15September2011
Posted by Ryan Coffey under: Buying as a non Canadian.; Uncategorized.
This is from a NBC newscast 2010 during the olympics. It highlights the ongoing relationship between the US and Canada as well as helps explain some of our country’s key points to those south of the 49th parallel.
3September2011
Posted by Ryan Coffey under: Uncategorized.
Some friends of mine in Vermont have lost their home to hurricane Irene. They have created a website and are looking for donations to help rebuild their home. I am therefore posting the video of the aftermath of their home being destroyed and washed down river as well as their website in hopes of attracting attention and dollars to their cause. Any help for their cause would be appreciated.
Their website is here.
24August2011
Posted by Ryan Coffey under: Nanaimo Real Estate Market.
I found the following article in the Nanaimo Daily News a few days back. I thought it covered some key points regarding commercial real estate that I have noticed over the past year. Worth the read if you are the sort of person who is interested in keeping up with what the market is doing.
However, most people who visit this blog are here because they want info on buying or selling their home. If that’s you, there’s lots more on this blog but the best way to start is by joining the mailing list by entering your email address in the box on the right. You’ll get a seven part series of articles sent your way that will give you all the info you need minus what is specific to your own situation. That’s where I come in.
Owners of Port Place Shopping Centre have nearly completed the first phase of a massive redevelopment, which could take at least 10 years to fully complete. The project remains the largest development in Nanaimo currently under construction and will go a long way in the ongoing revitalization of the downtown. It is one of many mixed-use developments in the city.
Most of the larger developments are commercial or a mix of commercial and residential, but despite this busy time for such property developers, there is an overall decrease in the number of building permits compared to this time last year, according to city staff, who expected to see a rise in applications this year. Construction cost totals exceeded 2010 figures, reaching $32 million as of the end of July, up from $24 million last year. First Capital Realty hopes to complete the initial phase of its Port Place overhaul in the next few months “It’s a bit of an act of faith on our part. All we did was buy a shopping centre that was functionally impaired and we’re investing money on the basis that Nanaimo will have growth in the coming years,” said Ralph Huizinga, the company’s vicepresident of acquisitions and development. “You have to believe in the future of Nanaimo to do this sort of thing.”
A large portion redevelopment has already been completed. When finished the estimated $20-million project will create a pedestrian-friendly building with widened sidewalks, exterior and interior shopping, public open spaces and a bike path around the entire property.
Overall plans include constructing a new street through the property connecting both Terminal Avenue and Front Street. The north portion of the mall will be turned inside out with small boutique shops lining the sidewalk. Across what has so far been dubbed High Street will be at least two floors of office space with plans to build two or three levels of residential units on top.
More residential units are planned in a couple other phases. Within five years, owners First Capital want to have mid-rise units on the north side of High Street, closer to Cameron Island.
Within 10 years, a 26-storey condo tower could be taking shape at the south-east corner of the property.
Workers have already completed most of the work for the portion of the mall that will remain indoors, including work done to the exterior.
Also, The TD Bank building at the corner of Nicol and Esplanade streets will be finished soon, giving an updated look to this aging and busy intersection.
Demolition of the north portion of the mall is nearly done as well and the company expects to complete High Street in two months.
Commercial developer RW Bob Wall has been busy during the recent residential construction slow down.
Bob Wall’s company has two significant projects in the construction phase.
One development at 1250 Stewart Ave. will have 21 condo units and will provide several amenities.
The resort-style building could be selling by March if targets are met, Wall explained.
He also has a mixed-use residential and commercial space being built on Metral Drive. The offices will be geared toward medical professionals, including physiotherapy and dentistry. Condo units will be constructed above.
The market is “solid” for commercial work, according to Wall. Developers want to take advantage of available labour and low interest rates.
“Businessmen use a different criteria (than homeowners),” he said. “They buy when interest rates are down, labour is available and material costs are reasonable. The housing market is such a big part of the construction industry, they drive the cost and availability.”
The largest residential development under construction is the 121-unit apartment building on Terminal Avenue.
This project will give a muchneeded boost to Nanaimo’s stagnant rental stock.
