Winnipeg's Real Estate Blog

Condominiums: By-laws, Reserve Funds, Condo-Documents? (Part 2)

In part 1 we examined the different types and styles of condos..  Now lets look at some of the more common questions buyers have about condos in general:

What do Condo-Fees pay for?  Each condominium project (and there are hundreds in Winnipeg) has a different arrangement.  With some, your condo fee only pays for the very basics, such as snow-clearing, grass cutting, management fees and common-element insurance'.  With other condos, the fees might include water, cable-vision packages, heat and an on-site caretaker.

What is a 'common-element'?  Basically it is any area where all residents have access.  In an apartment style condo, that would be the entrance and the hallways, as an example.  In a townhouse, or bungalow styles, it would be the roadway and the visitor parking lot.  The 'common-element insurance' basically protects the owners from any lawsuits by visiting guests, whether invited or uninvited, but that is a subject all to itself.

What is a Reserve Fund?   Every month, a small portion of the condo-fee goes into a special savings account, called a "Reserve Fund".   Again depending on the type of condo we are looking at, this reserve fund might pay for any building repairs such as a new roof, new windows, painting and re-carpeting of hallways, etc.  Basically the maintenance and repairs of areas which are common to all owners, and which effect all owners.  So for example, if you own a stand-alone bungalow condo, you might be responsible for your own roof repairs, new windows etc etc.

About Condo By-laws:  When a condo-project is first created, the builder usually sets up a set of 'by-laws', which would govern the use and rights of the individual owners.  The initial set of by-laws are quite often very simple, such as "No Laundry to be hung from windows"  of an apartment style condo.  Bungalow condos might have a rule that states "No Outbuildings or Sheds or Fences to be erected".

As owners settle into the condo, they establish a board, and can then write their own by-laws.  In order to change a current law, or to create a new one, the owners need to approve such changes by a 75% margin.  In short, majority rules.

Taxes:  Unfortunately, in our fair city and province, condominiums are taxed at precisely the same rate as regular houses.  Considering that many condos, especially high-rises, uses a lot less services (i.e.: street cleaning, garbage pickup which is often paid for by the condo fees, snow clearing, etc etc) this current system is not considered fair by many.  Fair or not, condos offer a unique lifestyle, and definite value in a time when it is becoming more and more difficult to find a house in a similar price range.

If you have any questions regarding Condos, please feel free to contact me anytime.

New property listed in St Vital, South East Winnipeg $150,000 2918029

I would like to show you a new property at # 7 667 St Anne's RD in WINNIPEG.

See details here

SOLD! Exquisite 2 BR condo in St. Vital. This outstanding, 910 sq ft unit has a lot to offer. From the large living room with its new laminate flooring, to the open design kitchen which is complete with all appliances, you will find this condo is ready for you. The bathroom is a show-piece, with newer fixtures and vanity. The oversized master bedroom has its own air-conditioning unit. There is plenty of storage and this unit faces a quiet court-yard, worlds away from busy roads. Close to transportation, shopping and all amenities, and with an added bonus: 2 parking spots are included in this price. Low condo fees, flexible possession. This is a well-maintained and upgraded condo.

Buying, listing agent, Real Estate, sell my house, Selling, Winnipeg

Condominiums: An overview (Part 1)

Hello Everyone:

This is a re-issue of a blog-entry I did back in March 2008.  With condos in high demand, I thought it might  be a good time to re-issue an old favorite.

Condominiums have been steadily gaining in popularity in the past few years in Winnipeg.  At least part of this is due to the fact that while buyers have a tough time finding a nice house under $150,000, condos are still available in this price range.

Whether you are a first-time home buyer, or an 'empty-nester', there is a condo which will fit your needs.  Here is an overview of available choices and the differences between them:

Apartment-style:  These are usually 3 stories tall or more, and are defined by having one general entrance way leading to a lobby or hallways, from where the individual suites branch off.  Taller condos are most often built with concrete floors, which aids in the noise-reduction.  Ideally, you would want a balcony so you can sit outside and have some fresh air.  Most have window a/c units, but the nicer, more expensive ones have central air.  Another thing to keep in mind is that not all of them have in-suite laundry, which is a nice option to have.  They usually come with a parking spot, with underground spots commanding a higher price.  These types of condos can sometimes still be found around the $100,000 mark for a 1-bedroom, and $125,000 and up for a 2 BR, depending on the options.  Luxury condos of 1400 sq ft and more can run significantly more, depending on location.

Townhouse-style:  These are usually one and 2 story buildings, with each unit having its own entrance.  Most of these are wooden-frame construction, the downside being that you could hear your neighbor's stereo (or amorous escapades).  These normally have an outdoor parking stall, window a/c and usually have in-suite laundry.  An average 2 BR of about 900 sq feet will run you around $130,000,  again depending on location.

Side-by-sides:  Most of these are of newer construction, and can range in price and size.  Being newer buildings (usually built within the past 10 years), they also come with more options, such as c/air, attached garages, full basements and other amenities.  Privacy is increased in that you only share one wall with a neighbor, and most of the newer ones have fairly good sound insulation between the walls.  Prices range from around $200,000 and up.

Detached Condos:  These are what I call the 'best of both worlds".  Essentially they are stand-alone buildings, completely detached, but offering all the benefits of condo-living.  You have your own home, usually with all the options including attached garages etc, but no yard-work, snow-shoveling or other maintenance required.  These types of condos are rare, and therefore pricey.  They usually start around the $250,000 mark and run into the half-million dollar range.

