North Shore (North Vancouver / West Vancouver) Real Estate

Do you want your home to have a higher value?

2008-01-27T20:17:00.000-08:00

Maybe one should not give an opinion. There is always someone (or a number of someones) who think that you are a secret agent of the "taxman" (first cousin of the "Antichrist"). Rightly or wrongly (and for some - sadly) their homes have gained value in the eyes of those others who would wish to own homes such as these that we own. Instead of saying, "gosh, am I (we) not fortunate to have had the foresight (or "accidental ability") to have acquired this home BEFORE the growth spurt" some complain that the Province has "tumbled" to their inadvertent scheme to increase their overall wealth and has the temerity to suggest that they should pay a slightly higher level of property taxes. Property taxes that pay for the hospitals, the schools, the roads, the parks, the policing, the garbage and recycling collection (which we wholeheartedly endorse).

I have a sneaky suggestion for those who are being taken advantage in such a blatant way. Cease being a home owner in this municipality and let some other sucker take over this ridiculous and clearly unfair burden. That'll teach them and simultaneously relieve us of the burden.

Is the budget that the municipality has proposed on the part of the homeowner and resident of the municipality so ridiculous? Are there cheaper providers of the garbage services, the road builders, the street light erectors, the street curb makers etc, etc that these naive municipal employers and elected officials are purposefully ignoring? All that is being done is that a relative ranking order of attributed value of real estate is being proposed so that Fred who has a home valued at $768,200 is paying $8.35 per annum more that Jill whose home is valued at $767,050
....and, if you really think they have "got it wrong" you have (at the time of writing) approximately 4 days 14 hours and 27 minutes to appeal that injustice !

End Of August - which August - this last August!

2007-08-31T21:06:00.000-07:00

Wow! - time flies. Our lives are so busy! Some hundreds of years ago someone wrote the following lines "The world is too much with us; late and soon, Getting and spending, we lay waste our powers; Little we see in Nature that is ours; We have given our hearts away, a sordid boon" - that person was the British poet William Wordsworth and I guess things must have changed muchly!! It is this "getting and spending" - clearly not a new concept; that strikes a chord with me. We're buying, selling, moving homes, drawing down loans, paying off debt. Acquiring new assets, changing cars, clothes, opinions. Significant maybe, that he says later in the same sonnet "For this, for everything, we are out of tune". Don't quite know what prompted this outburst - maybe I'd just be happy if there were 14% less cars on the road each time I try to cross over the bridge into Vancouver. There, a Realtor's musings! Alan.

Want A Rec Property? Buy or Rent as Needed?

2007-07-27T12:54:00.000-07:00

My wife and I have just returned from a short break up in the Sunny (with occasional rainy patches!) Okanagan. Still got to play a couple of rounds of golf - so stop complaining! While there we popped into a couple of open houses - display centres (yes I do this occasionally on holiday!) just to get a feeling for what a vacation condo - either apartment or townhouse/duplex would cost. Two issues everyone faces here - 1) is there a unit in one's price and expectation range that would work and then 2) most importantly - does it make sense to lay out the necessary cash (from resources or by financing - or a combination) to own this item. What are the real issues here? Unless you have lots of cash sitting in your various bank accounts, and you won't miss a mere $400/500K and the monthly commitment to Strata fees and the annual tax payment; the main consideration is, how much will we, our family and friends get to use this? I believe that this is the single most hazy factor in the decision and that most folk will admit, in hindsight, that they overestimated this. The second part of this question is "Will we want to spend almost all our future holidays here, or will we get bored and want more variety?" To mitigate against the underuse, there is the possibility of renting to friends/ acquaintances and even total strangers. Will that income be sufficient to offset your costs or, as the economists will say "opportunity costs". The third factor is clearly, How much appreciation will this asset have in the next few years, the next 8 years or the next 20 years? Are they still building lots of these type of units? Will they still be popular in the future (i.e. will there be a demand)? The alternative is to pay the $200/night or $400/night needed to rent as needed. This brings with it the flexibility of going somewhere else next time!!

BTW we did see one that took our fancy but when we weighed it up we felt that we would'nt get enough personal use (we obviously work too hard!!) and/or it would not carry itself from the rental proceeds (option to place in "rental pool"). So, we'll carry on thinking - like so many folk - "would'nt it be nice to have.......?"

A NEW THING!

