Land assembly happens when two or more adjacent pieces of land are sold together as a larger parcel of land, also known as plottage.  By doing this, home owners can sell for more ro a developer.

Mark Twain said, "Buy land as they are not making more of it."  Accoring to BC Statistics Canada, by 2035 there will be an increase of 765,000 people in the lower mainland which means a growth rate of 1.3 % per year.  

According to Albert Said of MIT, the tighter the physical constrains such as bodies of water and land gradients correlates with higher real estate prices.  Vancouver is an example- the physical constraints of the mountains in the North and ocean make it impossible to build high rise buidings. 

The city of Vancouver is trying to address population growth and demand for housing options through the OCP in many communities in the lower mainland.  

Land assemblies often occur along major transportation corridors. (Granville street, Oak Street, Cambie corridor and now, adjacent arteries stemming from public transportation routes.)  t is not a new occurance but it is now more frequent.  By selling your property as a land assembly (if it is possible), owners are able to command a higher price together rather than by selling individually. 

However, it is not as easy at it looks.  This type of project is exponentially more difficult as there are many more players involved.

With all land assemblies, consideration needs to be given to the following items:

• Intention of all parties in the land assembly to sell (each with a contract);
• Whether all properties in the land assembly will be treated equally, or if there are special characteristics of some properties that warrant special treatment, such as a corner lot (price may differ because of the size of the property-- not all properties are the same even on the same block);
• Formula to determine purchase price of each lot (here, land is being sold and not the improvements of the property such as renovation, upgrades, new paint, floor plan, condition of the property, appliances, new fixtures,-none of that matters.)
• Whether any of the sellers have specific needs, such as a tenanted property (what type of lease do you have with the tenant? is it a fixed lease or a month to month? This is very important when finding out when the deveopers can complete);
• The Official Community Plan for the area (This is determined by the city of Vancouver's zoning department and can be viewed on-line); and
• Whether the land assembly would be viable for redevelopment and therefore attractive to a potential buyer. (Here, the developer has to determine whether your land assembly is cost effective and feasible with rising cost for labour, materials, analysis and careful planning takes time and cost to the developer.) 

In a land assembly, all parties enter into binding contracts which means each party is bound by the other party.  Timelines for land assemblies are important because developers need time to develop schematics and plans to see whether or not the land assembly is cost effective given variables like cost of materials, rising price of labour, land, etc. 

Due to this extended timeline, there are generally a number of deposits given throughout the process. Consideration must be given to the amount of time a property is tied up by the contract before the subject conditions are removed, since there is no guarantee the transfer will complete until subjects are removed.

Our seminar will englighten sellers who are thinking about selling their home as land assembly or for those who are just wanting more information. Our scheduled seminar is on Saturday, September 8th in Vancouver. 

For more information and to find out about our upcoming seminar, venue, and to pre-register, contact Geraldine Santiago at geraldinesantiago1@remax.net or TEXT/CALL : (604) 764-6873.

Attend our home buying seminar regularly scheduled througout the year.  TEXT me for info on scheduled dates and venues, locations, time and space availability at (604) 764-6873, or register through this website, under SEMINARS. 

Land Assembly Seminar 101 

Get ready for our Lunch and Learn Week-end seminar for sellers wanting to sell their home as land assembly or plottage.  Selling your home to a developer is exponentially difficult as you will be selling your home together with your neighbours.  Learn about what to expect about the process before you begin.

Learn about pricing pitfalls, escalation clauses during market shifts, realistic time frames, understanding your goals, dealing with developers, tenants, costs incurred, deposit holders, deposits (when do I get my initial deposit), and yes, a lot, lot more!

Stay tuned for updates on dates scheduled with industry experts.  Email me or PM me for location events at geraldinesantiago1@remax.net and TEXT (604) 764-6873 Code Word :  LAND.

Neighbourhood Values by Geraldine Santiago, Realtor

When Realtors like myself place a value on your home, we know the local real estate market statistics, but most importantly, they know the intrinsic nature of the neighbourhood and its surroundings. Your property's location is valued as well its neighbourhood.

Values are placed on whether your neighbourhood has a certain 'cachet' or in other words-- 'neighbourhood appeal'. And these values can either be positive or negative. In France, the 7th Arrondissement in Paris, which is located on the Left Bank, is Paris' quintessential neighbourhood. This neighbourhood is filled with culture and history. Its vintage atmosphere is the ideal and central location, in the heart of Paris. Here, there are unique shops, boutiques, book stores, antique stores, art galleries, chocolate shops, neighbourhood street markets, cafes and charming bistros-- all on quaint cobbled streets. The ambiance is full of character, full of joie de vivre!

