Vancouver Condo Selling Tips 7 – What Not To Do!

In How to Sell a Condo 6, we discussed home staging as a very effective way to get a property to look its best so it will sell for the most money in the shortest amount of time.

Today we are going to discuss what to avoid when preparing a condo for sale in Vancouver.

What NOT to Do When Selling a Condo in Vancouver!

In episode 5, we discussed the basics of what to do to get a condo ready for sale in Vancouver to make the condo attractive to the broadest possible audience.

There are also some things you want to avoid when preparing a condo for market in Vancouver and here are some of the most common examples:

• Major Renovations for Profit – There is a common myth in Vancouver that a major renovation on a condo will automatically result in a profit on the money spent on the reno. This is not always the case. If a property is dated, in bad condition, or has other issues, a major reno by qualified professionals could make sense. BUT, If you’re thinking of this option CONSULT with your REALTOR!
  
• Using Strong Smelling Air “Fresheners” – First impressions matter when selling a condo. Many prospective buyers may be turned off by the strong smell of air fresheners in a home. Also, many Buyers may question why a strong air freshener is being used. Is it masking a mouldy smell? Has the condo been smoked in? Is there some other issue or problem with the condo that normally would be noticeable if the air freshener was not used?
• Smoking Inside the Home – Most people in this day and age do not smoke and if they do, they smoke outside. Smoking in a condo creates a smell that is a major turn off for most of the prospective buyers of your condo, because most don’t smoke. Long term smoking inside the home also discolours and damages interior surfaces that will have to be fixed which costs money that a Buyer will not want to spend.
• Not Tidying – Many Buyers are turned off by mess (which kills the buying impulse) and a messy condo is going to look far smaller than a tidy condo. If they percieve the condo to be smaller than it is because its messy, they won’t want to pay top dollar.
• Not Cleaning – A property that is not clean will be an instant turn off for most Buyers. When selling a condo it is imperative to keep the property as clean as possible. Hiring a professional cleaner can be a great way to get the property to the standard it needs to be at for a sale ( I have some great cleaners if you need referrals).
• Allowing Clutter – Space is at a premium in most condos. A cluttered condo will feel waaay smaller than a de-cluttered property. If a condo is perceived as being small, it will be perceived as being worth less than a comparable property that is not cluttered.
• Over-Personalizing – Pictures of yourself and your family all over the condo do not help a prospective buyer imagine themselves living in the home. Exciting paint colours that you may love may put people off. Keep it neutral to appeal to the broadest possible audience!
• Displaying Controversial/Inappropriate Pictures/Symbols – We all have our opinions, viewpoints, and preferences. Some of these may be objectionable to a prospective buyer or make them uncomfortable. If Buyers are put off by a message or an image in your condo, there’s not a very good chance they’ll want to buy it.
• Leaving Loud/Aggressive Animals in the Condo – I am an animal lover, but leaving your large dog (or cat) in the suite likes to bark and jump up on people will not go over well during showings. At worst you may get a Buyer who is deathly scared of dogs (allergic to cats) that will run out of the suite screaming (I’ve seen it) or at best the prospective Buyer will be uncomfortable. Either way, this situation will not help the sale. (Just to clarify, you don’t have to get rid of your pet, but just keep boisterous ones out of the property during showings.
• Buying New Large Dark Over Stuffed Furniture for the Sale – The size, shape, and colour of furniture can have a major impact on how big or small a condo feels. Large, dark, overstuffed, or tall furniture can do a lot to make a space feel smaller than it is. Best is to go with light coloured, small, sleek furniture that has lots of glass or reflective surfaces.
• Leaving Repairs Undone – Most Buyers do not know how much repairs to condos cost. Most over-estimate the cost and hassle of such repairs. Repairs left undone will turn buyers off, because they think they will have to pay the cost and deal with the hassle of the repair. Hassle and cost is not conducive to the buying impulse.

Any questions on getting your condo ready for sale? Feel free to call me at any time by clicking on the “For Sellers” button above and filling out the form or call me at 604-763-3136

Stay tuned for Episode 8 of How to Sell a Condo in Vancouver, When to Sell Your Condo in Vancouver!

