Real Estate Thread

[dleung]

If there's already a thread for this, plz merge it with that one, but this thread isn't about immigrants or politics. I just want to buy a condo lol.

Specifically in the south/central false creek area... not the Olympic village, I'm referring to the late 70's/80's stuff right along the water (not that pink 90's crap though). I like the architecture, the lushness of the surrounding greenery, the natural stone pavers along the seawall, proximity to Canada line, the established character of the area... it's astounding how low the density is compared to everything around it, yet it's occupying the best spot on false creek. I'm thinking this could be my primary residence for the next 10+ years.

I'm seeing listings for townhouses/lofts with cool skylights, rooftop patios and huge modern kitchens for $500k, and want to know what the catch is. I had a feeling this is a special district... can someone explain this "city of Vancouver lease until 2036" stuff?

I've been looking around Toronto, which seems over-heated currently, while in Vancouver condo prices are actually the same as in 2008 (unlike SFH), so I figure now is a good time to buy before the market plays catchup.

[Alex Mackinnon]

It's not ownership of the land. Just leased, so the neighbourhood could change completely when the lease with the city is up. The city could completely change the neighbourhood in pursuit of greater revenue and density if they wanted.

That hangs like an axe over head for resale values.

[Klazu]

I am pretty sure much of the area will be torn down and replaced with taller towers 20 years from now. It just makes sense considering the location.

[Genauso]

The long leases were up in the last five years, and were going to be raised to current market prices (which most likely would have meant being sold to a developer) but the current residents were successful in campaigning through the media to get subsidies by extending leases. CMHC and the City if Vancouver were involved.

[whatnext]

Originally Posted by Genauso

The long leases were up in the last five years, and were going to be raised to current market prices (which most likely would have meant being sold to a developer) but the current residents were successful in campaigning through the media to get subsidies by extending leases. CMHC and the City if Vancouver were involved.

Are you sure about that?

..As the entire city wrestles with stubbornly skyrocketing housing costs and development pressures, the expiry dates of the series of city land leases that made the project possible are coming into sight.

When they do, absent other agreements, use of the land, now worth many times its 1970s value, goes back to the city. The first lease expires in 2022, with others following it.

Nine years might seem like a long time to most people, but in urban planning terms it's almost the blink of an eye. And unfortunately for False Creek residents, when it comes to financing and mortgages, banks see it the same way...
http://thetyee.ca/News/2014/01/03/Fa...h-Second-Life/

Nor is there anything in the Re*Plan groups website to suggest a settlement was reached: http://www.replanfcs.ca/about-replan/

Working in a buyers favour: Geoff Meggs lives there, so there's a better chance residents get heard as opposed to any other neighbourhood group that has come up against city hall's development plans.

[WarrenC12]

Bear in mind 70s-80s wood construction (that area qualifies), was the hey-day of the leaky condo problems. I've seen a few buildings in that area covered in tarps and scaffolding.

[rofina]

We have been house hunting in Vancouver too.

Pr-eapproved @ 2.79% for 5 year - wow cheap money.

Too bad there is nothing to spend it on! The house prices in our target neighbourhoods have skyrocketed this year, seeing multiple offers and 200k over ask for homes that would have sold for 300k less last year.

Starting to consider going the luxury condo route. But haven't yet dug into it, not ready to give up on a house.

Being in the condo market currently, I wouldn't stress about getting in. There is a lot of new product coming online, and resale values have remained stagnant for years. I don't see why there would be buy side pressure with the amount of new product constantly entering the market.

[dleung]

It would be a crime for the CoV to allow these examples of modern architecture to be ripped up and replaced with SEFC-style crap. This used to be industrial wasteland. Plenty of suburban wasteland left for transformative projects with better return on effort and less risk of ruining something existing that is already good.

It makes sense to up the density, but the priority should be to enhance what's existing, rather than rebuild or regrow stuff. I would keep almost all of the low-rises along the water where the landscaping is of highest quality, and focus on redeveloping just the more brutal-looking rear buildings and parking lots along the rail line with up to 8 stories stepping down northward, with a sprinkling of 4-5 organically-shaped 12 storey small-floorplate towers as beacons near the intersection of pathways.

[Tetsuo]

Going to hijack Dleung's thread.

As someone looking to be a first time buyer in 2ish years (2016-2017)
Which areas would you guys recommend for a cheap 1bd/1bd+den/2bd ~

I'm looking for places somewhat on the upswing, aka potential for appreciation

Two on my list so far are: Surrey Central + Chinatown

[LowerLonsdaleMike]

Originally Posted by Tetsuo

Going to hijack Dleung's thread.

As someone looking to be a first time buyer in 2ish years (2016-2017)
Which areas would you guys recommend for a cheap 1bd/1bd+den/2bd ~

I'm looking for places somewhat on the upswing, aka potential for appreciation

Two on my list so far are: Surrey Central + Chinatown

This may sound a little biased based on my username, but one that consistently seems to be falling under the radar is Lower Lonsdale. I bought a presale a couple years ago, moved in last summer and my 1bed+den has gone up in value by 16%. I absolutely love my neighbourhood and it certainly helps that it's only a 12 min Seabus ride to downtown. There's so much change happening right now in this area that I can only see property value appreciating so much more. The waterfront is being redeveloped as a 365 days a year destination and once that's complete it'll boost the desirability of the neighbourhood even more. Seabus over to North Van for a visit and you may fall in love with it. Surprisingly, when I bought I felt like I got a steal of a deal considering the area is so great.

