Hi everyone:

I just checked (May 21st, 2010) and there are currently 276 condos available for sale in Winnipeg. By comparison there are 935 houses for sale at this same time. What does this mean?

In 2009, condominiums made up approximately 15% of the total sales in Winnipeg. If we take 15% of the houses available, we come up with a number of 140. Which means that, at 276, there are twice as many condos available when compared to houses.

Houses, especially in the 'below $200,000' category, as usually subject to outrageous bidding wars. 10 or more buyers bidding on that first home, thus driving the price up to around the $300 per sq foot mark. As an alternative, you can find a very nice condo in a great part of the city for considerably less than that, and usually the buyer is able to get a financing condition or other type of condition into the offer.

So if you're looking for a 'starter home', or perhaps thinking of down-sizing and selling your house for top dollar, consider a condo right now.

Call me to discuss your options. Bo 333-2202

Here are some of the most common questions Home-Buyers have:

Q: Whats the best way to FIND a house in Winnipeg? Go to Open Houses? Looking thru real estate magazines? Search individual agents websites?

Q: Why should I work with a REALTOR®. I can find the houses on my own!

Q: My checking account is with a bank. Can't I just go there to be pre-approved?

Hi everyone:

It has come to my attention that some private sellers are selling condos WITHOUT providing the proper condo documents to their respective buyers. If buyers are looking on their own and don't know the requirements, they can get stuck buying a condo without these documents. The problem arises that, if at the time of possession, the buyer discovers that the facts surrounding the condo were not properly presented, the buyer CAN back out of the deal, citing 'lack of condo document presentation' as their reason for backing out.

So here are the 6 items that a Condo Seller MUST (by law) provide to the Condo Buyer AT THE TIME OF THE ACCEPTANCE OF THE OFFER. The Buyer, upon receiving these documents, then has 48 hours to look them over (NOT counting weekends or holidays) and during those 48 hours the buyer can withdraw their offer for ANY REASON. So here are the documents, in order of increasing importance (in my opinion)

6) Management Agreement

5) Condo Declaration

4) By-laws (and Rules)

3) Financial Statements

2) Budget

1) Condo Disclosure

A final point: The Disclosure Certificate has to be dated WITHIN 90 days of the offer. So for example, if you are making an offer on a condo on April 15th, 2010, the date on the Disclosure can not be more than 90 days in the past... so that Jan 5th, for example, would not be acceptable.

I read a great reminder on a Jewelers business card a little while back : "If you don't know jewelry, KNOW your Jeweler".   And so I would like to say : "If you don't know Real Estate (especially Condos),.. KNOW your REALTOR®"

If you're thinking of buying (or selling) a condo (or a house), please call me anytime for a free consultation. Any REALTOR® can send you listings via e-mail, but my buyers are among the best prepared in the market. Let's go condo-shopping.

Conversely if you're thinking of SELLING your condo, please call me. As a condo owner, I DO understand them a fair deal better than the average agent, and this can come in handy when your prospective buyers have questions.

Bo 333-2202

Sample Condo Disclosure Certificate

Hi Everyone:

Are you a home-owner who has been thinking of selling and moving into a condo? Looking out your back window and remembering the copious amounts of yard-work which is just around the corner? Dreaming of 'getting away' and traveling, without having to worry about the house you left behind in Winnipeg?

Lots of home-owners are choosing condos for a variety of reasons, including Security, Flexibility to Travel, No Yard-Work and other reasons.

Currently in Winnipeg there are a total of 236 Condominium Units for sale, in all types, styles and price ranges. Condos in the price range of $300,000 and up are also plentiful, with 73 such units available at this time.

In this price range you will usually get central a/c, insuite laundry, underground parking, a nice spacious suite in an all-concrete building, a balcony with a view, and a variety of other amenities.

So if you've been thinking of buying a condo, please call me anytime for a consultation. I will show you "What's available", and at the same time I can also give you a Market Evaluation for your current home.

Call or e-mail me anytime,

Bo 333-2202

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I update this Blog on a regular basis, adding new listings, market updates, news and interesting (well, at least I think they're interesting) pieces of information. You can make sure that you receive the posts by two ways: Subscribe to the RSS (check the toolbar along the bottom of the screen) or fill in this form and you'll get the latest blog posts via e-mail, once a week.

Hello Everyone:

Here are the numbers of available condos in Winnipeg, as listed by Real Estate Agents:

Condos bet. 90K and 150K .. .....53

Condos bet. 150K and 200K .. .....33

Condos bet. 200K and 275K .. .....59

Condos bet. 275K and 350K .. .....33

Condos over 350K ... .. .....48

If you are thinking about buying a condo, please call me anytime. For more information, check out my Website

Hi Everyone:

My Client just bought this wonderful "Age-Restricted" Condo in Transcona. 777 sq ft, 2 BR condo with lots of amenities for the mature condo-owner: a library, a common meeting room, an excercise room and more. New construction, concrete building means nice and quiet living. The condo includes fridge, stove, dishwasher, a/c and insuite laundry.

If you're looking for a 50+ or 55+ condo, call me direct. There are a couple of units left in this same building, but they're selling fast. Also there are a few other 'age-specific' condos available in Winnipeg.

Call me direct, or e-mail me at boknowshomes@gmail.com

My website is at WinnipegHomeFinder

Hi Everyone:

My Client just bought this wonderful "Age-Restricted" Condo in Transcona. 777 sq ft, 2 BR condo with lots of amenities for the mature condo-owner: a library, a common meeting room, an excercise room and more. New construction, concrete building means nice and quiet living. The condo includes fridge, stove, dishwasher, a/c and insuite laundry.

