Vancouver's Real Estate Market

[sam0m0]

I dunno much about the developer either, but I was looking into them too. They have a website for the townhomes in killarney. Avalon Mews - 55 Killarney Heritage Landmark Townhomes & Garden Flats with Modern Interiors , phase 1 was 40% sold by dec. 1 bed from 342k and 2/3 bed from 698k in case your wondering.

[Traum]

Originally Posted by sam0m0

I dunno much about the developer either, but I was looking into them too. They have a website for the townhomes in killarney. Avalon Mews - 55 Killarney Heritage Landmark Townhomes & Garden Flats with Modern Interiors , phase 1 was 40% sold by dec. 1 bed from 342k and 2/3 bed from 698k in case your wondering.

IIRC, the old Avalon farm area is sitting on some softer ex-marsh / swamp land. This isn't necessarily a problem in itself, but you should expect some gradual / continual little issues with building settlement.

[winson604]

Originally Posted by sam0m0

I dunno much about the developer either, but I was looking into them too. They have a website for the townhomes in killarney. Avalon Mews - 55 Killarney Heritage Landmark Townhomes & Garden Flats with Modern Interiors , phase 1 was 40% sold by dec. 1 bed from 342k and 2/3 bed from 698k in case your wondering.

Thanks, I already went the other day with my realtor. There's a lot I love about it and debating of putting in an offer. Just doing some research on the developer and crunching numbers. Some red flags came up for my wife since there was no info, she was worried about them running off with all the money, why is there no info on them? But it sounds like other than the fact that there is no history on the developer that there are legitimate reasons why there may be no info all of which don't point to you being screwed in the sense of them running away or anything unless that sort of shit happens here?

[Harvey Specter]

Always a danger with unknown developers, biggest one would be the overall build quality of the units.

And I found this article posted in 2014 relating to this company, my guess is it's an overseas crowd funded type developer...

The second item at a Public Hearing starting at 6pm on today, Tuesday, July 8, 2014, is a rezoning proposal for 63 dwelling units on the site of the Avalon Farm, a historic dairy that was located at 5805 Wales Avenue in Vancouver.

Since the application first appeared a couple years ago, we have been mystified about who is behind Avalonna Homes. Our interest is not so much about this specific application, but about the example it illustrates oh so well. It is just one example of the MANY development applications in Vancouver fronted by an architect for a numbered company or un-named applicant. In this case, the architect providing cover is Robert Ciccozzi Architecture Inc., while the always-lurking Pottinger and Associates appears to have been involved in coordinating communications with the community. But the public might ask why things are done so secretly in Vancouver. Globe and Mail, Vancouver Courier, Vancouver Sun, and other media have covered this rezoning since 2012. But same thing. No mention of who is Avalonna? Not even curious? If anyone happens to discover who is behind Avalonna Homes, please do share.

Asymmetrical Information Disclosure

Updated: At the most fundamental level, what our civic government is condoning is asymmetrical information disclosure, with the imbalance being in favour of the applicant, and to the disadvantage of the public. It is not fair. New rules introduced by the current City Council prevent a citizen from speaking at a Public Hearing on another person’s behalf (unless that person is identified and IN the room). A citizen who writes to City Council for a Public Hearing — whether in support, opposed, or “other” — is required to provide one’s personal name and address. The City website publishes online the name of every such individual. But meanwhile, City rules permit numbered companies or opaque companies (that is, with no information about the company publicly available other than the company number or company name) to apply for multi-million dollar rezonings and development applications. In many cases, they have significant impacts on citizens, on heritage, and on the character and livability of neighbourhoods. In many cases, the name of the individuals involved with these companies are never disclosed to the public. It appears that sometimes, even City staff don’t know who is behind the screen. Architects or other agents are permitted to provide a veil of secrecy for the individuals or entitites who are the true applicants. The public deserves to know who is applying and benefiting from Council approvals of changes in land use that are typically very lucrative.

At the moment today, just two hours before start of the Public Hearing, correspondence to City Council on this rezoning application is low. One letter in support, and one “other” comment. The agenda for the meeting, plus all related correspondence, is here. Here is our analysis of the project: https://cityhallwatch.wordpress.com/...ublic-hearing/.

Below is an excerpt of that article about the mystery of the applicant. Why the veil of secrecy? Who benefits from it? Who loses?