In the United States and Canada, neighbourhoods with white picket fences, rather than chain linked fences, have positive values. In addition, neighbourhoods with well established and leafy trees and foliage, rather than that of a newly developed area without any greenery or landscaping whatsoever, have a positive value. Examples of negative values are~ To read more, go to: http://vancouverfirsttimehomebuyer.ca/neighbourhood-values.html

For more on home buying and to attend our home buying seminar, go to www.vancouverfirsttimehomebuyer.ca

Text me or email at (604) 764-6873 or geraldinesantiago1@remax.net

Real property is unique. Homes that are in the same neighbourhood, same street and even adjacent property are all different. Even if they look different, one might have a bigger lot size. 

In an apartment building, units vary in size, number of bedrooms, views, location, etc. Because it is unique, it has certain aspects that cannot be compared to another property. Each unit --even new building developments--is different. Appliances and finishes might be either inferior or superior to another unit, i.e. granite kitchen counter, stainless steel appliances, brand names Bosch vs. Maytag.

For a single detached home, the type of dwelling is unique from house to house even on the same block. The size of the dwelling, the landscaping, interior and exterior finishes, are all to be taken into account, and not easy to compare. These are some of the many aspects we look for when Realtors value a property. The more closely aligned the seller's and buyer's value a property's aspects, the better able the buyer and seller can achieve their goals.

For buyers, understanding that because a home is unique, be prepared to compete and bid as chances are there won't be one like it.

Attend our home buying seminar for more information about the process, market trends, forecasts, statistics & more.

Go to www.vancouverfirsttimehomebuyer.ca for scheduled events, or TEXT / email me at geraldinesantiago1@remax.net (604) 764-6873. 

Beautiful British Columbia, Beautiful Vancouver: Vancouver is a beautiful city with its location close to the water. The ocean, however, means there is limited inventory, and therefore no land to build on. Because there is limited inventory, there is a premium on land.

Land is a precious commodity. It cannot be replaced and it cannot be manufactured. When valuing a property, recognizing that inventory is crucial. Supply and demand. In any market whether you are buying hammers or nails, real estate is no different. Look at the supply and number of inventory that are in your search criteria to determine whether or not you need to value the property higher and aggressively bid for the property. If you think that 'another property like it' will come along, think again!!! Believe me, it's easier to say that and it is far from reality.  Each property is unique and there won't be another one just like it.  

Real estate 101 tells us that each property is unique and whenever the word 'unique' is used, you know it's going to cost more.  

For more info on buying, attend our home buying seminar. Our expert team members offer free home buying and selling seminars. Go on line for the latest events at www.vancouverfirsttimehomebuyer.ca or TEXT me at (604) 764-6873.

In 2001 a 500 sq.ft, one bedroom condo in KITSILANO sold for $159,000 and today, a similar sized condo in KITSILANO sells for $549,000.

If you are purchasing a condo today, one wonders--what will the future hold for condo prices in 2018 and is buying a condo in Vancouver still a good investment? Land is scarce, labour wages are increasing, population growth, global economies, longevity among Canadians all contribute to rising prices, not to mention that shelter is a basic necessity. For 2018, unless labour is replaced by inexpensive robots and we start building cities on water (ocean) and on land gradients (mountaints), then prices will continue to increase. If you have always rented, you know that every year, your rent increases, while mortgage payments eventually decrease over time.

If you want to find out more about home buying, attend one of our home buying seminars scheduled throughout the year. Go to my website at www.vancouverfirsttimehomebuyer.ca or attend our free home buying seminar for the latest market trends and statistics, mortgage information & more.

Email me for real estate updates or TEXT me at geraldinesantiago1@remax.net or (604) 764-6873

We’re officially a month into 2018, and one full month into the latest mortgage stress test. Are you feeling the pinch? With the Bank of Canada’s latest interest rate hike, and more increases rumoured for 2018, if you’re looking to buy a home and sweating a bit about budget, you’re not alone.

