Keeping you updated about what's happening in Real Estate and in the Fraser Valley!

I have sold a property at 34897 OAKHILL DR in Abbotsford.
IMMACULATE Family home in sought after McMillan area! Original Owners and very well maintained and cared for inside and out. There's room for everyone here with 6 bdrms/ 2 kitchens and 3840 sq ft of living space! There's even a huge bonusroom above the garage. Home has had some updates such as new flooring, paint, counters in kitchen/bath, backsplash, carpets. Private, flat backyard is great for the kids and pets to roam but the Mountain/ valley VIEW and sunsets will take your breath away! Double garage and RV parking and a shed out back for your toys & tools. This is in an excellent neighborhood close to all levels of schools (Yale), abundant shopping/dining options, the Rec centre, & quick freeway access for easy commuting.
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I have sold a property at 109 45702 Watson RD in Chilliwack.
Rentals are allowed here! Add to your real estate portfolio for a fraction of the cost. Super low strata fees, excellent tenant. Suite and building very well maintained throughout.next to the thriving and ever popular community of Garrison Crossing! Five minute walk to everything you need! Close to the expansive Cottonwood shopping complex, golfing, a variety of schools, dining and shopping options, services galore and recreation! Excellent opportunity for a first time home owner who wants a super affordable, low maintenance condo with quick access to all urban ammenities.
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I have sold a property at 348 27358 32nd Ave in Langley.
A beautiful, well maintained 1 bedroom 1 bath unit in Willow Creek Estates. In-suite stacking clothes washer and dryer. Access to the bathroom through your walk in closet in the master bedroom. Sit on your balcony drinking your coffee while looking at Mt. Baker.
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I have sold a property at LOT 40 Mountainview RD in Pender Harbour.
Excellent building opportunity in this 0.64 Acre lot to have a view of the Jervis Inlet. 10 minute walk down to the BC ferries to cross to Saltery Bay. Close to hiking, kayaking, boat tours, mountain biking, paddle boarding and fishing. An outdoor fanatic's dream! There is water and electricity at the lot line.
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I have sold a property at 10215 98th Street in Fort St. John.
Looking for a very low maintenance rental building for your portfolio? Centrally located, this 2 story multi-plex has two 3-bedroom units on the top floor and four 1-bedroom units down. Some very long term tenants. At full occupancy, monthly rental income is over $3700. Heating converted to baseboard heat which allows for individual metering for electric per unit. Phone & internet per unit (all paid by tenants). New vinyl windows throughout, roof is only 5-6 years old. Rent can be increased (note spreadsheet). The time to buy in Fort St. John is now!! This town's infrastructure is starting to boom! New hospital currently being built and sight "C" dam is ready to go. The massive natural gas reserve expansion will employ thousands. Great property management company taking care of this building.
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I have sold a property at 35262 MCKEE PL in Abbotsford.
SPRAWLING estate on 0.53AC lot! 4436 sq ft of living space with 6 bdrms/3 baths. Completely renovated open concept gourmet kitchen is to die for! Features hardwood flooring, S/S apps w/ double oven, tile backsplash, new white cabinetry, granite counters & a huge island/eating area w/ built in vacuum & wine rack. The main has all new carpeting, 4 bdrms, a 17' living room, formal dining area and stunning double sided rock fireplace. Daylight bsmnt w/ sep entrance has 2nd kitchen, games room, gym & 39' unfin. space waiting for your ideas. The expansive 1/2 AC can accomodate a pool, garage/shop, or whatever your needs may be! 42' partially covered deck overlooks southward mountain views. Massive double garage,RV/boat parking.
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I have sold a property at 35108 MORGAN WAY in Abbotsford.
7 BEDROOMS! This basement entry home has room for the whole family! Master + 2 more rooms on the main floor & a family room & 4 more rooms below. 8190 square foot lot and situated on a quiet cul-de-sac in a great family oriented neighborhood. There's also loads of space to park your RV/trailer/boat. Side backyard access to the large, fully fenced backyard. Store your toys in the shed! Loads of updates include a new kitchen/counters/cabinets/tile backsplash, new flooring, windows, new huge covered deck. Close to all levels of school, private and public.
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I have sold a property at 38 2081 WINFIELD DR in Abbotsford.
Mrs. Clean lives here! Immaculate 2 bdrm/2 bath rancher in the secure, gated complex of "Ascot Hills". This is a private, outside unit with no one living behind you. Excellent location with close highway access & near all types of shopping,dining options & a golf course. The patio has a new cover and overlooks the private, fenced yard which is very nicely landscaped. Features a new roof, new carpets in the bedrooms, heated flooring, S/S appliances, thermo windows & a spacious single garage. The living room boasts a cozy fireplace & a large bay window. Club house has pool table, full kitchen, library, sauna, hot tub, exercise room & guest suite! 19+ adults only, no rentals, pets are allowed & RV parking space available on site.
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Cindy Wennerstrom quit her job in sales and marketing to indulge her passion for real estate four years ago. The 39-year old Toronto MBA now has millions of dollars in properties, but she prefers something called a long flip, versus the quick flip. (Peter Power/Peter Power/ The Globe and Mail)

 

Cindy Wennerstrom is a bit of a hoarder. But the 39-year-old Toronto MBA grad doesn’t collect shoes or keep old magazines. Houses are her thing.