One thing has mystified us from the beginning: WHO is Avalonna Homes Ltd.? A web search turns up nothing. The public has a right to be concerned that so many major deals are made in Vancouver by numbered companies or elusive companies with no names attached. More transparency is needed for rezonings, which are a license to print money (especially for multi-unit dwellings), and when the proponent seeks benefits from the government such as density bonuses for heritage protection. As in this proposal, architects often serve as a front organization for the actual owner and developer. Consulting firms, like Pottinger and Associates in this case, also play that role. Heritage organizations and consultants also get involved in negotiations, and in some cases, even the line between those two is blurred. Yet the inability for the public to know who is really behind a deal leaves the door open for political lobbying, favours, inappropriate influence on staff and politicians, and so on. And the opaqueness makes it difficult for anyone to identify connections between political gifts/donations and decisions made by our elected officials. We believe in the principle of “trust and verify.” We have no choice but to trust. But when the real individuals behind major land deals are intentionally concealed from the public eye, it is impossible for the anyone to “verify” the integrity of deals with City Hall. Anyone with tips on the real ownership here, please e-mail citizenYVR@gmail.com. Confidentiality will be protected. The lack of transparency appears to be the rule, not the exception. Consider for example the billion-dollar Concord Pacific Corporation in our article about social responsibility, integrity and governance.

[winson604]

Originally Posted by Harvey Specter

Always a danger with unknown developers, biggest one would be the overall build quality of the units.

And I found this article posted in 2014 relating to this company, my guess is it's an overseas crowd funded type developer...

Agreed, b/c no history I'm really unsure what the quality. Truth be told through my search the quality hasn't ben my #1 priority but with that said it's still high enough that I care obviously. I've mentioned before that a company like Thind where I've heard nothing but horrible build quality I would not touch with a 10 foot pole, don't care how cheap, how nice, or how great a location but no thanks.

Could this be like Thind quality? who knows, maybe and maybe not but I guess everyone takes that gamble sometimes. Decisions decisions, everything else on my wants list is ticked off except for the uncertainty of who the fuck are these people?

I also read that article as well but not even sure what to make of it from a buyers perspective.

[sam0m0]

lol never liked any of the thind buildings either. Cheapest prices I seen for a new build in vancouver but inside doesn't look good.

I like the area for avalon mews but also didnt like the developer or website. I've been looking at alot of townhouses/lowrise for awhile now think seen most of them. I like black+white from intracorp except it was a bit far. I ended up recently dropping a down for another precontruction townhouse closer in burnaby.

[Harvey Specter]

If you're looking for a condo unit in the south Van area there is a new tower been proposed on SE Marine and Fraser St. where the Super 8 Motel is.

[SumAznGuy]

Keep in mind, these guys are sub-contracting a lot of the work out.
So even if the building being built has a name like Polygon or Bosa behind it, it doesn't necessarily mean that much.
Some of the newer buildings built by them have had their issues.
The #1 rule that everyone should keep in mind is that anything built during a boom generally will be shittier than stuff built not during boom times.

[winson604]

Originally Posted by sam0m0

lol never liked any of the thind buildings either. Cheapest prices I seen for a new build in vancouver but inside doesn't look good.

I like the area for avalon mews but also didnt like the developer or website. I've been looking at alot of townhouses/lowrise for awhile now think seen most of them. I like black+white from intracorp except it was a bit far. I ended up recently dropping a down for another precontruction townhouse closer in burnaby.

Black and White was the first one my wife and I fell in love with but we never had COQ on our list even though some would argue that's practically Burnaby so we passed.

Saville Row by Deer Lake was the next one we really liked but while it was still in Burnaby not far from Van we really wanted to stay in Van if possible which brings me to Avalon Mews, right in between both grandparents house in Van so great for our little one, within budget, got what we need etc

SimAznGuy- While true there's still a level of trust and history to back on.

I mean Thind properties have always been shit and I doubt one day they sub contract to an angel and the property they make will be top notch quality .

On the flip side a developer like Concord Pacific or any other highly regarded company won't have buildings that vary so much in quality either. I mean reputation is reputation.

[Hondaracer]

Originally Posted by SumAznGuy

Keep in mind, these guys are sub-contracting a lot of the work out.
So even if the building being built has a name like Polygon or Bosa behind it, it doesn't necessarily mean that much.
Some of the newer buildings built by them have had their issues.
The #1 rule that everyone should keep in mind is that anything built during a boom generally will be shittier than stuff built not during boom times.

never seen a builder, of any size, not use contractors for pretty much everything.

Polygon and Bosa have their "construction divisions" which most of the time are just framing and management, other than that, every single trade is contracted out for the most part.

Fuck, been looking to upgrade our place for a few months now and the prices/selection is insane.

Was hoping for the slight chance we could get a 1000+ SQ foot condo, any age really, for around 800 in Burnaby, seems completely impossible lol :/

[Hondaracer]

Plans for redevelopment of lougheed mall:





Glad i walked by today because otherwise i would have completely missed it, only a small sign saying "info session today" lol

I had heard rumors of the redevelopment through people in the know, it's a holdings company that is in the "process" of consultation and rezoning of the owned property, but i'm almost certain that company is Bosa, i think it said "Sun holdings" or somthing like that on the plaques.

