Wes Smith RE/MAX Ocean Pointe

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*** 11:30 - 1:30   #54 - 3449 Hallberg Road   $62,450
Needs some TLC but this 1300 sq ft mobile home offers great value for money. 2 BDRMS+DEN, wood fireplace, fenced yard!   More info HERE 

*** 2:00 - 4:00    426 LAMBERT AVE   $274,900
Great value in this partially renovated home in the university area! Featuring a large, open living room/kitchen/dining area; a HUGE fenced yard; lots of parking. Easy to insert suite in basement. 5 bedrooms!   More info HERE 

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Please visit our Open House at 1332 CARMEL PLACE in NANOOSE BAY.
Open House from Monday, December 31, 2012 to Monday, December 31, 2012 08:00 AM - 08:00 PM Great vacant lot on Beachcomber area of Nanoose Bay. 1 block from beach!

*** REDUCED BY $5000 ***

Absolutely the best lot deal on a lot in the Nanoose area offered in the past few years. This flat, easy to build lot is on the Nanoose water system and has been pre-approved for it's septic system. Easy to build on. Located on a quiet road. Some ocean views if house with 2nd floor built.

One minute walk to the beach and ocean-front park. 10 minute walk or one minute driving to marina. Tenminutes drive to Parksville, Fairwinds Marina, Fairwinds Golf Course, or Red Gap Centre. Build your dream home here (builders can be introduced) OR build a spec home for an easy re-sale. Call today for full information!

++++ Please view the Youtube video on the 'Multimedia' button at the top of this page. ++++

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Please visit our Open House at 124 HERITAGE DRIVE in NANAIMO.
Open House from Tuesday, January 1, 2013 to Tuesday, January 1, 2013 11:00 AM - 01:30 PM Great price for this well kept N. Nanaimo rancher!
This mint-condition North Nanaimo rancher , located in a premium neighbourhood of North Nanaimo, is only a block from the ocean. Tons of features include: large open living room with pitched ceilings and a newer wood-burning fireplace insert; holiday-sized dining room; open kitchen with lots of cabinet space and newer appliances; pull down ceiling access to attic (from garage) for extra storage; freestanding gas stove/heater in family room; ductless heat pump; large open yard with pear trees and garden; oversized master bedroom with ensuite (incl. sit down shower). Quiet area. Perfect for retirees looking for a reasonably priced no-stairs home. Minutes to all North Nanaimo shopping. Quick possession possible.
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Please visit our Open House at 198 BIRD SANCTUARY DRIVE in NANAIMO.
Open House from Tuesday, January 1, 2013 to Tuesday, January 1, 2013 02:00 PM - 04:00 PM Affordable rancher with 3 bay garage.
*** Reduced by $6000. This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced private yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Call to view today!
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*** 11:30 - 1:30 198 BIRD SANCTUARY DR $321,900
Great value in this 3 bedroom/ 2 bathroom rancher with 3-bay garage. Located on a quiet street close to VIU. Large private yard.  More info HERE   Video HERE 
 
 
 *** 2:00 - 4:00  124 HERITAGE DRIVE, Nanaimo $374,900
 This North Nanaimo rancher is on a quiet street just a block from the ocean. Great layout. 3 bedrooms/ 2 bathrooms. Large kitchen. Excellent price for the area. More info HERE 
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*** 11:30 - 1:30   124 HERITAGE DRIVE, Nanaimo $374,900
 This North Nanaimo rancher is on a quiet street just a block from the ocean. Great layout. 3 bedrooms/ 2 bathrooms. Large kitchen. Excellent price for the area. More info HERE 
*** 2:00 - 4:00 198 BIRD SANCTUARY DR $321,900   ***** CANCELLED *******
Great value in this 3 bedroom/ 2 bathroom rancher with 3-bay garage. Located on a quiet street close to VIU. Large private yard.  More info HERE   Video HERE 
 