“I wanted to take control of my future. And what I really loved to do was renovate, have tenants and make great homes for people,” she says. “As soon as I set that course, within a year it was happening.”

 

Ms. Wennerstrom owns seven properties in southeast Toronto, two of them with partners. She bought her first house at 24 and has been flipping them since.

But Ms. Wennerstrom, who quit her job in sales and marketing at a frozen food company nine months ago, has perfected a more patient version of the flip. Like her quicker-paced counterparts, she buys rundown properties in up-and-coming neighbourhoods and oversees a renovation of two to four months.

But then, instead of selling immediately, she hires an appraiser to revalue the property, and she refinances it based on that higher value. To reduce her carrying costs, she converts from a higher-interest line of credit to a lower-rate mortgage.

 

At that point, she rents the property out for five to 10 years, earning rental income as the property continues to appreciate with the surrounding community. Ms. Wennerstrom’s renovations usually cost 10 per cent to 15 per cent of the purchase price of the home, which is usually between $350,000 and $450,000.

“The traditional flipping idea is flawed,” she says. “The long flip is so much better.”

Many real estate experts agree, noting that Ms. Wennerstrom’s strategy sidesteps several of the pitfalls flippers can fall into.

 

“Real estate goes in cycles, and if the music stops at that exact point you want to sell – as it did in 2008 – you are stuck,” says Don Campbell, president of the Real Estate Investment Network.

Vancouver real estate agent Grant Connell says flippers need extra cash, just in case. “My advice to people is always to make sure you can afford to complete the renovation and then hold it should the property not sell.”

Many people set out to flip and achieve a quick windfall after viewing a real estate-themed reality television show on flipping, says Mr. Campbell.

 

“We see a lot of people get into trouble by doing it with their last $10,000 after watching an episode on TV, like this is the way they’re going to get rich,” he notes. “It’s not as easy as it looks.”

People often don’t account for the tax, maintenance and mortgage costs they will incur if the market nosedives right as they’re ready to list.

 

Here’s what a flipping crash-and-burn typically looks like, says Mr. Campbell: Someone buys a fixer-upper, completes the renovation and then sells it for $25,000 more than the purchase price. After financing, maintenance and renovation costs, they’ve made $10,000 to $15,000 and immediately use that to buy another property.

However, at tax time, they owe $12,000 on that income. By then the money is gone.

 

Ms. Wennerstrom, on the other hand, typically buys a property on an open line of credit, and does not need to pay a penalty to break a traditional mortgage.

 

“You renovate and then force appreciation out of a home. But then you hold onto the property” – all the while collecting rental income. Also, profits made from quick flips are taxed as income, while money made upon the sale of properties bought to hold is taxed as capital gains, which is a lower rate. (There is no set time that properties must be held to qualify for the capital gains rate; the key is your intention.)

Mr. Campbell advises those who pursue the slow flip to target fixer-uppers in neighbourhoods that are already undergoing a revitalization.

 

Signs to look for are that the neighbourhood has a mix of old and new homes, and the old homes are being replaced by larger houses or multi-family properties. Also, new, higher-end retail outlets will be popping up, including coffee shops, restaurants and clothing stores to replace the mom-and-pop shops.




Ms. Wennerstrom, who is sitting on about $4-million in real estate holdings, manages and collects rental income on her own real estate portfolio, consults for others wanting to follow her long-flip strategy, and runs a tenant-search service for Toronto landlords.

 

 

Her advice? Hold properties for five years instead of five months, don’t cheap out on renovations, don’t underestimate the return on investing in curb appeal and make sure to get all necessary city permits.

Of course, Ms. Wennerstrom has learned lessons through trial and error. For example, she’s getting a better sense of when to blow her renovation budget. Contractors suggested she lower the basement in a few properties, and in hindsight she wishes she had listened. “I wish I had just invested that extra $10,000 because I would have made it back in rent,” she says. “And I wish I’d replaced the drainage in some buildings – but now I know.”