Potentially 20+ towers over the next 30 years, numerous at 60+ stories

[Coren]

Are you talking lougheed? Its owned by Shape properties, the same people doing Brentwood.

[quasi]

Originally Posted by Coren

Are you talking lougheed? Its owned by Shape properties, the same people doing Brentwood.

Yup, and Axiom which is an arm of Bosa is doing the Towers at Brentwood. We were asked to bid the Brentwood towers but declined when we found out Bosa was involved, such a waste of time.

[Gamed]

Does condo's maintenance fee covers insurance? For example, in case of fire? earthquake? floods?

[AWDTurboLuvr]

Originally Posted by Gamed

Does condo's maintenance fee covers insurance? For example, in case of fire? earthquake? floods?

The strata fee only covers the insurance on the building itself and the common area. For your unit, you have to get your own home/condo insurance. Make sure you bring in a copy of your strata/building insurance details so your insurance agent knows how much coverage you need, especially deductibles.

Insurance - Province of British Columbia

[Gamed]

Originally Posted by AWDTurboLuvr

The strata fee only covers the insurance on the building itself and the common area. For your unit, you have to get your own home/condo insurance. Make sure you bring in a copy of your strata/building insurance details so your insurance agent knows how much coverage you need, especially deductibles.

Insurance - Province of British Columbia

Umm what I meant was, aside from my personal belongings in my units don't really care, I pay, lets say $400,000 of an unit (903) in Vancouver. My neighbor (904) forgot turn off his/her stove which burned her unit and on to mine. Or an earthquake struck, the whole condo building destroy.

Will the insurance repay what I paid for which is $400K (or according to bc assessment value)

[SumAznGuy]

Originally Posted by Gamed

Umm what I meant was, aside from my personal belongings in my units don't really care, I pay, lets say $400,000 of an unit (903) in Vancouver. My neighbor (904) forgot turn off his/her stove which burned her unit and on to mine. Or an earthquake struck, the whole condo building destroy.

Will the insurance repay what I paid for which is $400K (or according to bc assessment value)

If the neighbour forgets to turn off the water and floods your unit, or has a grow op and the mould affects your unit, the Strata will pay to have the necessary repairs done so that your unit is the same as before and either their insurance will pay for it or they will go after the owner of the unit that caused the problems.

If there is an earthquake and shakes your building to the ground, you will have bigger problems than going after the insurance for your $400K.
Look at what happened after 9/11 when the World Trade Center came crashing down.

[Drow]

i thought strata covered fire / earthquake insurance

[AWDTurboLuvr]

Originally Posted by Gamed

Umm what I meant was, aside from my personal belongings in my units don't really care, I pay, lets say $400,000 of an unit (903) in Vancouver. My neighbor (904) forgot turn off his/her stove which burned her unit and on to mine. Or an earthquake struck, the whole condo building destroy.

Will the insurance repay what I paid for which is $400K (or according to bc assessment value)

Your condo insurance will cover that example of the stove, but you have to be careful of deductibles.

"If an insurance claim for a strata corporation originates in an owner’s unit then the strata corporation can sue the strata lot owner for the deductible. Recent court cases have determined that responsibility for an insurance claim does not mean that the strata owner must be negligent, careless or legally liable (i.e. at fault) in order to be responsible for paying the corporation’s deductible.

For example, a dishwasher overflows in a unit and causes water damage to common property. The strata corporation can sue the strata owner for the cost of the strata corporation’s insurance deductible even if the strata owner was not “at fault”."

So you have to make sure your own insurance policy covers the same deductible amount as the strata's policy. (eg. Strata's insurance has a $15,000 deductible for water damage and your policy's deductible coverage is only at $10,000. You would have to pay $5000 if the strata sues you for the cost of their deductible).

Your insurance is not only for personal belongings.

Earthquake insurance is a separate thing and it is not mandatory for strata corporations to have it, although it is extremely recommended in Vancouver and the neighbouring areas.

You should have a read through the link I sent above as it answered all the questions you've listed thus far.

[Gamed]

Anyone have third party townhouse/condo insurance to recommend?

[AWDTurboLuvr]

Originally Posted by Gamed

Anyone have third party townhouse/condo insurance to recommend?

I've used BCAA and SquareOne before and I'm happy with the service they provided.

[Ch28]

A crisis in Vancouver: The lifeblood of the city is leaving - The Globe and Mail

Gary Mason did a piece on the growing divide in Vancouver

[Hondaracer]

Want to feel like you're mentally retarded? Then head over to the comments section of that article.

[GLOW]

headed over there with the : and after a few clicks left with the

Spoiler!

[Timpo]

this thread is epic