Wednesday, August 29, 2007

Vancouver's crazy expensive. But you already knew that

Old news but Forbes named Vancouver the 6th most expensive real estate in the world on a P/E (price to earnings ratio) of 26 and change (basically it means if you own 26 dollars worth of Vancity real estate, you can expect to earn one dollar a year). Their commentary was particularly interesting though "Vancouver has one of the lowest rental yield rates of any city measured, at 3.19%, despite high prices. Across Canada, despite the same tax system, the effective annualized return rate resulted in a much better P/E of 16.31. Owners need to be aware that such a large spread keeps the rental market strong and the market for sellers more stagnant. The pool of buyers remains relatively small as renters can get the same property at significantly less cost and invest the difference."

I've been saying that renters don't "throw their money away" for a while now because it is soooo much cheaper to rent nowadays. This simply confirms it, however, with our rents so cheap, I would think that they will go up fairly soon unless we get flooded with extraneous real estate. Most of my Yaletown friends get whacked with a 4% increase every year and I don't see that slowing down any time soon.

Friday, August 24, 2007

Reviews: Brimley Mews

My first attempt at a review is for Brimley Mews, a townhouse development in Port Coquitlam.

Interior Design 5/10 - The interiors of Brimley Mews are probably the weakest thing about the development. Granite countertops (whoopty-do) come standard but hardwood flooring comes at a steep $10,000 upgrade price point. The overall feel is somewhat homey but unremarkable.

Exterior Design/Architecture 7/10 - I will give the "mews" part of Brimley Mews an excellent review. The back alley/walking path in between the two rows of townhouses are something that I think will look quite amazing. Though, I must confess, I am partial to mews's in general.

Amenities/Location 5/10 - The amenities of Brimley Mews are somewhat non-existant. I believe there will be some sort of a play area for children but they are not really a contributing factor to purchasing this property. The location seems quite good, next to a park where children play baseball and in a residential neighbourhood with a family appeal. Yet, at the same time, Loughheed highway nearby will give you quick access to grocery shopping, the new H&M, erm, I mean Coquitlam Centre, and other stores.

Value/Pricing 9/10 - Here is where Brimley Mews truly shines. When the advertising says townhouses starting from $299,000, low and behold, you can actually buy such a townhouse. Remarkable in these days of bait & switch price advertising common throughout the lower mainland. You can get a 3 bedroom from $324,900 which is a great value. I also think the area in general will get a boost of value from the coming Evergreen line. If you are in the market for a townhouse, I feel this location is almost perfect. Cheaper than anything in Surrey and who would want to live in Surrey anyways? Not this Vancurberite.

Overall 26/40 That totals up to a grand total of 26/40. Above average and certainly with an attractive price point, it would probably rate higher overall in actually deciding to purchase a place. Their advertising doesn't help this project out at all and it probably deserves to be completely sold out soon.

Let me see some comments on this ranking system and review.

Lurve,
Vancurber

Thursday, August 23, 2007

The Ikea of Ikeas

Oh yes my friends, H&M is here. Destined to make Coquitlam of all places a shopping mecca, it will hopefully increase the value of my newest real estate investment nearby. While not strictly speaking a real estate thing, but it is what's up in Lotus land.

Vancurber
PS You must forgive the swede-centricity of my posts but it is my ancient homeland... du gamla, du fria...

Tuesday, August 21, 2007

More registrations

Hey just registered for another project, Bob Rennie'sThe residences
at the Ritz-Carlton. This looks like an exciting project, and it better be because you are looking at from 1.25 M to over 9 M bucks. But it twists! It turns! It possibly has granite counter tops! I haven't been this excited by a project since rennie's Jameson House. This project seems to stand out from other projects by sheer architectural power, which is rare in this city. Erickson may be walking in the shadow's of a giant but at least it's something. Hopefully they will let me check out the place without checking on my chequing account first.

I'm out,
Vancurber

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Saturday, August 18, 2007

Alto life. Are you good enough to live here? Probably not.

I've been admiring the advertising by MAC on the alto life project. It, if nothing else, gets attention and that is probably key. Do you measure up? is probably my favourite one, or no wait, are you high. The big draw of this project that makes it better than you and everyone you know is.... it has 10 foot ceilings! w00t! Finally I can have all my buddies from the NBA over for cocktails. After priority registering it looks like the minimum on this project is $350,000 which is pretty reasonable nowadays in Vancouver. I'm looking forward to checking this development out when they are ready to have me.

www.altolife.com

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Wednesday, August 08, 2007

A new new home buyer's guide

So the newHOME buyer's guide is out and another round of the world's greatest real estate has arrived. Susan M Boyce isn't afraid to gush about a new development Marelago. "I somehow manage to suppress a sharp intake of breath when Vince adds that, oh yes, proposed is also a full spa, restaurant, fitness centre, and pool... the story of this resort just keeps getting better.". Well I had to suppress a disgusted sigh of um, disgust. New home buyers have nowhere to turn when it comes to honest reviews of new developments. I hope to fill that void with vancurber. I will take requests if you want me to review a place you are looking at. ttfn.

-Vancurber

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