitter.com/ColinKellner/sta...71382440501251



https://www.citynews1130.com/2021/04...ngley-complex/

wood condos with common attics

Common attics? It was a wood skeleton lol..

My family is friends with the developer, bad luck for him..

Also know a few peeps who live close by, their pics:

[yray]

Originally Posted by Hondaracer

Common attics? It was a wood skeleton lol..
[/IMG]

eventually

used to climb in them... could've looked into every bedroom on the top floor

[Hondaracer]

Not anymore. There are like 3” of drywall between each unit now with fire stop etc.

The fire code is pretty extensive for these common attic spaces these days

Not to say it wouldn’t be an inferno if a few units caught even after completion but there is a lot in place to prevent the spread

[sonick]

Reminds me of when the wood development in Richmond on Cambie and #4 went up about 10 years ago. I think they found the cause to be a heater that was left on.