Localism: Lethbridge, AB

Want to Buy a Bridge? $1,334,525

Mon, 05 Jan 2009 22:18:33 -0600

The Lethbridge High Level Bridge is the most significant piece of human construction in Southern Alberta. Located in Lethbridge Alberta, the bridge spans the river valley from the west side coal mines to the east side of the coulee. Constructed of steel in the years 1907-1909, the bridge remains the largest railroad structure in all of Canada. As one enters Lethbridge from the west, the ominous structure looms overhead to the south and always amazes those who see if for the first time.

The bridge is still in use today and carries with it much folklore. There are stories of many men who lost their lives during the construction, but in truth only 1 man is recorded having fallen during the construction and another 2 passed away in an accident during excavation. Still, the facts of the structure are awesome without exaggeration or myth.

The trestle is 1,623.86 metres long, thats 1.6 KM! (Almost exactly 1 mile(5327 feet) for those who don't speak metric). It took 12,436 tons of steel to build it and 7600 gallons of black paint to coat it twice. The bridge is some 314 feet above the floor of the rivervalley at its highest point and is made up of 33 rigid based steel support towers. The cost to build it...$1,334,525.00

The bridge is a popular tourist attraction and many a photographer have captured it from every angle available. This is one of my favorites.

Robert May

Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com

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Nikka Yuko Japanese Garden - Lethbridge Alberta

Mon, 05 Jan 2009 16:24:39 -0600

A hidden gem in the City of Lethbridge, Alberta, and tucked away on the west end of Henderson Lake is 4 acres of Japanese beauty. The Nikka Yuko Japanese Gardens is now almost 42 years since it was conceived and built, yet many local area residents drive by it on a daily basis without knowing or seeing the beauty that lay beyond the walls.

View it online at: www.nikkayuko.com/index.asp

"Established during Canada’s Centennial in 1967, Nikka Yuko was built to recognize contributions made by citizens of Japanese ancestry to the multi-cultural community of Lethbridge, Alberta, and as a symbol of international friendship. Its name was created from the Japanese words Ni (from Nihon meaning Japan), ka from Kanada or Canada, and Yuko, which translates as "friendship" to mean “Japan-Canada friendship”.

The idea for Nikka Yuko began with a small group of people: Reverend Yutetsu Kawamura, a Canadian Buddhist priest, his wife Yoneko, and Cleo Mowers, publisher of the Lethbridge Herald. Their vision was to create a Japanese-style garden that reflected the magnificent mountain and prairie scenery of southern Alberta. In Japanese garden design philosophy, nature is interpreted through abstract and artistic symbolism, which results in a very intriguing landscape. When Kurt Steiner, the manager of the city tourism organization, heard the idea, he immediately promoted it, and the surrounding community came together to champion a unique event in a small Canadian city.

From the beginning, it was agreed that the garden must be authentic and of the highest quality, therefore, respected Japanese garden designer and landscape architect Tadashi Kubo, of Osaka Prefecture University was commissioned to design it. A Japanese garden not only reflects the local natural landscape, but also the culture. Kubo embarked on an intensive study of the land, its people and their way of life, determining how the garden would be used, before submitting the master plan. His colleague, Masami Sugimoto, also of Osaka Prefecture University, oversaw the construction, evaluating and adjusting each detail on site until every aspect of the garden was harmoniously balanced." NikkaYuko.com

There are many cultural events that occur at the gardens, in addtion to the numerous photographic opportunities that it presents. It has long been a favorite of local professional photographers as well as matrimonial couples, but there are other events that also take place there. A quick look at the upcoming calendar shows "Tom Buchanan Winter Photography Workshop" on Saturday Jan. 9/09.

The Gardens officially opens to the public this spring on May 9th, 2009. Make sure that if you live anywhere within visiting distance that you take the opportunity to see this amazing place.

Robert May

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Why Choose Robert May of Verico Canada First Mortgage to Help With Your Financing Needs?

Sun, 04 Jan 2009 04:30:34 -0600

This question is asked of me by Lethbridge real estate and mortgage customers who sometimes have little or no experience or knowledge of the benefits or difference in where they seek financing. Customers wonder why they should hire me to help solve their financing needs vs using any of the other mortgage associates in Lethbridge or go directly to their bank or financial institution. They wonder how can little old me compete with and consistently beat the service and the rates offered by others in the same industry. It is much like David and Goliath.

The answer to the question is threefold. The first is an explanation of why most lending institutions cannot compete with a mortgage broker. Mortgage brokers are paid to find you financing that meets your needs. If they cannot find you appropriate financing, they do not get paid. How's that for motivation to satisfy you? The guy at the bank gets paid to sit in his office all day whether you come in looking for financing or not. Often times clients report that they felt like their banker was doing them a favor taking their application or even making an appointment to see them. Bottomline is that a mortgage broker is far more motivated to get you a mortgage than your banker will be.