 

Special to The Globe and Mail

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I have listed a new property at 2348 MCKENZIE RD in Abbotsford.
Quaint heritage style home on an 8000 sq ft lot. Totally updated throughout with all new kitchen, appliances, counters, cabinets, bathrooms, flooring throughout, painted interior and exterior. Huge double carport can house 2 large vehiclesplus there's a 20'x12' shop attached! 5 bedrooms/ 2 baths with a huge bonus room upstairs. Already plumbed in the basement so it's ready for your ideas!~ a suite, a salon, with separate basement access that is great for a home based business or student. Low maintenance yard with mature trees, fully fenced, flat backyard and a large patio complete with a hot tub! Centrally located & close to loads of shopping & dining options, transit & freeway access. Call me today for your personal viewing.
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I have listed a new property at 34897 OAKHILL DR in Abbotsford.
IMMACULATE Family home in sought after McMillan area! Original Owners and very well maintained and cared for inside and out. There's room for everyone here with 6 bdrms/ 2 kitchens and 3840 sq ft of living space! There's even a huge bonusroom above the garage. Home has had some updates such as new flooring, paint, counters in kitchen/bath, backsplash, carpets. Private, flat backyard is great for the kids and pets to roam but the Mountain/ valley VIEW and sunsets will take your breath away! Double garage and RV parking and a shed out back for your toys & tools. This is in an excellent neighborhood close to all levels of schools (Yale), abundant shopping/dining options, the Rec centre, & quick freeway access for easy commuting.
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I have sold a property at 4383 WILSON RD in Yarrow.
Excellent family home in the quiet yet cozy town of Yarrow. A great place to bring the family! You'll love living in the outdoor paradise with fishing, camping, swimming, hiking & trails & just a stone's throw to gorgeous Vedder River. Close to brand new Yarrow Community school which is revered for its fabulous teachers. Recently remodeled with an expanded kitchen & newer appliances. 3 bdrms/2 baths upstairs with lots of extra space in the bsmt with an office, rec room & another bdrm. New hot water tank & windows. Loads of room to park your RV or boat. Spend your summer days on the covered deck and watch the kids run around in the big , fenced backyard. Enjoy community living with the city and nature at your fingertips!
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I have listed a new property at 35262 MCKEE PL in Abbotsford.
SPRAWLING estate on 0.53AC lot! 4436 sq ft of living space with 6 bdrms/3 baths. Completely renovated open concept gourmet kitchen is to die for! Features hardwood flooring, S/S apps w/ double oven, tile backsplash, new white cabinetry, granite counters & a huge island/eating area w/ built in vacuum & wine rack. The main has all new carpeting, 4 bdrms, a 17' living room, formal dining area and stunning double sided rock fireplace. Daylight bsmnt w/ sep entrance has 2nd kitchen, games room, gym & 39' unfin. space waiting for your ideas. The expansive 1/2 AC can accomodate a pool, garage/shop, or whatever your needs may be! 42' partially covered deck overlooks southward mountain views. Massive double garage,RV/boat parking.
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I have sold a property at 34573 YORK AVE in Abbotsford.
Excellent family home on a large 9100 sqft lot! Situated on a quiet street and close to all levels of schools. Kitchen, dining room and living room is an open concept with lots of tasteful renovations that include new white kitchen cabinets, counter tops, new laminate flooring, updated bathrooms and fresh neutral paint throughout. 1 or 2 bdrm suite with common laundry, 5 bdrms/ 2 baths total. French doors open to a new deck overlooking the massive, flat backyard is private and fenced. Lots of room for the kids & pets. Meticulously maintained inside and out! Double carport with backyard access and room to park the RV or boat. This awesome family home sits on a huge lot- you just cant beat the value here! Call today for more info
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I have listed a new property at 35108 MORGAN WAY in Abbotsford.
7 BEDROOMS! This basement entry home has room for the whole family! Master + 2 more rooms on the main floor & a family room & 4 more rooms below. 8190 square foot lot and situated on a quiet cul-de-sac in a great family oriented neighborhood. There's also loads of space to park your RV/trailer/boat. Side backyard access to the large, fully fenced backyard. Store your toys in the shed! Loads of updates include a new kitchen/counters/cabinets/tile backsplash, new flooring, windows, new huge covered deck. Close to all levels of school, private and public.
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I have listed a new property at 8 9270 BROADWAY ST in Chilliwack.
Barely two years young & still under warranty! Gorgeous end unit in "Kensington on Broadway". 3 Bdrms/3 baths w/a large rec room, master has a huge walk-in closet & spacious ensuite. Contemporary design w/high end finishing details throughout this townhome include a huge bay window & cultured stone fireplace in the livingroom, wainscotting & crown moulding throughout & quartz countertops in bathrooms & kitchen. The dining area flows nicely to the open kitchen that has a massive pantry, S/S appliances & an island/eating bar. Centrally located & close to everything! Dual zone forced air heat & A/C system will keep you cool all summer long. Priced under assessed value with all the bells and whistles! Rentals/pets are allowed here!
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Keeping you updated about what's happening in Real Estate and in the Fraser Valley!