Well,  there we have the basic types and styles.  I hope you enjoyed, and will come back in a couple of days for Part 2, which will go into the legalities, restrictions and benefits of owning a condo, along with explanations on "Reserve Fund", "Condo Fee Inclusions" and "By-Laws" of condos.

If you have any questions along the way, please don't hesitate to comment here.

ciao

New Listing COMING SOON! Gorgeous Bungalow in Lorette

Hello everyone: Here is a little advance notice... in about 2 weeks, we will be listing a 1300 sq ft bungalow in the hamlet of Lorette. Extensively upgraded, with newer furnace, windows, roof, siding, 4-season sunroom, double garage and fully finished basement. All on an 80' wide lot and only a few minutes east of The Mint. Extremely low taxes (under $1600 net), and close to amenities and schools, you will find value here that you simply can not get inside of Winnipeg. Stay Tuned....the home will be featured here, as well as in the Real Estate News. Estimated arrival on market will be the end of September.

Buying, Market Update, MLS, Real Estate, real estate agent, REALTOR

Want to buy a house WITHOUT a bidding war? Here is the simple secret!

Hello everyone:

Lots and Lots of buyers (and that means MANY), are sick and tired of "Bidding Wars". About half of the buyers I interview, tell me outright :"I dont want to have to compete for a house".The secret to getting a house WITHOUT a bidding war is really simple: PATIENCE. Working with a patient agent and having some patience yourself is usually rewarded at some point. Here is how:
Many agents like to list a house at 10 to 20K below it's value. I know: it seems wrong, crooked, shifty.....you can put any number of labels on it, and I wont argue with you. But its a reality in todays market. The reason for deliberately underpricing a house is simple: It generates "Multiple Offers" (Bidding War), and in such, the best offers come to the forefront.
Look at it this way: If YOU are the only person to make an offer on a house, I as your REALTOR® will advise you to ask for a Home Inspection, put as little money down as possible, and get a 3-day financing clause.Now take that same house, and we are competing against, say, 5 other offers. Guess what happens: The people that CAN write unconditional offers will do so, just to win the bidding process. Gone is the Home Inspection, the financing clause, and out come the 20,000-dollar deposit cheques.
Who wins? The home-owner, of course.So how does patience help? Every once in a while, a home-seller, or his agent, decide for whatever reason, to slightly overprice a house. Buyers recognize this when it happens (if they are working with a knowledgable agent), and tend to refrain from putting in an offer right away. So the house may end up on the market for a few weeks, and then go thru a price-reduction. But that initial pool of buyers have moved on, and sometimes the home-seller will find it tough to get them to come back. So this is where the patient buyer, with his patient REALTOR® come in.So far this year, my buyers have managed to buy a house for UNDER asking price on 10 occasions. Thats roughtly 50% of my buyers have managed to avoid a bidding war.....pretty good odds, I would say.Patience pays off.So if you're looking for a house or condo, and either dont want to, or simply can not get involved in a bidding war, CALL ME. Together we will find you a nice house or condo.
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Buying, listing agent, Market Update, MLS, Real Estate, real estate agent, REALTOR, Winnipeg

MLS Statistics for August 2009 for Winnipeg's Real Estate Market.

Hello Everyone:

Here are the Sales and Listing Stats for August 2009 for the hot Winnipeg Real Estate Market, as compiled by Winnipeg REALTORS®.   

WINNIPEG - While MLS® sales in August fell short of last year’s mark by only 17 sales and 11 %

off the best sales month on record for August in 2005, this year’s August, based on prices in general

being slightly better in comparison to last year, recorded its best dollar volume result ever for this

month at $231 million. It also paves the way for the third consecutive year of $2 billion worth of

MLS® sales activity as year-to-date dollar volume now sits at $1.75 billion.

August 2009 also saw WinnipegREALTORS® record its 8th million dollar plus home sale which is

equal to the most sales ever sold in one year in this price range. It was an impressive newly built

home in Waverley West that sold for $1,290,000. With four months to go, there is a distinct

possibility another one or more luxury homes may sell before year end. There are currently 18

million dollar plus MLS® listings – 16 homes and 2 condominiums. The highest list price is a

Wellington Crescent home going for $2,800,000.

Talking about million dollar plus home sales, the Calgary Real Estate Board sold its first $10 million

home in August. It was the home of former NHL goaltender Mike Vernon.

Also noteworthy, is year-to-date sales activity in comparison to the same period last year is

improving and coming within a few percentage points now of WinnipegREALTORS® January

forecast. It predicted home sales would be down 5% from last year and house prices up in the low

single digits as opposed to double-digits like the past six years.

August MLS® unit sales were down 1% (1,151/1,168) while dollar volume rose 6% ($231.2

million/$218.9 million) in comparison to the same month last year. Year-to-date MLS® sales are off

8% (8,620/9,392) while dollar volume is down only 4% ($1.75 billion/$1.83 billion) in comparison to

the same period in 2008. Year-to-date active MLS® listings of 3,000 at month end are tracking very

close to last year while listings entered on the MLS® to the end of August are at 13,000, slightly

lower than 2008.

The full stats are available on my website by clicking this link:

MLS Market Stats

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Buying, listing agent, Market Update, MLS, Real Estate, real estate agent, REALTOR, sell my house, Selling, Winnipeg