rental

The holiday season is upon us and we have had a good turn out this week. There are people still apartment hunting during the cold and treacherous weather!

Just a reminder to everyone applying to view our suites that we will be closed on December 24th at 3pm and will reopen on Friday January 2nd and resume showings on that day.

This week at Downtown Suites the outcome of all viewers for each suite are as follows:

In the $1000-$1500 per month price range: 2 people
In the $1600-$2000 per month price range: 20 people
In the $2100-$3000 per month price range: 9 people

In the $3100+ per month price range: 1 Person

Wishing everyone a Merry Christmas and a Happy New Year!

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Many years ago when travelling in Egypt, I was staying in the home of a devout Coptic Christian in Luxor. My travel companion was a woman, a completely platonic friend. When the Coptic gentleman had to go on a journey, he kindly let us stay alone in his home, but he was quite concerned, surprisingly, not for any of his possessions but that we might defile the place by an illicit sexual act.  Of course we assured him of our chaste relationship and he left trusting us.

At the time his attitude seemed quaint, but all these years later it now makes much more sense to me. In our modern hectic life, there is so little understanding of energy, and the reactions the various forces have on our lives.

I recalled that time in Luxor yesterday when I had the unfortunate duty of serving a breach notice to a tenant. Tanja Milosevic, our senior Property Manager, and I met with the tenant to warn her that an outbreak of disorderly conduct in the suite by her new husband’s friends was cause for termination.

On behalf of our clients, we do not tolerate any infractions or unreasonable conduct. We believe, however, that everyone deserves a warning before termination of the tenancy so I personally went to the suite to talk with the woman. It was an embarrassing and unfortunate moment for us all. While we talked the TV blared on in the background and her cell phone rang several times.

We didn’t talk only of regulations. I reminded her that her home was really her sanctuary and her place of refuge. I felt she understood, even though I must have sounded as old fashioned to her as the generous Copt in Luxor had sounded to me, years ago.

Remembering Luxor

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I was just doing some research for a client and I noted that there are currently 35 listings actually active already in this new building on MLS!

It appears the much vaunted and waited for Shangri La building is suffering along with the rest of the market.

It will be about 75% rental from what I understand.

The only sale on MLS was a 26th floor (that is a few floors below the view kicking in) one bedroom of 595sq ft which had been listed at $458k but sold the last week of November 2008 for $410k or $689psf.

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This week at Downtown Suites the outcome of all viewers for each suite are as follows:
In the $1000-$1500 per month price range: 15 people
In the $1600-$2000 per month price range: 17 people
In the $2100-$3000 per month price range: 8 people
In the $3100+ price range: We have listings in this price range but we have yet to show them because the units have not been closed.

There are many people who are still on the hunt for the perfect suite for rent in Vancouver, and they have a lot more options out there now. One of the other reasons that our viewing numbers are down is that it is getting close to the holidays. From the turn out for each viewing it is evident that most people do not want to move during the holiday and the new year.

Update on our suites in H&H and the Shangri La

H&H

As far as rentals go, we have had a few of our H&H suites rented. This is a wonderful brand new building with high end finishings and top of the line appliances. All the suites have a generous amount of space for you to cook in, hang your clothing, and have a bubble bath.

On top of all that, there is a common area roof top garden is very peaceful and serene when you get up there. We still have a few suites available and they are definitely ones that people should add on their list of places to view.

Shangri La

The Shangri La is another building that has been getting a lot of buzz. The suite has amazing views of the city with an open layout and wonderful details in the kitchen and bathroom.

The hotel is due to complete in mid January with all the amenities including the spa up and running in the new year. Located just right next door is the Burberry retail store that showcases some of the most well made and classic pieces. The new Urban Fare is already extremely busy with people either enjoying a bite, sipping on a cuppa joe, or picking up some gourmet ingredients.

This is a great address to live and people should definitely make an appointment to view it today.

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This week at Downtown Suites two of our remaining studio suites and a wonderful 1 bedroom were rented. Other rental updates for this week are as follows:

1 Bedroom

In the range of $1000-$1500 per month we had 102 inquiries. All of the suites in this price range have been rented, except one which will not last long.

1-2 Bedrooms

In the $1600-$2500 per month range we had 19 Inquiries. The suites in this price are still available and are worth coming  to view. Each has its own special features, and have great layouts.

2-3 Bedrooms

In the luxury $2600+ range we saw 53 inquiries. We do have a lot of interest and will be holding showings soon for some new suites that have just come on our listing. We find there is still a market for the high end luxury suites.

For more information on these and other available suites, check our current listings.

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There are many reasons why people rent in today’s market. A few weeks ago, Business in Vancouver reported that more and more Vancouverites are choosing to rent, simply for financial reasons. Our last post (Better Off Renting) outlined the finances there.

However, many renters by choice aren’t necessarily obliged to rent – sometimes they rent to be nearer to work, or because they prefer a lifestyle that enables choice and change, or they wish to keep their finances more flexible.

Younger people, couples without kids, people who prefer to maximize their leisure time without the complications of home maintenance will choose to rent. Anyone who is living in Vancouver temporarily, or who might anticipate a transfer to another city, would choose to rent rather than buy today. Wishing to remain mobile and flexible, many younger renters have not yet defined their home-buying requirements, or have yet to commit to one location.

People who have become empty nesters may choose to rent for a few years as they transition from the larger family home to a lifestyle with a smaller footprint. They may wish to travel in winter and rent a smaller apartment for the summer months, for example. As well, some may be taking time to define just exactly what the new lifestyle will be, and like their younger rental counterparts, these people may not yet have defined their ultimate location for home-buying. Some may choose to live in the city for a few more years before retiring to a less urban location, or to Island property which they currently rent out themselves.Naturally, seniors are often renters, as they often find smaller apartments are more suited to their needs, particularly when all maintenance is taken care of.

Of course there some people who must rent, out of necessity. With the high cost of living in Vancouver, rental is the only option for many who are building up savings for that first down payment, or who are using their income for other needs. Students and singles often rent, both of necessity. Families with children feel the crunch when even with two incomes the couple cannot qualify for a mortgage on a single-family house, and they are forced to rent. Single parents are often renters, as are people who are only intending to stay in the city for a short time, or who come and go.

For example, a New York musician who spends three months of the year in Vancouver had an ongoing rental arrangement in which he returned to the same building to rent a suite year after year.
At Downtown Suites we provide quality accommodation for those renters who wish to live in the heart of Vancouver, where many of our suites are within easy walking distance to the downtown core. We always look for the best tenants, and have met some very interesting and reliable people who are now living in Vancouver as renters of the suites we now manage.

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