If I were you, I'd scratch Surrey Central off your list. A buddy of mine bought a place there a couple years ago and absolutely hates the neighbourhood. It's got a lot of crime, so him and his wife are afraid to walk the streets after dark, and his property value has actually dropped for his 2 bedroom condo because they are building far more than what there is demand for. Perhaps it'll be a great place to live in 20 years, but I think it's a risky investment.

[nds88]

Originally Posted by Tetsuo

Going to hijack Dleung's thread.

As someone looking to be a first time buyer in 2ish years (2016-2017)
Which areas would you guys recommend for a cheap 1bd/1bd+den/2bd ~

I'm looking for places somewhat on the upswing, aka potential for appreciation

Two on my list so far are: Surrey Central + Chinatown

The problem with the Chinatown area is the amount of development still needed (ie this will be a long term bet) and the uncertainty of what type of housing will be allowed. I prefer my area to be entirely market rate.

The Chinatown area will likely have lots of social housing and welfare housing that will be required by the city.

Brentwood is an up and coming area, however, lots of supply will be coming to market. The Cambie corridor has some boutique units coming to market, although not cheap. The Olympic Village area is going under astounding development, although I wouldn't consider it "cheap". Two friends just sold their units for a 33% gain.

[Alex Mackinnon]

Originally Posted by nds88

The problem with the Chinatown area is the amount of development still needed (ie this will be a long term bet) and the uncertainty of what type of housing will be allowed. I prefer my area to be entirely market rate.

The Chinatown area will likely have lots of social housing and welfare housing that will be required by the city.

Except that it's already an essentially complete neighbourhood and lovely place to live...

So betting long term that Chinatown/Strathcona will change is basically betting that the people who are moving and living there will change the very things that brought them to a neighbourhood.

[Homeowner]

Originally Posted by LowerLonsdaleMike

If I were you, I'd scratch Surrey Central off your list. A buddy of mine bought a place there a couple years ago and absolutely hates the neighbourhood.

For investment purposes, avoid Surrey. In the news today that Fraser Valley condos have gone done in price the last 5-7 years while closer to the Downtown Vancouver has gone up.

[Sheba]

Originally Posted by Tetsuo

Going to hijack Dleung's thread.

As someone looking to be a first time buyer in 2ish years (2016-2017)
Which areas would you guys recommend for a cheap 1bd/1bd+den/2bd ~

I'm looking for places somewhat on the upswing, aka potential for appreciation

Two on my list so far are: Surrey Central + Chinatown

I don't know about prices, but the four town centers in Burnaby are on the upswing. Brentwood and Metrotown are in mega building mode now, while Lougheed should be starting up again in the next couple years and Edmonds will start up again (Southgate and Kings Crossing). New West along the waterfront also has potential.

[dleung]

^^No guarantee that Brentwood wouldn't remain an auto-centric mini-Mississauga beyond the revamped mall. Too much brownfield left to redevelop, hence units there will rapidly lose their cachet. I rather buy in an established but down-and-out area that is "revitalizing"

[red-paladin]

'rapidly lose their cachet.' Have condos anywhere in the lower mainland lost cachet or lost value?

Also, I'm 95% sure the giant car lot and gas station property across from Brentwood and Solo is also going to have a massive redevelopment.

[whatnext]

Brentwood seems the perfect illustration of Gertrude Stein's maxim: "There's no there there". Is a skytrain station enough to make an area desirable? It can't be the second rate mall.

I'd choose Cambie for the closeness to downtown and Queen Elizabeth Park, plus a retail village. Heck I'd even choose Marpole before Brentwood for the proximity to Westside ameneities, airport etc.

[LowerLonsdaleMike]

Originally Posted by whatnext

Brentwood seems the perfect illustration of Gertrude Stein's maxim: "There's no there there". Is a skytrain station enough to make an area desirable? It can't be the second rate mall.

I'd choose Cambie for the closeness to downtown and Queen Elizabeth Park, plus a retail village. Heck I'd even choose Marpole before Brentwood for the proximity to Westside ameneities, airport etc.

I used to live a block from Brentwood Mall and have to admit it grew on me. It's proximity to the skytrain makes for a quick commute downtown. It's also right next to Highway 1, so whenever I wanted to head to North Van to Grouse Grind it was a quick drive over. I can completely understand why there's such a building boom there.

[Vin]

Originally Posted by Homeowner

For investment purposes, avoid Surrey. In the news today that Fraser Valley condos have gone done in price the last 5-7 years while closer to the Downtown Vancouver has gone up.

But I thought investment rational is that you buy something when prices have gone down and avoid those that are climbing? Surrey has been rock bottom for a while now, and with new amenities added to Surrey Central, is definitely worth taking a look.

[Pinion]

^I wonder if I'll ever agree with one of your opinions.

Originally Posted by whatnext

Brentwood seems the perfect illustration of Gertrude Stein's maxim: "There's no there there". Is a skytrain station enough to make an area desirable? It can't be the second rate mall.

You can say that about most suburbs. Having skytrain and a central location gives it two more things than usual.