2300 Kingsway East Vancouver

Just visited the new project at 2300 Kingsway. For you that remember, not too long ago the site was a home of the Eldorado Hotel and Bar. Great swinging place. A little on a border line as to the type of customers that used to frequent the bar, but a good place for some fun.

Well now, Wall Financial has kicked of through Bob Rennie Marketing a two building project with a high rise at the corner of nanuimo and Kingsway and the smaller building along the Kingsway. The project has a nice functional design, it is right on a bus line and only a few blocks to the Nanaimo SkyTrain station. Functional floor plans are complimented with nice finishes, gas cook top ranges, stainless steel appliances etc.

The interesting fact is that most of the suites are small in size, and most will be bought by investors and rented out or bought by first time buyers who will eventually outgrow them and move on.

There is a good number of suites available for around and under $200,000. These are junior studio+flex space at around 450 s.f. Parking included with most.
According to current rentals you could rent one of these for $1000.

Roughly calculated, if you put a down payment of $60,000 (30%) and assuming the rates go up and by the time the project is finished in couple of years, you have to pay an extra point and get a 5 year mortgage at $5.39%, your payments would be around $845 p.m. Ad to that the strata fee and taxes, estimated at $150 t0 $160 per month, your rental should cover your expenses.

After 5 years you will have paid down your mortgage by some $15,000. With an original investment of $60,000 you have received a 25% return. Not bad!  All you need is to have the market price increase by 12% or better to cover your purchase taxes-HST. Possible? In 5 years? I think so.

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net

 Courtesy of;Tony Gioventu is executive director of the Condominium Home Owners' Association. Send questions to him at tony@choa.bc.ca. The association's website is www.choa.bc.ca.
Vancouver Province April 19th,2009

CONDO SMARTS

Dear Condo Smarts: In the heavy rains recently, we discovered our living room almost flooded, which appears to be the result of an open window.

We were quite confused as to how this could happen because our building has very large overhangs. We contacted the council and were told, "It's in your suite; it's not our problem."

That i n c l u d e s our damaged hardwood floors the developer installed and several pieces of our furniture. Not including the drywall damage, the cost is easily going to exceed $10,000. Shouldn't our insurance pay for this?

On top of it all, we noticed the gutter above our unit has all but collapsed, which is the likely the culprit and the source of the flood.

Our building is only three years old and we're told by our manager that this should also be a warranty claim. Between the warranty and our insurance, who pays for what damages?

Dear SF: The warranty on the building envelope covers the general building exterior systems for five years.

To determine if it is a warranty claim, the cause of the gutter failure needs to be established.

Your strata must also have the building system inspected to confirm there is no other damage or failures.

If any are discovered, contact your warranty provider and builder to set up a repair schedule.

The damage t o t h e common assets of the b u i l d i n g from an insured peril and the damage to your personal property are different than a warranty claim to the building.

The original hardwood floors, if they were installed by the developer, are part of the common assets of the strata corporation and, yes, they fall under your strata insurance policy.

Your building has never filed an insurance claim so your deductible is well below the cost of the damage that would include the floors, drywall and other common assets.

Your personal property, such as furniture or antiques, are items that are insured separately by each owner. If, however, the strata corporation was aware of the failure of the gutters, and chose not to effect any repairs, there may be sufficient reason for you to claim your personal damages against the strata corporation as well.

With proper homeowner insurance and the coverage of the strata policy, your costs should be minimal.

No matter what, get your strata council to fix these gutters immediately, before more damage occurs or your warranty is placed in jeopardy.

 For more Condo Smart tips check this

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-506-8481 or email me at jeff@jeffreystark.net