Archive for February, 2008
Coal Harbour’s West Pender Place
February 29th, 2008 Categories: Coal Harbour, New Developments, Vancouver Real Estate
Coal Harbour’s West Pender Place will be one of the last new projects in Vancouver’s luxury waterfront neighbourhood Coal Harbour because there are no sites left.
West Pender Place is situated on Pender and Broughton. Project architect is Jim Hancock, who has designed many high end Vancouver condos. Jim says “we wanted to create a totem for Coal Harbour, a highly original building, structurally and stylistically, the crisp pleat in the tower glass creates an every changing silhouette.” Nearly every interior space is different. LEED guidelines have been followed in order to maximize efficiency.
Interior design by Alda Periera whom i think does fabulous work.
These panoramic view residences start at $1.5 million.
Its amenities will be a roof terrace, meeting room, gym, indoor pool and lounge
The interiors are fabulous. Kitchens by Dada of Italy. Oak hardwood throughout, air conditioned, entertainment sized balconies, 8 foot sliding closet doors featuring brushed metal and back painted glass panels.
1409 West Pender will have a tower 34 storeys to the west and a 15 storeys tot he east with 5 storeys in the middle.
Reliance Holdings is the Developer.
The project is sold out.
| Discussion: No Comments »
Discovering Vancouver
February 29th, 2008 Categories: Kitsilano
Where in Vancouver am I?
The Epicurean Cafe on the corner of York and Cypress. Coffee, lunch, dinner, desserts…all fabulous.
Do you eat here? How would you rate it?
| Discussion: No Comments »
Where In Vancouver Am I?
February 28th, 2008 Categories: Kitsilano
The Epicurean Cafe on the corner of York and Cypress.
Excellent Italian food, coffee and desserts.
| Discussion: No Comments »
What Does This Mean for Vancouver Pre-sales?
February 28th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Rising construction costs are affecting Developer’s ability to complete pre-sale condo buildings.
A few days ago it was Mount Pleasant’s Sophia, now it’s Chandler Developments (fortunately no relation to me!) H&H and their Garden City Richmond project have gone into receivership. So reports the CBC. Both projects were schedule for completion end of June.
The company was running into cost overruns, they were running out of cash and I think the lenders wanted to complete the project,” said Bowra Group President David Bowra.
“But they weren’t convinced it could be completed without the assistance of a third party. So they decided to apply for a receiver to be appointed.”
The receiver has discovered that 23 condos in the Chandler Development Group projects were allegedly sold to insiders at prices well below market value, Bowra said. So they may get to keep their condos, but will likely have to pay today’s prices. How many developers do you think do this?
Apparently there is enough money to finish the job, so the other buyers will get their condos without paying more.
The company was running into cost overruns, they were running out of cash and I think the lenders wanted to complete the project,” said Bowra Group President David Bowra.
“But they weren’t convinced it could be completed without the assistance of a third party. So they decided to apply for a receiver to be appointed.”
The receiver has discovered that 23 condos in the Chandler Development Group projects were allegedly sold to insiders at prices well below market value, Bowra said.
They may get to keep their condos, but will likely have to pay today’s prices, he said.
The Financial Institutions Commission of B.C. published an article on pre-sales in August 2007. Read it here http://www.yattersmatters.com
What do you think causes this problem? How do you think it can be solved? Does this effect your purchase of a pre-sale? Or an assignment?
| Discussion: No Comments »
Buying in the U.S.? 3 Things You Should Consider Now
February 28th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Tom Wright is a Business Development Consultant for HIFX in San Francisco and offers excellent exchange rates. He sent me this article for Canadians thinking of buying in the U.S.
PROCRASTINATORS BEWARE
Actually, now could be a great time looking to buy and here’s why. Your payments may actually be less today, even if prices fall further in the future.
Assuming a Canadian buyer who’s looking to buy a Condo in Florida priced at $350,000 in USD today and decided to wait for another 6 months because he heard analysts saying that the US real estate market will likely touch bottom towards the end of 2008.
Now let’s look at the monthly payment if we get some possible moves, including further price drops:
So even though real estate prices may have dropped an additional 10% from today’s levels, the individual Canadian buyer would be required to make monthly payments that are roughly 5% higher than is the case today. Companies, like HiFX, Inc. can assist buyers “lock-in” today’s attractive foreign exchange rates.
Considering buying abroad? Does this change your mind regarding timing?
| Discussion: No Comments »
What is Geothermal Heating?
February 27th, 2008 Categories: Green Condos, Vancouver Real Estate
Buying a new condo? Geothermal heating will save you money.
Geothermal heating uses renewable energy and emits no greenhouse gases. It creates 75% less emissions than electric heating.
Solar energy is absorbed at the earth’s surface, from there it can warm the air. It is also transported downwards into the earth by conduction and washed downwards by rainfall. As you dig deeper into the earth the temperature becomes more and more stable until it approaches the temperature of well water…about 10 degrees C year round. This is called a geothermal reservoir. We then pump the heat by using a refrigeration unit to extract heat from the reservoir and supply it to the house or hot water. This is called a geothermal heat pump system.