The five-storey development stretches one hectare, over three separate properties, at the corner of Cypress Street and Terminal and could be built within the next year. Converting the empty lots will increase density in the area that provides quick access to city transit, as well as the E&N trail. A new pedestrian crossing at the Cypress and Terminal intersection will also provide easy connection between the two neighbourhoods that flank terminal, while slowing traffic on the main thoroughfare.
The majority of the suites (54) will be one-bedroom units, but the building will also include 43 one-bedroom-and-den units, 13 two-bedroom units and eight bachelor units.
Like many of the commercial developments in the city, the owner of Terminal Heights Apartments Ltd. wanted to take advantage of available construction contractors and low interest rates.
More rental stock is on the way. One project is designed specifically for university students.
Vancouver developer Great West Developments began preliminary work on a new off-campus affordable, student housing project on Wakesiah Avenue. The 37unit development promises quality housing at affordable rates.
17August2011
Posted by Ryan Coffey under: Buying; Uncategorized.
I was recently asked the following question by a client: “If I buy a condo in a complex that allows rentals now, can the rules be changed later so that I can’t rent it out later?”
This is an important question for someone who is looking to buy a condo/townhome as an investment property. It’s also worth considering for people who are looking at buying a strata as a starter home as well if you take into account my views on selling real estate.
The answer is most succinctly taken care of with a “Yes, but…” yet this is one of those matters which deserves at least some exploration of detail.
My reply, edited for the purpose of this blog, went like this:
The following is going to be pretty dull to read. Boring as bat…uh… guano. But it’s worth wrapping your head around if you’re thinking of investing in a strata. In particular, I’m focusing on being a landlord for a strata unit but it outlines some important concepts that any owner of a strata unit need to understand whether they’re living in it or not.
So, to answer your question: Yes, it can be changed. Condos, townhouses and the like are run by organizations which we call “strata corporations” which is an organization/corporation that you buy into when buying a unit in a given complex. Each strata corporation has a variety of bylaws which they adhere to. There is a standard list of bylaws that I will call “government issued” for the sake of brevity and which can be changed within the realm of what is legal in our area to suit the needs and tastes of the owners/members of the strata corporation.
Changes like that are the result of a decision within the strata corporation which as a unit owner you can participate in a vote on this and other policies/bylaws that may be changed. This is an example of why it’s good for a strata owner to keep up to date with what is going on in the strata so that you can see these things coming ahead of time and hopefully influence things one way or another should such a change be proposed. It is most likely that if the bylaw in the strata is changed, that there will be a limited number of rentals allowed as this is quite common and as you’re already renting it out you should be on that list. In the case that a place decides to get rid of rentals altogether they will usually “grandfather” (continue to allow the old way) the existing rentals until an owner (be it you or a new owner) lives in them. How this is handled will again, depend on how things are voted upon so depending on what the mentality of the group is overall will affect what sorts of policies are made. In my eyes, it’s a mini democracy.
Staying up to date on strata goings on isn’t just about this sort of thing and other matters of bylaw after all. You also want to make sure that they are using their money effectively, and in particular, I mean making sure that they are saving up for future repairs that may need to be done. For example, an older building may need a new roof, or new siding and windows in the near future before they start to leak and allow (expensive) water damage to occur. This is something that is usually an educated guess in regards to exactly when it will need to be done, but you can generally see it coming. (Yes, there was also the issue of leaky condos built in the 90′s. That’s another discussion.) Generally, this is a non issue but sometimes strata owners are too interested in saving a few bucks every month on strata fees when they should be raising them to save up for upcoming repairs and maintenace. The result of bad planning like this increases chances of getting a large special assessment fee (i.e. repair bill) that is the owners all have to contribute to. Sometimes it goes the other way and the various owners decide to get overly expensive repairs done. Usually it’s neither of these and keeping up to date with what is going on and being involved in the process is how one keeps the group from swaying too far one way or another.
Thinking about all of this might make one wonder if it’s easier to just buy an inexpensive house and not have to worry about all this bylaws, management and voting. That is, in my eyes a reasonable observation. The upside with owning your own house is that you don’t have to share decision making with others. However, it should be pointed out that with a house, you will still have to make decisions on maintenance which means always figuring out who to hire to do what when and how much it is worth to you. That’s a lot to think about too and you don’t have people managing the process for you who will give you necessary info to help you make informed decisions.
