It’s got potential

5182 Moncton Street, Richmond MLS Listing: V964472 List Price: $1,088,000.00 Floor Area: 3030 Taxes: $3664

A whooping 7 bedrooms, 5 bathrooms and 4 different living areas makes up this over 3000 sqft home.

The kitchen is large and spacious with exceptional cupboard space, an eating area, office space and an additional family space.  The living room and dinning room are comfortable, however, for the size of the house they are not as spacious as I would have expected.   The upstairs is basically comprised of the bedrooms and bathrooms to one side of the house with the eating, social areas and decks on the other. The downstairs has three more complete rooms with a fourth option off the garage.  There is a bathroom and finished kitchen that can be enclosed to act as a mortgage helper.  The suite currently has one bedroom, but can include a second and/or third if a section of the garage was converted to a bedroom.

A true bonus to the home is that there are TONS of closets and storage spaces, something I feel is always overlooked in modern developments.  For this particular unit, it adds great value to the home  There are two very large closets/pantry upstairs with a crawls space, closet, laundry area and garage storage down.  The bedrooms are not exceptionally large, but they have basic layouts with decent closet space.  The master bedroom had a walk-in closet, which is a nice feature to an otherwise basic master unit.

There is a deck facing the street (north) as well as one facing the backyard (south) with a patio below.  This provides a space in the sun on either end of the house depending on the time of day.  The yard is a good size and can be landscaped to add more value to the home.

The home is only 5-years old, however, there is some wear and tear on things such as the closets, doors, and stairs, however, a little TLC can refresh the home to top quality.

The space is not a fit for everyone, but for the right family, this home could not only offer the space and comfort for raising youngsters, but provide an additional income generator with the rental suite to offset some of the monthly mortgage costs.

PROS

1. Lots of storage
2. North and south facing decks
3. Large yard
4. Rental suite option
5. Granite counter tops in bathrooms and kitchen
6. Close to Steveston village
7. Closet to Steveston Community Centre, Parks and Schools
8. Lots of garage space, pad parking and street parking

CONS

1. Some touch up work to be done
2. Construction work needed if converting rental suite to 3-bedrooms
3. Landscaping improvements to consider
4. Lots of bathrooms to clean 

Mortgage Notes

It is difficult to determine the exact income required, however, assuming no assets or debts and a good credit rating a income of $105,000 should be able to support a mortgage of $870,400 with a 20% down payment of $217,600.  This is estimated with a 3.09% interest rate, a 30-year amortization, and a rental offset of 80% with an estimated rental rate of $1000 per month.  Total monthly mortgage payments would be $3,702.72.

Due to the mortgage rule changes, one would not be able to purchase this home with less than 20% down unless an offer of under a million was accepted.  At $999,999.00 with 5% down, a 25-year maximum amortization for an insured mortgage, and maximum 50% rental offset, the income required to support this mortgage at 3.09% would be approximately $150,000 (no assets or debts factored in).  Total monthly mortgage payments would be $4664.66, with the inclusion of CMHC default insurance.

From my home to yours… - Irene

Parkside Community Living

South Arm Gardens 109, 8391 Williams Road, Richmond MLS Listing: V934954 List Price: $578,000.00 Floor Area: 1324 Maintenance Fee: $274.62

The South Arm Gardens is a complex comprised of 15 units, 3 of which have already sold.  The units are between 1034 and 1545 sqft and list prices of $498,800 to $658,800.  All prices are inclusive of HST.

This project is one of three complexes (Broadmoor Gardens, South Arm Gardens and Whiteside Gardens) being developed by Krafsmen Group of Companies.

The location is great for families.  There are 5 elementary schools and 3 secondary schools in the area and only a short drive to the two closest post-secondary institutions in Richmond.  Located directly across from the South Arm Community centre, there is access to a number of amenities including  green space, multiple play parks and an outdoor community pool.  The central location makes it easy to get to many shopping complexes, malls, movie complexes, Steveston, and the highway.