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Please visit our Open House at 426 LAMBERT AVE in NANAIMO.
Open House from Monday, December 31, 2012 to Monday, December 31, 2012 02:00 PM - 04:00 PM Great starter home. Large yard. Near VIU. East to make suite in basement.
This home, located just 2 blocks from VIU, has a lot going for it: The upstairs area has just been renovated with new flooring, paint, baseboards, and bathroom fixtures. Buyers will immediately be attracted to the over-sized living room and generous open kitchen. The basement is large and high enough to put in an authorized suite with some reconfiguration - but otherwise is unfinished with a 3 make-shift bedrooms and a laundry area. A massive fenced yard (with alley access) includes a stately pear tree and privacy from the neighbours. The rear deck has been reno'd. A newer roof and (older) double-pane windows make this a great choice for first-time buyers, investors, or families. See this value-priced home today!
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Please visit our Open House at 1332 CARMEL PLACE in NANOOSE BAY.
Open House from Sunday, December 30, 2012 to Sunday, December 30, 2012 08:00 AM - 08:00 PM Great vacant lot on Beachcomber area of Nanoose Bay. 1 block from beach!

*** REDUCED BY $5000 ***

Absolutely the best lot deal on a lot in the Nanoose area offered in the past few years. This flat, easy to build lot is on the Nanoose water system and has been pre-approved for it's septic system. Easy to build on. Located on a quiet road. Some ocean views if house with 2nd floor built.

One minute walk to the beach and ocean-front park. 10 minute walk or one minute driving to marina. Tenminutes drive to Parksville, Fairwinds Marina, Fairwinds Golf Course, or Red Gap Centre. Build your dream home here (builders can be introduced) OR build a spec home for an easy re-sale. Call today for full information!

++++ Please view the Youtube video on the 'Multimedia' button at the top of this page. ++++

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Open houses for SATURDAY, December 29th 

*** 11:30 - 1:30   898 TOWNSITE ROAD  $199,900
Absolutely the best home for under $200,000 !!! This renovated rancher in the hospital area features 2 bedrooms, a gorgeous bathroom with soaker tub, hardi-plank exterior. Small but comfy. A better investment than purchasing a condo of equal value.  More info HERE   Video HERE

 


*** 2:00 - 4:00   426 LAMBERT AVE  $274,900
Great value in this partially renovated home in the university area! Featuring a large, open living room/kitchen/dining area; a HUGE fenced yard; lots of parking. Easy to insert suite in basement. 5 bedrooms! More info HERE

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Hmmmm! Looks like I am the only REALTOR® in Nanaimo doing open houses on December 31st and January 1st! LOL. Details HERE.
 
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Please visit our Open House at 426 LAMBERT AVE in NANAIMO.
Open House from Saturday, December 29, 2012 to Saturday, December 29, 2012 02:00 PM - 04:00 PM Great starter home. Large yard. Near VIU. East to make suite in basement.
This home, located just 2 blocks from VIU, has a lot going for it: The upstairs area has just been renovated with new flooring, paint, baseboards, and bathroom fixtures. Buyers will immediately be attracted to the over-sized living room and generous open kitchen. The basement is large and high enough to put in an authorized suite with some reconfiguration - but otherwise is unfinished with a 3 make-shift bedrooms and a laundry area. A massive fenced yard (with alley access) includes a stately pear tree and privacy from the neighbours. The rear deck has been reno'd. A newer roof and (older) double-pane windows make this a great choice for first-time buyers, investors, or families. See this value-priced home today!
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Please visit our Open House at 54 3449 HALLBERG ROAD in NANAIMO.
Open House from Monday, December 31, 2012 to Monday, December 31, 2012 11:30 AM - 01:30 PM Over 1300 sq ft with fenced yard.
Fixer upper. This mobile home with sizeable addition is located inside a pet-friendly family-oriented mobile home park located near Nanaimo's airport. With almost 1300 square feet and 2 bedrooms (a third bedroom could be configured from the current den), 2 bathrooms, a large living room and dining room, a metal roof, and a massive fully fenced pad lot - there is a lot of value for money here. This home also has a newer model woodstove unit in the living room to make for cozy nights in. Most of the "fixer-upper" items needed are cosmetic: flooring, paint, light fixtures, etc. This is a perfect opportunity for somebody looking for lots of space in a bargain-priced mobile home. reasonable pad rates. Owner motivated.
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Please visit our Open House at 124 HERITAGE DRIVE in NANAIMO.
Open House from Sunday, December 30, 2012 to Sunday, December 30, 2012 02:00 PM - 04:00 PM Great price for this well kept N. Nanaimo rancher!
This mint-condition North Nanaimo rancher , located in a premium neighbourhood of North Nanaimo, is only a block from the ocean. Tons of features include: large open living room with pitched ceilings and a newer wood-burning fireplace insert; holiday-sized dining room; open kitchen with lots of cabinet space and newer appliances; pull down ceiling access to attic (from garage) for extra storage; freestanding gas stove/heater in family room; ductless heat pump; large open yard with pear trees and garden; oversized master bedroom with ensuite (incl. sit down shower). Quiet area. Perfect for retirees looking for a reasonably priced no-stairs home. Minutes to all North Nanaimo shopping. Quick possession possible.
Read Full Story
Please visit our Open House at 1332 CARMEL PLACE in NANOOSE BAY.
Open House from Saturday, December 29, 2012 to Saturday, December 29, 2012 08:00 AM - 08:00 PM Great vacant lot on Beachcomber area of Nanoose Bay. 1 block from beach!

