Vancouver Westside - Large 55′ X 140′ Lot - Asking Price @ $995,000
Old timer detached house on large lot located in quite Dunbar/Southlands area of Vancouver. This Soutlands property is located very close to UBC, and within 5 minutes to 5 major Vancouver Westside golf courses in the South West Marine Drive area of Vancouver West. The property is sold “as is” and priced close to “lot value”.
“The Canadian housing boom was declared officially over”
The Financial Post reported on Thursday, April 17, 2008:
“Canada’s six-year housing market boom is officially over,” said Douglas Porter, deputy chief economist at BMO Capital Markets. Average prices rose just 5.5% to $327,620 in the first quarter over the first quarter of 2007, the smallest price increase since the fourth quarter of 2001. Employment, the key driver of housing sales, is still strong and Canada did not indulge in nearly the same amount of high-risk sub-prime mortgage lending as the United States.
Much of the building has been catch-up from the long housing slump Canada went through from December, 1989, to September, 1998. Ongoing turmoil in the international credit markets have not left Canadian banks unscathed. Many economists expect the Bank of Canada to cut rates another half a percentage point on Tuesday, perhaps invigorating the spring selling season, which could prove to be the key test for the Canadian housing market going forward.
Click here to read the full report.
Just Sold- Richmond BC Townhouse $415,000 (semi-detached style townhouse)
Timberwood Village Townhouse, Richmond, B.C. View video
Contact James Wong 604-721-4817 at Remax Westcoast for viewing.
Living Room
Kitchen
Dining Room
Master Bedroom
Patio Area - Backyard
Another View of Townhouse
General description:
This townhouse complex is around 30 years old and the units are consisted of 2-level 3 bedroom homes ranging in built-up area between 1,400 to 1,605 square feet living area. The townhouse units have different floor plans; most units are with 1 full bath and 2 half-bath, while some larger 3 bedroom units may have 2 full baths and 1 half-bath. The parking arrangement is one covered front car porch and there are extra open parkings available in the complex. The property tax for 2007 is from around $1,667 to $1,809 and the monthly maintenance is from $216 to $244 a month.
This townhouse complex is located in the very desirable Woodwards area of Richmond. The amenities include a recreation centre, outdoor pool, sauna and steam room.
Location:
Access to these 2 townhouse complexes are from Gilbert Road and Francis Road. Both elementary and secondary schools are within a short walk from this strata complex. The townhouses are close to the Minuro Tracks and Park, Aquatic Centre, Ice Skating Ring, the Richmond main library and Richmond Centre Shopping Mall.
Price history: 2005 - $260,000/$285,000, 2006 - $320,000/$345,000 and 2007 - $355,000/$380,000
If you are interested to look for a townhouse at the above addresses, you can contact James Wong 604-721-4817 at ReMax Westcoast.
Richmond BC Housing Market for December 2007
Here are the December median sale prices as reported by the Real Estate Board of Greater Vancouver:
| Housing Type | December 2007 | November 2007 | December 2006 |
| Detached | $685,000 | $669,000 | $622,000 |
| Townhouse | $450,000 | $452,000 | $388,000 |
| Condo | $296,000 | $297,000 | $240,000 |
The median price for detached houses for December was higher than in November, and the year-over-year price was about 10% higher than December 2006 price. So far, Richmond’s housing activities on listings and sales ratio remain healthy. CMHC is projecting another healthy year for real estate in 2008, and forecasted a price gain of 9.1% for Greater Vancouver. Continue reading…
real estate investment and finance
Welcome to the December 30, 2007 edition of real estate investment and finance.
Home financing tips
Mitch McDonald presents Rent Back House Tips To Avoid Home Loss posted at FYI About.com.
Ian Mariano presents Reno Home Blog: Lessons Learned posted at Reno Home Blog, saying, “I’m still a little bit confused about how it works. Just let me know if i need to correct something.”
Real estate investment
Dorian Wales presents Personal Financier: Why Taking on a Mortgage Is Leveraging: Understanding the Potential Risks and Benefits posted at Personal Financier.
Leon Gettler presents Fed’s rescue plan: too little, too late posted at Sox First, saying, “The Fed’s rescue plan for subprime is a case of shutting the barn door after the horses have bolted. Too little, too late”
Ted Reimers presents Buying a Home near a College is a good investment posted at CampusGrotto.
Real estate selling tips
Steve Faber presents Tips For Selling Your Own House posted at DebtBlog.
That concludes this edition. Submit your blog article to the next edition of real estate investment and finance using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.
Technorati tags: real estate investment and finance, blog carnival.