The units themselves are nicely designed.  The gargage layouts offer tandem and side by side options.  The tandem garage can be converted to a single garage to make an extra office or bedroom space on the bottom floor.

The main level has a few varioius layouts.  For the most part space is utlized well, bathrooms are situated facing away from the kitchen and some offer a nook area that could be used for additional eating space, reading lounge, office or kids play area.  The finishings and colour pallets are nice and neutral.

The bedroom on average are larger then most townhomes I have seen recently.  They provide decent closet, bed and dresser space.  Some units have the the master bedroom on the main floor with the additional two rooms on the top, interesting layout concept, but could work well for some mature families or young adult shared accomodations.

PROS

1. Great location for access to community ammenities, schools and shopping
2. Unique layouts that maximize space
3. Nice finishings
4. Nice use of colour palettes
5. Bedrooms are larger than average newer townhomes
6. A variety of layouts to choose from

CONS

1. The balconies on the units along Williams Road, face Williams road, which is a busy and not that appealing of a view.
2. The maintenace fee seem high for a newer property with minimial amenities, however it is stated that the City of Richmond Flat Rate Utilities are inlcuded (which would be an average cost of $100+ per month).
3. Some units seem a bit pricey, however, this may be due to location of unit within the complex and layout specifics.

Backyard Oasis

This week I ventured to a property that is near my home, and my heart.  When I was little, my family visited the Fantasy Gardens for one very beautiful day.   I thought it was such a magical place and it left me with an ever lasting happy memory.

The Fantasy Gardens has come and gone, but the area has keep with its past legacy, and will continue to be a magical place.  The Gardens by Townline is a complex slated to have six residential buildings containing a variety of living spaces, shops and services amongst 12 acres of green space composed of five different multi-purpose gardens.  One garden, The Farm Garden, promises to offer plots of soil to residents for growing fresh organic produce of their own.

1. The Play Gardens - An open, green patch for your children to discover, play games, and run free to your heart’s content. 2. The Farm Gardens - The City will provide Garden plots for Richmond residents who want to grow their own fresh, organic food. 3. The Contemplative Secret Garden - The simple beauty of doing nothing at all, just thinking, meditating, reading or admiring the lush scenery. 4. The Celebration Garden - Birthdays, picnics, anniversaries or the arrival of Summer – celebrate anything and everything here. 5. The Country Lane - A quaint, scenic road, perfect for leisurely walks towards the natural gardens and beyond.

The first phase with two buildings named Magnolia and Azalea are selling one bedrooms from $238,800 and two bedrooms from $309,800.   They are scheduled to be complete for January 2014.

The units are nicely finished and have been designed well to maximize space. The living space is on the small side (one bedrooms 522-589 SF and two bedrooms 707-973 SF), but if owners take advantage of integrating some of the built-in ideas shown in the showroom, the living and bedroom space could be quite comfortable. I’m impressed with how some layouts even include walk-in closets in the master bedroom and dual closets for the second room.

PROS

1. Large garden and park access at your back door
2. Shops to be on site including a grocery store
3. Ironwood mall across the street for additional services
4. Quick access to downtown Richmond, downtown Vancouver, Surrey, New Westminster, and the US border
5. Access to plant your own organic produce
6. Low 1st deposit requirement (5%)
7. Nice finishing pieces and neutral colour palettes
8. Layouts maximize space and flow

