Selling Your Home Fast!

June 26, 2008

There are no shortage of advice and tips for selling your home. But, in a slow or declining market the single most important factor is pricing your house right.

In a bullish housing market where there are many interested buyers, ready and willing to buy, home sellers will have little problem in selling their homes at the prices they wanted.

Pricing Your Home Right

The biggest problem for most home sellers is not adjusting their listing prices to the market when little or no interest is shown by home buyers or their real estate agents. In order for a sale to take place, there must be sufficient buyer interests and property viewings, followed by price negotiations by the interested buyers. If your home is not having weekly showings by other realtors, you home is over-priced. Read more

Should you buy resale or condo assignment?

June 26, 2008

Condo Age Size Sq Ft Sold Price $ Price / Sq Ft $ No. Days
New 732 355,000 485 52
2 yr 816 393,000 482 79
New 955 428,000 448 54
New 900 418,000 464 62
1 yr 1060 451,000 425 108
New 900 468,000 520 36
1 yr 860 416,000 483 16

With a slower condo market, buyers have more negotiation power and may be successful in buying resale new condos at $450 to $460 per sq ft (no GST). Most of the current new condo available from the developers are priced at $500 per sq ft or more.

On assignment sales, buyers are expected to take over the contracts from the sellers, and pay the GST on closing dates. Whether you should buy resale or take over a condo assignment, depends on the location, price, floor plan, amenities, etc.

You can view here condos available for sale in Richmond. If you need more info on buying or selling your home, kindly contact me at 604-721-4817 or email me.

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Condo Assignment - Richmond BC

June 25, 2008

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Should you consider buying a “condo assignment”?

When a deal makes sense after doing your deal diligence, there is no reason why you should not do the deal.

Buying A Condo Through Assignment Sale

When you are buying into a condo assignment and agree to take over the original purchase contract, the following example illustrate the cost break down for the purchase:

Example:

Original price from the developer in 2006 at $360,000 with 10% ($36,000) paid to date, completion is scheduled for end 2008.

If your agree to pay $385,000 by assignment of the purchase contract from the first buyer, you must pay the following to the seller in order to assume the assignment contract:

Original Deposit = $36,000
(10% paid to date by Original Purchaser)

Plus:

Difference in Assignment Price from Original Price = $25,000
(New Price $385,000 less original Price $360,000)

Total to Purchase Assignment = $61,000
(payable to seller to take over contract)

When the property is ready for occupancy in 2008, you will complete the sale with the developer according to the terms and conditions as per the original contract. Over the past 3 years, the “lift” (price difference between the original contract and the assignment deal) could be as much as $35,000 to $80,000. But, recent assignments are found to be less profitable, and with a softer housing market now some investors may have to lose money to get out of their contracts. click here for some new condos in Richmond available for assignment.

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Before entering into an assignment contract, make sure that the seller has obtained the consent to assign his or her contract, and find out who is responsible for paying the GST and assignment fee. Any deposit for the transaction should be held by your Solicitor or your real estate agent “in trust”.

How do you know you are not taking over an assignment on a project that is in trouble? Is the project going to complete on time? All developers are protected under the presale contracts for any cost escalations that can be pass on to the buyers. Check and make sure you will not end up taking over the cost escalation from the seller!

It is always advisable to use a Realtor who can represent you as Buyer Agent to negotiate the price on an assignment sale. As a home buyer, you should find out resale new condos available for sale.

If you like to find out more information about assignment deals in Richmond or elsewhere in Greater Vancouver, contact me at 604-721-4817 or email me.

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Assignment Brentwood Gate Condo

June 25, 2008

Are you looking for a 1 bedroom + den new condo in Brentwood Gate area?

Check out this new condo located in very central Brentwood Town Center area. Ideal for first time home buyer or home owners wanting to downsize and yet wanting to live in the City. Click here to view video.

High End Features

> Cozy electric fireplace with a contemporary mantel, bright and open functional floor plan
> Wood grain cabinetry and porcelain tile flooring in the kitchen and the entry hall
> Stainless steel appliances and granite countertops and full-size stacking washer and dryer (optional upgrade)
> Deep cut-pile carpeting in the main living space and bedroom
> Other features include wood baseboards, door moldings and window sills throughout the suite
> The master bathroom has a soaker tub with a ceramic tile surround and a walk-in chrome and glass shower
> In-suite security system.
Brentwood gate condo
Easy Access

Brentwood Gate offers convenience with the SkyTrain only a short walk away. Access to Vancouver and the Fraser Valley is easy via the freeway or Lougheed Highway. Shopping is right next door at Brentwood Town Centre and the Madison Centre, plus the choice of restaurants, recreational amenities, and cultural venues will keep the most active explorer entertained.

Brentwood Park Condos, Burnaby B.C.

June 25, 2008

New Listings at Brentwood Park Area, North Burnaby, BC.

Brentwood Park Condo #301-4723 Dawson Street, Burnaby - $393,000 Just reduced to $382,900

Brentwood Park Condo

I have just listed this above 1 year old 2 bedroom 2 bath Condo popularly known as Collage - a Polygon development. This is a collection of two-bedroom condos located in a convenient Burnaby Brentwood / Lougheed Hwy location. Long time Burnaby residents refer to the area as Brentwood Town Center. Click here to view some pictures on this 2 bedroom Condo.

The above condo is located at the south side of Brentwood Gate Development - a Ledingham McAllister’s Burnaby planned community at Brentwood Town Center. A 689 sf ft 1 bedroom + den new condo is also available in this fast selling development.

One of Collage’s unique features was an expansive large out-door private courtyard for residents. The development is ideally suitable for first-time home buyers and young couples who wanted an urban lifestyle with modern amenities at their door step.