Looking for Vancouver Presale Condos? Have a look at this great Map of Vancouver Presale Condos!

Worried about Buying a Leaky Condo? Check out this great video explaining How to Avoid Leaky Condos!

April 2012 REBGV Stats Package Mike Stewart

Greater Vancouver housing market maintains a steady spring pace

Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2 per cent decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6 per cent compared to the 2,874 sales in March 2012.

April sales were the lowest total for the month in the region since 2001 and 16.9 per cent below the 10-year April sales average of 3,369.

“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.

Last month’s new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.
“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”

The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7 per cent compared to April 2011 and an increase of 2.8 per cent over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4 per cent increase compared to April 2011 and a 2.6 per cent increase compared to three months ago.

Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7 per cent from the 1,402 detached sales recorded in April 2011, and a 17.8 per cent decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3 per cent from April 2011 to $1,064,800.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900.

Townhome property sales in April 2012 totalled 483, a decline of 22.3 per cent compared to the 622 sales in April 2011, and a 21.6 per cent decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7 per cent between April 2011 and 2012 to $487,300.

Looking for More Vancouver Real Estate Statistics?!

Have a look at all the REBGV Monthly Statistics from May 2010!

How Much Does it Cost to Sell a Property in Vancouver?

Check out How Much with this Great Video on Vancouver Real Estate Commissions!

Marine Gateway, a New Presale Condo on Vancouver’s Canada Line at the end of Cambie in Marpole

Marine Gateway is a major, new condominium development in the rapidly gentrifying Marpole area of South Vancouver. Located on the southeast corner of Cambie St. and SE Marine Drive, this mixed-use development will have residential, retail and office space. It will be connected directly to downtown Vancouver, the airport and Richmond via the rapid transit Canada Line.

Marine Gateway will feature two towers. The North Tower, topping out at 38 stories, will house 234 suites. Tentative completion is set for November 30, 2014. The South Tower will feature 29 levels with 180 suites planned for completion January 31, 2015.

Marine Gateway’s Ultra-Convenient Location

Marine Gateway is directly on the Canada Line, meaning your less than 20 minutes from the downtown core and five minutes from YVR and the multicultural dining of Richmond. But with a T&T grocery store, coffee shops, banks and an 11-screen movie theatre right on-site, you don’t really need to go anywhere.
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Pricing for Marine Gateway Presale Condos
One-bedroom apartments at Marine Gateway will start at $262,000 including parking and external storage locker. There will be 2-bedroom condos between $481,000 and $800,000. Nearly 200 of these condos will be under $350,000. Looking for a penthouse at the Marine Gateway condo development? Those will set you back about $1,050,000.

Floor Plans at Marine Gateway
The condos in Marine Gateway will be a mix of 1 and 2-bedrooms, with some units also featuring a den. Most units will feature substantial balconies with excellent views.The 1-bedroom condos will average between 468 and 561 sf. The 1-bedroom + den condos at Marine Gateway will average 575 sf. Look for 2-bedrooms between 797 and 1120 sf. Limited numbers or penthouse units will be available between 1177 and 1347 sf.
Interiors at Marine Gateway
These modern Vancouver condos will come in two colour schemes; Matinee (light) or Evening (dark). Units will boast laminate floors, granite countertops in both bathroom and kitchen along with high-end, stainless steel appliances like integrated Bloomberg dishwashers and refrigerators, stacking Whirlpool washer and dryer and built-in Panasonic microwave. Environmental touches like dual flush Kohler toilets and geothermal hot water baseboard heating add a nice green touch.

Find Out About New Presales & Get Access to VIP Openings and Special Promotions!

Development team for Marine Gateway
The PCI Group is developing Marine Gateway. They are one of the city’s most celebrated real estate developers, with over 6 million square feet of mixed-use developments in Vancouver. The development’s architect, Perkins+Will, also designed PCI’s Crossroads development at Cambie & Broadway.

Presale Deposits for Marine Gateway

20% down. 10% at signing. 5% 6 months later plus last 5% 6 months after that.

