JeffreyStark

Whenever you hear some bad news about our health services, we never think that it will affect us. It just something other people have to endure. It won't happen to me.

I was reading the story in today's Sun paper about the long wait time, lack of space and service at the ER in VGH.

The local TV stations covered it in last night news as well. Everybody speculates and no-one has an answer to the problem.

Doctors complains about short staff at the ER and lack of space is spinned by the government of the day as politics. Doctors are negotiating.

But things are not getting any better no matter how the problem is being swept under the rug.

The other day my daughter had a problem that in her opinion warranted going to the VGH ER. She went at the time, (a.m.), when there is supposed to be normal at the ER. Not the busy evening times when most people seem to need emergency services.
After 6 hours of sitting around a blood sample was taken and that was it.  No examination of any kind. The report will be sent to her family doctor.

It seems that whichever governing party is in power, nothing gets done. Elected party blames the previous government for miss-managing the health care, and that is it. No answers and no attempts to solve the problem Just, more money needed.

Isn't getting tiring listening to the same story over and over again?  So what's the answer? Who can fix it?

All through history we have learned that human mind has some extraordinary powers. We can solve problems that are seemingly unsolvable. So why can't we fix this problem?

My suggestion is for the party in power to take 6 months or whatever it takes and concentrate on the problem on hand. Forget other things. Everyone agrees that health is the largest single budget item and getting bigger by the moment.

Get everyone in unison, across party lines, doctors, health managers etc, to concentrate on the problem and get it solved.

And I don't mean another inquiry! They are useless, take forever and solve nothing.

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net

The market is changing and going through it's phases.

With more listings on the market and the interest rates on the way up we are slowly switching from a sellers to a buyers market.
Is that bad?  Your home will cost you more?

It depends. The way some of the buyers behaved in the sellers market, it may actually do them some good. And why is that?

In a frenzy of rising prices and lack of inventory, buyers were making some pretty stupid decisions. Like, buying a home without having it inspected!! You are making your most important decision of your lifetime, committing yourself to mortgage payments for the next 25 or so, years, and you don't even want to know in what shape is your future home?? For those buying into a strata, condo, enviornment, it was like, you want me to read strata meeting minutes for the last 2 years? I don't have time. If there are no tarps it should be OK!!!

Stupid or what? You buy a $7000 car and you take it to a garage to make sure it doesn't have any problems. Helooo!

Homes can have a lot more suttle problems or real ones you may not even think of. Some of those buyers have had some rude awakenings. Let's hope it wasn't you.

In a buyers market the buyers are not rushed. They have time to think, assess, inspect and decide overnight, (at least), without to have to make a snap decision. They can make a purchase without that tight gut feeling of, Oh  my god? What did we do?

That is not to say that a home of any kind may not have some issues. But at least you get into it with some knowledge based on some good research and good home buying practices.

And how does this "new  market" scenario affect the seller's?

Read it in my next post about seller's choices. 

Jeff Stark works with Buyers and Sellers to guide them through a complicated process of Buying and Selling real-estate with a minimum of hassle making the process enjoyable, as it should be.

Finding your dream home is not that difficult. Check this video

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net

There was some good news in the Vancouver Real Estate Board's news release.

The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).

At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 per cent in March compared to last month, but remains 7.6 per cent below this time last year.

"The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period," Jake Moldowan, REBGV president said. more.....

Sales are up but the listings are up as well.
Good news for the buyers?

Depends how you look at it. For a long time we have been in a draught. Not enough listings for the number of buyers out there.
So with the latest statistics released by the reale state board, it would seem that the problem has been solved.

Not just yet.
In this graph we can see that the problem is still there. The sellers are still in control in many areas. If you assume that 1 would be a total sellers market, than 10 would be ideal buyers market.
Check the graph and see for yourself. Buyers are still having a tough time finding the right properties without haveing some competition.

If you are looking for a home to buy you need some help.

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net

Major repairs and restorations to strata buildings are expensive propositions. Sometimes strata corporations may successfully sue a builder/developer and collect some money in return.

However all that process may take a a long time and by the time the funds are finally released to the strata corporation, years may have gone by. As an owner who had contributed to the legal expenses in going after the builder you should get a refund. But you have sold in between and are long gone.

So, what can you do? Read the following:

Dear Condo Smarts: Our strata building had major renovations over the past three years, and the project is just coming to an end.

I am moving back east and selling my unit, but the strata council has told everyone we have a refund of about seven per cent coming because of interest earned on our money during construction, rebates, and coming under budget. My closing date is in mid-April, but the refunds won' t be settled until June 1. I advised council that I would be selling and notified it to send the refund to my new address. It has advised that it does not have the authority to refund me the money once I have sold the unit. So how do I get the refund?
Mark, Saanich

Dear Mark: When a refund comes due, that refund is payable to the owner of the strata lot. The owner is defined as the person who is on title at the time the refund is due.

As is similar to the payment of a special levy, if your sale is completed before the refund from a special levy becomes due, the obligation or benefit is transferred to the owner at the time of the due date. The resolution that first approved the special levy three years ago may have identified the owners or the process differently, so it would be important to review the original resolution, as well; however, this is more common with a lawsuit where the individual parties may be named as opposed to the strata corporation. Vendors who are wanting to secure their rights to a refund need to seek legal advice on the contractual agreement for sale and the enforceability of such an agreement.

