| The New Age of Urban Living!
In many cities across the world, there has been an increasing demand for fine living spaces and master-planned communities. With home buyers and real estate investors demanding luxury amenities, fine finishes like silk drapery and more features, a condo and housing boom has resulted in some magnificent real estate developments and boutique residences.
The Types of Urban Living Homes in North
America
There are many opportunities for a prospective individual
or couple to get into the real estate market. Whether
you are looking for a permanent residence or a real estate
investment home, both the United States and Canada markets
provide numerous types of housing that will suit your
lifestyle and requirements. Obviously, the most expensive
but most sought after urban living real estate property
is a home. Not only does a private home provide you with
ample space and privacy, but they are really at a premium
in most major cities and towns these days as they have
become quite expensive, especially homes and residences
near city centers and major transportation routes. The
more common real estate development now sees the construction
of townhomes and townhouses which are attached dwellings
that give the privacy of a home but within a residential
community that is based on smaller properties for couples
and families. The most urban type of real estate property
on the market these days in both Canada and the United
States are definitely condos or condominiums. Also called
apartment residences, condos in both the United States
and Canada have seen an exponential increase in both the
number of units being planned and built, but also in the
interest from all types of buyers and investors. Living
in a high-rise residential building has its perks including
amazing views, luxury amenities, features and finishes
that are comparable to a custom home and of course the
community aspect. With home buyers and real estate
investors demanding luxury amenities, fine finishes like and high-efficiency HVAC and
more features, a condo and housing boom has resulted in
some magnificent real estate developments and boutique
residences. With condominiums, there are penthouse
suites as well as loft residences available to the real
estate investor or home buyer as well.
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Pre-Construction Condos in Canada
and the United States
A recent phenomenon in both the United States and in Canada
has been the emergence of pre-construction condominium sales
by real estate developers. Noting the increased demand in
home buyers as well as luxury real estate investors, pre-construction
condos and apartments have become part of a developer's
dream, especially in compact urban communities like you'll find in the New York, DC or Chicago real estate markets. With many pre-construction condo projects sold out
from the plan, there are not many choices for young individuals
and couples seeking their first home. In many cases, the
home buyer will need to put down a deposit of 5 - 10%, depending
on the real estate condo development and terms. The remaining
balance for the residence and apartment home are due upon
completion, sometimes 6 months later and at other times,
more than 5 years later depending on the size and magnitude
of the community development. Another recent trend with
Canada and United States pre-construction condo sales is
that by the time the condo high-rise building is completed,
many home buyers have purchased elsewhere or have had a
change in lifestyle, and therefore, opt to re-sell the property
or condo home at a significant gain. There are many real
estate investors who view pre-construction condos in Canada
and United States as the greatest potential for their portfolio
growth as they do not have to carry a mortgage. However,
there have been many times where a real estaet investor
or home buyer who purchase a home off the plan and the real
estate developer goes bankrupt and the real estate project
is not completed. Signficant gains are not without risk
as seen in the recent pre-construction
condominium boom.
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Things to Think About When Purchasing
Condos or Real Estate Properties
There are many things to consider when purchasing a home
or real estate property, especially for first time home
buyers who have not gone through the closing of a residence.
Firstly, choose the condominium or home that suits your requirements and lifestyle
as well as a home in a good location. Have either a professional check out the
internals (Electric Wiring, Plumbing, Safety), or if you are savvy, take a look
at the integrity of these internals. If you find any issues with plumbing fittings
or pipes you can find the replacement parts you are looking for at . All of these factors will play a big role when you decide
to move to another home. Secondly, if you are purchasing
a pre-construction condo residence, make sure you understand
all the terms and conditions set forth by the real estate
developer. Most importantly are the conditions on payment
and other additional fees and option upgrades to your condo
home. If it is an existing condominium, make your offer
based on what you can afford, what the bank is willing
to lend you and on your vibe of the person(s) selling.
