Lesser expensive decent neighborhoods (for sale, real estate market, rent)

[andreakobe44]

My gf will be going to UBC next year for school and I will come with. I am wondering what are the cheaper areas to live in the city within 30 mins of the campus. We would like to buy and have a $300,000. It would be nice to have something that's 600 square feet or larger. Are there any smaller communities that would be cheaper outside the city?
Thanks

[ckung]

To purchase a 1 or 2 bedroom condo within 30 minutes drive from UBC is definitely possible depending on the size of the condo you would like. For example, a 2 bdrm in Mt Pleasant is asking $169K whereas a 1 bdrm in Marpole is asking $225K. Although Mt Pleasant has been undergoing gentrification lately it still has a few rougher areas whereas Marpole is bit less rough. They are both decent areas but different in character and amenities. There are approximately 220 1 and 2 bdrm condos listed for sale within 30 minutes of UBC currently.

[dougie86]

Originally Posted by andreakobe44

My gf will be going to UBC next year for school and I will come with.

UBC has a high drop out rate of 20-30%, and some years ago up to 50% for Engineering, of 1st year students. It is better to stay in the campus or close by. Kitsilano and Downtown have direct buses to UBC. However if she is not a 1st year student, please ignore my post.

[The_gateway]

REALTOR.ca - Welcome

do a search, lots of good places on the 99 b-line.

[andreakobe44]

Hey CKUNG
What site are you using? Most everything I've found were tiny places for 250,000. Certainly a two bedroom would be the best option.
Is Mt. Pleasant a decent area and how about getting to campus as far as traffic? Also I can't find Mt. Pleasant or Marpole on mapquest. Where is it in comparison to Vancouver?

Where is the 99 B-line?

[ckung]

Andreakobe44, I work in the RE industry and have access to MLS. You can go to the public site realtylink.org and do an area search to see where Mt Pleasant and Marpole are. The 99B is a bus link direct to UBC from the public transportation hub of Vancouver at Broadway and Commercial Drive not far from Mt Pleasant. Both Marpole and Mt Pleasant are neighborhood areas in Vancouver and can be seen via realtylink.org. If you require more info feel free to contact me via my profile. Cheers!

[dougie86]

Originally Posted by ckung

Although Mt Pleasant has been undergoing gentrification lately it still has a few rougher areas whereas Marpole is bit less rough.

So true.

Originally Posted by andreakobe44

Hey CKUNG
What site are you using? Most everything I've found were tiny places for 250,000. Certainly a two bedroom would be the best option.
Is Mt. Pleasant a decent area and how about getting to campus as far as traffic? Also I can't find Mt. Pleasant or Marpole on mapquest. Where is it in comparison to Vancouver?

Where is the 99 B-line?

An interactive map of 23 communities of the City of Vancouver
CWP - communityWEBpage: Community/Neighbourhood List

99 B-line (System Map)
TinyURL.com - shorten that long URL into a tiny URL

Kitsilano condos
TinyURL.com - shorten that long URL into a tiny URL

UBC condos
TinyURL.com - shorten that long URL into a tiny URL

[andreakobe44]

Thanks for the links. I've noticed more of the places in our price range are located from Vancouver and west. Is finding something for less than $300,000 that's a townhouse or condo unlikely? The reason being is we'd want to be somewhat close to UBC. Is there a train in Vancouver or what is the mode of transportation that students use? Or do they all just bit the bullet and live in nicer places over $300,00?

[dougie86]

Originally Posted by andreakobe44

My gf will be going to UBC next year for school and I will come with.

September 2011? Assuming..
From the time you negotiate an offer to settling in your condo it can be 1-3 months. Which means that you will have to be here by June 2011. Having a buyer's agent (i.e. real estate agent aka realtor in BC) is helpful, e.g.
- drives you to view properties for sale
- gives you the price history of the condo you are interested to buy
- finds out the recent sale prices of other units in your building
- finds out the recent sale prices of units sold nearby your building
- submits on your behalf a written offer (subject to .....) to the seller's agent
- re-submit the offer if the seller counteroffers, so on and so forth
- once the seller accepts your offer, your buyer's agent will obtain the strata minutes of meetings (past 5-10 years) at no cost to you;
make sure you read them carefully to ensure:
a) it is not a leaky condo
b) it has a healthy contingency reserve, for a building of that number of condo units
c) any major repairs pending, e.g. replacement of elevator(s), hot water tanks, emergency generator, etc.

Don't forget to add local taxes and Property Transfer Tax.
Your lawyer who does the conveyancing, will help you with the paper works and make sure that he collects/deducts all unpaid strata fees from the seller. His service should be around $2000 (+HST).

Originally Posted by andreakobe44

Is finding something for less than $300,000 that's a townhouse or condo unlikely? The reason being is we'd want to be somewhat close to UBC. Is there a train in Vancouver or what is the mode of transportation that students use? Or do they all just bit the bullet and live in nicer places over $300,00?

There are a few condos at $300k in Kitsilano, if you click on the link given in previous post.

Some UBC international students live as far out as Coquitlam/Lougheed, where there are buses to UBC.
I've to check how long it takes to go by Skytrain (New Wetminster, Richmond) to Broadway station (Vancouver East), and then by 99B to UBC.
In the mean time, others can fill you in.

Lastly, if you rent at UBC, it may cost like $20k-$25k a year; 3 years around $60-$75. So if after 3 years, if the real estate market crash 20%-25%, it is like you have been paying rents plus
+ monthly strata fee
+ property tax

However, if the market goes up or remain unchanged, then you make money. It is a decision you have to make yourself.