Another consideration with a house is that a wild tenant might have more freedom to live carelessly on your property before getting noticed by anyone.
So, which way is better? I’m not sure if either is better. They’re just different.
10August2011
Posted by Ryan Coffey under: Nanaimo Profile and Events; Uncategorized.
Below is a brief video of Nanaimo’s highlights for investors. There is a lot more there than is covered. Particularly since the downtown core is going through a series of steps that are giving it new life. So many new shops have opened in the past little while since a number of new condo developments, the giant new convention centre and the cruise ship berth have been built. I hear the city is working on much more in the area and are in the process of hammering out the details.
Nanaimo has long been the hub of the transfer of goods and traffic to and from Vancouver and the mainland. This is mainly due to the two very large ferry terminals that run ferries between those two points but it should also be mentioned that our central location on the east side of Vancouver Island makes it a natural location for such throughfare. It also makes it a natural place for our large and numerous shopping centres to attract customers from all over the island. Some people even come up from Victoria, a city with nearly four times our population.
The largest single employer here is Vancouver Island University, but a growing number of tech companies both big and small are more and more noticeable.
As for investment in real estate that is non commercial, it is worth noting that the city’s official community plan is focusing on increasing the city’s density and that it is becoming easier to build multi story complexes or to simply convert a regular single family home to one that includes a suite to increase rental revenue.
These are just the coles notes of what Nanaimo has to offer investors. For more info you can contact me.
27July2011
Posted by Ryan Coffey under: Eco Friendly; Uncategorized.
I saw the article below in the paper and for me it was one of those “Hey! I know those guys!” moments. I was in this energy efficient home while it was being built and got a tour from the person in charge of the heating and plumbing systems (an esteemed friend of mine) as well as the owner. Check out the heating and plumbing company at this website.
The thing a lot of people assume about energy efficient homes is that they’re really weird. Upon visiting this home you would see that on the surface it appears to be as normal. Also normal, would the lifestyle of the people living there. That is, unless you take into account the added comfort of radiant heating and reduced energy costs.
It’s only once you start to analyze it from a builder’s perspective that you see the differences. I see no reason why we couldn’t use these system in more homes and one day make it the new standard.
The hardest part to change is not how we build, but how people think about building.
Energy-efficient homes expected to save about 80% in power costs
By Darrell Bellaart, Daily News July 25, 2011
Nine months after construction began on Nanaimo’s newest highly energy-efficient home, owner Mike Legge is moving in.
Legge had a local builder with a reputation for quality craftsmanship build his the 2,200-squarefoot (3,000 square feet including basement) steel-reinforced concrete green home at 440 Johns Ave.
The building incorporates some of the most up-to-date designs in energy efficiency, from in-floor hot water heating through passive solar energy collection,
A grey water system recycles waste water for re-use in toilets, avoiding flushing potable water down the drain. Ventilation is through a “solar chimney” in the roof of the house. Everything is computer controlled to ensure constant comfort.
Construction took longer than an anticipated March completion date, due to design changes made midstream of the project.
Gallant Homes built it to platinum level, the highest rating on the four-step Canada Built Green scale. Exterior walls made of concrete sandwiched between insulated form or ICF blocks. From the outside, the home looks much like any other new home today.
The most noticeable element inside the house is the two-tone, fired porcelain appearance of the floor.
“It’s concrete,” Legge said. “They paint it on.”
Moving in, however, he quickly learned to be careful on it. Like any paint, in can be chipped if not treated with respect.
An open plan interior offers a friendly, livable environment.
Large south-facing windows offer a pleasing south-facing view of his cool, forest-shaded property sloping down to the Millstone River. Hard awnings keep the summer sun from overheating the interior, but the lowangled winter sun will warm the house by penetrating the bare branches of the trees.
Legge enjoys showing off the electronic and mechanical features of his house: A tankless hot water heater to heat the house on cooler days, with each room computer monitored to ensure climate-controlled comfort. A miniature weather station feeds wind speed and direction information to a computer to open louvres to release excess heat and moisture.