2007-06-02T12:51:00.000-07:00

I guess they say that you should try something new every now and then (especially as you creep into the second half of your own century!) - so here goes. I've never blogged about my listings, BUT I'm going to do it with this one. It's something a little more unique. It is a duplex located in Lower Lonsdale and what makes it more special is that there are very, very few of these listed for sale at any one time. Like some, it is an "up and down" type. This simply means that it is not the "side by side" variety but has two separate entrances to two legally separate units - #467 and #469 to be precise! The address is 467 East 1st Street - four blocks to the left of Lonsdale assuming that you're heading south down Lonsdale Ave towards the water. The asking price is $784,000 and my phone has been ringing solidly since it hit the MLS on Thursday AM. The first showing is on Open House from 2 - 4pm on Sunday June 3rd. See you there - Oh, and by the way take a look at the OBEO tour on my website www.OnTopOfTheMarket.ca - featured listings. See you there digitally and hopefully in person on Sunday!! Otherwise call me for a showing. Cheers, A

The Question Sellers Ask Most

2007-04-03T23:41:00.000-07:00

What a busy week! Who said North Vancouver and West Vancouver were quiet? Two evaluations in the past 3 days and one inspection and a subject removal...and all that after running 13 miles with the North Shore Athletic "Run Club" on Sunday. Roll on the Vancouver Sun Run and then The Vancouver Half Marathon in early May.
So... the question. When we are contemplating sale of our home (a big decision); after we have crossed the "should we sell" bridge comes the last hurdle (and the question), possibly designed to put the brakes on any rash and impetuous move is the conundrum of "Is this a good time to sell?" and more generally the big one - "When is the best time to sell?" Now, I know that my past clients and those who know me know what I'm going to say. Here it is and I'm sorry if it sounds facetious but it is the best advice I can give and part of that maximizing of return that we seek. The best time to sell (no, not a specific month when the crocusses appear or the sun lights up all the corners of our garden) is when there are lots of buyers (high demand) and less competing homes on the market (limited supply). Ah, yes you say, obviously, but how will I know that? Ask a knowledgeable and experienced Realtor - the demand at any one time can be sensed and deduced from current activity (recent sales/attendance at open houses/busy mortgage brokers/busy inspectors etc) and the supply is a matter of fact - how many detached/townhomes/apartments are currently for sale vs. last month/last year? If you're wanting advice in a location other than the North Shore, I'll be happy to refer you to a reliable/experienced Realtor. Call me.

Compromising in North Vancouver and West Vancouver!

2007-03-26T18:25:00.000-07:00

I often said that the one thing that we as human beings did well was to rationalize our ultimate wishes and settle for that "something a little cheaper/pricier", "less of a view", "not as big a yard", "smaller" etc. This ability to compromise is paramount 'cos we would never be satisfied if we didn't (unless your name is Gates, Bronfman or Rockerfeller!). Why this has come to mind at this moment is an interesting comment I've just read about densification and the proposal that the dream of each one owning a 3 bedroom/ 2 bathroom house on a stand alone piece of land in Greater Vancouver may well be the latest dream to be "compromised" - or has that been happening for some time and we haven't been ready to admit it? What do you think?

Successful, I'll Say! North Vancouver home in demand.

2007-03-15T08:13:00.000-07:00

I said I'd give a follow up once the Central Lonsdale home was sold. Well, it is. As of 6:45pm last evening. Three offers were presented. One Surrey based Realtor and two local North Shore practitioners. And the final verdict on this 29 year old home? A mere $785,000! Almost $70k above asking.The new family moves in by mid year. This is not a stand alone "multiple" offer situation as I am aware of some 4 or 5 since last weekend. North Vancouver and West Vancouver are seeing a strong surge of demand and homes that have been on the market for 4 plus weeks are now being spoken for. 8/9% over asking and, what, 10/15% over its likely value this time last year?? Who knows that one for sure? ...but North Shore Real Estate is clearly a prized commodity!!

FIRST OPEN HOUSE !! - NORTH VANCOUVER HOME

2007-03-13T14:34:00.000-07:00

I don't often get the urge to just sit down and write freeform. ..but here goes. The market is showing a strong demand surge! I spent this morning 10 to 12:30 at a home I've just listed in Central Lonsdale. During that time some 40 - 45 Realtors came through (and some 12/15 members of the public - on their own or sent by their Realtor). The place was a zoo. One Realtor brough clients and a building inspector. Others brought clients and the upshot is 2 declared offers and likely another 2 by the time the sellers are able to sit down and look at them tomorrow evening. The house is a "Vancouver Special" about 29 yrs old with 3 bedroom accommodation up and a full 3 bedroom suite down. The asking price is $718,000 - see it at -www.OnTopOfTheMarket.ca - click on "featured listings". This is just another example of a good number of "multiple interest" situations I've been privy to lately - beginning of another surge? Follow my "Monthly Updates" and I'll comment further with statistical results soon. I'll also let you know what happens here. Keep tuned!

