Tips for Strata/Condos
226 s.f., not the closet, or the bathroom- the WHOLE apartment
Feb 12th
What are your thoughts on this? Could Victoria find the space and the willingness among developers and also amongst our elected officials to create something like this? Lord knows, people would snap them up. Now these little places are of course rentals in Gas Town but I’m thinking that the same market exists here. Check out the link to this article; http://bit.ly/z10Wuc
This article also shows you diagrams of how the furnished spaces are best lived in. My opinion, small yes, but hey they are new and they are clean. Let me know your thoughts!
Here’s a cute little video, QR code and condo to go with it!
Aug 18th
Top Floor Condo go here to see the vid and a great little song from a few years ago.
I’ve got this top floor 800 s.f. condo for sale at the super reasonable asking price of $194 900. I’m including a QR code for those that would like to see more details.
295571 is the MLS # if you want to search it the old fashioned way, you know, on the Internet, haha…
I’ll be doing an open house at this unit this Saturday from 3pm-4pm. Buzz “Pomerant” when you get to the intercom of this very quiet building, located at 2631 Prior.
This would be a great place for a student, or a couple that is wanting to live in town, on a quiet street. Think of how many condos are located in noisy locations, then come see this one. Downsizing? This might represent a fantastic chance to purchase a spacious unit with great views.
Your realtor in Victoria,
Fergus Kyne
RE/MAX Alliance
250 216 1217
Condo while persuing post secondary school
Jun 28th
Many of my clients and countless others who are students have found that when they compare the cost of renting for 3-4 years while they persue post-secondary studies vs. the costs and benefits of owning, that they are often further ahead by purchasing a condo.
Consider that real estate values have dropped in the last year and that the cost of financing is almost as low as it’s ever been. Consider also that in a town like Victoria, finding suitable accomodation to rent can be difficult and also sometimes more expensive on a monthly basis than paying a mortgage.
Now of course you have to be able to qualify for financing; but we’ve sold many stratas to students who have held co-ownership with a family member, aka, mom/dad or a sibling who can also help to qualify for financing. We’ve seen more than one condo be shared by a couple of serious students for three years and then sold resulting in a net gain for the owners (pay down a student loan with a tax free gain?-just a thought) or at the very least a wash in terms of what would have been spent on rent. Minus the hassle of trying to find a new place every August or having a rental sit empty because the student didn’t want to lose it to someone else.
What I’ve seen that is helpful for UVIC and Camousun College Lansdowne Campus is to consider a few things; try to get on a bus line, don’t worry too much about in suite laundry (less appliances to repair and possibly replace), and try to get one that has a good track record, ie, they have a good contingency fund and they won’t be asking you to contribute to the cost of major repairs.
I’ve just listed one at 404-2631 Prior Street; (MLS 295571) a very quiet location, of which some pictures are included here. This is a top floor condo that is just over 800 s.f. in a very solid, 70′s building that has recently had a new roof and also has great views over the city to the south. The list price is $204 900.
When you analyze what rent is versus what it would cost to pay the mortgage and strata fees as well as the opportunity for a capital increase in the value over time, often buying makes more sense than renting, especially if you have younger siblings that might be following older ones to the same city for post secondary training of any kind. Try the mortgage calculators you can find here www.canadasbestmortgage.com for some guidelines on the cost of financing.
I’m available to discuss any options you may be considering. Call me anytime; Fergus Kyne, your realtor in Victoria, BC
250-216 1217
Townhouse Living vs. a Condo
Jun 16th
Well for starters, you almost never have to share a door or ride an elevator with one of your strata neighbours! And honestly, can you put a price tag on that?
In all seriousness, hopefully you will get to know some of your neighbours and learn to appreciate them just like we would hope all people do with the folks who live around you, no matter if you’re in a house, mobile, condo, TH or mansion on acreage.
But when you’ve chosen to live in a strata, and you make the decision to have a townhome (TH) rather than a condo, you can 
often enjoy a lot of benefits in a townhome that you wouldn’t get in a condo.
For example, I wasn’t kidding about the front door! It’s nice to be able to open the door to your place, whether it be a front or back door and leave it that way. You won’t be doing that in most condos as for the most part you’ll be looking at a wall or a door in a condo as opposed to the world outside from your TH.
