Executive Family Home

Windsor Gate 86, 1125 Kensal Walk, Coquitlam

List Price: $575,000 Floor Area: 1363 Unit: 3 bed, 2.5 bath Maintenance Fee: $170 Taxes: $2967 MLS: V973804

Looking for an executive family home, like new, 2-5-10 New Home Warranty but with no HST?  This home is full of “wow” and then some.  The only unit available in this quaint, quiet and friendly complex includes a private fenced yard, open concept living, 9 ft ceilings, custom cabinetry, main floor powder room, and his & her master ensuite, but it doesn’t stop there.  You have access to another 18,000 sqft of “wow”; you’re steps away from a clubhouse comprised of three tennis courts, a basketball court, craft room, media centre, two foosball tables, state of the art fitness centre, swimming pool, BBQ area with outdoor space, and a party room.  You can wine, dine and entertain family and friends at home or on-site.

The garage is a tandem, but there is space for additional cars on the front pad.  With one car in the garage, there is ample space for additional storage or a workshop.

The main floor is up a flight of stairs, but welcomes you to an open space flowing from the kitchen/breakfast area through the dining room to the living room.  Access to the backyard is off the kitchen, which is cared for through the strata’s maintenance fees.  A bonus 1/2 bath is next to the kitchen.

The second floor has the master bedroom with ensuite at one end with laundry and second full bath separating the master from the two additional bedrooms.

Location is great with walking distance to shopping, transit, schools, parks, and trails.  There is guest parking readily available and additional street parking not too far away.

PROS

1. Open concept that allows for flexible use on main floor
2. 9′ ceilings
3. Custom cabinetry
4. Brand new and under warranty
5. Additional 1/2 bath on main floor
6. Laundry on bedroom level
7. 18,000 sqft clubhouse with extensive amenities
8. Low maintenance fees for services provided
9. His & her sinks in master bathroom
10. Two extra parking spots outside garage
11. Guest parking near unit
12. Location within walking distance to many amenities, shopping and transit

CONS

1. Small additional bedrooms
2. Limited storage in unit (mainly in garage)
3. Number of stairs
4. Tandem garage instead of side-by-side

MORTGAGE NOTES

Example at 3.09%; List Price: $575,000

High Ratio Loan (less than 20% down payment); 25-year amortization Down payment (5%): $28,750  Mortgage Amount: $546,250 Default Insurance (2.75%): 15,021.88 Loan Amount: $561,271.88 Monthly Payments: $2,682.18 Approximate Income Required: $118,000

Conventional Loan (20% or more down payment); 30-year amortization Down payment (20%): $115,000 Mortgage Amount: $460,000 Loan Amount: $460,000 Monthly Payments: $1960.77 Approximate Income Required: $91,000

From my home to yours - Irene

Fantastic Find

Zenia Gardens – Victoria Park313, 8100 Jones Road, Richmond List Price: $325,000 Floor Area: 886 Unit: 2 bed, 2 bath Maintenance Fee: $225.91 Taxes: $1331 MLS: V967197

What a fantastic complex.  Victoria Park is welcoming and beautiful, complete with landscaping: large fountain areas, kids play parks and walk ways.  There is plenty of guest parking in the underground and within the complex roadways.  There are about 300 units in the complex which was fully rain screened in 2009.  My research shows that there are currently 13 units for sale; the comparable units are listed here.  Many listings do not include pictures, making them difficult to compare.  Unit 313, the second most affordable unit listed, offers a great buy for the layout, location and upgrades it offers.   The unit has also recently had a price reduction from $348,000.

I liked the feel of the space; a feeling of home within an apartment.  The first thing I noticed was the laundry room – an actual, dedicated room for the washer and dryer in a 900 sqft apartment!  Amazing, and it didn’t take away from the usable space of the unit. Even though I was impressed by the laundry room, it did not over shadow the wonderful, open, bright and spacious kitchen.  A great layout, with considerable cupboard space and room for a breakfast bar area.

