May 15, 2013
Are You Asking "Should I buy UBC Condos?"
After accepted into UBC, many students face the daunting task of finding accommodations within or near the UBC Campus. Fortunately the Department of Student Housing and Hospitality Services provides accommodations for more than 8,000 students and faculty members.
However, due to limited number of space available, not all of the students are able to secure student housing. As a result, many Students’ parents consider purchaing a property within UBC. As UBC Realtor, I have helped many families in these situations.
In my years as a UBC Realtor, I have advised many prospects and clients that owning Real Estate within UBC is actually a very good investment considering the time a student will spend at the campus.
For students not able to find UBC Student housing, many will end up paying between $1,500-$1,700/month for 1 Bedroom or $2,000-$2,300/month for 2 Bedrooms.
Alternatively, owning a 1 Bedroom condo in UBC, assuming the purchase price of $350,000 with 20% down payment, and 3% interest rate, 30 years amortization, the monthly mortgage payment is only $1,178. The monthly Strata fee is about $240. And tax is about $1,400/year ($116/month). Gas and utility maybe around $50-$100/month. Total monthly payment is about $1,584/month. However, mortgage payment of $1,178/month includes principle and interest. In the first couple years, interest accounts for about 50% of the mortgage payment. So in effect, the total monthly cost is actually about $995 ($1,584-$589). Roughly around $1,000/month.
That is why many families have opted to own either a 1 Bedroom Condo or a 2 Bedrooms Condo in UBC. If you are considering owning UBC Condos please don’t hesitate to contact my UBC Real Estate office today or call me anytime at 778-991-0649.
March 25, 2013
Essential Health Care Facility for UBC Campus & Condos
Aside from welcoming a newborn into the world, a visit to the hospital is rarely a pleasant experience for anyone, especially when a doctor or nurse pokes a needle in your arm. I certainly never enjoyed this experience when I was growing up.
However at the same time, living close to a hospital can be a blessing if you or someone in your family requires immediate medical attention. It is a blessing indeed for residents living in University Neighbourhood Association & University Endowment Land, as medical assistance is never too far away. As a UBC Realtor I can say that one of the most often asked questions posed to me by family units seeking homes in the area is in regards to the proximity of essential health facilities, beyond that of standard community walk-ins. While there are indeed fantastic facilities ranging from a UBC dental clinic a quick jaunt down Alma street, to a physiotherapty centre in the John Owen Pavilion, and even a holistic alternative health options in the area, our residents enjoy peace of mind outside of these convenient options.
Located on 2211 Wesbrook Mall, in the heart of UBC campus and within close proximity to UBC homes in the area, is the UBC hospital. The UBC Hospitalcr Urgent Care facility offers specialized treatment for non-life threatening medical emergencies by emergency trained doctors and nurses. This is a critical service essential to residents, faculties, and students.
Part of the Vancouver Coastal Health, UBC hospital is equipped with latest medical equipment and dignities instruments to give accurate diagnose to its patient.
The hospital is in the process of expanding as well. The new Djavad Mowafaghian centre for brain health at UBC hospital will be opening in the summer/fall of 2013. This is a new facility that will combine patient clinics and research in the area of neuroscience, neurology, and psychiatry. It is the first time that all the multidisciplinary areas of brain health are put together under one roof.
This is welcoming news as current and future UBC residents will be able to access these medical services.
With every new UBC real estate development in the area it seems that the services provided to the community grow exponentially as well. As a UBC Realtor I am happy to see that the area is indeed becoming a completely self-sufficient entity with even greater potential in the future. UBC homes will continue to provide both current and future residents with up-to-date information not only on UBC condos and the like, but valuable community information as well.
Until next time, stay happy & healthy!
March 19, 2013
"Where Should I Buy in UBC?"
In my years of working in UBC Real Estate, I have often asked by Buyers “Where should I buy in UBC?” UBC has 5 distinct neighbourhoods and each with its very own uniqueness, character, and personality.
In this week’s UBC Realty Blog, I’ll give an overview of the neighbourhoods in UBC.
Hampton Place was established in the early 1990’s. This is the oldest residential neighbourhood in UBC. In Hampton Place, there are a total of 957 residential units located in 11 buildings with each building widely spaced. This area is also close to the Rashpal Dhillon Track & Field Oval, Thunderbird Park, Save-On-Foods, and University Hill Secondary School. This neighbourhood has approximately 2,000 residents living here. Many of the original residents were retirees and older adults, but today, there are many families with children. Average 2 Bedroom UBC Condos in Hampton Place run about $630,000.
The East Campus is bound by University Boulevard on its northern border, Agronomy Road on its southern border, and Wesbrook Mall on its western border, and Acadia Road on its eastern border. This is an area favoured by families with children studying at the UBC. The reason that families find it desirable to live here is because of its central location. Also, it has many amenities within walking distances, i.e. Starbucks coffee, a Food court, Staples, Gold’s Gym, and a Grocery store. Average 2 Bedroom UBC Condos in East Campus are about $688,000. However, Buyers can find 2 Bedroom UBC Condos starting price at around $550,000.
