Port Moody has several homes for sale between $1.7 million and $2.2 million — and higher — but finding an affordable condo in this market takes patience and due diligence.
Recently, someone snapped up a one-bedroom condo in the adult-oriented development called Port Village located at 2002 St. Johns St.
The price paid was $355,000, making it the most affordable condo sold in the Tri-Cities since early February except for some manufactured homes sold recently in Coquitlam.
According to Zealty.ca, the home sold on Feb. 24 after 10 days on the market and features new paint but the photos show an updated kitchen with new flooring.
Strata fees were not provided but the fee includes heat and hot water. There are no rentals and cats are allowed but no dogs.
Still, while the home seems affordable, the selling price was eight per cent higher than the $327,000 value assessed by the BC Assessment Authority last July. In 2020, the assessed value was $274,700.
These sorts of older charmers — Port Village is 57 years old — can be an affordable option looking for someone to downsize or purchase their first home.
But would-be buyers need to do their due diligence, according to the Condo Home Owners' Association.
In a column published in the Tri-City News' sister paper the Times Colonist, CHOA executive director Tony Gioventu notes that buyers need to be assured the building is being run properly and there are no outstanding issues.
READ FORM B CAREFULLY FOR STRATA DETAILS
"Take the time to read the reports, study the financial information of the strata corporation and review the minutes of the meetings," states Gioventu.
Most important is the Form B, which can identify things such as the required strata fees, allocation of storage lockers and parking, as well a number of important considerations such as special levies, contingency reserves and other issues worth examining to get an understanding of the building's recent state of repair.
According to the B.C. government, the "Form B: Information Certificate" discloses a variety of information about a strata lot and the strata corporation.
Typically it is requested when someone is considering buying a strata lot.
The maximum a strata corporation can charge for a Form B is $35 plus up to 25 cents per page for copying including photocopying or other means of reproduction.
Sometimes a rush fee is charged by the strata corporation or the strata property manager if the Form B is requested with less than seven days' notice.