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!

Closet Upgrades 2

Condo living makes for unique ways to creatively maximize storage space. I usually found that my extra items that I like to have on hand, never had a decent accessible space to dedicate to them. My “extras” refer to items such as crafts, linens, luggage and tools. Other items that sometimes come into consideration, if you don’t have a storage locker or need them to be a bit more accessible may include sporting gear and seasonal items.

I decided to convert two of my closets that I felt weren’t maximizing their use. The one closet originally had two wire shelves with adjoining hanging bars at 3’ and 7’ heights. The second closet had one shelf at 6’. These shelves are the common installed product with new builds. You can still see the placement of the shelves in the pictures. I was considering removing the shelves, but decided to keep them and add more shelving and drawer units.

To get started, I first looked at what space I had, what I needed to store and how I though I would best be able to access my items. At one point I was considering adding a table that I could sit at to do work or even ironing . Eventually I realized that my preference would be to work at our living room table and stick with my current ironing board arrangement, therefore, I made many of my supplies more portable.

The stackable Ikea Salma box with lids from the craft closet were purchased from Ikea. They hold a variety of supplies from paints, to ribbon to paper, photos and cards. I used an old plastic bin as a holder for my wrapping paper, and the Antonius drawer units are great for tissue, bows, gift bags and décor. The other drawer unit to the right of the closet holds boxes, candles, candle holders, and note books. The extra shelving and the Antonius frame and drawer unit on the left side were purchased from Ikea.

The second closet I kept with a similar concept. I kept the original shelf and added other Antonius shelving to give me more places to stack and hide things. On the bottom I kept my household paints, tools, and hardware bins. The shelves mainly hold my extra linen, pillows and towels, while the top shelf stores our luggage bags. I also keep my ironing board and iron in here. The iron will eventually be installed properly with the Rationell Variera iron holder from Ikea on one of the inside walls. The iron fits nicely between the shelves and the closet doors.

Both these closets may not be the pretties looking, but they are functional and can easily be adjusted or changed if I ever wanted to re-arrange the space or put it back to the original design for rental or selling purposes.

Mortgages: To 2.99% and below!

We won’t be going too much below 2.99%, but BMO has put the heat on again to get the consumers thinking and the competitors talking.

The BMO no-fills product will attract some clientele, however, even the BMO Mortgage Specialist are aware that this product isn’t for everyone. One of my clients, a BMO account holder for over a decade went to check it out in January when they launched the first ever 5-year fixed rate below 3%. The mortgage specialist honorably told her that this was not a product for her.

The product offers a limited 25-year amortization, 10% lump sum payment per year and/or 10% increase on monthly payments, no skip payment options, no additional access to products such as credit lines, and a fully locked product restricting any access to equity. This is not for those who are concerned with the changes that come with living life.

It has been mentioned that first-time homebuyers, rental property owners and owners of second homes may find this product suitable. However, even those in my opinion would be have to be very specific cases, with individuals in predictable futures to be able to determine what the next 5 years will bring.

For me, first-time homebuyers should not be included in this list. They are a vulnerable group, not due to foreclosure concerns, but that they will likely undergo changes involving their home prior to end of their 5-year term. Entering a fully closed, restricted mortgage can drastically impact their real estate investment strategy by eliminating a number of options (such as using equity for reinvestment or upgrading) and ability to seek other services.

Rental properties and second homes are potentially good options for this product. It would keep the payments consistent and at a low interest rate, however, the borrower would need ensure that they are fine with the invested equity being locked in for the next 5 years.

On average, households make changes to their mortgage every 3.6 years.  This means that only a small percentage actually complete a 5-year term.  Therefore, having flexibility with a mortgage, in most cases makes sense.

With the restricted use of this product, the consensus from many in the mortgage industry is that BMO is using this 2.99% product to bring clients into the bank, not to sell the 2.99% product, but to “up sell” or “cross-sell” them on a more appropriate and flexible product listed at a higher market price. A marketing approach to get consumers to react to the low rates, but then sold on a mortgage that is more aligned with their needs at a much greater cost.

As for my client, I’m not sure if the BMO specialist tried to sell her to another product, however, I know my client quickly realized the value of having flexible options and the level of service she was receiving from the Mortgage Professional (Broker) channel. Having over 40 lenders to choose from, there is always a product, service and lender that can be the right fit with competitive rates. Shortly after her visit to BMO we found her a full-frills 5-year product, with flexibility and options to suit her unknown future at a very comparable and competitive rate of 3.09%.

alpha Delicious Sushi

If you live in Vancouver or are planning a visit to the city, it would be unfair of me not to share one of my most favorite sushi places. In a city with hundreds of sushi restaurants, this is truly a hidden gem worth your time to visit. Not only is the food exquisite, it provides a wonderfully relaxing atmosphere and has such kind and attentive staff.

alpha Global Sushi & Bar has been serving Japanese sushi and izakaya style cuisine and exotic cocktails since 2005. I have been enjoying it personally since 2009. The other day, my friend and I managed to get a table on a busy Friday night. The Tuna Toro Sashimi is a must have, and their Ebi Mayo is tempura like no other; it keeps me coming back for more. Their rolls and weekly special lists always offers flavours that tantalize your taste buds. The food was so good and service so incredible, it reminded me that the least I could do was give props to one of my favourite Vancouver hang outs.

I could go on, but really, the only thing I need to say is that you have to go. When you do, let me know what you think.

alpha Global Sushi & Bar