ight PropertyTuesday, May 1, 2012 How Far is Too Far?
--Arthur Ng Friday, March 30, 2012 What Men and Women Want (in Real Estate)Coldwell Banker recently released their latest survey on what men and women want in real estate. Interesting enough, the results are not what you may think. Here are highlights of the findings: Both men and women place greater emphasis on their feelings about a home more than on layout, square footage, or price. And more than 60% also know within their first visit to the home is right for them. To read the complete report, please go to: [Men/Women Survey]
--Arthur Ng
Tuesday, March 20, 2012 Limited First Time Buyer New Home $10k Bonus The BC government announced, on Feb 21, 2012, a one time cash bonus that can be received by 1st time Buyers on new home purchases (with qualification criteria to a maximum of $10,000). While this bonus is still subject to be legislated, this is a huge benefit to those getting into our expensive marketplace. With some banks offering 5 year closed mortgages at 2.99%, the Property Transfer Tax Exemption for qualified first time Buyers in place, and some developers absorbing the net HST, this is a huge windfall to jump into home ownership. With the details yet to be released, there is mention of a time deadline for eligible purchases that must complete by March 31, 2013. For example, on a new apartment priced at $300,000, the savings could be as much as $35,000 (7% HST absorbed by developer; PTT exemption; $10,000 bonus). If you are still renting, you might want to talk to your mortgage broker and real estate agent to see how you can benefit. Time is ticking…-Arthur Ng Tuesday, March 6, 2012 Coldwell Banker Sings 'Home, Sweet Home' - NYTimes.comColdwell Banker released their 2012 TV ads at the Generation Blue convention in New Orleans last week. The ads focus on the "emotion and lifestyle" of homeownership and not the usual ads promoting reasons to hire a Real Estate agents that you find in most realty company TV ads. In addition the voice in the ads is that of Tom Seleck, the famous actor from the current TV series Blue Bloods and well he is known from the movies and of course his break through role as Magnum PI. Mr. Seleck has a real connection with Coldwell Banker as his father, brother and sister all worked for Coldwell Banker and his father was a VP for 33 years. The following article was recently published by the NY Times reporter Stuart Elliott, who comments on the refreshing message the ad creates for the slow to recover American housing market, and celebrates "the Value of a Home".
-- Paul Prade
Coldwell Banker Sings ‘Home, Sweet Home’  What would you do if you were a leading real estate broker during this sluggish, problematic market for American home sales? One such firm plans to accentuate the positive by playing up the emotional reasons for owning a home, now that the rational reasons like making a killing no longer seem relevant.
The firm is Coldwell Banker Real Estate, which in a campaign that is scheduled to begin on Monday will celebrate what it calls the “Value of a home.” The start of the campaign, with a budget estimated at $15 million, is timed with the approach of spring and the start of the home-buying season. In this instance, each value cited in the campaign is a warm and fuzzy one, ranging from “the warmth of a winter fire” to “a grandmother kissing her grandchild.” The values are brought to life in a television commercialthat cranks the emotional dial to 11, or maybe 12. The vignettes, photographed with a gauzy, well-lit look, celebrate “about 50,000 memories and a hundred thousand smiles,” which are generated, according to the campaign, by living in a home of one’s own. “How to put a value on a home,” Mr. Selleck begins, then cites intangibles that include “the smell of pancakes made on a Sunday morning,” “the taste of a good cabernet with family at Thanksgiving” and “the power of a bedtime story.” He also urges those listening to his voice to “subtract the stress of work” as well as “the struggles of the outside world” when considering “the value of a home.” “Coldwell Banker,” Mr. Selleck concludes. “Where home begins.” The campaign is created by Siltanen & Partners in El Segundo, Calif., which was selected as the Coldwell Banker creative agency in August. Siltanen & Partners replaced McKinney in Durham, N.C., whose last campaign dramatized the pitfalls of selling a home without using a Coldwell Banker agent. “People buy homes for lifestyle reasons, for emotional reasons, and it’s not always a rational decision,” said Michael Fischer, chief marketing officer at Coldwell Banker Real Estate. “But everything out there,” he added, in terms of advertising, “is about a rational decision.” “There needed to be a better voice, a more positive voice,” Mr. Fischer said, that brought up “all the things that make a house a home” like “a large backyard, the outdoor fire pit” and being able to have pets. The upbeat message is aimed not only at potential home buyers, he added, but also at Coldwell Banker agents, to remind them of what he termed “that emotional higher kind of calling of their business.” The campaign is not a Pollyanna-like paean to buying a home at all costs, Mr. Fischer said. “We’re not running away from” being realistic about the state of the housing market, he added, and the firm says “don’t buy a house” to those without sufficient income or plans to stay in a home for a long time. Mr. Selleck was chosen for the campaign for “that authentic, trusting, warm voice,” Mr. Fischer said. There also turned out to be, appropriately enough, a warm and fuzzy connection between the actor and Coldwell Banker. Mr. Selleck’s father, Robert, “was a vice president for 38 years at Coldwell Banker” in Los Angeles, Mr. Fischer said. And Mr. Selleck’s involvement in “Blue Bloods” resonates apart from the part he plays, Mr. Fischer said, because agents of Coldwell Banker, which has blue as its corporate color, “will say, ‘If you cut me, I bleed blue.’ ” From the Media Decoder articles of NY Times online:
Friday, March 2, 2012 Learning at Gen Blue! It's very important to keep current with changing technology. Social media and Gen x,y has a profound effect on how business is conducted and how we communicate. We at Coldwell Banker Westburn are taking this head on with our real estate. 15 of our agents are here in New Orleans with over 3000 agents from the US and Canada. This is how we value education to help serve our clients better.--Arthur Ng
Thursday, March 1, 2012 Heading to Gen Blue in New Orleans (the Big Easy)
There is no direct route from Vancouver, BC to New Orleans, Louisiana so I flew to Los Angeles via Air Canada to connect to United Airlines at LAX. There was about 70 minutes to spare and I was not issued my connecting board pass in Vancouver. As luck would have it, the 1st leg was delayed by 35 minutes and, of course, the United Airlines gate was on the other side of the airport at Los Angeles. LAX is a large airport.