Hawthorn Place provides a variety of housing options, including faculty and staff rental housing, faculty and staff co-development housing and family housing. This is a very Family-Friendly neighbourhood. The area incorporates a greenway and 3 parks. Families also enjoy the many activities offered at the Old Barn Community Centre. Pedestrian paths and cycling routes replace parking areas and assist in traffic calming. Average 2 Bedroom UBC Condos in Hawthorn Place are about $773,000.
Located north of the Gage Residences, Chancellor Place is bound by Wesbrook Mall on its eastern border, and Chancellor Boulevard on its northern Border. Restored to its original grandeur, the granite Iona Building stands at the head of this neighbourhood. Duplex townhomes along Chancellor Boulevard are complemented by apartment condominiums in the interior of the neighbourhood. Average 2 Bedroom UBC Condos in Chancellor Place are about $1,042,000, although you will find many 2 Bedroom UBC Condos at Chancellor Place that are less than that.
UBC's latest family housing initiative stretches across 110 acres of South Campus. When completed, Wesbrook Village will be the largest neighbourhood on UBC's Vancouver campus. Over 12,500 students, faculty, staff, parents, alumni and members of the general public will live here in a mix of townhouses and apartments. Average 2 Bedroom UBC Homes in Wesbrook Village are about $869,000.
As a UBC Realtor, I am here to help newcomers find their suitable neighbourhood and home. If you are looking for UBC Condos or UBC Townhouses and would like more information, please contact UBC Homes today or call me anytime at 778-991-0649.
March 11, 2013
Wesbrook Village in UBC - Latest development on the UBC Campus
Many that have previously worked or studied at UBC are often drawn back by the real estate developments in the area. The Campus landscape is not what it used to be 10 years ago. Many old buildings have been renovated while brand new buildings have been constructed. The topic of today's UBC Realty blog is in regards to the recent UBC real estate development in Wesbrook Village.
This new area, in my view, is the most exciting of them all. Wesbrook Village is the area located between W 16th AVE and SW Marine Drive. It is at the South Campus of UBC. The original Community Plan for Wesbrook Village was for 5,000 residents. However, in the latest Land Use Plan Amendment, the community is projected to grow to between 10,000-15,000 residents in 20 years.
As the community of Wesbrook Village grows, so is the number of shops and services. Currently, there is a Save-On-Foods, a Royal Bank of Canada, a BC Liquor Store, and the Mozart School of Music. Recently, the new University Hill Secondary School just opened its door to welcome its students in January.
Future development includes a new community centre, residential housing, and commercial spaces. Although the area is undergoing a tremendous change, UBC real estate and area development regulations also require that the area have certain Parks and Recreation facilities for its residents. For every brick and mortar an equal (or more) amount of green space is being created/maintained and that is one of the most important developments to the proud UBC community.
I am sure as the area grows more people will be looking for UBC Condos and Townhouses in the Wesbrook Village. As a UBC Realtor, I am here to provide valuable resources for future residents and to help them make the right move to this incredible living and learning environment.
If you are considering a return to, a transition within, or are joining the UBC Community for the first time, please do not hesitate to contact my UBC real estate office today or call me anytime directly at (778) 991-0649.
March 2, 2013
UBC Real Estate Market Report for 2012 - AVERAGE SOLD PRICE
Many people living in UBC have wondered how their property value has changed in recent months. Certainly the media has painted a bleak picture of the Real Estate market in the Greater Vancouver area. I like to take this opportunity to present data from the UBC Real Estate market in 2012.
Above graph illustrate the AVERAGE SOLD PRICE of Attached (Townhouse) and Apartment (Condo) in UBC for the last 5 years.
As seen from the graph, the AVERAGE SOLD PRICE OF Attached and Apartment has been going up steadily since 2008. For Apartment, the price peaked in 2011 at AVERAGE SOLD PRICE OF $812,511. And for Attached (Townhouse), the price peaked in 2010 at AVERAGE SOLD PRICE OF $1,281,516.
At the same time, looking at these figures, it is important to keep everything in perspective. As the AVERAGE SOLD PRICE combines prices of from properties in older residential area, i.e. Hampton Place, and newer neighbourhood, i.e. Wesbrook Village.
Thus, the value of a specific property may differ significant from the AVERAGE SOLD PRICE. It is always important to contact your UBC Real Estate Specialist concerning your property value.
One might ask the question "why the AVERAGE SOLD PRICE of Apartment is going down while the AVERAGE SOLD PRICE OF Attached is going up?"
One explanation for the Attached (Townhouse) price going up is that UBC is developing and building more properties. However, most of the new developments are in the Apartments (Condos). Therefore, the supply of Attached properties has been limited. At the same time, as the population of UBC grows, the demand for Townhouses is increase and translates into higher price.
Looking at the Apartment (Condo), price dropped by about 10% compared to 2011. As mentioned previously, the supply of Condos has increased steadily in UBC. Especially, new condo development in Wesbrook Village and East Campus, e.g. Pacific, Spirit, Ultima, Yu, Academy, Sage, Sitka, and Sale.
For more information about the value of your property, please contact Sam Huang at 778-991-0649.
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