But let’s take a step back and look at the stress test from a different perspective. Why was the stress test introduced? Concerns are mounting about the amount of household debt Canadians have been taking on. With interest rates hitting a record low, many stretched their home-buying budget (and mortgage amount!) to the max – particularly in Canada’s priciest housing markets, such as Greater Toronto and Vancouver. Attend our free home buying seminar SATURDAY, March 10 (North Vancouver) and March 24th (Vancouver) from 11-1pm. Pre-register as space is limited. www.vancouverfirsttimehomebuyer.ca or TEXT me for more info at (604) 764-6873

Did you know that Vancouver is the 3rd city in unaffordability according to Robert J Shiller, 2013 Nobel Laureate in economics, who surveyed 92 cities in 9 countries? Affordability is based on the ratio of house prices and income, and Hong Kong is the least affordable city, followed by Sydney and Vancouver. To find out more, attend our first time home buying seminar on Saturday,March 24 in Vancouver, from 11-1pm. For more info and to pre-register, go to www.vancouverfirsttimehomebuyer.ca or TEXT me at (604)764-6873

Four industry experts will provide insight on the housing market in metro Vancouver.  

I'm always asked about whether or not buyers or sellers can purchase or sell a home on their own. The analogy is like pulling teeth while at a dentist or building my own house. Though technically, I could pull my own tooth, or if I was stranded on a deserted island and had to make my own shelter, then perhaps. But if not, then my answer is NO!!!

In the case of my tooth, I could hurt myself, damage the roots or nerves, get an infection, bleed profusely, and so on. When building a house, I know the rudiments of making a house, but I wouldn't want to use a saw or drill or use heavy equipment and machinery. So, in the same way, when buying or selling real estate, why not hire a professional Realtor? There are so many things a home buyer / seller must do in order to have a successful sale and it is always better to leave it to professionals.

For more info, go to my website at www.vancouverfirsttimehomebuyer.ca or TEXT me for info on upcoming home buying seminars on real estate at (604) 7646873.

What is your tolerance level? First time home buyers -- what is your tolerance level? For this I mean-- what will make you walk away from the deal?

After competing with an offer, and winning, you are now privy to strata documents, contingency funds, financial statements, building inspection report. Your offer to purchase will have terms such as a subject to a home inspection. You will have to decide what your tolerance level is, in terms of a dollar figure. If your tolerance level is $5000 and anything that exceeds that amount makes you 'walk away' from the deal, then you must determine beforehand, with yourself, and with your Realtor what that number might be.

Discuss this beforehand with your Realtor and give yourself ample time to think about it.  

For more tips and information on home buying, attend one of our yearly seminars.  Go to www.vancouverfirsttimehomebuyer.ca or Email me at geraldinesantiago1@remax.net or TEXT (604) 764-6873 for updates on home buying and selling seminars throughout the year.

Congratulations! You're a home owner and you move in to your first home. And then there's a hiccup. WHAT?  

A huge wine stain on the floor, a cracked window, appliances that don't work, an electrical surge, keys and remotes that don't open doors, leaky faucet, heat not working, hot water tank leaking, garage full of junk and furniture, an unexpected snow storm, or fixtures that were removed by the seller or tenant.

Stay calm and focus. There are remedies and with your Realtor on hand to help guide you, you will not face these problems on your own. Whether you are buying a brand new property from a developer or a resale home, there are certain aspects that you can avoid or even anticipate.

If it is an older home, or property, building inspection reports do not provide a TIME for when the electrical surge will happen, or for a gas leak. That is beyond anyone's scope. Make sure you purchase home insurance before you take possession as these hiccups, unfortunately, do occur.

Attend our yearly seminar on home buying.  Go to www.vancouverfirsttimehomebuyer.ca or Email/text me for upcoming events for buyers and sellers.  Email: geraldinesantiago1@remax.net and (604) 764-6873

Attend our home buying seminar on SATURDAY, March 24th, from 11-1pm in VANCOUVER, RE/MAX Crest Realty Office and learn from industry experts about buying your first home. Whether you are a first time home buyer, investor, new immigrant, buying a new home from a developer, move up or down buyer, this seminar is for you.

Learn more about the current market, latest trends in real estate, how to best leverage your mortgage, how the mortgage 'stress test' plays an important role in your application, how to avoid a 'leaky condo', costs to the buyer and a lot, lot more!  You will hear from a mortgage broker, a Realtor, a certified home inspector and a notary public.

Remove some of the stress from buying but 'knowing' what to expect, what your role should be, how to build and select your team of experts.  

Please register on line at www.vancouverfirsttimehomebuyer.ca, or TEXT me at (604) 764-6873.  

Refreshments and light sandwiches servced.

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