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| − | If you're out looking for condo's in and around the [http://www.youtube.com/watch?feature=player_embedded&v=NDYZsMP2PPA Vancouver] area, odds are you've come across properties which have the distinction "Leasehold Strata." Appealing as they may be, understanding what you're buying can save you headaches when you eventually choose to sell the property in the future.
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| − | You're initial interest in these properties may have been triggered by the low price of these units with a few units being offered at thousands and thousands of dollars lower than what it would cost to buy a similar unit having a Freehold Strata distinction. Not only is the price enticing, but additionally many of the Leasehold Strata units in across the Downtown Vancouver area will be in prime locations along False Creek.
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| − | Condo buyers' shouldn't run for the hills the minute they see the Leasehold distinction on a property, but behave as they would when buying any property and think about a number of options before they commit. What might be right for some may not be right for others.
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| − | A leasehold strata distinction is when a public authority or leasehold landlord online resources a parcel of land leases the land out for any set number of years to some developer or leasehold tenant. Each time a developer sells an individual strata lot, the developer sells the developer's interest as a leasehold tenant to the buyer who then takes on the interest as a leasehold tenant.
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| − | Since the buyer is acquiring the interest of a tenant under a lease, he or she buys the right to exclusive possession of the strata lot for your balance of the term remaining underneath the lease and the directly to trade that interest. What are the results at the end of the term with the lease will have a big bearing on the value of the house and should be carefully scrutinized. It is critical that when looking to buy a leasehold strata property, the purchaser takes a close look in the model strata lot lease for that formula of the ultimate payout.
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| − | [http://www.youtube.com/watch?feature=player_embedded&v=NDYZsMP2PPA Real Estate] - The Triton on 10th, the industry development built on land of the Vancouver school board at Broadway and Granville falls into this kind of category where upon expiration of the lease in 2096, the college board must purchase each interest at the current market rate.
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| − | The cost of a two-bedroom unit inside the Triton is about $500-$600 per square foot depending on the layout, direction it faces and which floor readily stored away on. The building is 13 yrs . old, in a location close to shops and restaurants, and minutes far from downtown.
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| − | A recent sale of the two-bedroom, 1240 square foot unit was $623 000 which is $502 per square foot. That's 100's of dollars less per square foot than a comparable freehold strata unit. The Triton on 10th could be a good fit for someone who doesn't' have the plan for a freehold strata unit. But buyers' should realize that with leasehold properties banks have stricter approval standards, the machine can be less liquid when the time comes to sell, and they usually do not see the value appreciation much the same way a comparable freehold unit would.
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| − | There are more developments in the downtown Vancouver area along False Creek whereas when the lease expires, there is NO payout. Meaning once the lease expires, the leasehold landlord becomes the rental landlord, as well as the leasehold tenants become rental tenants paying rent in the current market rate. This sort of Leasehold property will depreciate in value and much more so as the lease date approaches. In this instance as the expiration date methods to within 30-40 years any owner could have a very difficult time selling the property, namely because you would have to find someone capable of paying with cash because banks will be very reluctant to mortgage this kind of property.
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| − | [http://www.youtube.com/watch?feature=player_embedded&v=NDYZsMP2PPA Vancouver Real Estate] - Many properties along Beach Avenue are quickly approaching their lease expiration dates, but inspite of the desirable location, sellers realize that in order to sell this kind of property they must lower the purchase price. But as a buyer, consideration must be taken to the price of the unit and also the number of years until the lease expires.
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