And then there was the security check all over again with the full body scanner.
You guessed it. I missed the flight. United Airlines re-booked for me but now I had to fly to Chicago and connect to New Orleans. Instead of catching the opening ceremonies and dinner extravaganza, I ended arriving just in time at midnight for bed at the hotel. Oh, and I got up at 4:30am to leave for the airport to catch the first flight. I did get to my final destination safely, just a bit late and tired but all ready for the Coldwell Banker conference!
I hope that my return flight would be smoother. --Arthur Ng Friday, February 24, 2012 Location, location, location for a condo. Everyone asks about where is the best place to buy a condo in Vancouver. In the West End? Maybe Fairview Slopes? Perhaps by Coal Harbour? I’m referring to the location within the building itself which many don’t think much about. North facing units are cooler but get less natural light. South-west facing units, especially for high rises, are very bright but also get the most heat and sun. Corner units have great exposure and more air flow when windows are open. Ground floor units tend to have bigger patios and perfect for pets where allowed while others worry about security. Higher floors have better views but more steps to take should the elevators need servicing. A unit by an elevator is convenient but also has more noise and traffic. These and much more are considerations that our salespeople can bring to your attention. Wouldn’t you want to know before you move in instead of finding out afterwards? It really is about your preferences. --Arthur Ng Friday, February 17, 2012 Owning a Home in Your Lifetime?
--Arthur Ng Friday, February 10, 2012 Canada Grows Especially the WestAs per my previous blogs and what I have been advising our clients, the local real estate market is unique. The economic and political stability, quality of life, the natural beauty and the sound social and education system is desirable world-wide. This is confirmed by the latest 2011 census report from Statistics Canada shows that our population is growing faster than any G8 nation, fuelled primarily by immigration and the bulk landing in Western Canada. For Metro Vancouver with its’ limited land base, it just means that prices can only head one way overall. This explains why Surrey and Port Moody is experiencing 19.9% and 18.6% growth respectively when compared to 2006. More than 200,000 new residents came to Metro Vancouver since 2006. This and more is expected to continue for the next 20+ years by 1.6 million. Vancouver has been quoted for many years as one of the best places to live in the world by many sources including the Economist, the Conde Nast, Mercer, and others. If you are in the market to buy your first home, I would suggest that you act sooner than later.--Arthur Ng Tuesday, February 7, 2012 An Income Tax Deduction for Your 1st Home Purchase? Did you know that you could be saving up to $750 in income tax if you recently bought your first home? Many have forgotten about the Federal program that was introduced under Canada’s Economic Action Plan Budget 2009. The Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit based on the amount of $5,000 that you claim in your personal income tax return on line 369. You would claim this amount in the year you completed on your home. So if you bought your first home last year, you could have up to a $750 surprise bonus this April! For more details about this program, please click here: HBTC--Arthur Ng Tuesday, January 31, 2012 Housing Affordability in Greater Vancouver
Many reports suggest that we have the most expensive real estate in the world. How then do the residents cope? The studies generally compare the ratios of average or median family income with the ability to finance a detached home. With the average price over CDN $1 million, many cannot afford to buy a house, but they do have other options.
Family dynamics have changed over the last 20 years. Couples are getting married later in life, having less children, and needing less space. While a detached house may be desirable, a townhouse or an apartment may be more practical where prices are less and the upkeep of the exterior and common areas is maintained by monthly fees. In fact, according to the REBGV MLS® statistics, more than 50% of all sales are from town homes and apartment units.
Many Buyers are also having family help with the down payments and as guarantors for the mortgage, or finding homes with rental suites to offset some of the monthly debt. Those who already have bought can make the easier transition to move up with equity built up over the years and whose values also appreciated. First time buyers have more realistic expectations on what they can buy for their money. Buyers can sacrifice land and opt for less living space for proximity to the city or move to the suburbs and accept the commute.