For the gardener out there, most TH’s will come with a ground level yard that can accomodate your inner green thumb or your desire to grow food and or flowers. Sure this can be done in a condo as well, but not to the same extent and also some condos don’t even have a balcony or patio.
BBQ! Even vegans can’t stop entirely the lure of the ol’ flame grill, (email me for a fantastic eggplant burger recipe that will knock the Birkenstocks right off that hottie from Fernwood you’re dating) and I can’t tell you how many condos won’t let you have a BBQ. There are of course condos that allow BBQ’s but surprisingly a lot of them do not.
Which brings me to my next point: rentals. Generally speaking, there seems to be more flexibility in how you can live your life in a townhome. More of them allow rentals than condos, which is good if you find yourself wanting to rent your place out or if you are an investor. Pets are another tricky issue with condos. In my opinion, WAY too many condos won’t let owners even have a cat, and dogs are often out of the question. Now, I can understand why perhaps, as you don’t want dogs set loose in the shared hallways of your strata. But for so many people, especially elderly single occupants, it can often be so important for them to be able to have a companion.
Usually this is not an issue with a townhome, as more often than not, you will have your own little terrain for Rover to relieve himself and you’re generally not sharing areas of the common area that would prove to be contentious with other owners.
Usually, you’ll pay a bit more for a townhome than a condo, but this is not set in stone. If you consider the price per square foot of living space you get a TH is often a better value, and the same can be said for strata fees, often on a square foot basis, you will pay less for your monthly obligation to the maintenance and contingency fund in a TH than you will a condo.
Did I mention, rhetorically, parking? Well I will now, almost always with a TH, it’s right outside your unit, and often with a garage. Not so with a condo, there is no shortage of condos that have NO parking.
Compare the price of this one I have listed at 403-642 Agnes on a finished s.f. basis with perhaps a condo you may be looking at. Almost 1600 square feet on three levels with west facing back yard; here’s the description and the price is $364 900 with a monthly strata fee of $278.00 which includes access to the outdoor pool and rec centre, spring to fall.
“Great New Price-Fresh Paint, new front and closet doors, Light Fixtures, electric switches, lovely wood floors, new kitchen flooring, among the best in the entire strata! Nicely updated, Attractive & Bright. This 3 bdrm home features a newer kitchen with built in breakfast nook, newer quality carpets & an updated bathroom. 3 level floor plan features insuite laundry, a family room or recreation area on the lower floor, comfortable living room with wood burning fireplace, sunny, south facing private yard/patio with new cedar fence and more. The complex is situated in a park like setting with play area and outdoor swimming pool facilities. A fantastic offering for the price, location and solitude.”
Next week, condos investment for university students!
I’m your Realtor in Victoria, BC, Fergus Kyne with ViewTheHome.ca
RE/MAX Alliance, 770B Hillside Ave.
250-216-1217
Do what developers do!
Dec 6th
Thinking of buying a strata? (And by the way it’s a great time to be considering scooping one in either Bear Mountain or the Songhees where there is a lot of inventory and prices have come down.)
Well then here’s a helpful tip for deciding upon how much value to place upon a strata that you are considering either selling or buying-do what the developers do!
How much is the strata when you compare dollar per square foot? This is one of the most consistant factors developers use when they decide upon their acceptable profit margins for new construction. So why not use this same benchmark when deciding to either list or buy?
When listing you want to make sure that for comparable properties your unit is looking really attractive to a buyer in terms of this number. Obviously when you are buying you want to see that this number is as low as possible.
Keep in mind that with stratas over $400 000, most people purchasing in this price range are downsizing. They generally want as big a place as possible. When you sell try to strike a balance between what you know the property to be worth and what you’ll accept as a price. When you negotiate a sale, make sure you go at a seller based upon this point.
MARKET this advantage! For example if the average for comparables is $457 per finished square foot of living space vs. $389 per s.f. which one seems like a better price? If it’s fairly close in quality, finishing and size, here’s your starting point for negotiations.
For more tips on marketing condos for sale or for negotiating a great price on one, contact me anytime.
Your Realtor in Victoria, BC
Fergus Kyne
with ViewTheHome.ca
250-216-1217
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