Advantages of Buying a Unique Condo
Three Reasons Why You Should Buy a Unique Condo
The main reason people prefer a unique condo is because they appreciate something that has a bit of character. People want to come home to something different, and living in something you love is important. There is no shortage of boring, cookie-cutter style boxes to live in Vancouver, but for people like us, that’s just not going to cut it. Luckily I am happy to say that after researching every building in the city, there are A LOT of amazing unique properties out there. The problem is that when they come up, they sell fast. Which leads me to the first reason why you should buy a Unique Condo.
Reason #1 – Supply and Demand.
I think it’s safe to say that most people would love to live in a loft-style condo with over-height vaulted ceilings and exposed beams and brick; or live in that one unique unit in the building with that rare 300 square foot outdoor terrace (you know the one that is perfect for entertaining friends during a summer evening of el fresco dining.) There’s nothing better than the reaction you get from someone when they step into a home like this. That “OMG I love it!” which also means “thank you for appreciating something different”.
With so much demand for these types of homes, the problem becomes that there is simply not enough supply to fill the demand. Which also means that if you ever want to sell your amazing unique condo (which I hope you don’t!) you are going to have no problem selling it, because there is a waiting list of Buyer’s on stand-by waiting for something like this. Lucky for you, as a VUC Insider, you’re going to know well before any of these people when one of these awesome condos comes to market.
Reason #2 – A Solid Investment.
Have you ever noticed when a market shifts that properties tend to not sell as quickly, or as easily, or for as much money as they did in a hot market? Makes sense. However, this doesn’t go for all properties. There are certain properties out there that never seem to have a problem selling, no matter the type of market. These are the unique properties. Even in a cooling market, it is not uncommon to see these types of properties selling in multiple offer situations or for record sales prices. So although we cannot predict market conditions, if you’re looking for a bit more security to protect your investment in a cooling market, think about going for something different.
Reason #3 – Let’s price It Higher.
Whenever a client tells their Realtor that they want to write an offer, the first thing the Realtor will do is prepare a market evaluation aka CMA aka Comparative Market Analysis. This is to determine the market value of the subject property by seeing what other similar comparable homes have sold for in similar market conditions. Usually, with condo buildings, they will have a typical floor plate that runs up the building, which means they will have a stack of 30+ of the same unit. If there has been a recent sale of the same floor plan on a different floor, then you are going to be able to determine the market value of your subject property (the same floor plan) quite quickly. Now as a Realtor, I am going to share a tip with you on how you can ruin your Realtor’s day very quickly. Tell them the property you are interested in writing an offer on is a one-off floor plan with over-height ceilings and a 700 square foot rooftop terrace, and not only are there no other units like it in the building but not even in the neighbourhood!
The point I am trying to get across here is that determining the value of a Unique condo is much more difficult than that of a typical cookie-cutter style condo, with 34 other identical floor plans in the building. But Joe why do I care about this? We care about this because whenever we decide to sell your unique condo, it is going to be much harder for the Buyer to determine the market value of the property, which may allow you to price your unique condo a little more aggressively. And remember, the more unique the property, the harder it is to determine the value.
Anyways, Have a Great Day & Thank you for Appreciating Something Different, as I do.
Personal Real Estate Corporation