Conveniently located, you do not need to own a car to get around Burnaby, downtown Vancouver or other municipalities in metro Vancouver.

Presale Condo Assignment

June 23, 2008

v721966.jpgPresale Condo Assignment - Richmond BC

Assignment of a contract on a presale new condo can only be effected when the condo developer gives consent to the buyer (original buyer) to assign the contract to another buyer. In an assignment deal, the seller and buyer are involved in the sale and purchase of the contractual rights to a property. Although a contract may be assigned, the first buyer is still legally obligated to the contract until the second buyer takes possession of the property on completion date.

The transaction in taking physical possession of the property by the second buyer will only be completed when the final occupation permit is issued by the City. Current market condition has changed, and there is  little interest from condo buyers for presale condo contract assignments. The reason being better deals are available on resale new condos that were completed recently. You can view some of the resale concrete high-rise condos around Richmond City Center here.

condo assignment

An investor selling a presale condo has to make certain that:

> the developer allows for assignment of the contract (some contracts do not allow assignments)
> the cost or assignment fee payable to the developer
> restrictions to advertise the assignment or listing the condo for sale on the MLS

Dealing With An Assignment

There are contractual obligations and legal ramifications for both buyers and sellers involved in the assignments of new condos that are not completed for delivery. The tightening of lending and investors not being able to get financing are common problems faced by investors.

If you are a seller of a presale condo in the Greater Vancouver area, or if you are a buyer interested to take over assignment of a presale new condo contract, kindly email me.

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Richmond Terra Nova Townhouses > 5988 Blanshard Drive

June 23, 2008

Richmond Terra Nova Townhouses

Richmond townhouse

General description:

This townhouse complex was build in 2001. The townhomes are consisted of 2 level homes ranging in built-up area between 1,360 to 1,390 square feet. The townhouse units in this complex are mainly consisted of 3 bedroom with 2.5 baths. The parking arrangement is one covered attached garage and one open parking in front of each townhouse. The property tax is around $2,500 and the monthly maintenance is around $235.

Access to the townhouse complex from the city is via Westminster Highway and No.1 Road. Both elementary and secondary schools are within a short walk from the townhouses. A very popular outdoor destination for residents of Terra Nova is The West Dyke Trail which connects Terra Nova with Garry Point Park.

The real estate market in Richmond is certainly volatile. You can research the townhomes for sale in Terra Nova or townhomes located in other Richmond neighborhoods.

If you like to have more info on homes for sale in Richmond, you can contact me at 604-721-4817.

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Richmond Terra Nova Townhouses > 3880 Westminster Hwy

June 23, 2008

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Richmond Terra Nova Townhouses

General description:

This Terra Nova townhouse complex wa built in 1996, and the townhouse units are consisted of 3 level homes ranging in built-up area between 1,540 to 1,620 square feet of living area. Click to view Terra Nova townhomes available for sale. The townhouse complex has a good range of 3 and 4 bedroom units with 3 and 2.5 baths. The parking arrangement is two covered attached garages. The property tax for 2010 is from around $2,600 and the monthly maintenance is from $230 a month.

Location:

This Terra Nova townhouse complex is located in the very desirable and newer Terra Nova sub-division in North West corner of Richmond. Home owners are attracted to the neighbourhood for it’s proximity to the Terra Nova shopping plaza and the Richmond Nature Park and the West Richmond Trail along the dyke.

Access to the townhouse complex from the city is via Westminster Highway and No.1 Road. Both elementary and secondary schools are within a short walk from the townhouses. A very popular outdoor destination for residents of Terra Nova is The West Dyke Trail which connects Terra Nova with Garry Point Park. Richmond residents are taking on to walking, jogging and cycling along this trail.

If you are interested to look for a townhouse at the above addresses, you can contact James Wong at 604-721-4817.

Here are some Terra Nova townhouses currently listed for sale. If you like to view any of these homes, or like to find a home with special features, kindly email me.

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Richmond Terra Nova Townhouses - Robson Court

June 23, 2008

Richmond Terra Nova Townhouses > #3711 Robson Court

General description:

This Terra Nova townhouse complex was built in 1998 and the units are consisted of 2 and 3 level homes ranging in built-up area between 1,300 to 2,140 square feet of living area. The townhouse complex has a good range of 3 and 4 bedroom units with 2 or 3 full baths. The parking arrangement is one or two covered attached garages. The property tax for ranges from around $2,000 to $2,600 and the monthly maintenance is from $200 to $285 a month.

Terra Nova Townhouse

Location:

Access to this Richmond Terra Nova townhouse complex from the city is via Westminster Highway and No.1 Road. Both elementary and secondary schools are within a short walk from the townhouses. A very popular outdoor destination for residents of Terra Nova is The West Dyke Trail which connects Terra Nova with Garry Point Park. Richmond residents are taking on to walking, jogging and cycling along this trail.

If you like to find out more information on current listings in the townhouse complex, kindly call me at 604-721-4817.

You can view the Richmond Terra Nova townhouses available for sale here. If you like to have a list of homes with special features or requirements you can Email me.

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Condo Assignment - Greater Vancouver

June 22, 2008

Condo assignment is challenging for investors who do not wish to complete their pre-sale contracts. Some of these contracts were signed one or 2 years ago as presale condos, and the contracts are now due for completion. Some investors may encounter problems in getting bank financing for their purchases, while others have no plan to complete and take possession of their condos.

A MLS search and analysis of the past 90 days Richmond listing and sale data reviewed that concrete high-rise 2 bedroom 2-bath condos less than 2 years old with 803 to 956 sq ft living area were selling between $370,000 to $468,000. Most units that sold were around the $420,000 price range, and this translated into selling price around $477 per sq ft inclusive of GST. Click here for resale  condos around Richmond City center area. Read more

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