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August 2009 Real Estate Newsletter FROM LOUISE FULLER |
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Visit My Website to View Fantastic Canmore listings.
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Greetings!,
Sales for the month of July 2009 are as follows:
Please remember these are averages only.
Single family: 7 sales, average sale price $689,557, average days on market 135 (DOM).
Half duplex: 3 sales, average sale price $541,666, average days on market 94 (DOM).
Townhouse: 7 sales, average sale price $614,428, average days on market 63 (DOM).
Apartment: 8 sales, average sale price $386,100, average days on market 126 (DOM).
Fourplex: 2 sales, average sale price $502,500, average days on market 135 (DOM).
Lots: 0 sales.
For specific details, please email or call and I would be happy to be of assistance. Best Regards,
Louise Fuller |
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#10, 610 - 3rd Street
Feature Listing
FABULOUS LIGHT, IDEAL EXPOSURE!
This bright, downtown south-west facing corner unit condo has 1,190 sq ft, 2 bedrooms, 1.5 baths and a loft. Original design is reconfigured to a contemporary layout with many upgrades including counters, kitchen island, slate and wood flooring. Appliances replaced within the last 5 years. This home is conveniently located on a quiet street only a few blocks from the river and main street. Split entrance offers open concept living/dining/kitchen up and bedrooms down. Loft is located on 2nd level. Condo association adheres to reserve fund plan...new roof in 2007, exterior fully repainted 2008 and windows and doors are scheduled for replacement in 2010.
ASKING $395,000 |
CLICK HERE FOR MORE INFORMATION
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HOMEWORK HELPS PREVENT BUYER HEADACHES
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Marty Hope, Calgary Herald
Affordability is typically the reason given for someone to buy a condominium, but....
Potential condo purchasers should have their eyes wide open and fully understand what they are getting into before signing a purchase agreement, says Gary Siegle, Calgary-based regional manager for mortgage broker Invis.
It's all about doing homework regarding condo fees, reserve funds and lender requirements -- as well as seeking affordability, he says.
If you've never owned a condo before, take some time to educate yourself or find a professional to help you through the wads of paperwork that come with buying that apartment or townhouse, says Siegle.
Condominium fees are taken into consideration by mortgage lenders in determining if a borrower qualifies for a mortgage, he says.
For example, a $200 monthly condo fee can "affect your purchasing power by more than $18,000" based on a five-year fixed rate of 4.39 per cent with a 25-year amortization, he says.
"So, if you're looking for a higher-priced condo with high fees because you felt that was all you could afford, you should talk to a mortgage expert to ensure you understand what you can qualify for if it is condominium versus single-detached home."
It's also key that you understand just what the condo fee covers -- something that varies from property to property.
It's likely the higher the fee, the likelihood it will cover more than just cutting grass and shovelling snow. In some cases, the building might have a pool or fitness facilities and that will mean more fees.
"While the pool or fitness room is nice to have, seriously consider if they will be features you will use," says Siegle. "Otherwise, you might be better looking at a property with fewer amenities but more affordability,"
Then there is the reserve fund. If a condominium corporation doesn't have one, think seriously about looking elsewhere. If there is a fund, know its status.
Condo fees are partly used to establish a reserve fund for the building, with the purpose of saving cash for long-term replacement of major components as they wear out, such as the roof or mechanical systems. Prospective buyers should understand the maintenance program that has been established for the building and determine if the reserve fund is sufficient to handle it.
If it isn't adequate, there will either be an increase in fees somewhere down the road and/ or a special assessment, says Siegle.
"What many homebuyers may not know is that there is no option when it comes to these condo fee increases or special assessments -- they must be paid," he says. "So, even though such expenses do not affect the initial qualification for a mortgage they will impact the affordability."
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POTENTIAL CONDO PURCHASERS SHOULD HAVE THEIR EYES WIDE OPEN AND FULLY UNDERSTAND WHAT THEY ARE GETTING INTO BEFORE SIGNING A PURCHASE AGREEMENT
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Most buildings get a reserve fund study done periodically, so check to see what the experts say about the adequacy of the reserve fund.
There may be some major upgrade planned for the project and this, too, will be funded from the reserve, or a special assessment or increase in fees, or some combination of all of those.
Planned major expenditures are usually included in the minutes of the annual meeting of the condominium corporation, so it's a good idea to get a copy of the most recent minutes.
"In fact, often mortgage lenders ask for a copy of both the minutes of the last annual meeting and the most recent reserve fund study as they, too, are concerned about the impact on affordability once the mortgage has been funded," says Siegle.
You might also want to look at who is living in the building. Are the majority of the occupants owners or renters?
"It's common for renters to move more often and they don't have the same long-term interest in the upkeep of the building," he says.
This usually results in higher operating costs for the condominium corporation, with the ultimate impact being higher fees passed on to the owners of the units.
Finally, make sure you understand the rules of the corporation, says Siegle. Are there restrictions on pets, working from home, or age restrictions?
These types of rules are put in place to appeal to a certain segment of the market, but they also have the impact of limiting the number of people who are eligible or interested in buying, he says.
"As a prospective purchaser who may still be dreaming about some day owning a single-detached home, you want a unit that has the broadest appeal in the market," says Siegle. "Usually, specific restrictions limit this appeal and make marketing your unit somewhat more difficult when that day to move up arrives." |
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Thanks for reading and I will send you more info next month.
For all your real estate needs I am ready and willing to help you take that next, very important step.
Sincerely,
Louise Fuller
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