The living room provides space for both social and dining.  The large patio faces Southeast towards Blundell, however, the beautiful landscaping of trees gives it a very private and quiet feel.  The master bedroom has a full ensuite with a tub, a walk-in closet and cozy window seat.  The second bedroom is not large, but there is a decent closet and enough space to have a double or queen bed with a small dresser.  The second bathroom is beside the second bedroom; a full bathroom with shower.

Amenities include a guest suite, club house, playground, bike room and care taker.  Location is fantastic with transit, sky train, Richmond Centre, community centre, schools, library and shops within walking distance.  Well worth an in-person look as the pictures do not do this unit the justice it deserves.

PROS

1. Location
2. Laundry room
3. Spacious and open kitchen
4. Landscaping
5. Guest parking
6. Renovated and well maintained throughout
7. Large private patio
8. Breakfast and dining eating areas
9. Fireplace
10. Walk-in master closet
11. Pets and Rentals allowed (with restrictions)
12. Completely rain screened in 2009 – 2 more years on warranty

CONS

1. Upgrades could be done on bathrooms eventually
2. Middle-aged building that may require repairs
3. Smaller second bedroom

MORTGAGE NOTES

Example at 3.095; List Price: $325,000

High ratio loan (less than 20% down); 25-year amortization Down payment (5%): $16,250 Mortgage Amount: $317,240.62 Default Insurance (2.75%): $8,490.62 Loan Amount: $317,240.62 Monthly Payments: $1,516.02 Approximate Income Required: $70,000

Conventional loan (more than 20% down); 30-year amortization Down payment (5%): $65,000 Mortgage Amount: $260,000 Monthly Payments: $1,108.26 Approximate Income Required: $54,000

From my home to yours - Irene

Attention Renovators

Canterbury Court 212, 7471 Blundell Road, Richmond List Price: $276,000 Floor Area: 900 Unit: 2 bed, 2 bath + Den Maintenance Fee: $289.44 Taxes: $1200 MLS: V964851

The unit has an amazing amount of storage space relative to the size of the apartment. The closets have nice depth and have been fitted with shelving and rods to give flexible and usable storage. However, space could be further maximized with modern closet options and shelving. The apartment as a whole has a decent layout with functional space. Some simple upgrades could really make this unit shine. The current owner is offering to include new carpets or laminate flooring in the buyer’s preferred colour – a perfect start. Other common area aesthetics that could be considered for immediate revamping would include new paint, kitchen counter tops, cupboards, and appliances (including a washer and dryer). The bathrooms are in need of updates, however, one could wait for phase two if need be.

The building is well maintained and has had all major replacements already complete, including the roof, plumbing and electrical. Thicker windows were also replaced along the Bundell side to mute traffic sounds. The strata is proactive and has built up a considerable contingency fund. There is an on site caretaker as well as two guest suites, a heated pool, hot tub, sauna, gym with newer equipment, and a common room.

The location is fantastic, walking distance to Richmond Centre, elementary and high schools, transit/sky train, parks, community centre, library and more.

PROS

1. Location
2. Well maintained building (big expenditure upgrades have been completed)
3. Great contingency fund
4. Good closet space
5. Great amenity options
6. Insuite laundry hookup
7. Updated flooring costs include in the price
8. Large master bedroom with walk in closet
9. Pets and rentals allowed (however restrictions)
10. Den/office area

CONS

1. A number of upgrades are needed to modernize the unit
2. High maintenance fees
3. Older building
4. Small second bedroom
5. No dining area (was converted into den)

From my home to yours - Irene

Move in Ready

9351 McBurney Drive, Richmond List Price: $718,888 Floor Area: 1992 Taxes: $2,647 MLS: V951957

A nice neighbourhood with family friendly feel. The streets are quiet and homes are well kept. This particular home has a reverse layout with the master on the ground floor. The master bedroom has an attached sunroom/reading room with access to the backyard. There is an adjoining bathroom, which is also accessible from the main hall. The downstairs has a small, but functional laundry room, a third bedroom as well as a garage that has been converted to a bonus room. It has the potential to be a fabulous games room, large bedroom, home office or it can be converted back to a garage.

