I often get this question from Vancouver condo buyers. They are concerned about the possible special assessments and building repairs that are required for older buildings. Some buyers will select newer buildings and settle for less space, so as to have the 2/5/10 year BC Home Warranty.
I just did an analysis of Kits condo buildings for a current buyer client and compared the sales of condos between $300,000 and $400,000 from January to July 2009 and the same for 2010. Here’s what I found.
In 2009 sales in buildings from 0-5 years old averaged $551 psf. Buildings from 5-10 years old averaged $537psf and buildings over 10 years averaged $520psf.
In 2010 sales in buildings from 0-5 years old averaged $683psf. Buildings from 5-10 years old averaged $602psf and buildings over 10 years averaged $563psf.
Condo buildings under 5 years appreciated $132psf in that time period, whilst buildings 5-10 years old appreciated $65psf and the buildings over 10 years appreciated $43psf. These figures are an average and don’t take into consideration any specifices , such as location, amenities, etc.
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I think buyers are wise to try to stick the newer condo units. I have seen many condo owners caught in a difficult situation by high assessments for major repairs.
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