Expected Completion for Marine Gateway
North Tower- November 30, 2014
South Tower – January 31, 2015
Parking and Storage
All suites will include one underground parking space, but there is no option to buy additional spots. Each unit also comes with a 4x4x8 storage locker.

Amenities
The 9th floor will feature a shared garden. An outdoor rooftop terrace will have both BBQs and a children’s play area. A Bike Mobility Centre will be available for servicing and repairs. Marine Gateway will also feature a live-in caretaker. Additionally, all units will include TELUS Optik TV free for the first year.

Marine Gateaway Open House Info

Marine Gateway Postal Code
V6P 6N6

Ever Wonder How Much the Commission is to Sell a Home in Vancouver?

Check out this great Video on Vancouver Realtor Fees!

Looking for other New Condos in Vancouver?

Check out these great Vancouver Presale Condos with Video, Pricing, and Floor Plans!

New Relief for First Time Home Buyers and Increased HST Rebate for New Homes & Others!

I recently had the pleasure of interviewing Sean Akeroyd of Akeroyd Leung in Vancouver about some changes to the HST in the 2012 BC Budget and here’s what’s new:

First-Time New Home Buyers Bonus

The 2012 British Columbia Budget has some great goodies for the first time buyers of newly built properties. Effective February 21, 2012, to March 31, 2013, the $10,000 B.C. First-Time New Home Buyers’ Bonus will give a temporary, refundable income tax credit for first-time buyers purchasing newly-built homes.

Rebate Boosted for Newly Built Homes

Effective April 1, 2012, the current HST rebate threshold for home purchases increases to $850,000. More than 90 per cent of newly built homes are below that price. Purchasers will now be eligible for a provincial HST rebate of up to $42,500. And, for the first time, purchasers of new secondary vacation or recreational properties built outside the GVRD and Capital Regional District priced up to $850,000 will be eligible to claim a provincial grant of up to $42,500, effective April 1, 2012.

A Renovation Tax Credit for Seniors

We are introducing a Seniors Home Renovation Tax Credit worth up to $1,000 a year, helping B.C. seniors stay in their homes longer and also supporting the home renovation sector. It will be available to seniors or family members sharing their home, whether they rent or own, and help to reduce the costs of structural changes, such hand rails, ramps or walk-in bathtubs.

Remember folks!

Please do not make investment decisions based on this information. I am not an Accountant and I am not giving tax advice. Certain situations nullify the credits or bonuses. Always contact your tax advisor or accountant prior to engaging in such transactions

2012 BC Budget Highlights

Looking to Calculate an HST Rebate?

Check out this great HST Rebate Calculator!

Thinking of getting a 35 or 40 year Amortization on a Mortgage?

Check out this great 40 year Canadian Mortgage Calculator!

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Live at West is a new commercial/residential development to be located at 141 West 2nd Avenue between Columbia and Manitoba Streets in South East False Creek. Plans call for over 100 residential units.

It’s the latest development in Vancouver’s rapidly expanding South False Creek area and will be one of the city’s greenest developments yet. Live at West will start with a 6-story podium attached to a 15 level tower, and be followed by another two towers and an additional podium should market interest be strong.

Phase 1 is slated for completion in February 2014

The Presale purchase deposit on this property is 15% in total with an initial deposit of 5% upon an accepted offer and two further deposits of 5%, 3 months and 9 months after the accepted offer.

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Live at West’s unparalleled location.

Live at West will be a landmark development in one of the fast growing areas of the city – False Creek South. Residents will be walking distance to the funky shops and trendy restaurants of Main Street and close to both the new Canada and Expo Skytrain lines. The site also allows easy access to Chinatown and the Downtown core.

The development calls for 43,000 sq ft of retail space (roughly equivalent to a average sized grocery store). The developer has tapped Colliers to handle the commercial leasing, and they expect to see banking, cafes, restaurants and services like dentists snap up the space.

Pricing for Live at West Presale Condos

Final prices will be confirmed at a later date, but expect to see rates in the $650/sq ft range, putting 1 bedrooms starting from $268,900 and spacious 2-bedrooms from $459,900.

