Purchasing a Penthouse Suite in Downtown Vancouver

[[Server Error]]

Does anyone have any comments or experience on this, or having actually lived in one before? I can't afford the multi-million units, and the max price I would even consider is probably no more than 1M. (I don't want to pay the banks with my perb budget anymore than I have to )

I have a few questions that maybe the locals have some knowledge about:

1) Which areas in DT are better neighbourhoods? Which ones to avoid?
2) There is a penthouse unit for sale in the building where I (and I am sure many perberts) used to go visit SPs Is this a good idea? lol
3) I have never lived in an apartment before. Are there any caveats (leaky condos, bed bugs, uncapped condo fees, condo insurance, crazy strata council, etc.)? I'd think nosy neighbours would be less of an issue in a penthouse suite.
4) Any leads on good suites at reasonable prices? I am looking for at least 2 beds and 2 baths, views would be very nice. (1 bed isn't very convenient when you have special friends over... or is it?)

Also, with all the talks surrounding the impending housing bubble burst, is now even a good time to buy?

Now is a good chance for me to move out and be on my own (after rounds and rounds of negotiations with family), and I will receive some financial assistance. I just want to make sure that I am not throwing money away if the market declines.

Thanks for any insights!

 

[the old maxx50]

Honestly if you want some nice penthouse condo ... Victoria is a buyers market there are a few buildings that need to move some of the higher priced units ,, and there are some great deals ...

Bear Mountain has the best because the bank has foreclosed on the developer ..

Check out Finlison Reach ... it is 20 min out side Victoria .. a gulf resort .. these are new units . 3 yr old but never lived in.. range from $350K for 800sqft to under a million for 2400sqft . Some big price cuts
The place is like a hotel with a front deck ,a full lounge that is the size of a restaurant . with a kitchen for events , racket ball courts , sauna , small gym. and over looking the first T and the Gold stream park

I love it up here but i am just renting manage to get a great place with out the hasel of owning.

Or the Falls in down town Victoria

 

[Horse99]

my friend has a two bedroom & "den" unit on 32 or 34th floor on W Georgia/Thurlow For sale....completely repainted and floored.....market value around $600,000-640,000....its not a penthouse unit...but looks DOWN on many penthouse units FWIW

 

[badbadboy]

I can not stress enough that you need to fully research any place you consider. Especially the Strata Council!

I owned two places as an investment and the amount of (nonsense complaints) communication with one strata council filled one bankers box. They were terrible and liked to try and bully anyone who would show a sign of weakness. I witnessed a 90 yr old man in tears in the elevator one day who had been reamed out by the strata manager.

This place was so bad that the Strata management company fired them as a client. Unusual but I assure you very warranted. Just plain nuts is all you could call them.

I eventually sold it for profit in a shaky market. The new buyer wasn't happy after 30 days and she put it on the market shortly afterwards.

 

[huggzy]

Does anyone have any comments or experience on this, or having actually lived in one before? I can't afford the multi-million units, and the max price I would even consider is probably no more than 1M. (I don't want to pay the banks with my perb budget anymore than I have to )

I have a few questions that maybe the locals have some knowledge about:

1) Which areas in DT are better neighbourhoods? Which ones to avoid?
2) There is a penthouse unit for sale in the building where I (and I am sure many perberts) used to go visit SPs Is this a good idea? lol
3) I have never lived in an apartment before. Are there any caveats (leaky condos, bed bugs, uncapped condo fees, condo insurance, crazy strata council, etc.)? I'd think nosy neighbours would be less of an issue in a penthouse suite.
4) Any leads on good suites at reasonable prices? I am looking for at least 2 beds and 2 baths, views would be very nice. (1 bed isn't very convenient when you have special friends over... or is it?)

Also, with all the talks surrounding the impending housing bubble burst, is now even a good time to buy?

Now is a good chance for me to move out and be on my own (after rounds and rounds of negotiations with family), and I will receive some financial assistance. I just want to make sure that I am not throwing money away if the market declines.

Thanks for any insights!

So you're about to move out on your own for the first time?

And supposedly you've got a million bucks or so you can put together?

Don't you think that people with this kind of money have better resources for financial advice to draw from than posters on an escort review board?

If you really did have a million bucks available to you take some good advice - don't fucking spend any of it until you know what the fuck you're doing.

 

[vancity_cowboy]

And supposedly you've got a million bucks or so you can put together?

you sure don't need a milion bucks to buy a million dollar piece of real estate

the loan-to-value ratio is a mandatory 15% now, so you only need $150,000 down payment. even that can be partialy obtained by second mortgages, home secured lines of credit, loans from relatives, etc. especially if your poppa countersigns the mortgage

but i definitely agree with you that he shouldn't be coming here for advice!

 

[Harmony-bc]

I disagree about coming here for advice. All different kinds of people come here from all different walks of life. Receiving advice doesn't mean he has to follow it. He comes here, and people that actually live where he wants to live share their horror stories or success stories. Then he has more of a broader perspective, and he takes that to the bank. Do you have any idea of the stuff I've learned about just from reading perb and the people I've met? lol. Not every one is a back alley shady pervert Some people have university educations !

I'm teasing, but its true

P.S, I've also met lots of people who's families buy them things, like fancy cars and fancy houses

 

[vancity_cowboy]

Some people have university educations !

