Real Estate
Real Estate: The Value Buyers
By Jeff Bichard published Sep 1, 2009
A pair of urban professional newlyweds purchase their first home
Jonathan and Katie Snoek were seeking to buy their first home and take possession after their August wedding. These long-time renters were okay with renos and updating if the price was right. “Good value” was the main criterion. Two-bedroom condos or townhouses, ideally in Kits, possibly in Fairview. Or one-bedroom units below their price range.
Price range: $450,000 to $500,000
Properties considered: 40
Weeks spent looking: 8
The agent: Keith Roy, Macdonald Realty
Option 1: 684 W. Sixth Ave.
, $489,000
The neighbourhood and the asking price were favourable, but the patio felt cramped and traffic noise was a problem. Says Jonathan: “It was almost tiring to sit in the living room.”
Option 2: 204-3727 W. 10th Ave., $439,800
The brand-new condo had a townhouse feel, with its own front door and high ceilings. They offered $444,000. A bidding war with eight other parties ensued. They were given a chance to make another offer and passed. The place sold for $502,000; the Snoeks were relieved. “Whoever won that war is now paying a mortgage on a place that is maybe not worth it.”
The Buy: 2427 W. Sixth Ave., $515,000
Jonathan found this townhouse in a converted heritage structure on Realtor.ca. It was bright, spacious (over 950 square feet), had a wood-burning fireplace, and was in the area they loved. Both felt it was a sound investment. After two viewings, they offered $508,000; the sellers countered at $523,000. Three rounds later, they settled at $515,000.
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Considering about foreclosure can also be one step if you want a good deal in real estate. The Mortgage Banker's
Association has reported that one in seven mortgages is in foreclosure, though to be fair, that probably has more to do with the unemployment rate, rather than anything else. No one can pay off a mortgage without a job and you can't save a mortgage with payday loans. Make Home Affordable, the government aid program for homeowners with troubled mortgages along with some other government aid programs to help stem the tide of foreclosures.
