Vancouver Real Estate Blog - Vancouver Realtor » Investing

New Listing – 1473 E. King Edward Ave (King Edward Village) $559,000

Sebastian — Tue, 24 Jan 2012 22:17:37 +0000

1473 E. King Edward Ave (King Edward Village)

1473 E King Edward Ave

Overview

This quiet town home offers 2 bedrooms and a den in 1106 sq ft of thoughtfully laid out living space. Bedrooms are on separate floors with their own en-suite bathrooms, isolating day-to-day noise and enhancing peaceful living. A back door allows direct access to your TWO underground parking stalls, storage locker and amenities.

Main Floor, 1473 E King Edward

Details

A combination of quality construction, desirable location and great value makes this unit an ideal starter home. Generous south-facing windows provide plenty of light year round to look out at the nearby park. The ground floor is perfect for entertaining with a large kitchen, dining area, living room, 1/2 bath and patio.

Living Room, 1473 E King Edward

This is a solid, well-run complex with the balance of 2-5-10 warranty remaining. Pets and rentals welcome. It’s just 10 minutes to everywhere, on 3 transit routes and includes a library, TD Bank and Price Smart Foods.

OPEN HOUSE Sunday, Jan 28/29 2:00-4:00pm

New Listing – 1473 E King Edward Ave (King Edward Village)

New Listing – 716 – 4078 Knight St (King Edward Village)

Vancouver RE Identity Crisis?

Sebastian — Thu, 22 Sep 2011 19:02:58 +0000

The affordability of Vancouver housing prices continues to be buzz-worthy topic for anyone interested in investing (or holding) property the market. In Van City, I think the affordability issue rates high on people’s general conversational radar ~ so much so, that the question “where do you live” seems to go hand in hand with “what do you do?” in a first-time introduction. Now granted, I’m in the Real Estate Business; but I notice more and more that this topic comes up in every day conversation *outside* of what I would consider my work sphere. It seems to me that property talk ranks as high as general comments about the current weather ~ which ultimately, speaks to the high level of saturation we’re exposed to via media the about state of the market here.

We live in a hot city for Real Estate. It’s just the truth ~ and people in the industry would be happy to tell you how fortunate buyers, sellers and professionals are to live here and participate in market conditions like these. But I’ve always noticed that Real Estate talk here in Vancouver appears to be driven by fear ~ even in what is lauded as one of the best markets in North America. As a general comment on the media, it seems to me that the only time people aren’t worried about a looming drop in home values or a predicted bubble burst is when the Market is actually in a significant downturn or correction (like we saw in 2009). You can look at articles published every day between 2009 and now; the same concerns have been raised time and time again.

So why are we so afraid? One year ago, I wasn’t thinking that housing prices on the West side would be up 20% in a year. I don’t think anyone really predicted that type of average price increase, which is really the zenith of the conundrum to an extent I guess. The truth is that even the most astute economists can’t predict with total accuracy what will happen in the market. The very nature of free enterprise disables accurate market forecasting. We can’t be completely sure what will happen any more than we can predict the weather for 6 months from now. So the idea of timing the market is in itself a fallacy; the choice becomes much more about how to get the current market to work *for* you and your circumstances, whatever they may be.

What I do know is this: Real Estate Prices in Vancouver have increased every year. The variables upon which fluxes are often repudiated to be dependent haven’t affected the market as much as we feared ~ be it immigration, the economy or a looming bubble pop. The truth is simply that Vancouver continues to be one of the most popular places to live in Canada; and the space here is limited. Unless a major economic catastrophe hits, you can safely assume that as a general trend, prices will steadily continue to increase, just as they have in other international, high-demand markets such as San Fran, New York, London, etc.

I have found myself wondering if Vancouver is simply behind the trends of global Real Estate. We as Canadians have had the luxury of unlimited space for centuries ~ Canadian writers like J.R Saul say that it’s part of what truly defines our Canadian identity. I think cities like Toronto and Vancouver have had to grow into an awareness of being international markets, and are now wrestling with the pros and cons that go with such a title.

