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

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

Ridiculous Regulation & Vancouver Affordability

Regulation Implications

Pressure was on the mortgage industry yet again this past month. There was great concern about OSFI’s (Office of the Superintendent of Financial Institutions Canada) proposal requiring owners to reapply at renewal. Immediate concern by banks, brokers and industry associations flooded the headlines describing the devastation that this regulation could do to the entire economy.

It made me wonder why such a change would be suggested. I have come to three conclusions:

1. Regulators are not familiar with the every day process that is involved with completing mortgage underwriting. 2. They wanted to show their authority and prove to lenders that they have the power to take major lending controls into their own hands. 3. They put it on the table, never thinking of implementing it, but to use as a tool to get the other changes accepted more easily.

If the reasoning were for anything other than point 3, I have my concerns for the decision makers at OSFI.

Did they truly think this through before announcing it? By requiring reapplication at renewal, the economic standards we have today would completely change. Homeownership would become even more of a lifestyle commitment, changing the way people live their life and the decisions they make for their careers.

If your mortgage was coming up for renewal and your income is no longer what it once was, for whatever reason, new job, starting a new business, staying at home to raise a family, there’s a chance that your renewal application would not support your current mortgage. Solutions may require special financing at a higher interest rates or placing people in position forced to sell. If your property value has dropped below the value of your mortgage, this also could put some borrowers in default or foreclosure risk. Would lenders be willing to lend on your mortgage value rather than the new lower property value?

Of course, this is a worse case scenario, but the point made by the professionals in the industry was, if the client has consistently made payments and the lender has no reason to believe that the client would default, why would the reapplication be necessary? It would be adding unnecessary paperwork and stress.

Leading me to the question, why put out such a threat, a seemingly ridiculous regulation that would transform our entire economy, especially at a time when Canada is one of the strongest economies around?

My hope is that they were just trying to get some other regulations passed more easily, if not, we may be dealing with a regulator body that doesn’t understand the daily operations of Canadian Mortgages…then, we might just have a bigger problem than Canadian debt levels.

As of June 6th, OSFI confirmed that they will not implement the re-application proposal, but did finalize some restrictions to HELOC (Home Equity Line of Credit) borrowing. Currently, borrowers are able to refinance up to 80% of their property value, the new maximum will be 65%. I’m not a fan of this new rule, but I understand the reasoning. I just hope, when the government doesn’t believe personal debt concerns aren’t so high, that Canadians will be granted access to the equity in their homes that is rightfully theirs… In the mean time, borrowers can consider mortgaging through a credit union, which are not regulated under OSFI.

When it comes to mortgages and the constant industry changes, the past two years being no exception, having a mortgage specialist on your team can help to sift through all the clutter. They can help to advise on the different types of lenders and guidelines to see what products are truly the best for your financing needs. It’s a big purchase; it’s worth getting some free advice from a pro!

Can we “afford” to live in Vancouver?

Toronto’s heated and Vancouver’s cooling markets have been big topics in the news with the affordability factor as an underlining theme.

Vancouver is well known for it’s high cost of living. RBC Economist reported that Vancouver’s combined costs of mortgage payments, utilities and property taxes requires 89.9% of pre-tax income to pay for a standard bungalow. A monster of a number, comparatively speaking, to Toronto’s 53.4% and Calgary’s 36.7%.

Prices are still trending up, but they’re not projected to last. Having experienced four consecutives months of slowing sales, many are questioning if Vancouver will experience the “pop” of the bubble…if there is even a bubble to speak of. “The bubble” is one of the great debates between economists now. For most, they believe that their will be a slow correction, for others, they believe we will experience upwards of a 25% drop in housing prices over the next 3 years.

So much speculation and so many unknowns; I believe it is good weight the pros and cons, but also believe it’s important to understand that you can’t control economical factors. You can, however, control how you manage your financial position within the economy.

I wouldn’t really say there is a wrong time to buy, but rather a wrong property to buy. The best real estate investment one can make is in a good Realtor. A Realtor that knows the market inside and out and is well aware of the “good” buildings and homes available on the market, should have an opinion on where “next hot spot” is and what plans the city has for growth projections. Don’t be sold on a property just because the Realtor is a good sales person or you feel pressured to buy. You should be buying because you found something that has value to you and that value can be passed onto future purchasers if  and when you plan to sell.

Vancouverites have to focus on whether they want to buy with long-term intentions (not having to sell in a down market) and what kind of life style they want to enjoy (willing to sacrifice space for accessibility). The Metro Vancouver area is beautiful. We are very fortunate for where we live and as such, have to pay a premium. If you want to own, be sure you are excited and would love to call that place home or would be willing to keep it as an investment property.

Vancouver will always be a national leader in the “unaffordable” bracket, and there are a number of reasons why. If you chose to buy it’s usually due, at least partially, to your belief that it’s one of the best cities in the world…and it’s worth the investment.