A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.
Yesterday, I was reviewing a new Calgary MLS System listing of a condo apartment property and it reminded me of something that should be of importance to buyers and sellers.
When you are looking for a licensed real estate agent to market and sell your condominium property, PLEASE find one that is certified on Condominium sales or at least has significant experience in condominiums.
As it is, a basic real estate license is all that is needed to market, sell, and assist buyers with condominium purchases. However, it really is a specialty with some significant nuances. The entry-level real estate license program covers only the basics, provides a good summary as to why they are different, and provides a direction that the purchase and listing agreements needs to include key items and wording. It is expected that someone licensed in residential sales who is looking at completing in sales of condomiums (or acreages) will get additional training – but it isn't specifically mandated. It is...
I'm hosting an OPEN HOUSE this Saturday from 2 to 4 pm. Come on down and say "hi."
Priced $44,000 below TWO almost identical units that came on the market in the last several days — this home offers tremendous value at $425,900!
Tranquility and style, this exquisite 2 bedroom townhouse is located in the highly sought after Enclave at Castle Keep in Aspen and is surrounded by an abundance of green space. It features a functional, open concept layout, dark hardwood floors throughout main level, 9 foot ceilings, a gourmet kitchen with stainless steel appliances, extended high modern cabinets with a raised eating bar overlooking the dining and living areas with over-sized windows and an unobstructed view of the forested area and ravine. The upper floor boasts two large master bedrooms, each with their own private ensuite and a conveniently located laundry room. The ground floor includes a tandem 2-car garage. The home is a quick commute to downtown Calgary and is close to...
I'm hosting an OPEN HOUSE this Sunday from 2 - 4 pm. Come on down and say "hi."
Priced about $35,000 below an almost identical unit that came on the market today, this home offers tremendous value at $433,900!
Tranquility and style, this exquisite 2 bedroom townhouse is located in the highly sought after Enclave at Castle Keep in Aspen and is surrounded by an abundance of green space. It features a functional, open concept layout, dark hardwood floors throughout main level, 9 foot ceilings, a gourmet kitchen with stainless steel appliances, extended high modern cabinets with a raised eating bar overlooking the dining and living areas with over-sized windows and an unobstructed view of the forested area and ravine. The upper floor boasts two large master bedrooms, each with their own private ensuite and a conveniently located laundry room. The ground floor includes a tandem 2-car garage. The home is a quick commute to downtown Calgary and is close to all amenities, the C-Train...
Find a LOCAL REALTOR® who has a condominium specialist designation. In Calgary, this is an optional upgrade designation for REALTORS®. Condominium real estate transactions are significantly far more complex than freehold property transactions and require additional care and attention to details.
In Alberta, condominiums can be apartments, townhouses, 4-plexes, 8-plexes, attached homes, detached homes or even a few acreages just outside the city. All types of property can provide the benefits of condominium ownership. A condominium specialist should be able to spot the tell-tale signs of a well-run condominium corporation and in the case of townhouses, rowhouses, multi-unit properties can easily explain why they are far, far superior to "freehold" townhouses, rowhouses or multi-unit properties.
If you are buying a brand new condominium, recognize that the "sales person" in the show suite is an employee of the vendor and CAN NOT represent you in your transaction – they work only...
Calling the listing agent is the BIGGEST mistake a potential buyer can make!
The listing agent is legally working for the seller to get them the very highest price and best terms possible!
The listing agent is required, by law, to disclose three important facts to an unrepresented potential buyer:
- They are working FOR the seller,
- They are NOT working for you, and
- The buyer will likely get a better deal with their own agent.
The listing agent is prohibited from sharing with the potential buyer knowledge they may have about a home or the seller – unless the seller gives them authorization to share the information ahead of time. And why would the seller offer to share negative information?
The listing agent is going to try to push a sale of the home – whether or not it meets the potential buyer's criteria. Keep in mind they work FOR the seller.
The seller has already agreed to pay a certain fee to sell their home through the listing agent. They pay no...
Considering Buying a Condo?
Condominiums are a very popular housing choice for many Calgarians. Today, it accounts for well over 30% of all homes purchased and sold. Across Canada, ownership of condominiums is growing at a phenominal pace. However, there are a number of things to research and keep in mind before making an offer on a condo.
Condominium corporations collect fees on behalf of their owners that cover a variety of items from modest maintenance and upkeep fees to high fees for extravagant luxury amenities. Sometimes some utilities are even included in these monthly fees. Before you place the offer on your dream condo, make sure that you clearly understand what's included in the monthly fees and whether or not there are any out-of-the-ordinary expenses likely to be incurred in the near future. These aren't always due to deferred maintenance, but can be planned upgrades. A little investigation can keep you from being taken by surprise.
Reserve Fund Studies
At the end of last week, another report from one of Canada's largest banks was released in regards to the Canadian housing markets. This time it was from their research branch: TD Ecomomics (for TD Bank, TD Waterhouse, TD Canada Trust).
They report that the Canadian housing market in 2012 will be in a battle between on the one side: low interest rates, and on the other side: economic uncertainty along with slow income and employment growth.
It's forecast that there will be huge price corrections in both the metro Toronto and metro Vancouver markets which have again heated up in 2011 - especially in the apartment condo markets. Combined with the price corrections, they also forecast a higher that average sales corrections for both cities in the next two years.