Sometimes, I think being truly Canadian is to have an identity that is allowed the generosity of flux. Perhaps the market is simply mirroring this value back to us… and soon, we may just have it figured out.

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Selling Tenant Occupied Properties – Knowing Your Lease

Sebastian — Sat, 20 Feb 2010 00:23:40 +0000

Sebastian Albrecht, Vancouver realtor, discusses the importance of knowing the terms of your lease when selling your Vancouver real estate in this video blog. There can be an enormous impact on how easily and for how much your property will sell for depending upon the lease you have signed with your tenant. Whether it’s a term lease (six months, one year, etc) or a month to month tenancy plays a significant role in just about every sale of tenant occupied properties. Before listing your property, or signing your next lease be sure that you understand the impact on your investment.

Please share your opinion on this, or any other Vancouver real estate topic by contacting Sebastian at sebastian@sebastianalbrecht.com. Sebastian Albrecht video blogs regularly about Vancouver real estate. You can find all of his Vancouver real estate video blogs here.

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Investor/Landlord Selling? Tenants Effect on Selling Vancouver Real Estate

Sebastian — Thu, 28 Jan 2010 03:26:24 +0000

Vancouver realtor, Sebastian Albrecht, talks about the effect that tenants can have on selling Vancouver real estate in this video blog. Yes, you are able to sell if you have a tenant in place. Whether the tenant is a positive or a negative depends upon a number of factors. You may find that one tenant can put extra money in your pocket, while another will cost you both time and money.

Copyright © 2010 Vancouver real estate in the Vancouver Realtor Blog bySebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”Investor/Landlord Selling? Tenants Effect on Selling Vancouver Real Estate”

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Why Vancouver Condo Rental Restrictions Are Bad

Sebastian — Wed, 20 Jan 2010 18:04:11 +0000

Sebastian Albrecht, Vancouver realtor,discusses the impacts of implementing rental restrictions on Vancouver condos in this video blog. Rental restrictions are detrimental to a building because they restrict the freedom of the owner. If you choose to travel for three months, you will not be able to rent your home out at the last moment. 25% – 50% of buyers are investors in Vancouver. By limiting rentals you are removing this potential pool of buyers from the market. This results in lower values as well as less liquidity for your investment (fewer potential buyers means it will take longer to sell).

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2010 – Vancouver Real Estate Market Forecast

Sebastian — Mon, 18 Jan 2010 19:04:01 +0000

Vancouver realtor, Sebastian Albrecht, talks about what lies ahead for the Vancouver real estate market in this video blog. Sebastian discusses the potential impacts of the Olympics, the economy as well as interest rates. Where are real estate prices headed? What does this mean for your investment in the market?

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How Vancouver Real Estate Benefits from Hosting the 2010 Winter Olympics

Sebastian — Fri, 20 Nov 2009 00:39:27 +0000

Sebastian Albrecht, Vancouver realtor, video blogs about how he sees the 2010 Winter Olympics impacting the Vancouver real estate market. The three primary impacts are urban regeneration, infrastructure improvements and publicity. These three prongs will combine to improve the Vancouver real estate market over the course of years, not months. The biggest benefit that Vancouver will receive as it hosts the 2010 Winter Olympics will be felt well into the future.

Copyright © 2009 Vancouver real estate in the Vancouver Real Estate Blog bySebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”How Vancouver Real Estate Benefits from Hosting the 2010 Winter Olympics”

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Buying a Vancouver Condo? View the Parking and Storage!

Sebastian — Fri, 06 Nov 2009 21:01:06 +0000

Vancouver realtor Sebastian Albrecht video blogs about the importance of personally viewing parking spaces and storage lockers. Buying a Vancouver condo? You will want to see both the parking space and storage locker in person. Recent experiences highlight the importance of personally inspecting the parking and storage. It can affect the long-term value and saleability of your investment.

More Information

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Homeowner Protection Office Faces Challenges – What Does It Mean To You?

Sebastian — Wed, 01 Jul 2009 17:24:31 +0000

You probably have never heard of the Homeowner Protection Office. It’s an agency that most of us never hear about unless we find ourselves in dire straights (facing a large assessment on a condo, for instance). The HPO was created out of the height of the Leaky Condo crisis that leveled the Vancouver real estate market in the mid-1990s.

