Fit for a family

Hennessy Green #37, 9800 Odlin Road, Richmond, BC MLS Listing: V954878 List Price: $569,000 Floor area: 1350 Maintenance Fee: $205 (Richmond Utilities included, heat is additional.  Access to club house amenities)

Feel immediately at home in a cozy community perfect for raising a young family.  This 3 bedroom 3 bath (2 full, 1 half), is laid out like most newer town homes, however, it has additional features that make it feel more like home.

I really enjoyed this unit and could see my family living in the space.  That doesn’t happen often, so when it does I feel it has that something ‘extra’.  The realtor is the owner and they have keep the place in immaculate condition.  Here is my take on the pros and cons:

PROS

1. Larger living space than most town houses build with similar designs.
2. Living space has room for living room, dining, and family eating area.
3. Open concept.
4. Balcony and upper bedrooms (2) have view to an open park walk way (not directly looking in another units space).
5. 1/2 bath available on the main level.
6. Unit situated along #4, with street parking and front door access.
7. Front Entrance has a closet for jackets and shoes.
8. Nice welcoming entrance to the complex with central access to the beautiful club house.
9. 5-piece master bathroom.
10. 2 large closets in the master bedroom.
11. Well maintained and no major painting or work to be done upon move in (if ok with neutral tones)
12. Open and bright
13. Great location to conveniently get around Richmond, and to get to Vancouver, New West and Surrey.
14. Close to schools and parks

CONS

1. Tandem parking
2. Not much visitor parking within the complex
3. Laundry is in the garage (2 stories down from bedrooms)
4. 2 bedrooms (not Master) are not large, but they are still bigger in size than many townhouse units.
5. Only half a drive way outside garage.  Car can fit, but limits road space.
6. Along highway exit onto #4.  Cars can be speeding.
7. With a 3 story townhouse – there are a number of stairs to climb!

There are two other units for sale in this complex for price comparison.

From my home to yours… - Irene

Investor's Opportunity

205, 2745 E Hastings Street MLS Listing: V951286 Listing Price: $306,000 Floor area: 749 Maintenance Fee: $161.14

Total number of units in building, 18residential (+ 3 commercial); 16 Residential sold. Unit #205 and #302 last two units. Currently 13 owner occupied units.

PROS

1. The location – With a car, you have access to Metro Vancouver via major corridors. Hastings takes you East to Burnaby and West to down town Vancouver. Just off highway #1 you can be on your way to North Vancouver, New West, Coquitlam and Surrey in less than 2 minutes. It is also located along a major transit route.  The Pacific coliseum, Hastings Park, Playland (PNE) and various parks are all within walking distance.
2. Investment opportunity – there is still developments to be made in the area, but progress is happening. Even with the slow, but progressive change, the community has heart. Great restaurants, little shops and local markets with reasonable prices, make it even that much affordable to live and enjoy.
3. It’s new (with no HST) – the area traditionally has older apartment buildings or detached homes. This is one of the few new developments to choose from. As such, there are some bonus features such as in-suite laundry that homeowners can enjoy. You can choose to have the whirpool packaged added or select your own appliances. The den is not completed, so you have the option to add a wall or keep the space as a dining room. The flooring and countertops give a luxury feel and there is a decent walk-in storage closet within the unit. Currently there are no storage cages, but this is being considered as an add on.
4. Cupboard space – The kitchen is roomy and has plenty of cupboard space.

CONS

1. Bedroom – Small, very small. I suspect you can only fit a queen bed and that’s it. In addition, you can only access the patio off the bedroom, not the living room.  Closet size is small, considering the fact you wouldn’t be able to have a dresser.
2. The kitchen – Separated from the main living area, therefore, the space is not an open concept. I’m also not a fan of the cupboard finish.
3. The tub – is small and low. Would have been nice to have a longer and deeper soaker option with the new build.
4. View – not much of one. Over looking Hastings Street, mind you the sound wasn’t bad (with windows closed).

There is also unit #302 available for $299,000. Smaller unit, 651sqft, but facing North with a great views of the North Shore mountains. The biggest downfall for the unit, no patio.

From my home to yours… - Irene

A Passing Grade

205, 5605 Hampton Place, The Permberley Listing Price: $338,000 Floor area: 623 Maintenance Fee: $242.70

It a lovely one bedroom unit, perfect for a student attending UBC. This particular unit is owned by a student who has completed their dentistry degree and is moving back to their home town.

The unit has an open design and has been well maintained. The kitchen is spacious with lots of cupboards. The living room, though on the smaller side, is functional and has a decent deck for additional social space or enjoyment of a morning coffee. The bedroom is a comfortable and bright with good closet space as well as direct access to the bathroom. The unit includes insuite laundry, two parking spaces and a storage locker. The building has a wonderful park like courtyard and the neighbourhood is beautiful and cozy. The place is both relaxing and stimulating for whatever you need.

There are a couple of draw backs, however:

1. It is leasehold, not a freehold lot. This means you would own the building, but not the land. The lease ends in 2034, with the possibility for extension.

2. Visitor Parking On a Saturday or Sunday there would be ample parking, but on a weekday, guest parking could prove challenging.

3. It’s close to many University facilities, shops and beaches, but all not necessarily within walking distance. That being said, the unit is priced to sell. The $338,000 is the lowest of the 30 comparables on the market now. It is listed at assessed value, which doesn’t happen often in Vancouver.

When comparing to a freehold unit listed on other side of UBC, 106 5632 Kings Road, the price per square foot, $770.50 is considerably higher than the $542.50 for this Hampton Place unit. Taxes for KingRd. are $2010 versus $849 for Hampton Pl. There are differences to be factored, such as year built (2007 vs. 1997), location (central vs. outlining), layout, etc.; however, there are still considerable savings to be expected when buying leasehold. This can be beneficial to buyers who want in the market, but have financial barriers to the normal Vancouver housing costs. The question would be, will the land lease get extended, and if not, would the depreciating asset be worth anything at the end?