TD estimates that house pricing, on a national basis, are over-valued 10 to 15 percent, although that is expected to drop over the forecast period.
According to the report, there has been little upward pressure...
The registered size of a condominium property is the only legally recognized size measurement for condominiums in Alberta under the Condominium Property Act. The Calgary Real Estate Board Co-operative (CREB®) has determined that this means it's important to ensure the accurate reporting of this legal measurement for both new and resale condominium properties listed on the Calgary MLS® System database.
On November 3, the Board of Directors of CREB® (on behalf of the board's membership) passed a motion to allow the total floor area field in the condominium database to be auto-populated with the information entered in the registered size field of the MLS® System database. This registered size will be automatically be uploaded to agents' premium websites and also the aggregator of the over 110 MLS® Systems in Canada, Realtor.ca (formerly mls.ca), and will automatically show what is included in the remarks section of every condominium listing. The public, and real estate...
On Tuesday of this week, the Calgary Herald speculated that we might be seeing a boom in the near future in the Calgary condo market. Here's the story: Read More
Here are the thoughts of the writer:
- Two new condo projects are being announced now
- Demand is increasing according to one of the projects sales managers
- Sales of some recent new projects have been solid
- Employment growth, increased earnings and increased net migration to the province and the city seem to be fuelling demand in the condo market again
Those are his comments for the new condo market which will add many hundreds of new condo apartments in the next several years. There are dozens of other projects currently selling apartments and townhouses today.
The resale market is also experiencing signs of positive growth. As of this minute, and so for this month, there have been 317 condo sales for an average selling price of $303,901, according to the Calgary Real Estate Board Co-Operative's MLS® System. If this...
Insurance for condominium units is very different compared to the insurance that homeowners and tenants buy. Because condominium corporations must buy their own insurance, the insurance that unit owners buy has to be designed to complement that insurance coverage.
Like a tenant’s insurance policy, condominium unit owner policies cover personal property – furniture and personal effects. Like tenants and like homeowners, special attention is required to ensure that there is adequate coverage for high-risk property like jewellery, certain collectibles (like stamp and coin collections), and so on. If a pipe burst in a unit and seriously damaged the furniture, this section would provide coverage.
If you are considering buying or selling a condominium property, I'd be happy to talk to you.
Every year, a condominium board is required to convene an annual general meeting of unit owners. At the meeting, owners elect a new board, which typically includes re-elected and new board members.
The addition of new members can cause some strife on the board, and between the board and the property manager. However, John Wannamaker of Samuel Property Management Ltd. says that if the property manager has a good understanding of the condo and is able to communicate effectively with all different types of personalities, conflict may be averted or, at the very least, minimized.
If you are considering buying or selling a condominium property, I'd be happy to talk to you.
Like any real estate agent, I can help you buy or sell any kind of real estate, but one of my favourite kinds of home is a condominium. Condominiums come in all kinds of different shapes and sizes. Often, people from other areas view condominiums as "apartments for sale." In actual fact, condominiums are all sorts of different building styles and not just apartments. Condominiums could be townhouses, or even detached homes. Condominium is a term for an ownership style and not a building style.
As a real estate agent working with buyers or sellers for the purchase or sale of condominium properties, it's quite complicated and it is one of the reasons that less than 20% of the real estate agents within the Calgary Real Estate Board have been able to achieve the CCS certification (Certified Condominium Specialist). While it's not required to have, this certification is something that astute buyers and sellers should be looking for in their real estate agent's credentials when they're...
Q: If I attend an Open House, do I have to use the REALTOR® that is holding the open house? - Anonymous.
A: Absolutely not! In fact, this may be the very worst person for you to use!
You aren't the first buyer to be confused about the role of a real estate agent in their quest to purchase a home. Buyers, whether it's their first time or their fifteen, may not understand exactly who the agent represents and real estate agency (broker) relationship. Let me educate you a bit about what’s called "Agency" (i.e. who represents whom) in a real estate transaction for Alberta (every province or state has their own rules and laws). In Alberta, real estate agents must give buyers and sellers an "Agency Disclosure" form to sign before a transaction is started or offer is written. This form is not a contract or an agreement, it simply disclosures the various types of possible agency relationships that may exist. But it does require a signature to show that you have in fact...
Courtesy of TheStar.com - Published On Friday, January 28, 2011
Residents of a west-end high-rise condominium just got the following message in a letter from their management board president:
"Don’t buy an electrically powered vehicle in the expectation that you can have it recharged or powered on our premises… for now, thinking about buying an electrically powered vehicle may not be a practical thing."
I learned why at a meeting with members of the board and the condo’s major management committee.
The building was constructed in the late 1980s. None of its roughly 450 underground parking spaces, on three levels, is wired. The garage contains only two or three outlets for maintenance work.
As with all older condos, the electricity bill covers the entire building, including private and common areas. The expense is apportioned among the units according to their floor area.
So, meeting participants argued, even if the owner of a battery-powered car...
Maybe you're just curious. Or, maybe you want to know how much equity you have in your own home. Or, perhaps you're thinking of selling soon and want to know how much your home has increased in value. Either way, I can help... with NO "sales pitches," NO "cat and mouse games," NO "bait and switch tactics" and NO runarounds.
Just give me a call or use the contact form
to ask the question and I'll give you all the facts.