This is the choice of Vancouver condo developers at present. I think the Shangri-la was the first pre-sale I remember offering geothermal heating.
Know of any other geothermal buildings? - Cielo, Donovan, Mantra, Lumen
| Discussion: 2 Comments »
Which is the Greenest city in Canada?
February 27th, 2008 Categories: Vancouver Real Estate
Vancouver ranks top as Canada’s greenest city.
But we are only 24th greenest city in the world. Who’s #1?
Canada is the 11th greenest city in the world. Who’s #1? Who’s at the bottom?
Each Canadian emits 5 1/2 tonnes of greenhouse gases per year
In 1970 B.C. implemented the first mandatory deposit system for beverage containers.
Have a Green fact you’d like to share?
| Discussion: No Comments »
What Everyone Ought to Know About West Pender Place, Coal Harbour Vancouver
February 26th, 2008 Categories: Coal Harbour, Vancouver Real Estate
It will be one of the last new projects in Vancouver’s luxury waterfront neighbourhood Coal Harbour because there are no sites left.
West Pender Place is situated on Pender and Broughton. Project architect is Jim Hancock, who has designed many high end Vancouver condos. Jim says “we wanted to create a totem for Coal Harbour, a highly original building, structurally and stylistically, the crisp pleat in the tower glass creates an every changing silhouette.” Nearly every interior space is different. LEED guidelines have been followed in order to maximize efficiency.
Interior design by Alda Periera whom i think does fabulous work.
These panoramic view residences start at $1.5 million.
Its amenities will be a roof terrace, meeting room, gym, indoor pool and lounge
The interiors are fabulous. Kitchens by Dada of Italy. Oak hardwood throughout, air conditioned, entertainment sized balconies, 8 foot sliding closet doors featuring brushed metal and back painted glass panels.
1409 West Pender will have a tower 34 storeys to the west and a 15 storeys tot he east with 5 storeys in the middle.
Reliance Holdings is the Developer. www.westpenderplace.com
The project is sold out.
| Discussion: 1 Comment »
Nine Secrets of Vancouver Property Taxes
February 25th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
It’s tax time again and because the property prices have risen, our property taxes also rise. No doubt you have a few questions about your property taxes, so I will answer some of the main ones I get asked by clients.
1. How do municipalities set property taxes? Taxes are set by the municipality according to tax rates. These rates vary among property classifications - residential, business, farm, recreation, utility and managed forest land - and are typically calculated by dividing the annual budget needs of the municipality by the assessment base or the total value of properties in each municipality. The market value of each property is determined annually by BC Assessment, as of July l. The BC Government sets the school tax rates.
2. Why have my taxes increased when I haven’t improved my property? Property values have increased throughout the Greater Vancouver Area. Assessment notices sent to home owners in January reflect this increase. When properties sell for more than the assessed value, this can raise market value since assessors look at comparable sales when valuing a property. As well, another taxing authority such as the school district or transportation authority may have raised rates.
3. All the homes on my street are identical, shy are my taxes more than my neighbours? Ease assessment is unique to a specific property. Renovations such as remodeling basements or attics, adding a jacuzzi tub to the master bathroom or major landscaping project will increase the assessment.
4. Like many baby boomers, I own a second home, how are they assessed? A secondary residence is assessed the same way as a primary residence. The key difference is the Homeowner Grant is only available on your primary residence, not on a secondary residence.
5. If I buy a new home and there are taxes owing, who is responsible? You are!! You are liable for all outstanding taxes when you buy a property, unless otherwise written in the contract. If the previous owner paid the taxes or if you have claimed a Home Owner Grant on another property, you cannot claim the HO-Grant for the property in the year you buy it.
6. I didn’t receive my tax notice. What do I do? Immediately contact the tax office in your municipality. It’s your responsibility to ensure that your municipality has the correct mailing address. you are responsible to pay your taxes, whether or not you receive a tax notice.
7. I’m selling my home, should I claim the HO-Grant? If you haven’t sold your home and you live on the property, you may claim the grant. If you have already sold and new owners live on the property, then the new owners should claim the grant.
8. I want to appeal my taxes, what do I do? Property taxes cannot be appealed. Only property assessments, on which taxes are based, can be appealed. Therefore, it is important to review your assessment notice when you receive it from BC Assessment and report any concerns to them by January 31st.
9. I forgot to claim my Home Owner Grant in previous years and I paid the full amount of taxes. You can claim back your grant only for the prior year. Forms are available at City Hall. You will have to provide proof of residency.
Have a property tax question that’s not covered in my articles? Send it to me and I will try to answer it for you.
Have a property tax situation that you’d like to share with us?
| Discussion: 1 Comment »
What Everyone ought to know aboutCoal Harbour Coffee Shops
February 25th, 2008 Categories: Coal Harbour, Vancouver Real Estate
It has great coffee shops!
Here’s some i’ve found:
Blue Edge Cafe/Take 5 Nicola/Lift/BoJangles Coal Harbour/Casadolce/Coal Harbour Coffee Company/Urban Fare and Starbucks (of course!)
Have i left any out? what’s your favourite? and why?
If you own a coal harbour coffe shop, send us a blurb on your business and we’ll post it.
| Discussion: No Comments »