Financing your North Vancouver/West Vancouver home/investment.

2007-03-06T13:52:00.000-08:00

This just out!! "Bank of Canada Maintains Key Interest Rate

The Bank of Canada's strategy of keeping short-term interest rates steady continued with its announcement today that it would leave its key policy rate unchanged. This is the Bank's sixth consecutive decision since May 2006 to leave this rate constant.

In its announcement the Bank commented that it deems the risks to its previous inflation projections to be roughly balanced, with the main downside risk continuing to be 'that growth in the U.S. economy could be lower than expected,' and the main upside risk continuing to be 'that household spending in Canada could be stronger than expected, largely because of borrowing against increased home equity.'

This decision means that the prime lending rate offered by most lending institutions in Canada will stay put, as will rates on variable mortgages. The Bank’s decision today does not affect the rates for new fixed mortgages, the pricing of which is determined by trading in the Canadian bond markets."

That's the formal part!! What does it mean to us? Simply put, it indicates that rates are likely to stay flat (or possibly drop a little) in the next months - many are saying that we'll unlikely see mortgage rates rising this year or into next. These 5 - 51/2% figures with some "assurance" of stability is almost as low as we've been in the past 10/20 years. I'm gonna add some "selected" snippets from the "late January" - Ipsos Reid Survey: [all " "'s are direct quotes ]

"Canadians don't expect mortgage rates to rise, but do expect housing prices to go up, says survey, with Canadians voicing 'buy now rather than later' preference."

"over half (57%) of Canadians believe mortgage rates will drop or stay the same, compared to 31% last year"

"49% of Canadians are less apprehensive about interest rate increases, compared to 44% in 2006"

"a picture emerges of confident Canadians weighing their homebuying options in a very positive light"

"the vast majority (90%) think purchasing a home is a good investment, according to the poll"

"an overwhelming majority of Canadians believe purchasing a home is a good investment. In fact, the average Canadian estimates their home has increased by 22% in the last 2 years, and the 'buy now' message is coming through loud and clear across all age groups - from 25 through to 55 plus"

"0ver half (58%) of all Canadians are saying buy now, don't wait for next year"

"Forty-four per cent (up from 37% in 2006) are looking at buying within the next 12 to 18 months"

"Of Canadians planning to buy a home in the next two years, more are likely to buy a resale home (77%) than a newly-built home (23%). This compares to 74% who favoured resale in 2006, and 26% who preferred a newly-built home"

I enjoy this type of "poll" info - unlike the "who will you vote for type poll" the responders generally give their "honest" opinions!

I think that this collective Canada "opinion" is likely damped down compared to the BC (and North Van/West Van) opinion specifically. Believe me "demand is strong"!

For full tabular results, the Ipsos Reid website is www.ipsos.ca

Contemplating Selling in North Vancouver or West Vancouver?

2007-03-04T21:10:00.000-08:00

Sellers’ Tip: Irrespective of your residing in a sub-area with a surplus of unsold inventory or one with lower than usual supply, the trick to a successful sale in 2007 remains the same. Price your home right for the market. Correctly prepare it for sale and make certain that the listing receives superior market exposure. Overpricing will unlikely earn you brownie points in the current market. Buyers have been swamped by negative press on the housing market; they are cautious and won't pay a penny over what they perceive is market value.
Sellers often wonder whether it's worth it to spend money fixing a home up for sale. Not only is it worth it, but it can be critical to selling at the highest price possible, particularly in sub-areas where the inventory is high. If your home has a dated décor it makes sense to invest in replacing items such as outmoded light fixtures, floor coverings and paint colours. Correct "deferred maintenance", or discount your price accordingly.
Imagine that you're the buyer and have a choice between a home that you can move into without lifting a finger and one that needs a complete overhaul. Most buyers won't even consider the house that needs a facelift and if they do, only at a significant discount.

Ready for a North or West Vancouver Condominium?

2007-03-01T20:29:00.000-08:00

Lately, I have been chatting to a number of folk who have sold or are ready to sell the family house and move to the next step - apartment or townhouse. Never lived in a strata? What do you need to know? Here are a few things to think about. No specific order - here goes. How old is the complex? Not always the younger the better! - condition i.e. maintenance is paramount. If I live in one what is my responsibility and what do the "management folk" look after? How much does that cost per month? What is included in this monthly fee? Heat/hot water/ electricity/property tax/cable T.V.? Is the "manager" competent/do we manage it ourselves? Who gives instructions to the manager? Do I get involved? What big expenses are due for the complex? Roofs/re-siding/painting/refencing/ new boilers/elevators and on and on! Is the monthly fee enough? Has a good reserve fund been built up? Will I find that half my neighbours are tenants? What if the neighbour has noisy dogs/children? These are just a few of the considerations - brainstorming would double or quadruple the list. ...and what of the "soft" questions, like - am I ready to live in a "communal" environment? Can I get on with/see eye to eye with 68 new "partners? Whew - quite a lot to consider! Speak to an experienced Realtor; preferably one who has lived in strata as well as a detached home and one who regularly deals with the tricky issues regarding buying and selling this type of home. Call/e-mail me, I'd be happy to help. 604-988-7368 or alanskinner@shaw.ca