Just make sure your finances are in order, that you have stable income and that
you have a good credit rating and standing with any and
you should be fine. The third part is to secure financing
from the bank, which is often a pitfall for most young
singles and couples when purchasing their first home or
condo. Just make sure your finances are in order, that
you have stable income and that you have a good credit
rating and you should be fine. When closing a deal, again,
make sure you read all the fine print in the real estate
purchase deal as it is a binding legal document. Make sure
that you consult with your lawyers as well as realtor to
make sure that everything is in place
before you sign the contract. Lastly, enjoy your new condo
or residence home and think about investing in more property
using the equity of your residence to further expand your
real estate portfolio. .
Types of Properties in Your City
The real estate boom over the past two decades has been
felt all over North America, especially in major centres
across the United States and in Canada. However, in each
of these cities and towns, the types of real estate properties
that are of most interest to home buyers and real estate
investors is surprisingly quite different. For example,
Miami residents are most interested in waterfront villas
and tall residential high-rise buildings along the water
and marinas. For New Yorkers, finding the perfect loft or
condo residence close to where they work is usually the
most important factor. Boston residents find brownstones
and town houses the most interesting and unique type of
housing available in the United States while Seattle is
most interested in master-planned condo communities that
provide extravagent amenities and condo features. However,
whatever type of property you are looking to live in, every
city will have. As for Canada, the major cities with huge
increases in property prices include Toronto, Vancouver
and Calgary. Other condo and real estate booms are just
now beginning in cities such as Edmonton, Red Deer, Ottawa,
Kitchener and Montreal. Regardless of all the doomsday projections
of a real estate bust, remember that in any market or time,
some cities will boom while others won't. As a real estate
investor, it is important that you do your homework and
purchase condos and residence homes only in those areas
that have the greatest potential for growth. Real
Estate Agents Directory
The Facts versus Hype in Real Estate
in the United States
When talking about real estate and property ownership in
the United States, there is a common fear among home owners
and real estate investors that we are upon a real estate
market crash within the next decades. Already proving that
no market can continue to expand and increase in value forever,
San Francisco and Las Vegas have seen recent dips in property
values over the past two years. While many home owners and
'self-made' investors are calling fowl by banks who were
offering 'too good to be true mortgages' and selling off
their properties at a loss, many savvy real estate investors
know that in any type of market (either boom or crash),
there is money to be made in the long run. Real estate over
the past decade in the US has seen many ordinary people
become millionaires by banking on capital gains over a short
term. Many people purchased pre-construction condos and
real estate homes and townhomes and flipped them in the
hot market. This is no longer possible, as many of the major
markets and cities in the United States are now flooded
and saturated with properties for sale, and with higher
interest rates and borrowing rates, this has lead to a steady
decline in real estate home and condo sales this year. It
is important to note that with proper research and planning,
real estate investment is one of the safest investments
out there. Again, in any type of market, there is always
need for condos, residences, townhomes, resort properties
and other type of homes, and the key is to find undervalued
homes and making sure that cashflow is either positive or
even so that you won't over burden yourself once rates hike
even further. In summary, real estate including pre-construction,
under development and more established homes are still opportunities
for investment even though everyone is still talking about
a big real estate crash in the coming years.
Recreational Properties in the United
States
The market for recreational homes and resort residences
has been on the upsurge as the baby boomers are retiring
and looking forward to a relaxing and exciting future of
retirement. Many families are also looking for recreational
properties that serves as a family getaway during holidays
and celebrations. The biggest trend during the past few
years has been fractional real estate of recreational property
in the United States and all over the world. This is where
a home buyer can purchase a fraction of the recreational
property, either half ownership, quarter, 1/8 or even 1/16th
ownership. This is a great way to save and enjoy the lifestyle
that you and your family deserves. Taking out a mortgage
on such fractional real estate properties is tough as many
banks will not help you finance recreational homes, especially
fractional residences, so watch out. In addition, the laws
are a changing up in Canada where fractional ownership of
recreational real estate with a rental board is now considered
under business tax laws and not personal residential laws.
Many recreational property home owners are finding that
management, strata and property taxes have shot up over
the past year, and can no longer afford this lifestyle.
The re-selling of such rental managed fractional ownership
recreational real estate properties also becomes tougher
as the maintenance costs are much higher than what most
regular people will want to afford and budget for a recreational
real estate property. However, owning a fractional ownership
property in a place that you love is well worth it if you
can purchase the recreational property out right and can
afford and budget for increase in maintenance over time.
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