*** REDUCED BY $5000 ***

Absolutely the best lot deal on a lot in the Nanoose area offered in the past few years. This flat, easy to build lot is on the Nanoose water system and has been pre-approved for it's septic system. Easy to build on. Located on a quiet road. Some ocean views if house with 2nd floor built.

One minute walk to the beach and ocean-front park. 10 minute walk or one minute driving to marina. Tenminutes drive to Parksville, Fairwinds Marina, Fairwinds Golf Course, or Red Gap Centre. Build your dream home here (builders can be introduced) OR build a spec home for an easy re-sale. Call today for full information!

++++ Please view the Youtube video on the 'Multimedia' button at the top of this page. ++++

Read Full Story
Please visit our Open House at 898 TOWNSITE ROAD in NANAIMO.
Open House from Saturday, December 29, 2012 to Saturday, December 29, 2012 11:30 AM - 01:30 PM Why buy a condo when you can buy this updated home instead? Best under $200k home!

*** The BEST deal under $200,000 in Nanaimo! ***

Looking for a cottage in the city? Or perhaps a starter home? This reasonably priced home would also make a great alternative to buying a similarly priced condo. This fully renovated home features modern color and trim, a recently renovated bathroom with soaker tub, a bright open kitchen with lots of storage space, two bedrooms with closets, and a comfy living room. Small home but feels extremely comfortable. A large deck at the front of the house is perfect for sunny summer morning coffee. Attached carport has the potential to be enclosed.

Walking distance to the hospital, bus routes, shopping, parks, the sea wall, cafes, and much more.

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Please visit our Open House at 198 BIRD SANCTUARY DRIVE in NANAIMO.
Open House from Sunday, December 30, 2012 to Sunday, December 30, 2012 11:30 AM - 01:30 PM Affordable rancher with 3 bay garage.
*** Reduced by $6000. This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced private yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Call to view today!
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Just an update: Here are a couple more of my listings that have SOLD in the past few weeks. Yay!

 

3034 Doncaster Dr, Victoria

 

7777 Superior Rd, Lantzville

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Properly assessing a commercial investment property’s value is a complex and lengthy activity.

Due to the time-consuming nature of the process, the temptation is to simply apply the prevailing cap rate in the market to the potential net operating income. The problem with this basic calculation is that it undermines a few fundamental assumptions in the Yield Approach to Value.

 

First, the approach implicitly assumes that the income is sustainable in perpetuity, meaning that the current level of income will remain as it is for the foreseeable future. This assumption is based on the sound mathematical principle that all of the future income is ultimately discounted to a present value. If the property has expected vacancy forthcoming, it is reasonable to expect that the income will be unstable. While one might argue that a property can be leased at market rates, the simplified yield calculation does not inherently include the loss of revenue through the down time or the costs involved in securing a new tenancy (such as tenant improvements, inducements, commissions).