If interested in the UBC area, I would recommend asking a number of questions and get a good understanding of leasehold versus freehold options in the area. Visit open houses and get different Realtors opinions if you are not able to speak to someone you know who has owned leasehold before.

From my home to yours… -Irene

Roof Top Relaxation

324, 7531 MINORU BV Listing Price: $379,900 Floor area: 970 Maintenance Fee: $320

I choose this open house mainly for the 400sqft deck. The upgrades and closet space were also of interest.

The unit did not fail to impress. I arrived around 4pm and the sun was covering the deck giving it a nice warm welcoming feeling. If you like to socialize, BBQ and relax outside, this would be a great space for you. It feels private and tucked away.

The upgrades are throughout the whole space and are modern and contemporary.

The kitchen is small, but functional. The new fridge, though very nice, I believe it’s a bit oversized for the space. There is a skylight that helps give the kitchen additional light, which I liked.

The two bathrooms are identical in layout and updated nicely, nothing wow, but great to just move in and enjoy.

The bedrooms are very large by today’s standards, the master has a fantastic corner walk-in closet and the second bedroom has a decent closet with a custom closet organizer and it’s own personal deck.

The laundry room has extra space to set up an ironing area or drying rack space or to use as extra storage.

The listing agent owns the unit. He and his family have lived there for the past 7-years and due to a growing family, they have had to upgrade. He mentioned that they invested over $40,000 in renovations on the unit; it’s noticeable.

At first I thought the place might be over priced, but looking at the comparables in the same building, it may be a fair assessment. The added benefits of the renovations, the shape/placement of the deck, and the extra bathroom may be worth the extra money.  If interested, I would recommend visiting all units in the building as well as others listed near by. There were a number of listings available in and around this area.

Comparable #323 V942122 Comparable #314 V951750 Comparable #120 V953496

Remember, with the older buildings, don’t forget to investigate the building management and strata council details.  Although there lots are available on the market now, the good ones always go first!

From my home to yours… -Irene

Trapp + Holbrook

Welcome to my new blog series, Open House. I will be searching Metro Vancouver property listings for interesting open houses or new development launches on the market. I will give my opinions and specifics of the listing that may be of interest.

I’m starting with a new development in a community that I have a special interest in. The Trapp + Holbrook (their Grand Opening was today), is providing a modern living environment within the historic New Westminster. It’s in the heart of the downtown’s core, situated along Columbia Street surrounded by shops, cafes, restaurants, entertainment venues, and views of the Fraser River.

Now the Fraser River is not necessarily the prettiest when it comes to waterfront properties, I know, as I live along the Fraser further south, but it has a character and a deep seeded value to BC as a transportation channel for many of our goods and services. There’s something relaxing about watching the various large and small size vessels chugging to and fro.

So what do I like so much about New Westminster? The beauty of the various areas including, Queensborough, Victoria Park, downtown and 6th Avenue. I love the wedding shops displaying beautiful gowns along Columbia. I love the views of the river, bridges and mountains, the historical buildings and the various parks scattered in the city. I love that in the summer there are cafes with live music playing on the patio into dark and that it is home to a number of fantastic restaurants from sushi to sandwiches to pastas and seafood.

Some of my most favorite homes are located in New West.  I frequently drive by one in particular appreciating the beautiful Victorian style design, the wide tree-lined streets and the perfectly manicured neighbourhood. The city is central to most of Metro Vancouver by car and is an easy transit commute to Surrey, Burnaby and Vancouver.

The history of the city also has grandeur to it. In 1859 it became the capital of the British Columbia colony and the first city in BC to be incorporated and have an elected municipal government. Named after London’s Parliament building area, Westminster, by the Queen Victoria herself, the city became known as “The Royal City”.

New West used to be the main corridor from the Valley to downtown Vancouver, which brought many shoppers to the area. It was a closer stop than driving all the way into Vancouver. Once the freeway was built, traffic was redirected and the once bustling Columbia Street slowly started to fade.

Since 2006, there have been efforts to restore and revitalize New West with residential projects such as the Trapp + Holbrook, Azure at Plaza 88 and Northbank.

I have attended events with market researchers saying that New West will still take some time before interest will really be seen and investments returned, but I want to encourage people to give this community a chance. It may take time, but if you enjoy a small town feel, having a variety of shopping and entertainment at your finger tips and can handle the whistling of a train here and there, I think you will eventually see a return beyond your personal enjoyment.

About Trapp + Holbrook

I attended the VIP Realtor Event on May 16th where Bob Rennie spoke for 5 minutes on the market and the great value that Trapp + Holbrook brings to consumers considering first-time purchases or downgrades. Starting at Just 219,000, Trapp + Holbrook offers a 100 units under the $299,000 price point.

With breath taking 360-degree views of Queensborough and the Fraser River, the showroom unfortunately does not provide a the view live, but they do have computer applications showing pictures of what you would see from different levels.

The design and finishings of the units are nice, clean, neutral and contemporary. Unfortunately there is very little storage space available, a number of angles on some of the layouts and not much living space to arrange furniture. Custom built-in units may be an important consideration to really utilize the space appropriately and to be able to “live” in your home. That being said, these units do provide a great start for first-time home buyers who may not have much furniture, would enjoy an affordable unit with panoramic views, want a new and modern space with the conveniences of  front door access to local transit and shops.

To learn more about this development the Trapp + Holbrook website is very comprehensive with layouts, views, features, a gallery, and pricing; www.thliving.com.

With the official Grand Opening today and the low listed prices, these units might not last!