If you're looking for a 50+ or 55+ condo, call me direct. There are a couple of units left in this same building, but they're selling fast. Also there are a few other 'age-specific' condos available in Winnipeg.

Call me direct, or e-mail me at boknowshomes@gmail.com

My website is at WinnipegHomeFinder

Hi Everyone:

Right now, (Sunday, Nov 8th) there are 224 Condos for sale in Winnipeg. This covers all types, styles and price ranges. So, if YOU are in the market for a condo, please give me a call, as I can show you ANY condo on the market.

Email me at boknowshomes@gmail.com

Here is my Website

In part 1 we examined the different types and styles of condos. Now lets look at some of the more common questions buyers have about condos in general:

What do Condo-Fees pay for? Each condominium project (and there are hundreds in Winnipeg) has a different arrangement. With some, your condo fee only pays for the very basics, such as snow-clearing, grass cutting, management fees and common-element insurance'. With other condos, the fees might include water, cable-vision packages, heat and an on-site caretaker.

What is a 'common-element'? Basically it is any area where all residents have access. In an apartment style condo, that would be the entrance and the hallways, as an example. In a townhouse, or bungalow styles, it would be the roadway and the visitor parking lot. The 'common-element insurance' basically protects the owners from any lawsuits by visiting guests, whether invited or uninvited, but that is a subject all to itself.

What is a Reserve Fund? Every month, a small portion of the condo-fee goes into a special savings account, called a "Reserve Fund". Again depending on the type of condo we are looking at, this reserve fund might pay for any building repairs such as a new roof, new windows, painting and re-carpeting of hallways, etc. Basically the maintenance and repairs of areas which are common to all owners, and which effect all owners. So for example, if you own a stand-alone bungalow condo, you might be responsible for your own roof repairs, new windows etc etc.

About Condo By-laws: When a condo-project is first created, the builder usually sets up a set of 'by-laws', which would govern the use and rights of the individual owners. The initial set of by-laws are quite often very simple, such as "No Laundry to be hung from windows" of an apartment style condo. Bungalow condos might have a rule that states "No Outbuildings or Sheds or Fences to be erected".

As owners settle into the condo, they establish a board, and can then write their own by-laws. In order to change a current law, or to create a new one, the owners need to approve such changes by a 75% margin. In short, majority rules.

Taxes: Unfortunately, in our fair city and province, condominiums are taxed at precisely the same rate as regular houses. Considering that many condos, especially high-rises, uses a lot less services (i.e.: street cleaning, garbage pickup which is often paid for by the condo fees, snow clearing, etc etc) this current system is not considered fair by many. Fair or not, condos offer a unique lifestyle, and definite value in a time when it is becoming more and more difficult to find a house in a similar price range.

If you have any questions regarding Condos, please feel free to contact me anytime.

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Hello Everyone:

This is a re-issue of a blog-entry I did back in March 2008. With condos in high demand, I thought it might be a good time to re-issue an old favorite.

Condominiums have been steadily gaining in popularity in the past few years in Winnipeg. At least part of this is due to the fact that while buyers have a tough time finding a nice house under $150,000, condos are still available in this price range.

Whether you are a first-time home buyer, or an 'empty-nester', there is a condo which will fit your needs. Here is an overview of available choices and the differences between them:

Apartment-style: These are usually 3 stories tall or more, and are defined by having one general entrance way leading to a lobby or hallways, from where the individual suites branch off. Taller condos are most often built with concrete floors, which aids in the noise-reduction. Ideally, you would want a balcony so you can sit outside and have some fresh air. Most have window a/c units, but the nicer, more expensive ones have central air. Another thing to keep in mind is that not all of them have in-suite laundry, which is a nice option to have. They usually come with a parking spot, with underground spots commanding a higher price. These types of condos can sometimes still be found around the $100,000 mark for a 1-bedroom, and $125,000 and up for a 2 BR, depending on the options. Luxury condos of 1400 sq ft and more can run significantly more, depending on location.

Townhouse-style: These are usually one and 2 story buildings, with each unit having its own entrance. Most of these are wooden-frame construction, the downside being that you could hear your neighbor's stereo (or amorous escapades). These normally have an outdoor parking stall, window a/c and usually have in-suite laundry. An average 2 BR of about 900 sq feet will run you around $130,000, again depending on location.

Side-by-sides: Most of these are of newer construction, and can range in price and size. Being newer buildings (usually built within the past 10 years), they also come with more options, such as c/air, attached garages, full basements and other amenities. Privacy is increased in that you only share one wall with a neighbor, and most of the newer ones have fairly good sound insulation between the walls. Prices range from around $200,000 and up.

Detached Condos: These are what I call the 'best of both worlds". Essentially they are stand-alone buildings, completely detached, but offering all the benefits of condo-living. You have your own home, usually with all the options including attached garages etc, but no yard-work, snow-shoveling or other maintenance required. These types of condos are rare, and therefore pricey. They usually start around the $250,000 mark and run into the half-million dollar range.

Well, there we have the basic types and styles. I hope you enjoyed, and will come back in a couple of days for Part 2, which will go into the legalities, restrictions and benefits of owning a condo, along with explanations on "Reserve Fund", "Condo Fee Inclusions" and "By-Laws" of condos.

If you have any questions along the way, please don't hesitate to comment here.

ciao

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