Upstairs the kitchen is open to a large deck and breakfast/social area proving a great space for having guests. The one bedroom on this level can be used as a bedroom, but may be better suited for an office due to its proximity to the kitchen and living room. The dining and living area features vaulted ceilings, which enhance the openness and brightness of the space.

PROS

1. New Renovations throughout
2. Bonus room – large and versatile
3. In house storage on ground level as well as a pantry located in the kitchen
4. Laundry room
5. New additions of glass roof
6. New high efficiency heat pump
7. Close to elementary school
8. Large deck
9. Vaulted ceilings in dining/living area
10. Additional storage in backyard shed
11. Close to transit

CONS

1. Deck could use some upgrades
2. Deck looks into neighbours backyards and homes, not the most ideal view.
3. No grass area in back yard for kids – but would be low maintenance with the concrete slabs
4. Lots of stairs – every level requires going up or down a level.
5. Little parking in area for guests
6. Although close to downtown, still would require a short drive to get to main shopping areas
7. A bit of a walk to the nearest park

From my home to yours -

Irene

Investment alert

Dorchester Circle 233, 7297 Moffatt Road List Price: $235,000 Floor Area: 740 Taxes: $907 Maintenance Fee: $135.73 MLS: V965302

If you have some money burning a hole in your pocket and would like to consider investing in real estate, this is the type of property I would suggest putting your investment dollars.  Main reason: location.  The location has an excellent walk score (70 out of 100), with it being close to restaurants, shopping, coffee shops, schools, community centres, parks, and transit.  Perfect components for a rental unit.  The complex is also situated on a beautiful quiet and welcoming cul de sac, a nice place to call home.

The unit was renovated in 2008 and still looks like new.  There is decent closets/storage space within the unit and a separate storage locker.  The bedroom is large and currently has a king size bed with two large dresser units filling the 143 sqft room.  The bathroom is compact, with the a small tub, but it has been upgraded to match the rest of the condo.  The den is a great size that could be converted to a second room or used as an office.  Although the kitchen is small, the open living area provides a nice flow through the unit.  The patio is a good size and the view, along with all windows of the unit, face an open court yard.

Its a large building with amenities including a pool, steam room and exercise centre.  Considering those extras, the maintenance fees are very reasonable.

Before anyone considers to buy an older property, I recommend some due diligence to ensure that no surprise bills are expected in the near future.  That being said, this building has finished replumbing in 2008 and more recently painted the exterior walls and replaced the roof.  The complex has an on-site manager and is known to be excellently maintained.

If investing with a 20% down payment, your $47,000 would leave you with payments of approximately $800/month at a 3.09% interest rate and a 30-year amortization.  This particular unit was rented out a few years ago at $950.00   Depending on the market now, it is possible to cover your full property costs (mortgage, maintenance fee, and taxes).

If you’re considering buying, a 5% down payment of $11, 750 would give you payments just under $1100.00 at a 3.09% rate and 25-year amortization.  You would need an income of around $50,000 to support a $229,400 mortgage (inclusive of mortgage default insurance).

PROS

1. Location, location, location
2. Priced better (per sqft) than the other 1-bedroom unit available in the building (and it’s not renovated).  Comparisons
3. Amenities included
4. Quiet and nice cul de sac
5. Nice renovations
6. Great den
7. Welcoming and functional layout
8. On-site management
9. Building upgrades recently completed

CONS

1. Small bath tub
2. Hallways have “mixed” smells from cooking and smoking units, however, the unit is not effected by this
3. Long walk from entry to unit, however, there is a shorter route from parking garage
4. Older building, may need additional maintenance upgrades over time

From my home to yours - Irene