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Richmond’s Million Dollar MacMansions
In Richmond, B.C. the lot sizes for most detached houses are over 6,000 sq ft. In the past few years, there is a trend for builders of new detached houses to buy older houses with large lot sizes. The preferred lot sizes are those over 8,000 sq ft and on quiet inside sub-divisions close to the Richmond city center. Over 10 years ago, Broadmoor area was the prime area home builders started building and selling such MacMansions in Richmond. Presently, builders are actively buying up older houses with large-size lots in places like Riverdale, Terra Nova, Granville, Brighouse, Woodwords and Garden City.
Selling Prices - old homes with large lots
The selling prices for these older homes have reached $550,000 to $650,000 depending on the locations. For older homes with extra large lots from 10,000 to 14,000 sq ft, the selling prices had been recorded to be in the $750,000 to $900,000 range. Half-an-acre building lots are rarely available and they are expected to be sold well over $1,100,000. Over the years, such properties were selling at $350,000 range in early 2003, but prices have steadily apprecaiated in values and reach the present lofty level.
The building lots in Richmond, in comparison to South Vancouver which is just 10 minutes north of Richmond and across the bridge, is a bargain. Older homes in South Vancouver with lot size around 8,000 sq ft is commanding a price tag around $1,000,000 to $1,200,000. Those properties with older houses on 12,000 sq ft lots are currently selling at $1,500,000 or more. The only reason why South Vancouver and Vancouver West property prices are twice as expansive is because of home owners’ perception that Richmond could be flooded in the event of a powerful earthquake or tsunami.
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Million Dollar New Homes
The reason why large-size lots are popular is because new homes built on these lots are in demand and they are selling for well over a million dollar. There are profit to be made for home builders who are in possession of such properties as they progressively buy, hold and build on these properties. The profit margin for purchase-and-build is normally 20% to 25%. But, for builders who are building on properties they bought 1 to 3 years ago, they can make a lot of money. The property appreciation already assured the home builders as much as $250,000 (a large-lot property sold 3 years ago at $400,000 is now priced at around $650,000).
These houses are built to the maximum allowable size by the local municipality zoning by-laws. Generally, such houses are spacious with over 3,500 sq ft living area, well-designed and luxuriously built with premium quality materials and fixtures. New immigrants and successful rich business owners from overseas have the money and appetite for multi-million dollar homes in Richmond. Those that desire to own a super-luxurious homes may spend $5.0 to $10.0 million to buy their homes in Vancouver Westside and prestigious West Vancouver.
Appreciation Potential
Over the long term, properties in Richmond with large lots are expected to remain the favourite property investments for home owners and investors. The scarcity of such properties will reinforce the demand and price appreciation of these properties. If you are interested to invest in the above type of holding properties,kindly contact James Wong at RE/MAX Westcoast 604-721-4817.
Richmond Housing Market for November 2007
Here are the November median sale prices as reported by the Real Estate Board of Greater Vancouver:
| Housing Type | November 2007 | October 2007 | November 2006 |
| Detached | $669,000 | $700,000 | $623,000 |
| Townhouse | $452,000 | $436,000 | $384,000 |
| Condo | $297,000 | $296,000 | $254,000 |
Although there was a drop in the median price for detached houses for November, the year-over-year price for Richmond ’s detached houses was still higher. The number of listings over 90 days month-over-month is the key monthly figure to follow. This is one of the indicators to watch for any sign of market pressure on prices. So far, Richmond’s housing activities on listings and sales ratio remained healthy.
The only sector showing an increase in the listings and sales ratio was in the condo market. The active listings and sales ratio for condo in Richmond recorded a small increase for November. The next few months will give a better indication whether the condo market in Richmond is reaching the top for this housing cycle.
The monthly total active listings, monthly units listed and sold for detached homes, townhomes and condos in Richmond, British Columbia are presented below:
Source: RealtyLink Online
Total Unit Listed: The number of active listings was back to the December 2006 and January 2007 level (around 500 units) after reaching the highest level around 680 units in May and June of this year.
Monthly Listed and Sold: Since May 2007, the monthly listed and sold numbers had been declining. The declining activities could be attributed to the yearly seasonal lower housing activities in the second half of each year. Or, this could be due to housing prices reaching the top of the market. Housing supply and demand in Greater Vancouver area are more in balance.
Source: RealtyLink Online
Total Unit Listed: After reaching the highest level at around 400 units in May 2007, the active listings number had been on the decline and breached the 300 units level in September. There listings recorded was just under 250 units this month.
Monthly Listed and Sold: After reaching the highest monthly listed and sold units in the middle of the year, the monthly listed and sold numbers have been declining. The list and sale activities were still significantly higher than a year ago. The declining activities could be attributed to the year end seasonal lower housing activities.
Source: RealtyLink Online
Total Unit Listed: Since August 2007, the active listings number had been relatively flat at just under 600 units. The total active listings pattern was quite similar to that on detached houses, reaching the highest level at just over 700 units in the middle of 2007.