It will take a winter to know how energy efficient the house is, but Legge is hopeful.
“The fellow says it will be an 80% saving, but we’ll see,” he said.
19July2011
Posted by Ryan Coffey under: Uncategorized.
I stumbled across this video earlier today. This idea is so simple and effective that it makes one wonder “Why isn’t this already commonplace?”
I spend a lot of time talking to people who are working in businesses that focus on eco friendly products and services. This is especially true of builders. One of the challenges they face is that the general public has a perception that the green alternative needs to cost more and is also some sort of “new technology”. The idea in this video is a clear example of how untrue that line of thinking is. The main challenge is that most people are having trouble thinking outside of the box of the status quo.
In my opinion, this idea could certainly be adapted and adopted for our market here. The unit could be made from some sort of glass or molded (recycled?) plastic and installed in all sorts of places. In the ceiling as a skylight or even in places where we don’t want a window for people to be able to peer at us through like a bathroom. I think a series of opaque natural light emitting glass orbs around the bathroom would be a great aesthetic addition to just about any bathroom. I think it would actually look great in high end homes if done this way.
13July2011
Posted by Ryan Coffey under: Myths Of Real Estate.
You’ve seen these guys. Lots of bus benches around town, ads all over the place often touting themselves as #1. They have a lot of listings and will often have all sorts of bells and whistles on their signs and websites. I call that good marketing. It is in some cases good business. I have never been convinced, however, that any of this indicates that they offer better service than the average Realtor.
Think about this for a moment. Do you think that a Realtor who deals in a higher volume will be able to devote the time, attention and above all, care that you want during such a major purchase? Us Realtors all have the same access to 99.9% of the same information after all so it’s unlikely that they will have some superior insights into the market that will make a noticeable difference to a home Buyer or Seller. You want someone who has the time to take and return calls for your needs and in some cases have a long chat with you, other professionals on your behalf or would be Buyers (if you have a listing). Such conversations are often fast paced but they must not be rushed either as longer conversations often yield valuable info that no one thought to share at first.
Like any business, Realtors can make more money by increasing their volume. That is not the same thing as having the best service. Having lots of listings means that in addition to having lots of places that may potentially sell, means that they have their signs on many lawns. This also means that their contact info in more spots on various websites (like realtor.ca) advertising their services. All of this gives more would be buyers a reason to contact them. That Buyer may end up buying that house or another one. Either way they get a lead on a client and it is easier for the Realtor to make more money with less effort spent on things like getting to know their clients and communicating with them fully.
Now don’t get me wrong. I’m not saying that such a business plan is immoral. I’m saying that it’s incorrect to assume that a bigger business has a better product. Here’s the self test: Think of a topic that you really know a lot about. Now think of the biggest company/player in that field. Now ask yourself if that company or person has the best skills or product. In almost every case the answer is simply “No.” (In my head, I think of cooking first and the answer to the question is McDonald’s. A great business plan for making money but not exactly a champion of quality.)
In short, hire the person and not a list of properties. This transaction is a big deal and you want it thoroughly handled, not rapidly processed.
6July2011
Posted by Ryan Coffey under: Nanaimo Profile and Events; Uncategorized.
In the southern half of Nanaimo, not far from Jinglepot Rd. is a place that pretty much everyone in Nanaimo knows about for its beauty, nice walking trail and great swimming. People who aren’t from Nanaimo seldom know about it and tend to be wowed by it upon discovery. It apparently has an in teresting history which I didn’t know about until I saw the following article in the local newspaper.
Scroll to the bottom of this post to see some images of the lake itself.
Westwood Lake is Mike and Jo Creedon’s favourite place to enjoy nature, but longtime residents know the lake is about as natural as the road leading up to it.
The lake is on land where a farm was flooded and dammed for electrical power generation a century ago.
Westwood Lake’s human origin is one of the lesser-known facts surrounding Nanaimo’s favourite swimming lake and a top destination for day hikers.
In summer, sun-worshippers converge on the lake, most of whom are unaware it was once a successful East Wellington dairy farm owned by an ambitious English homesteader, before changing hands to a miner and then to an electric company.