Real Estate supply low on North Shore...and

2007-02-27T09:25:00.000-08:00

Those who follow my commentary will know that I concentrate on supply and demand in an almost (?) obsessive way. Not only are there too few listings in North Vancouver and West Vancouver, a number of these listings are priced in a rather optimistic way (read, far too high). Thus, if we have (say) 20% less homes in a certain category (e.g. townhomes, North Vancouver) and if 25% of these are "optimistically" priced, it may mean that the effective (realistic) inventory is in fact closer to (say) 40% less than last year. Couple this with the evident demand - ready willing and able buyers, working with Realtors, visiting opens and MLS websites - and we have the possible makings of a gentle upward pressure on prices again. Within the week I'll have access to the full February sales/price/inventory results and I'll comment further in my Monthly Update. Visit my site www.OnTopOfTheMarket.ca and sign up for the Monthly Update and you'll get it by e-mail automatically once it's been written.

Vancouver Real Estate MLS Rollout

2007-02-26T16:55:00.000-08:00

Something exciting that I have recently added to my website. The ability for anyone to access all of the listings in Greater Vancouver (and especially North and West Vancouver - my back yard!)
Firstly, what does MLS stand for? Most have had some exposure to this term. Simply put, it is the Multiple Listing System and is the acronym for almost all Real Estate Boards' full (and up to date) list of current property listings. What you do is visit www.OnTopOfTheMarket.ca and click on the innocuous, tiny "MLS" button on the "toolbar" at the top. This takes you to any easy to use "search engine" which you follow step by step, inserting those parameters which govern your home hunting needs - e.g. Greater Vancouver, West Vancouver, Dundarave, Townhome, $450,000 to $750,000, 3 bedrooms, 2 bathrooms etc. Push the search button and voila, all the current listings matching these parameters. You now get a general description, a specific price, usually one (or more) photographs [unless a brand new listing where pics are yet to be added] and some details - bedrooms/bathrooms etc. The most important factor is the MLS # [ for Greater Vancouver it is a seven (letter/number) code e.g. v650145]. Now this is the real value of this system!! In the left panel there is a "Contact" field - click on this and enter that MLS code, with any other comments and you will be sent (by return e-mail) the full details of that specific property including specifics like actual measurements of each room, strata information (if applicable) and much more. This service is totally free of charge and will enable you to 1) eliminate the properties you are unlikely to be attracted to and 2)prioritize those you'd like to actually spend time visiting. Have fun and I await your further enquiries. Call me at 604-988-7368 with any Q's.

North Shore Real Estate Greening and Sustainability

2007-02-25T21:58:00.001-08:00

Sustainability issues that jump to mind are, firstly, can the market sustain its “value” levels, however, far more importantly, can we sustain our quality of life (or improve it?).

An issue that I, as a Realtor, have for years been concerned about is the amount of paper we consume (let’s not get into the gasoline!). The main abuse is clearly the countless flyers, notepads, “I have just sold…” and the like, primarily intended to market the practitioner and keep their name front and centre. Assuming that 1 in 20 of these pieces gets at least a cursory glance (and ALL end up in the garbage – or at best recycling), this is of questionable socially responsibility. I stopped mailing out my “update” about 4 years ago and confined its distribution to a) an e-mail “opt-in” list – now over 600; b) the North Shore News; c) my own website and d) Ozzie Jurock’s website.

I am more than pleased with the level of readership and the questions, comments and contact I receive as a result of this non-intrusive marketing. 2006 was my best year yet. Happy to say I featured in the Re/Max Crest’s top 18 awards –and am one of only 8 individual Realtors in that group vs. the other 10 who are heads of “teams” with up to 7 assistants.

This year I pledge to continue my personalized service and further reduce my business ecological “footprint”. A new initiative is the “radio” (podcast) library which I am creating. All “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments – visit my website for a “test drive”! Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail or call me.

“With 2007 listings emerging tentatively, it’s most likely that January ‘07 will be a low volume month!” – quote from Jan/07 Update. How did we do? Bear in mind that we’re comparing one month last year to one this year – average figures become more meaningful as a “year to date” comparison with “more” months emerges.