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

More Mortgage Rules Clouding Over Canada

THE RULES If you would have asked me a month ago if the mortgage industry would be hit with another round of government regulations I would have said it’s possible, but HIGHLY unlikely.

After stating in April that he was not going to intervene in the housing market, Minister Flaherty suddenly thought different. On June 21st, Flaherty felt the need to make a drastic announcement implementing changes to the mortgage regulations to curb what could inevitably be the bust to a potential housing bubble.

We’ve seen a great example right before our eyes of what could happen to a thriving economy should the wrong pieces happen to fall into the right place. Our American friends have experience one of the greatest economic downturns in modern history. Greed mixed with poor regulation lead to a crippling effect to millions of US citizens, homeowners or not. Many other countries (Greece, France, Spain, Ireland, etc.) have or are experiencing similar downward spirals.

Minister Flaherty put some personal reasoning behind this government legislation, addressing comments and thoughts about his children now entering the market.

Out of fear of rising household debt, and the inability to increase mortgage rates to curtail borrowing, it was decided to protect all Canadian from themselves by implementing the following rules:

1. Changes effect insured mortgage loans starting July 9, 2012 2. Maximum Amortization reduced from 30 years to 25 years 3. Maximum refinancing now 80%, down from 85% loan-to-value 4. Maximum Gross Debt Service ratio of 39% from 44% 5. Mortgage Insurance will max out at a property value of $1 million

OSFI will be implementing their own changes late summer/fall, which include limiting the maximum loan-to-value on HELOCS to 65% (from 80%), having stricter rules on variable rate qualifications, increasing stated income proof and eliminating cash back mortgages.

Click here for a full listing of Q and A’s from the Department of Finance website.

THE CAUSE AND EFFECTOur TMG President, Mark Kerzner points out in his blog “More Change to mortgage rules,” that these recent changes are even more drastic than those we have experienced in the past. He provides this example:

Moving amortizations from 30 years to 25 years is NOT the same as when they were reduced from 35 to 30 years. For example:

A $250,000 loan amount for 5 years with fixed interest rate of 3.29% the monthly P&I payments are as follows:25 year amortization = $1,220.6330 year amortization = $1,090.44 (The monthly cash flow difference between 25 and 30 years is $130.19)35 year amortization = $999.86 (The monthly cash flow difference between 30 and 35 years is $90.58)

In this example the delta between the two is nearly 30% – a significant difference. In an economic report released this morning from CIBC it was estimated that “the direct impact of this move alone might cut the value of mortgage originations by close to 2%.”

Kerzner also notes that the unfortunate bystander in these changes is the first-time homebuyer. CIBC published a report showing habitual borrowers to be skewing the debt-to-income ratios and the over 45 year-olds nearing retirement, were a demographic with rising risk, two groups that won’t be as harshly effected with these changes.

First-time buyers looking to put less than 20% down will now need to put more money towards living expenses each month. They will save on interest costs and be out of mortgage debt faster, but it might come at a cost of less discretionary income or paying higher interest rates on other forms of debt such as credit cards or lines of credit.

CHANGE FOR THE GOOD We are definitely headed for change, but that’s nothing new, that seems to be standard with the housing industry. However, change doesn’t necessarily mean bad. Canada will hopefully come out stronger because of these new rules and perhaps if the market drops as it’s expected, first-time homebuyers will still have the opportunity to get into the market with a home that is priced sensibly while mortgage rates are still at all time lows.

BUYERS I still believe real estate is a great long-term investment. The changes will require buyers to take more time to understand their financial position and assess how they want to move forward. Meeting with a mortgage professional and a financial planner are great ways to start planning and preparing for purchasing real estate.

Interest rates are expected to remain low, coupled with the potential lowering house prices, buyers will likely have negotiating opportunities instead of bidding wars. Further more, homeowners maybe able to take advantage of upgrading their home at a savings to earlier prices. This could pay off well if you have the time to wait for the sale of your current property while having an offer on or looking for your second property.

SELLERS For those needing to sell, I recommend looking at the option of renting your property, that is, if it makes sense to do so. Projections are for rental rates to increase as rental availability decreases with fewer buyers in the market. If you look at the States today, its more expensive to rent than it is to buy in nearly every major city. However, most Americans are still not in a position to buy due to income, credit rating requirements or bank lending capabilities. I don’t think we will experience this extreme, but I think we will have a similar effect. Lenders are already getting much tighter with their mortgage lending.

