There are only a handful of luxury Vancouver hotel/condo buildings - Shangril-la, Fairmont, Rosewood's Georgia and coming soon the Trump Tower.

The Fairmont is 47 storeys and has over 800,000 square feet of retail, hotel and condo space, located at 1011 West Cordova, on the corner of Burrard and sits behind the low-rise Convention Centre. Developed by Westbank projects Corp and the Peterson Investment Group. It is home to 173 luxury condos and the building completed at the end of 2009. The average of the condos sold for $1.9M.

Amenities include valet parking, a concierge, room service and all the pampering that goes along with living in a hotel.

The hotel has a spa and an amazing gym, outdoor pool and patio, music lounge. 

The condos boast some of the best views in Coal Harbour - enjoying the mountains and water and feature mostly large two bedrooms.

 P.S. I am your Vancouver Realtor with hyper-local experience!

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When you buy a Vancouver condo you may be under the impression that the strata's insurance coverage is sufficient. This is not the case. The strata's insurance coverage looks after the structure itself, it does NOT provide any coverage at all for the contents of your home, the replacement value of which can quickly escalate for even very modest condos.

 

The other important element not covered by the strata insurance is personal liability.This becomes a significant issue when it comes to the matter of water damage and claims. Strata corporations are now feeling the weight of increased premiums and deductibles on their insurance and are very sensitive to water damage and claims.

 

Individual owners should be aware that if their condo can be proven to have caused damage to the building (e.g. overflowing tub or malfunctioning dishwasher) they can be sued by the strata council for the damage caused.

 

An insurance policy for the contents of your strata home includes protection for personal liability. If you do not have such a policy you will face legal action on your own.

 

P.S. I am your Vancouver real estate Realtor with hyper-local experience!

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The majority of Vancouver condo buildings hire a licenced property manager to run the affairs of the building. What are the duties of a Vancouver condo property manager? The manager is in charge of collecting monthly maintenance fees from the owners. Attending strata council meetings and distributing the minutes from those meetings to all owners. Preparing the agenda for council meetings and giving the required notice to owners for AGM or Special meetings. Prepare and distribute financial statements to strata council.

Do Property Managers Handle Vancouver Condo Building Repairs?

Yes, they are responsible for obtainig quotes for repairs. As well they deal with requests from owners who wish to rent their condo or owners who break the condo rules , which may result in a fine. Managers also handle qotes on building insurance, providing options for strata council regarding possible special assessents vs taking some or all of the funds out of the contingency reserve fund. They also deal with building emergencies, hiring and supervising the caretaker, gardeners, cleaners and have an extensive knowledge of the Strata Title Act.

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The subject clauses you insert in your Contract of Purchase and Sale when buying a Vancouver condo will vary depending on whether its a buyers or sellers market. Here is a strategy when buying in a Vancouver real estae market that favours buyers. Given that you are not in competition with other offers, I'd advise you to take your time and carry out your due dilligence.

  1. Subject ot finalization of your mortgage. Your lender will have approved you but they also need to approve the property and establish current market value, which entails an appraisal
  2. Subject to reviewing the Property Codition Dislosure Statement. All sellers in B.C. must provide one of these documents
  3. Subject to reviewing the title. Have your lawyer review this for you
  4. Subject to a building inspection. If you're buying a Vancouver condo you'll definitely wish to have the condo and the building inspected. If you're purchasing a Vancouver townhouse, a home inspection is also recommended, even if it's still under warranty. A certified building inspector always finds something and an inspection eliminates any surprises after you move in.
  5. Subject to reviewing and approving the condo bylaws, financial statements, minutes of the meetings for the last 24 months
  6. Subject to reviewing a Form B which is provided by the condo building's property manager
  7. Subject to reading and approving the strata plan, which verifies the size fo the condo or townhome and note whether the parking is limited common property or common property or a pre-paid lease

 

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