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Co-ops: no longer the untouchables

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Real Estate Professional | 10 Nov 2014, 10:31 AM Agree 0
Clients faced with a competitive marketplace are increasingly drawn to lowly priced co-operative listings, but few clients – and agents, for that matter – understand the finer points to buying and selling these unique properties.
  • | 10 Nov 2014, 05:01 PM Agree 0
    There are quite a few co-op condos in Vancouver and they are not necessarily lower priced. If anything, they may be priced higher than the average condo because of their location - usually waterfront. They may take longer to sell, but people wanting to purchase a co-op know what they are getting into and appreciate the fact that there are more restrictions, especially when it comes to pets and rentals. I had one for sale that didn't allow smoking anywhere in the building, and also didn't allow any residents under the age of 19. Because it was located right beside Stanley Park, it made it extremely attractive. There is one financial institution that deals with co-op mortgages here in Vancouver, and they require 35% down, but as was mentioned in the article, most people purchasing will be couples that have just sold their house and therefore do not require financing.
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