This year’s ‘Millionaire Lottery’ features a $2.6 million Kitsilano heritage home as one if it’s grand prizes! This lottery supports the VGH and UBC hospitals.

The home and neigbourhood are described on the website as “Tree-lined streets, markets, boutique shops nearby and an ocean playground a short walk from home makes it easy to fall in love with our 2,200 square foot, fully-furnished Kitsilano Grand Prize choice. Relaxed and informal, our Kitsilano home is a mix of old and new.  As you look around you’ll discover the home design is understated with some drama.   In contrast to the main part of the home is the 2-bedroom suite.  Playful and fun, the suite adds another dimension to this remodeled and redecorated 80 year old home.  You get to keep everything you see in the home, plus we add $500,000 cash, a 2010 Honda Insight Hybrid, a 2010 Honda CRV-GX and a $2,400 gift card from Mountain Equipment Co-Op for a total value of $2.6 million. “

The home is located at 2204 Balaclava Street and is open Wed-Sun 11am-4pm. Make sure to stop by while house hunting this weekend! Hopefully you got your ticket…you never know!

Totally renovated open plan suite show much larger than the square footage indicates (516 sq ft). Spacious room sizes, big windows, large  balcony, solid building, Parking and storage included! Top of the line renovations include brand new open kitchen with granite counters, new appliances, and wood cabinets. The bathroom also features stunning dark wood cabinetry, tile floors, and new fixtures. Designer colour paint throughout plus new doors, lighting, hardwood.etc. Nothing left to do but move in! The building has been very well maintained with newer plumbing, elevator, roof and common area upgrades, Pets and Rentals ok.  List Price: $334,900

For photos and more information on this unit, please visit www.sylviafierro.com or call Kari Denreyer, Remax Crest Realty 604-763-7785

The Greater Vancouver Real Estate Board has a great list of cost to consider when purchasing a home. Be sure to discuss these costs with your Realtor before making the important decision to purchase a property:

Mortgage costs

• Mortgage company’s lawyer or notary
• Appraisal, if applicable
• Land title registration fee
• Mortgage loan insurance and application fee – if you get a high-ratio mortgage (where you pay less than a 20% down payment) you will have to buy the mortgage loan insurance from CMHC or a private company. For fee descriptions, please go to: www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm

Legal or notary fees and expenses

• Title search
• Investigating title
• Drafting documents
• Land title registration fee

Property transfer tax

Pre-paid property taxes or utility bills
You will have to reimburse the sellers for any prepayments.

GST
When you buy a newly constructed home, you must pay the 5% GST. However, if your house is less than $450,000 you may be eligible for a rebate. For information, please go to: www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/cnstrctn/bldngsllnghms-eng.html

Appraisal fee
Before your lender approves your mortgage, you may be required to have an appraisal done. Sometimes your lender will cover this cost, if not, you are responsible. The fee ranges from $150 to $350.

Home inspection fee
A home inspection is a report on the condition of the home that can alert you to any protential issues such as moisture problems, pyrite, radon gas or urea-formaldehyde. The fee is about $500 to $700, depending on the size and complexity of the inspection.

Home insurance
To be safe, make the insurance effective on the earlier of either the completion date or the date that you pay the balance of the funds in trust.

Survey fee
Your lender may require an up-to-date survey of the property. If the seller does not provide the document, you will have to pay to have one done. The fee ranges form $150 to $350.

Moving fee

Maintenance and utility costs of your new home

Kitsilano appeals to many investors because of its low vacancy rates, proximity to UBC and other popular amenities. Derrick Penner at the Vancouver Sun recently published the following article outlining why this trend might extend across Vancouver in 2010:

‘Expect the relative spike in apartment vacancies Metro Vancouver experienced in 2009 to be a short-lived, recession-driven phenomenon, according to apartment-market expert David Goodman.

Metro Vancouver saw overall vacancy climb to a 10-year high of 2.1 per cent in 2009, compared with 0.5 per cent in 2008, Canada Mortgage and Housing Corp. reported in its winter vacancy report.

CMHC analyst Robyn Adamache said some seemingly contradictory factors combined to push the vacancy rate up. A rush of first-time homebuyers in recent years opened up a lot of rental units, but the recession crimped B.C.’s job market, which left a lot of would-be new renters still living with parents or doubling up with friends.

However, Goodman, a realtor specializing in apartment buildings with Macdonald Commercial Real Estate, said immigration was one factor that supported the rental market in 2009, and will continue to do so in 2010.

“I think immigration is going to be even better this year, and with the economy firming up, my prediction is that we will have a lower vacancy rate,” Goodman said in an interview.

Goodman added that the jump from 0.5 per cent to 2.1 per cent may look proportionally large, it doesn’t represent that big an increase in units available. The 0.5-per-cent vacancy level means only about 500 units are available at any one time across Metro Vancouver, and at 2.1 per cent, it is still only just about 2,200 units.

Adamache said the University of B.C. endowment lands remains one of the tightest rental markets with a 0.2-per-cent vacancy rate as of December, but downtown, the West End and Mount Pleasant-Renfrew Heights neighbourhoods also have vacancy rates below one per cent.