Protecting consumers of new construction is the mandate of the HPO. Since 1998 it has given out $670 million in loans that have helped over 16,000 homeowners. Unfortunately, due to the slowdown in construction in Vancouver real estate (as well as the entire province) it has entered into it’s own crisis and may need to seek it’s own protection.

Funding for the HPO comes from the constructions of new homes. Every time a unit is built $750 goes to the HPO. This money is used to fund it’s operations, but is also used as interest free loans to consumers that purchased leaky condos.

Last week the government announced that the HPO had run into financial difficulty. In fact, leaky-condo repair loans had been halted in some cases. This was a direct result of the slowdown in the Vancouver real estate market and the resulting cutbacks in construction. Without a funding source, the money in the bank began to quickly dry up.

The result is that many condo owners have been put in a precarious financial position. How will this situation be resolved? It would appear that the provincial government will step in and fill the funding gap. Given the cyclical nature of real estate and construction, it would appear to be a wise decision to look at alternate funding methods.

If the provincial government steps in quickly to provide funding to the HPO, I doubt that this news will have much impact on any of us (other than the handful of owners currently inconvenienced by the delay in loan payments). However, if the province does not step in there could be dire consequences for us all.

The most direct impact could be a significant lose of consumer confidence. Consumers need to feel confident in the products they are buying for a robust market to exist. Should that confidence falter in new buyers we may find that we all suffer from the effects.

Please Donate

On June 22nd, 2009 I broke the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).

Donate to the Royal LePage Shelter Foundation

Copyright © 2009 Vancouver real estate in the Vancouver Realtor Blog by Sebastian Albrecht, Vancouver Realtor with Royal LePage Vancouver ”Homeowner Protection Office Faces Challenges – What Does It Mean To You?”

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Is the worst behind us? – Vancouver Real Estate

Sebastian — Tue, 09 Jun 2009 19:58:05 +0000

Balanced markets emerging

If you’ve been reading this blog lately, or just watching the For Sale signs on your street, you know that the Vancouver real estate market has come back to life. In a number of recent posts, I’ve pointed out that this resurgence began with the reappearance of the first-time home buyer into the Vancouver real estate market.

“The majority of the decline in home prices has already occurred,” Cameron Muir, the chief economist for the BCREA said in a press release. “Balanced markets are emerging in Victoria, Vancouver and the Fraser Valley. There’s now little downward pressure on home prices in these area.”

Affordability piqued in April

According to the BCREA housing affordability in BC piqued at a three-year high in April 2009 when a combination of low home prices and low interest rates resulted in carrying costs for an average home dropping 24% over the previous year.

Imagine that. In just one year, homes were on sale for a 25% discount. That’s a very, very significant savings and it’s absolutely no wonder that droves of first-time buyers (as well as investors) have come back into the market.

“A significant increase in affordability has brought many first-time buyers into the market,” added Muir. “First-time buyers were largely absent in the late fall and winter, making it more difficult for move-up buyers to sell their current homes. The chain of ownership is now being oiled.”

An anecdote with multiple offers

What kind of affect is this resurgence having in the market? Let me illustrate with a personal anecdote.

After a long day of work this past Sunday I went back to my downtown Vancouver Royal LePage office to write up an offer for a client that I’d met at my open house at King Edward Village. Usually, our real estate office is pretty quiet late on a Sunday evening.

There were three of us this night and all of us were writing offers for eager buyers. Every one of us were also writing offers for properties that were in multiple offer situations (where more than one interested party had written an offer on the listed property). One listing had 15 offers, one had 9 and the other had 2…at a time where most people think we are in a buyer’s market.

Demand is rising while supply is falling

This goes to illustrate the fact that there are a lot of ready buyers in the Vancouver real estate market right now. While people are willing to buy, there is very little in the way of quality properties that are appropriate for first-time buyers and investors. In fact, we have the lowest number of active listings on the market right now in well over a year.

Many are competing for the few, and this has halted the downward pressure on prices. In fact, we may be seeing the beginnings of upward pressure.

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