I'm teasing, but its true

lol, i've got one too - but i'll tell you that none of the richest guys i know have a degree, and i know some pretty rich ones!

 

[plumbcrawl]

lol, i've got one too - but i'll tell you that none of the richest guys i know have a degree, and i know some pretty rich ones!

That may be true, but what I have found is the folks that don't have a degree will go out of their way to tell you they don't have a degree. So the numbers get a bit skewed...

 

[huggzy]

you sure don't need a milion bucks to buy a million dollar piece of real estate

the loan-to-value ratio is a mandatory 15% now, so you only need $150,000 down payment. even that can be partialy obtained by second mortgages, home secured lines of credit, loans from relatives, etc. especially if your poppa countersigns the mortgage

but i definitely agree with you that he shouldn't be coming here for advice!

I'm well aware of that.

So this kid thinks he can afford an $850,000 mortgage (actually - this loan will be from his family because he said he's going to avoid paying the banks their chunk of flesh)... he earns an income that can service this kind of debt...

...or in the alternative he's earned enough while living in his parent's home so that he could save up for most of this purchase without taking out an extreme amount of debt?!?!?!



Call me a pessimist but isn't it obvious he's a troll? If he has that kind of money or is earning that kind of money he also knows how to find expert advice on this (and would likely be a touch more financially sophisticated than he's demonstrated)

But then again, it does seem like some kids nowadays have it a little better than we did. My dad gave me a $300 79 Chevy Nova just before he kicked me out of the house.

 

[princeofdarkness]

Congrats Server Error,
It's a big investment and some of your fellow perbs have provided some good sound advice.

Be vigilant with your homework / research. Interview Real Estate Agents or go with a trusted family recommendation. Do not rush, you are in the driver's seat. Depending on the Sub Penthouse or Penthouse's sq. footage, location, age of building, amenities and City of Vancouver assessment, you can expect to pay yearly taxes of $8,500 to $12,000+. Monthly maintenance fees of $700 to $1,400+. So factor those two in when making a decision. There are a handful of Downtown Vancouver buildings that have enclosed or private garages just for the owners of Penthouse Suites. This is priceless as is with a couple of buildings where the owner also has their own private elevator going to the top. The only downside is when there are mechanical challenges or when routine maintenance is required.

The building's fire alarms will have you walking down the flight of stairs from the top as the elevators shut off when the alarms are activated. Don't sweat it. I ended up buying climbing rope long enough to repel me down below to the 15th floor's extended balcony / landing in case of an emergency and both the elevator and stairs were out of commission. I had arranged to outfit the owner below with the same apparatus to get either of us down to the main floor. Laugh all you want but it's a good piece of mind to have. Btw, do not cheap out when purchasing the rope. Be sure to inspect the rope at least once a year.

Any home renos on your Penthouse Suite will take forever as the elevator can only hold so much and if you factor in tradespeople hauling equipment and supplies up and down, there's a lot of time lost just on that.

Good luck with your search and once again, congratulations.

Peace.

 

[[Server Error]]

Thank you for all the great advices. Keep them coming

I've always valued the varied opinions and experiences of perb members which I am sure are rather diverse. Of course, this shall not be the only place for my information.

Didn't mean to be a troll I don't have 1M in my bank, but I hope to have 15M this Friday . I am really just window shopping right now as one of my friends recently moved to downtown (non-penthouse suite). If I went ahead to purchase a unit, I would make sure not to take on debt that I couldn't service very comfortably, since there would also be taxes, condo fees, insurance, etc. to think about as well. Be assured, I will not throw money away frivolously as money is not easy to come by.

Also, like one poster said, other places such as Victoria have much better value, but the only problem would be getting to work as I work in downtown Vancouver. Don't think I could convince my boss to let me telework every day.

Btw, does anyone here read the greaterfool.ca blog on the pending real estate market correction and some investment advice?

 

[microbru]

Why bother when one can rent a million dollar condo for around 2.5 to 3 grand a month.
And when you get sick and tired of it or it starts getting dated, move down the street to a newer building.

 

[princeofdarkness]

Why bother when one can rent a million dollar condo for around 2.5 to 3 grand a month.
And when you get sick and tired of it or it starts getting dated, move down the street to a newer building.

... and, if you want to rent one (downtown Vancouver) that is already tastefully furnished, you can expect to pay at least twice what microbe quoted. It'll save you the hassle of buying furniture or moving furniture if you are just renting for the short term.

 

[bcneil]

I dont know how young you are, you signed up here in 03, so cant be fresh out of highschool I am assuming.
What do you do for work? Can you do it anywhere? If so why Vancouver?
I live in Yaletown, because I work downtown, my job is very specific and really other than Vancouver and Toronto there is very limited places to work for my exact job.

Otherwise I would never live here. You want to spend a million dollars???
Check out what a million will buy you other places. Then decide if the wonderful Vancouver weather is worth the extra price here.
It frustrates me whenever I am in Vegas, and check out housing kiosks at the malls or whatever, and see what I can trade my small condo if for. Like literally a 5000sqft new home and a new porsche. For my average condo here.
Or Hell even a similar condo in say....Kamloops and retire at 40, spend my days boating the lake.