CONS

1. Completion is 2014 with future phases to follow – gardens may take a few years until residents get full use
2. Intersection of Steveston and No.5 needs to be improved for peak traffic hours
3. Size of units are small
4. Tub, although deep, is short
5. Will need to consider adding space saving built-in options to maximize space

http://www.youtube.com/watch?v=ATpVVJR4t7c&feature=player_embedded

From my home to yours… -Irene

Rural Hollywood, Equestrian Estate

2611 Lakha Road, Kelowna MLS Listing: 10048455 List Price: $2,699,000 Floor Area: 7084

A colleague had mentioned a unique property listing she knew of near Kelowna, BC.  This weekend I was driving through the Okanagan and thought it was a fitting time to dip into something a little different than my local neighbourhoods.  I would have loved to book a tour of this beautiful equestrian estate, however, my 8 hour + road trip with my 19-month-old son, wouldn’t have allowed for us to really get acquainted with the 7000+ square feet of luxury living.   This will be my first blog without stepping foot in the home, but I wanted to share the gorgeous and amazing features that this home has to offer…it’s worth it.

Situated on a vast 23 acres of land, you can enjoy something new every day within your home, guest house, pool, workshop, stable, barn, or spend your time outside in the pastures or orchards; either way you can take in the expansive views of mountains, lakes and valley.

In addition to your 3 bedrooms and 5 bathrooms (plus second residence) there are 6 other rooms you can socialize, eat, play and relax in. From the games room on the second floor to sun room on the main and the family room in the basement, there is a (favourite) space for everyone in your family.

The home and it’s surroundings give a sense of Hollywoodesque Grandeur with an English Tutor design.  I envision Julia Roberts riding up on a horse, or Hugh Grant mumbling to a friend outside, sitting on the pool deckside.

A bit of modern mixed with an old classic. The home is decorated to match the existing landscape and country feel, but the house can be adapted to suit any tastes. As a whole the interior space looks welcoming, spacious, and inviting. The exterior is no different, the acreage offers so much for enjoyment and for beauty.

Best of all, one can feel that they have escaped it all in this rural paradise, but in a matter of minutes can be connected with the vibrancy of city life.

Who said you couldn’t have it all…It’s a steal at 2.7 million.

PROS

1. Tons of amenities to enjoy
2. Large bedrooms and living areas
3. Second residence
4. Well maintained workshop, barn, and stable
5. 4 bay garage
6. Beautiful patio with pool
7. Stunning views
8. Acreage for horses, orchids, and gardens

CONS

1. Need to hire/plan a regular maintenance and cleaning schedule
2. Will have to drive (or ride your horse) to get to any shops!

From my home to yours… -Irene

Small, but a beauty

3068 Yukon Street, Vancouver, BC MLS Listing: V958777 List Price: $338,000 Floor Area: 500 Maintenance Fee:  $60

What a beautiful community and home.  I know 500 sqft seems small, but this little hide-a-way is perfect for a single person.  Tight for a couple, but a wonderfully comfortable place for an individual who likes to entertain and garden.

The unit has a relaxing patio area to enjoy in the summer and a cozy fireplace in the living room to curl up to for the winter.  The bedroom is on the smaller side, but there is a closet for clothes and another for the in-suite laundry (I consider a bonus).  The bathroom is spacious and the kitchen is definitely the hang out area, but is completely open to the living room.

For the limited properties available in Vancouver (West) for under $350,000, I think this unit is a little gem.  The location is fantastic, especially if you wanted to be near downtown, without being in the core.  Shops, restaurants and transit galore, all at your finger tips.  Not to mention the beautiful treelined streets.  As far as I know, the current owner of 5 years has had some changes in their career that has made them decide that renting may be better option for them in the coming months/years.

My suggestion would be to check out the unit for noise.  Being a lower level unit, you never know how sound proof a wood frame building is.  Other than that, I think this property is worth a visit and serious consideration.

PROS

1. Location
2. Access to transit
3. Newer building (11 years)
4. Open layout
5. In-suite laundry
6. Beautiful patio area
7. Nice kitchen
8. Fireplace
9. Reclaimed hardwood floors
10. Move in ready, but could be upgraded for increased value in the future
11. Low maintenance fees
12. Additional storage (shed)

CONS

1. Size
2. Laundry within bedroom

From my home to yours… - Irene