Blog › July 2011

The PATINA: 1028 Barclay Street, Vancouver

The Patina building (1028 Barclay) built by CONCERT PROPERTIES completed in early 2011. The central location of this building in the heart of downtown Vancouver, just off of the Burrard Street and the great, high-end finishes make it a very attractive building to own in both as an investor and as a primary residence.

The building is comprised of 256 suites in 42 floors and is close to the hospital, shopping and entertainment district and the beach.

The building is air-conditioned and has a fully equipped fitness centre opening onto a roof top terrace. 

I have featured this building in my Featured Properties section of my website. Have a look at the listings there and enjoy the beautiful finishes as well as the great views.

I will have an open house on Saturday July 30 and Sunday July 31 from 2-4 in the afternoon at 1208-1028 Barclay. 2 Bedroom, 2 Bathroom with Parking and No Rental or Pet Restrictions.


Buyers: Are you frustrated with your real estate agent?

I have heard this too many times from buyers: "My agent does not listen to me. The properties they show me are not what I told them I desire!!"

Well, it boils down to this. If your agent does not take the time to really UNDERSTAND what you are looking for, chances are, they will show you properties you are not interested in.

When interviewing agents (or getting referred to one), make sure you pay attention to the questions they ask you. You want them to ask you very specific and detailed questions not only about the type of property you are looking for, but also about your lifestyle, your hobbies, your inspirations, etc.

Only in this way can they really understand what it is that you are hoping to find among the thousands of listings available on any given day.


Types of Property Ownership

Today I will briefly discuss types of property ownership.

 

  • Freehold
Also known as "fee simple" this is the form we most commonly know 
as "ownership" of a home.
The owner of this type of ownership has full control over the land and the buildingson the land subject to any bylaws or restrictions at the time of purchase.
  • Strata Title
This form of ownership provides exclusive use and control of a particular housingunit (strata unit), in addition to shared use and ownership of the common areassuch as hallways, courtyards, etc.
Financial responsibility of the common property is shared between all owners.
Homes that offer this type of ownership include: apartment buildings, duplexes,townhouses, warehouses, etc.
  • Leasehold
In some cases, the right to use a residential property is purchased for a long butlimited period of time. This is called leasehold interest.
Leasehold interests are usually set out for a term of 99 years. But regardless ofthe original term, buyers can only purchase what is remaining of the term of thelease.
Apartments built on city-owned land and some properties on First NationsReserves, some single detached homes on farmland as well as apartments wherethe freehold owner of an entire apartment block sells leasehold interests toindividual apartment owners.
  • Cooperative
When owners own shares in a company which in turn owns a property, this type ofownership is a "cooperative".
Most properties with this form of ownership have age restrictions, rentalrestrictions, pet restrictions and so forth.
When purchasing a property, make sure your real estate agent explains the form of the ownership and what it means to you.