 

This leads into the second issue, which is neglecting to recognize an allowance for any potential credit loss or vacancy. Aside from a building leased entirely to Triple A tenants, virtually every building will have an expense of this nature by way of a current lease expiring or through the unpredictability of short-term tenants in general. It is reasonable to suggest that even a Triple A tenant may be prone to default. The net operating income should account for this expense before it is ultimately capitalized into an expression of value.

 

The third mistake occurs when the net operating income is not a true reflection of what income is actually remaining after all property expenses have been paid. A considerable amount of confusion lies in this area as the terminology often has different meanings for different investors. Leases might be referred to as single net, double net, triple net, net net, fully net, absolute net and even modified net.

 

Regardless of what it is called, it is imperative the income that is ultimately capitalized is completely net of all expenses in addition to a vacancy and credit loss allowance.

 

The last consideration is to ensure the subject property is being compared to other similar properties. If the prevailing cap rates for a particular asset class show a hypothetical range between 6.5 per cent and 8.5 per cent, more thorough analysis will be required to determine what rate should be applied to the subject property. Using an arbitrary number of $250,000 in net operating income, the range just discussed would produce a rounded estimate of value between $2,940,000 and $3,846,000. Using a low cap rate, which may be intended to represent regional shopping centres, and applying it to a small community retail plaza will considerably distort an estimated property value.

 

There are limitations to the approach as it does not take into account financing or tax considerations. Accordingly, many investors might endeavour to construct more detailed calculations, either by way of a Normalized Net Operating Income or through Discounted Cash Flow Analysis. However, that is not to discount the value of the Yield Approach. The term “cap rate” is fairly ubiquitous in commercial real estate and is often discussed by investors, appraisers, bankers and agents. Calculating the value via a cap rate is typically the starting point for virtually every investor, and this extends to include the largest institutional pension funds and REITS. Although incorporating cap rates is a very valuable tool, it does run the risk of being misleading and unreliable if it is done incorrectly.

 

The selected cap rate needs to be commensurate with similar properties, the income that is capitalized should be clear of all expenses and net of a vacancy and credit loss allowance, and the income should have stability into the future. It is pertinent to emphasize that the Yield Approach to Value is only capable of computing a reliable indication of value if all of these factors are accounted for.

 

By Chad Griffiths

Chad Griffiths has completed more than 200 commercial transactions, ranging from 1,000 sq. ft. to 80,000 sq. ft. He holds the CCIM designation, awarded to brokers who have completed an advanced curriculum and demonstrated a high level of commercial real estate experience. He is an associate broker at NAI Commercial Real Estate in Edmonton. (780) 436-7410.

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Please visit our Open House at 124 HERITAGE DRIVE in NANAIMO.
Open House from Sunday, December 16, 2012 to Sunday, December 16, 2012 02:00 PM - 04:00 PM
This mint-condition North Nanaimo rancher , located in a premium neighbourhood of North Nanaimo, is only a block from the ocean. Tons of features include: large open living room with pitched ceilings and a newer wood-burning fireplace insert; holiday-sized dining room; open kitchen with lots of cabinet space and newer appliances; pull down ceiling access to attic (from garage) for extra storage; freestanding gas stove/heater in family room; ductless heat pump; large open yard with pear trees and garden; oversized master bedroom with ensuite (incl. sit down shower). Quiet area. Perfect for retirees looking for a reasonably priced no-stairs home. Minutes to all North Nanaimo shopping. Quick possession possible.
Read Full Story
Please visit our Open House at 124 HERITAGE DRIVE in NANAIMO.
Open House from Saturday, December 15, 2012 to Saturday, December 15, 2012 02:00 PM - 04:00 PM
This mint-condition North Nanaimo rancher , located in a premium neighbourhood of North Nanaimo, is only a block from the ocean. Tons of features include: large open living room with pitched ceilings and a newer wood-burning fireplace insert; holiday-sized dining room; open kitchen with lots of cabinet space and newer appliances; pull down ceiling access to attic (from garage) for extra storage; freestanding gas stove/heater in family room; ductless heat pump; large open yard with pear trees and garden; oversized master bedroom with ensuite (incl. sit down shower). Quiet area. Perfect for retirees looking for a reasonably priced no-stairs home. Minutes to all North Nanaimo shopping. Quick possession possible.
Read Full Story
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