Home values continued to edge upward in November as demand in the Greater Vancouver housing market remains well above seasonal norms.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 12.4 per cent to $557,384 from $495,704 in November 2008. This price, however, remains down 1.9 per cent from the most recent high point in the market in May 2008 when the residential benchmark price sat at $568,411.“This unseasonably high level of demand can be attributed in large part to low interest rates, but it also speaks to the diverse range of housing options available in Greater Vancouver,” Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. “Prospective homebuyers today have more options at different price levels than ever before.”The REBGV reports that residential property sales in November were the third highest volume ever recorded in Greater Vancouver for that month. Sales in the region totalled 3,083 in November 2009, an increase of 252.7 per cent compared to November 2008 when 874 sales were recorded and a 16.8 per cent decrease compared to the 3,704 sales recorded in October 2009.“We are experiencing a brisker than normal market for this time of year, although we have begun to see a reduction in the number of homes listed for sale, which is normal as we head into the holiday season,” Russell said.New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,653 in November 2009. This represents a 21.3 per cent increase compared to November 2008 when 3,012 new units were listed, and a 26.6 per cent decline compared to October 2009 when 4,977 properties were listed on the Multiple Listing Service® (MLS®) in Greater Vancouver.At 11,039, the total number of property listings on the MLS® decreased 8.6 per cent in November compared to last month and declined 39 per cent from this time last year.In contrast to this year, note that November 2008 was the lowest selling November in Greater Vancouver in 27 years.Sales of detached properties increased 261.5 per cent to 1,164 from the 322 detached sales recorded during the same period in 2008. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties increased 13.6 per cent from November 2008 to $757,209.Sales of apartment properties in November 2009 increased 240.5 per cent to 1,396 compared to 410 sales in November 2008. The benchmark price of an apartment property increased 11.6 per cent from November 2008 to $381,945.Attached property sales in November 2009 are up 268.3 per cent to 523, compared with the 142 sales in November 2008. The benchmark price of an attached unit increased 10.2 per cent between Novembers 2008 and 2009 to $469,686.

Located North of Fourth just a short walk to Kits Beach and all the shops, services & restaurants of West 4th Avenue.  This spacious comer suite (683 sq ft) offers plenty of natural light, good room sizes and a lovely outlook to the city and mountains.  Features beautiful hardwood floors, tastefully updated kitchen and bath, updated paint & light fixtures, and an open balcony.  Well maintained building with fantastic rooftop deck. Includes secured parking and a storage locker. Pets allowed.  Rentals at max. Shared laundry with new front loading machines.

For more information on this unit please call Kari Denreyer, Remax Crest Realty 604-763-7785

Just around the corner from my own home, lies a brand new development in a prime 4th Avenue location. Viridian Green consists of just 22 exclusive townhomes. with commercial space featuring an IGA marketplace and medical clinic. Steel, glass, and concrete make up the quality exterior of the building. The floorplans are well planned and finishings include Jenn-Air & Miele appliances. Kits beach, tennis courts and various parks round this development off as one of the best new developments to hit Kitsilano. According to the Viridian Green website, some of the projects unique features include:

SUBSTANCE

• built of steel, brick and concrete
• quarry tiled expansive decks
• verdant courtyards
• extra storage and parking
• energy efficient

STYLE

• custom staircases
• designer appointed gourmet kitchens
• boutique-hotel bathrooms
• all homes are above street level and feature stunning views

LOCATION

• West 4th Avenue and Collingwood
• close to beaches, tennis and clubs
• close to shops and a wide variety of restaurants
• schools nearby

For more information on listings in Viridian Green, please don’t hesitate to contact me, Kari Denreyer, Remax Crest Westside 604-763-7785 karidenreyer@remax.net

2020 is a new development located in the Arbutus Walk neighbourhood of Kitsilano, but referred to developers as ‘Lower Shaugnesssy.’  According to the 2020 website, the project features “33 exclusive residences with a fresh perspective on contemporary living in Kitsilano located on the south side of west 12th between Maple and Arbutus. Otivo Developments, a specialist in quality boutique developments throughout the Lower Mainland has assembled a talented team that includes Gomberoff Bell Lyon, architects with over 20 years of experience creating unique developments all over the world. Complementing the contemporary architecture of 2020 are modern interiors by Evoke International Design (EID) led by David Nicolay.

Featuring open space planning and contemporary design by award winning Evoke International Design, 2020 Condos in Kits Vancouver real estate offers a fresh perspective on contemporary living. Kitchens with full height, 4 door pantires (including space for a recycling centre), oversized pot drawers and a large island work surface. Bedrooms at the 2020 Condo homes with oversized walkthrough closets and 40 sq ft of additional storage area. It all adds up to loads of storage to keep your home free of clutter.”

There are still a few suites available at 2020. For more information, please contact Kari Denreyer, Remax Crest Realty Westside 604-763-7785.

Rarely available FREEHOLD at UBC. Like new 3 bdrm, 2 bath townhome at the exclusive “Liberta” near Pacific Spirit Park. Spacious 2-level plan with open kitchen, granite counters, cozy f/p, dark stained hardwood floors and 2 large decks. Inlcudes secure parking, large storage locker & visitor parking. Balance of 2-5-10 year Warranty. Shows very well. Conveniently located near U-Hill schools just minutes from all the activities & amenities UBC has to offer. Pets & rentals allowed!

For more information or to find out about open houses, call Kari Denreyer or Sylvia Fierro, Remax Crest Realty 604-763-7785

After tremendous success, Amacon has decided to immediately launch the second and final phase of their popular ‘District‘ project.  This project, located at Main & 7th has attracted not only first time buyers, but investors as well, mainly due to it’s trendy location and very reasonable prices.

Please contact me to get first pick of the phase 2 suites and be part of this exciting project while you still can. There is also a sneak peak event being held October 9th…contact me for details!

Kari Denreyer, Remax Crest Realty Westside 604-763-7785.