The reality is that we are live in a beautiful place and everyone wants to be here. BC Stats projects in their PEOPLE 36 report that our province will gain another 1.6 million people in 25 years, by 2036. Real estate here is not going to get any more affordable.
Friday, January 27, 2012 Sitting on the Fence “I’m going to wait until prices drop.” “I want to save enough for a large down payment.”
“The prices are too high.”
“A better house might come up.”
“My friends/media told me not to buy.”
We hear these comments on a regular basis. I will say that the right time to buy is when the conditions work for you regardless of the market. If you can afford the mortgage and the property is in the right location and meets most of your needs, why wait? What happens if the prices don’t come down? If the prices do come down, would you and the others sitting on fence jump in at the same time to compete for the same property? When you find the near perfect house but wait to see if another better one comes up and doesn’t, and meanwhile the house that you liked has sold, what do you do then? A home is where you live. And we happen to live in the Lower Mainland where the population continues to grow from international immigration and the rest of Canada at a record pace. Prices are based on supply and demand. Have you wished that you had bought earlier but didn’t because you thought prices were going to fall? Ask some of your friends that did. I am not suggesting that you jump in blindly. Consult with one of our experienced agents and they can guide you in the right direction.
-- Arthur Ng Tuesday, January 24, 2012 2012 BC Property Assessments “My property assessments are up over 15%! Does this mean that my house is worth more now?”
As Real Estate agents we get asked this question all the time, in fact I remember getting asked this question 30 years ago too! Logically homeowners and buyers look at property assessments as some sort of guide to determine house values; unfortunately this method of evaluation is flawed. For example, most properties that are assessed by the BC Assessment Authority are never even inspected, meaning no one enters the home to see its physical condition, properties are mostly viewed from the outside or aerial mapping and assessed based on land size/location and age of the dwelling (recent building permits may trigger some further investigations as well). Can you imagine a Real Estate agent evaluating your home and providing professional price estimation and never even going inside? Of course not. Well that’s exactly what the property assessor’s do and yet we place so much value on their pricing method, it just doesn’t make sense to use property assessments as your basis to determine the correct Real Estate market value. I have heard some people say that the assessments are always lower than market value, or add 10% or 15%? All of this doesn’t make any sense and are just “guesstimates”. Another major reason for not considering assessed values when pricing a home is the fact that your 2012 assessment was completed by July 1011, over 6 or more months ago (depending when you sell in 2012). Anyone with Real Estate experience will tell you that a lot can change in 6 months when it comes to house prices. So there you have it, don’t put too much weight in your assessed value when deciding on the right price for your home or when you are making an offer to buy a property. At Coldwell Banker Westburn Realty we have experts to help you determine the “Right” price based on recent listings/sales on homes like yours in the market place near your location. Please watch the video below for an even better understanding of how property assessments work in B.C.
--Paul Prade Tuesday, January 17, 2012 Coldwell Banker Innovative Real Estate Marketing Methods Coldwell Banker continues to lead the way with innovative Real Estate marketing methods, the latest way to use social media and Facebook to promote listing between agents is demonstrated in the cool video link below. The 2nd Annual Generation Blue Coldwell Banker International Conference is coming up in late February and focuses on the internet and specifically social media as the best way to market Real Estate today. Please take a look at this video and see what the younger generation of realtors and buyers are looking for when searching for properties!
--Paul Prade Categories: | 1st time buyers | Ads | Cash Bonus | Community | Condominium | Conference | Events | Gen Blue | Gender Differences | Generations | Location | Market Trends | Marketing | Mortgage | News | Properties | Real Estate | Social Media | Tax Exemption | Technology | Travelling | Video |
Another way the emotional approach is intensified is through the use of the actor Tom Selleck to supply the voice-over narration in the commercial. It is no coincidence that Mr. Selleck is currently playing the paterfamilias of a clan of New York City police officers in the 
I just learned that if you are taking a connecting flight(s) to a destination, ensure that you are doing so with the same airlines and have ample time between flights with the necessary boarding passes.
With the price of real estate continuing to rise year over year more than the rate of inflation, will you ever be able to get into the market? Over the last 20+ years, we have gone through several cycles with peaks and troughs. Each correction was followed by an increase which exceeded the previous high. First time buyers need to understand that the first purchase will not be the dream home. Remember when you bought your first car in high school? Expectations need to be realistic and sacrifices need to be made. Saving for the down payment may mean foregoing the daily mocha or lunches out. It may mean getting a used vehicle instead of financing or leasing a new sports car that depreciates and is not tax deductible. It may mean not replacing your smart phone every time the latest model is released. It’s a matter of controlling or determining the spending as necessary or not really required. We have helped many buyers get their financial affairs together to buy their first home and they have never looked back. They also thought that they could never afford it. It is never too late if you plan ahead. If you are tired of renting and would like a place to call home, you need to act on it today.