March 28 2010
Vancouver Province
by: Tony Gioventu is executive director of the Condominium Home Owners' Association.

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net

Every day I deal with sellers and buyers in real estate transactions. I notice that first time buyers are so excited about getting into a new home that they seem to take the paperwork very lightly.

It is said that the new car manual is the best published and least read book in the world. When was the last time you had a look at one of those?

See what I mean! If you ever bought a new construction, when you signed on the dotted line, you got this fat, boring document called, The Disclosure Statement.
Did you read through it? Unfortunately many of the buyers don't and than they are surprised when certain rules or conditions make their lives miserable.

In a regular re-sale transaction, there are probably more papers to look at. Two years of strata corporation meetings, bylaws, rules, financials.... Wow. Why do we have bother? Building looks pretty good, I was told it has no problems, so what can be bad.

In re-sales it is even more important to read all the paperwork. It's like buying a used car. Nice and shiny, runs good, looks good, so why would I have to take it to a mechanic?

Strange enough, there are more people taking their cars to a mechanic for a check up before buying, than there are buyers reading all the paperwork.

Unbelievable. The car costs $20,000 and the condo $200,000 ???

So if you are about to buy a re-sale condo or a townhouse, make sure that you review these 10 important points.

1. What is the monthly condominium fee and what does it pay for? The monthly strata fee can range quite dramatically from condominium to condominium. The fee is a by-product of the number of units, the annual expenses to maintain the common area, whether the condo is professionally managed or self-managed, the age and condition of the project, and other variables such as litigation. For budgeting and financing you need to know the monthly fee and exactly what you are getting for it. Although they relate to the size of the unit, strata fee's are calculated according to "Unit entitlement'

2. What are the condominium bylaw and rules? Condominium/Strata Bylaws govern the operations of the Strata Corporation, and all new projects start with the Standard Bylaws according to the Strata Property Act. Subsequently, the Strata Corporation may make some changes, and these, to be valid, have to be registered and filed at Land Title Office. Bylaws can, as an example,  prohibit pets, your ability to rent out the unit, and perform renovations. Make sure you also carefully review the Condominium/Strata rules and "regulations". Under the Strata Property Act, a strata corporation has rules, not rules and regulations. Rules govern the use, safety and condition of common property and common assets. Regulations are part of the Strata Property Act and are made by the Lieutenant Governor in Council.

3. How much money is in the Contingency reserve account and how much is funded annually? The contingency reserve fund is like an insurance policy for the inevitable capital repairs every building requires. As a general rule, the fund should contain at least 25% of the annual revenue budget, and in the case of older projects, even more. If the Contingency reserve account falls under 25% of the just completed operating budget, the Strata Corporation must contribute, by way of increasing strata fees, a minimum of 10% of the total contribution to the budget of the current year. Make sure you request and review the Strata Corporation financial information.

4. Are there any contemplated or pending special assessments? Special assessments are one time fees for capital improvements payable by every unit owner. Some special assessments can run in the thousands. You need to be aware if you are buying a special assessment along with your unit.  It's a good idea to ask for the last 2 years of strata meeting minutes to check what's been going on with the the particular condominium/strata project..

5. Is there a professional management company or is the association self-managed? A professional management company, while an added cost, can add great value to a condominium with well run governance and management of common areas.

6. Is the condominium involved in any pending legal actions? Legal disputes between owners, with developers or with the association can signal trouble and a poorly run organization. Legal action equals attorneys' fees which are payable out of the condominium budget and could result in a special assessment. 

7. How many units are owner occupied? A large percentage of renters can create unwanted noise and neighbor issues. Check the Bylaws for the rental restrictions and review Form J

8. What is the condominium fee delinquency rate? Well run Strata Corporation usually doesn't have huge delinquency issues. Review the accounts receivable information as part of the financial information requested.

9. Do unit owners have exclusive easements or right to use certain common areas such as porches, decks, storage spaces and parking spaces? To find out the status of these kind of areas, consult the Strata Plan

10. What Does The Master Insurance Policy Cover? Strata Corporation must carry adequate building master insurance policy and it's cost is part of the yearly budget. Each owner should however carry its own policy, to cover contents and other losses. Check out a "Condo Insurance" with your insurance provider. Some of the policies may cover you against Strata Corporation assessments.

Besides reviewing these 10 questions when purchasing your strata unit, make sure that you also review the, Property Disclosure Statement-Strata Properties which is completed by the seller and may contain additional information on the building.

You have to do proper research and due diligence with the help of your experienced Buyers Agent, before any deposit money is given.

Helpful sites;
Clark Wilson LLP     http://cwilson.com

Home Protection Office http://www.hpo.bc.ca/

Talk Strata  http://www.talkstrata.com/

Condominium Home Owners Association http://www.choa.bc.ca/

If you are looking to Buy or to Sell real estate in Vancouver area, give me a call. My consultations are FREE. The benefits to You, may be worth a lot of money.
Call Jeff Stark at 604-290-7890 or email me at jeff@jeffreystark.net