If you have to sell, there can be ways to come out ahead. Search for other areas or type of properties that may have dropped more/similar in price to what you experience with your home. Look to buy unique properties (one in a million, not one of a million) that should sell more quickly if you needed to sell again in a down market. Doing a bit of personal research and spending time with your Realtor to understand what is happening in the market now can make a big difference to your return on investment.

CONCLUSION It was a shocking month to the housing industry, but in speaking with Mark Kernzer, I think he summed it up best with “It’s surprising, it’s unnecessary, but it’s not the end of the world.” We’ll make it through this bump in the road – just as we have every other time!

From my home to yours… -Irene

Wall décor with a personal touch

1. How to make your own chic silhouette art

2. Giant Personal Picture

(Note: I also suggest using a foam core board that can be purchased from a office supply or craft store.  This can eliminate the cutting and painting a border.  It may be a bit more expensive, but will save time.  All you need to do is print the picture as directed, buy the board, spray glue it on and hang).

3. Cherry Blossom Bottle Art

Today is perfect, so is Vancouver

Today is perfect. I don’t say that a lot, but I feel I should be saying it more often. My baby just fell asleep after an eventful time at the pool and park and a light afternoon snack. Now that he is down, I’ve poured myself a refreshing drink (one that should be on top selling list at any chichi lounge) and I have set my office up outside, soaking in the rays. It’s simply gorgeous out. We don’t get many days like this in Vancouver, but wow, when it happens, it’s sensational. I found myself saying how wonderful it would be to have every day like today…and then I thought again; nope.

What about those wonderful rainy nights that make you want to cozy up to the fireplace and watch a good movie, or how about the grey and crappy days that make you feel okay about spending the day at work inside? I think it’s the variety of temperatures, seasons and precipitation that actually make Vancouver so special. It allows us to really appreciate the sunshine when we have it, and acknowledge that the rain isn’t so bad compared to other winter alternatives.

We live in a beautiful landscape. There are ones prettier, however, could I live there? Born and raised in Canada, I know I was fortunate to be given an opportunity to be anything and everything I wanted. Not all have this choice. I think about other places I could move to that have the consistent year round climate similar to the one I am thoroughly enjoying today, but, as tempting as it is, my heart is here in Canada. Even if I were to pick up and leave, I’m sure I would enjoy wherever I may go (US, Australia, New Zealand, Mexico, Spain, Greece, etc…), but it wouldn’t be home.

The funny thing is, I think most people from their native land feel the same thing. That being said, I know many from other countries come here and feel at home as we do. While we are not always welcoming, for the most part we are. Canada is like one gigantic small town. Our largest cities are like mini cities to most and, as such, we have a small town, big heart feel. We offer a vast land with beautiful scenery with relatively low or limited pollution. We celebrate sport, family, socializing and try to stay current with the changing technologies, like the little sibling trying to keep up to our older sister/brother USA.

We may be more expensive, and have recently been shown to be less energy efficient when compared to a list of developed countries, but when you have the equivalent of the population of California spread over the 9,976,140 square kms of land (23.5 times the size of California), the efficiencies and economies of scale are hard to match.

Do I love being a Canadian? Yes. Do I love living in the Metro Vancouver Area? Yes. Am I frustrated with the housing and costs of living in Vancouver? Yes, but I understand and accept why. I believe we are privileged for the opportunity to live here. We have been given access to be able to rent or buy here, while others can only dream to be in our shoes.

To all those who complain about Vancouver’s housing prices, just remember that it’s not a right to be able to buy, but a privilege. You have the same opportunities as anyone else who lives here. If you want to own, make it happen. There are many ways to do it. I know some fantastic financial planners to get you set on a financial plan, I know wonderful Real Estate agents that know the market well and can help you start researching areas, and I’m always available to continually review your mortgage potential. There is a time and a place to buy, but you need to be ready for it. I believe the time is here for many eager buyers wanting to get into Real Estate. Over the next two years, you might have your opportunity; why not get yourself set up for it?

I love Canada, I love Vancouver…it’s a place where I have always felt confident in investing. Right now, I think the world would agree, and maybe it’s something to consider for yourself.

Well, my glass has only but a few ice cubes left, therefore, I think it’s about time for another refreshing beverage…or maybe a siesta.

From my home to yours…

-Irene