A More Detailed Price List to Come.

Floor Plans at West in SE False Creek

Units in Live at West will be a mix of 1 bedroom, 1 & dens, 2 bedrooms and 2 & dens. There will be two levels of penthouses as well, with 4 units on each level as opposed to the standard 8. The developer has 12 different floor plans in total. Almost all units will have outdoor space.

Interiors at Live at West

Modern, chic and clean, with quartz countertops in both kitchens and bathrooms, Blomberg washer/dryers and Fulgor appliances throughout. You’ll find super-impressive 30” Fulger appliances in units 2 bedrooms and above.
Look for high-end touches like Carrera marble back splashes and tile floors in kitchens, laminate floors in living areas and luxurious wool carpeting in bedrooms.
Floor-to-ceiling windows will provide views ranging from city views to mountain views.

As Green as it gets

The developers of Live at West are taking considerable steps to make the condo development one of the greenest Vancouver has seen. It’s been designed to LEED silver standards, but there are rumours it may even achieve gold status. A full 50% of the roof will be green and a grey water catchment and re-use system will add even more sustainability to the development. Baseboard heat will come from the futuristic False Creek hot water system.

Development team for Live at West

This landmark Vancouver condo project is being development by Executive Group Development. Since 1984, this company has been developing exceptional commercial, residential, industrial and hotel properties. They’ve developed The Parc and Encore in Coquitlam, the Ivy in North Vancouver as well as the Executive and Portofino Towers in Richmond.

With a diversified portfolio that boasts the Executive Hotels chain, they are the kind of developer you can have confidence in.

The vision for the project came from the Walter Francl Architecture firm. You’ve seen their work at the CBC TV Towers, Jameson House, and the Trout Lake Ice Rink.

Presale Deposits for Live at West

The developer promises a convenient 15% deposit structure (5% – 5% – 5%). It’s the kind of structure that generates a lot of attention, so don’t wait on this opportunity.

Expected Completion for Live at West

Phase 1 is slated for completion in February 2014. The developer will gauge response to Phase 1 before committing to Phase 2, but chances are it will go ahead.

Parking and Storage

Three levels of underground parking are planned. One space is included with each unit and there is additional space available for purchase. There will also be two charging stalls for electric cars and up to 10 stalls for car share programs.

All units will have in-suite storage.

Amenities

Residents will have access to a technology lounge, a fitness centre and a walkway connecting the development to Wall Centre False Creek. Young parents rejoice; the developers are also donating a $12 million day care to be situated on the 6th floor of the podium. It will feature 10,000 sq ft of indoor learning space and 10,000 sq ft of outdoor play area enclosed by a 10 ft plexiglass wall. A separate, secure elevator adds to the security of this day care space.

Live at West Postal Code

V5Y 1B8

Looking for Other Presale Condos in South False Creek?

Check out Meccanica by Cressey!

Trying to Figure Out How Much it Costs to Sell Your Home in Vancouver?

Check out this great VIDEO on Vancouver Real Estate Commissions

Modern by Amacon is a new Vancouver Presale Condo and will have 118 suites in a 17 level tower with low-rise podium. This new condo building will be located at 1001 Harwood Street at Burrard in Downtown Vancouver’s beautiful West End.

The suite mix will be mostly junior 1bdrms and 2bdrms with closed balconies ranging from 477 to 976sf. There will also be 2-3 bdrm 2 level penthouse with rooftop deck up to 1770sf.

Pricing for Modern by Amacon

Expect pricing to be around $700/sf with parking and a locker included. Pricing will be starting from just the mid $300,000’s and all of the condos will Air Cooling (like AC, but not).

Interiors at Modern Presale Condo in the West End

Interiors will have roller blinds and Fisher Paykel and Bosch appliances in the kitchen. Expect engineered hardwood floors in living spaces and wool carpets in the bedrooms. The tentative completion date for this new West End Presale Condo is estimated for May 2014.

More Details to Come!! Sign Up for the VIP List BELOW and get Details before Anyone Else!