Today, it also serves as a backup water source for salmon during the dry summer months.
Westwood Lake is one of Nanaimo’s hidden gems, with water warm enough for summer swimming and sufficient trails to share among walkers, runners and cyclists. An off-leash park is popular with dog owners. The lake is stocked with two kinds of trout, offering great fishing opportunities.
Ten years ago the Creedons moved to Nanaimo from the Comox Valley, choosing a property within walking distance of Westwood Lake. When the weather gets hot, sun-worshipers flock to First and Second beaches, but the Creedons enjoy it year-round.
“It’s a great place to walk any time. When it’s raining, you’re covered and when it’s blistering the trees help you stay cool,” said Jo.
The couple have picked up plenty of local folklore about the lake since becoming residents in 2004. They know, for example, about the beavers that lived there until they were removed in the 1990s.
“Turtles live here, at the north end,” said Mike. “When the sun is shining we see as many as five.”
They and other area residents have a limited knowledge of the lake’s history.
“I know this is a man-made lake,” said Lil Frank, a Resort on the Lake resident. “I saw all them stumps and someone said it used to be a farm. And they’ve got a dam at the end of the lake. If it gets too high, they let it go.”
Precise details on the origin of the lake are sketchy. The lake is named after William Joseph Westwood, who operated the dairy farm that was there first.
Born in 1817, he and his first wife left a successful grocery business in England for St. Louis, Missouri, in 1849. She died and Westwood remarried a year later, but his blacksmith business flourished until the lure of the gold rush drew the growing Westwood family to California in 1853.
Westwood soon traded in his mining plans for ranching and soon the Westwood ranch was the finest in the area.
In 1860 the Westwoods boarded a steamer bound for Victoria. After making a small fortune in real estate, they moved to Nanaimo in 1864. Westwood paid $1 an acre for the 650-acre East Wellington property as a homesteader.
The dairy farm prospered until Westwood’s death, on Jan. 29, 1872.
He left behind a wife and 10 children by two marriages. The farm buildings were destroyed by fire that same year. His widow sold 600 acres to Richard Chandler of San Francisco, who wanted the coal rights, for $150,000. It was a considerable sum at the time.
The Nanaimo Electric Light, Power and Heating Co. bought 200 acres on the banks of the Millstone River in 1907, damming the river and flooding the land, according to historian Jan Peterson.
The B.C. Power Commission later acquired it. It isn’t clear when the power plant was decommissioned.
A Westwood descendent became an MLA and launched an unsuccessful bid to make it a provincial park some time in the 1950s. In January 1957 the City of Nanaimo bought the land for $1.
Oldtimers know bits of the lake’s history. Ed Singer heard from his grandfather that a farm was flooded to build the lake, and Singer, a diver, has explored the lake’s murky depths several times. On the silty bottom he caught glimpses of what could be remnants of the old “Westwood ranch,” as it was known.
“All I saw was something shaped like a roof but covered in mud,” Singer said.
“If there was some kind of building there, it completely collapsed.”
Along with its recreational values, the lake has proven valuable to conservationists to enhance the Millstone River’s salmon-bearing capacity.
The city teamed up with Fisheries and Oceans Canada and the B.C. Conservation Foundation to build a side channel around the Bowen Park waterfalls, allowing coho to spawn the upper Millstone.
A weir built in 2008 raises the lake level 15 centimetres, providing reserve supply for the young fish in August and September.
dbellaart@nanaimodailynews.com
- – -
WESTWOOD LAKE FACTS
- 62 hectares: Westwood Lake surface area
- 106ha: Total park land area
- 420: Average daily beachgoers daily (July)
- $150,000: Price paid for most of the Westwood farm after the owner’s death
SOURCE: DAILY NEWS RESEARCH
29June2011
Posted by Ryan Coffey under: Uncategorized.
The City of Nanaimo is looking at creating a new “Transportation Master Plan” and wants to hear from people living in Nanaimo about what they think needs to be reviewed and changed.
They have posted a lot of information and a survey here on their website. I am under the impression that not a lot of people are aware of the survye which is why I am posting it here in hopes of more people having their say.
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