Monthly Listed and Sold: After reaching the highest monthly listed and sold units in the middle of the year, the monthly listed and sold numbers had been declining. The list and sale activities were still significantly higher than a year ago. The declining activities could be attributed to the year end lower housing activities in the final quarter of each year. The month-on-market ratio had increased and this could put pressure on selling prices if this number continued to increase.
You can get the latest real estate market trend in Richmond, B.C. by contacting James Wong at RE/MAX Westcoast 604-721-4817.
Technorati Profile
Welcome to the December 15, 2007 edition of real estate investment.
Jason Elder presents Effects of Bankruptcy posted at A Bankruptcy Lawyer’s Blog, saying, “Once you have been declared bankrupt, under the bankruptcy law all assets that belonged to you, including your home come under the control of a Trustee.”
Edith presents 2008 Apartment Market Trends (U.S.) posted at Stewart Hsu.
Home Financing
Ryan Russell presents Is Debt Consolidation A Good Idea? posted at Care on Credit, saying, “Debt consolidation comes in several forms, including credit counseling, balance transfers, and debt consolidation loans, so review your options carefully before making a decision.”
Real estate investment Leon Gettler presents Interview with David Rosenthal, md of Curtis-Rosenthal on subprime posted at Sox First, saying, “The fallout from the subprime debacle is likely to take three to six months, according to this interview with David Rosenthal, MD of Los Angeles based real estate consultancy Curtis-Rosenthal. That’s regardless of what the Fed does.”
Phil B. presents Is it Time to Purchase Bank Foreclosed Properties? « Phil for Humanity posted at Phil for Humanity, saying, “With the increased number of mortgage defaults and decreased real estate values, it may be time to purchase an investment property soon. Exactly how soon is a debatable question, but many experts are guesstimating between the end of 2008 and first quarter of 2009.”
Joshua Dorkin presents House Flipping Reality TV Shows: Good or Bad for Newbie Investors and Flippers? posted at Real Estate Investing For Real. Gavin R. Putland presents Australia, Hong Kong, Singapore & Taiwan: How property taxes affect economic growth posted at Gavonomics.
B.H. presents How to maximize “flip” profits through smart renovations posted at boozwatt.com, saying, “Tips on how to maximize your resources and profit during a home renovation.”
John Crenshaw presents Is Real Estate Really A Good Investment? posted at Truthful Lending dot Com, saying, “Is Real Estate the ultimate investment as many people think of it? Let’s take a look at how it stacks up to other investments.”
Joshua Dorkin presents Investors Working on Foreclosure Deals: Avoid Fraud Suspicion - Disclose! posted at Real Estate Investing For Real.
FSBOJane presents Reasons You Should Use a Realtor posted at FSBO Jane.
That concludes this edition. Submit your blog article to the next edition of real estate investment using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.
Technorati tags: real estate investment, blog carnival.
Getting ride of unpleasant odor
If you are selling your Richmond house, townhouse or apartment and your home has an unpleasant odor, you have to get ride of the smell. A home with bad odor will be difficult to sell, or a home buyer will pay you far less to buy your home.
A musty odor coming from the basement or any part of the house is extremely unpleasant and will turn off buyers, or result in your house selling for less. No matter how clean your house is, a musty odor is a sign of dampness. Children living in a damp house are more likely to suffer from respiratory symptoms due to exposure to black mold emit toxins.
A damp house with mildews makes a home dirty. The first step is to find the source of dampness creating the musty odor.
1) Condensation
Cold water pipes in a not well-ventilated basement can cause condensation and can create a musty odor in the basement. The best way to prevent and control musty basement odors as a result of water condensation from cold water pipes is to insulate the pipes with an insulated wrap available from any home hardware stores.
2) Humidity
Lack of airflow and ventilation in the basement can cause a musty odor. If the musty odor is not due to some leaks in the basement, try operating a dehumidifier in your basement. Check for condensation from basement water pipes and pipe seams for leaks.
3) Weeping Walls
Weeping basement walls is due to condensation on the concrete basement walls. The dampness and the high humidity around the house can cause a musty odor in the basement or in a home.
4) Cracks
Cracks in concrete is common and can cause water leaks resulting in dampness and a musty odor. Avoid a musty odor in your basement by patching any cracks as soon as they appear.
You may want to try any of the followings to get ride of your house odor due to dampness:
a) Putting baking soda in a pan
b) Placing a bowl of white vinegar in an out of the way place in the room where the odor is strongest
c) Try a product from Homax called Gonzo Odor Eliminators #OEB212. It is a 100% natural volcanic product and it recharges under the sunlight every few months. It is sold in places like Home Depot and Rona.
d) Use a dehumidifier or improve the air-flow through your home heating system and ensure the humidity in your house is somewhere between 20% and 40%.
If you are interested to find out how best to sell your home that has similar problem, kindly contact James Wong at RE/MAX Westcoast 604-721-4817.
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