Secondly, each bank or lending institution has a set list of lending criteria and type of mortgage products that they sell or specialize in. If you are one of the few clients who matches up with a particular lenders criteria then you are in luck. However, in these days of tighter lending guidelines, fluctuating credit scores, and evolving employment situations, not nearly as many people look as strong on an application as their parents or grandparents did at the same age. Simply put, times have changed a lot and banks lending practices have not kept up with consumers changing personal circumstances. Your bank can only sell your banks products, much the same as the Ford car dealership can only sell you a new Ford and the GM dealer can only sell you a new GM. A broker has access to the products of multiple banks and lenders, and thus is able to choose from more products and more services and more rate choices to satisfy your needs. Heaven forbid you walk into your Hummer dealership and try to buy something fuel efficient or walk into your Kia dealership and try to buy something to pull your 5th wheel trailer. Banks each have limited products, but a mortgage broker has access to multiple number of banks and the sum of all of their products combined.

It is because of those first 2 reasons that more and more Canadians have chosen to seek the professional advice of a mortgage broker instead of being turned down by their bank or picking a mortgage product from their bank's limited and often higher priced list of mortgage products. Everyone should seek this advice before seeking new financing or even renewing your existing financing. Neglecting to do so is like throwing money out the window.

Lastly, in the explanations of why you should entrust me, Robert May, with the task of helping you meet your financing needs is simply expertise. You could take your business to almost any mortgage associate and they may have access to the very same great mortgage products that I can provide to you. (even if you choose not to work with me, please make sure you chose another accredited mortgage associate to advise you). What sets me apart from many of my fellow industry members is my track record and experience.

This is the 'About Me' section, just so you know where I am coming from.

I have been a licensed Realtor for over 15 years. I have been a member of the MLS board, the Alberta Real Estate Association, the Canadian Real Estate Association, and other professional organizations for 15 years. I have helped hundreds of people buy and sell real estate successfully. I have also personally bought and sold much real estate over the years. I have owned revenue property. I have managed revenue property for myself and for others. I was flipping real estate back before it was the trendy thing to do. I meet with mortgage industry members on a weekly basis. I meet with real estate industry members on a weekly basis. I have dealt with bad credit. I have rebuilt my own credit and helped others build and repair theirs over the years. I have dealt with people in foreclosure, divorce, estates, poor people, and millionaires. Every one of these people had the same fears and aspirations, and needed help with financing concerns although each was a unique case.

I am an active real estate and mortgage adviser to many other industry members and consumers. Beyond the friends, family, and clients who can count on the frank and honest advice I give them, I am glad to aid anyone in the industry with the same no nonsense help if I can. I don't expect everyone to work with me, nor do I really want them to. I like all of my clients and look forward to talking to them. Although it is a job, helping people is the best part of my day. I really get a rush from getting someone a deal that they can brag to their friends about, it is the greatest compliment to my business and my favorite form of advertising.

If I can help you with a real estate or mortgage financing situation feel free to track me down. I am really good at getting back to people via email, text message, voicemail, and sometimes I even answer the cell phone if it isn't interrupting a face to face meeting with a client.

Robert May

Robert May is the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com

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Lethbridge mortgage real estate financing alberta mortgages blog

Lethbridge Alberta Rental Market Update

Sat, 03 Jan 2009 15:36:54 -0600

For those who know Lethbridge Alberta real estate rental marketplace, you already know that our vacancy rate is about as close to zero as it can get. For those who are little more unfamiliar with it, I would like to provide a brief overview of what the Lethbridge real estate rental market is currently like and why.

Lethbridge has a large population of college and university students due to the presence of 2 large educational institutions in our community. Each of these institutions has about 7500 students, which means that there are 15000 youths primarily between the ages of 18-25 who are looking for affordable accommodations.

Many of these students find accommodations as borders, or as roommates sharing a single family house. However many more of them end up renting illegal basement suites or apartments, condos, and duplex style properties. The basement suites in Lethbridge may or may not conform with the existing municipal code or with current fire safety bylaws, but they do exist in ever increasing numbers.

Rents are typically running at approximately $425 per bedroom with the tenant paying their own utility expenses. The exceptions to this price range are those suites which are either in very poor or very exceptional condition. There is a fairly regular supply of apartments available in various locations of the city on a revolving basis. Of course there are always more available in May when the students break for the summer and less available in July and August when they return to school.

What you will not find in the Lethbridge rental market:

-single family homes - there are very few of these and they go for top dollar. For a professional family seeking accommodations, they will not likely find a house that meets their needs. There are smaller 2 bedroom junkers available, but not many homes that approach 1000 square feet or with full basements.

-rentals that take pets - the reality is that pets often do damage to properties, shed hair and allergens, and make the home harder to clean. Of course, not your pet, but everyone elses. Landlords have the luxury of being particular about whom they rent to and pet owners and smokers are at the bottom of most people list.

-rentals that allow smoking - see the pets comment above.

-rentals that include utilities - landlords only need to get stung once by a tenant who runs out leaving an unpaid utility bill or to come over to your utility included rental in the winter to see all the doors and windows open and all the lights on 24/7. Bottom line is that the tenant is much more responsible when they pay their own bill, plus the only ones who cannot get utilities in their own names are those who have nasty credit history with the utility companies.

-acreage rentals- acreage properties near lethbridge have high property values and usually do not make sense for a property owner to rent out. Typically one would need to go 15 to 20 minutes from the city to find anything close to this type of property.

For investors, Lethbridge continues to be a pretty secure place to buy investment and rental real estate. Some opt to avoid student rentals and instead buy nearer to the industrial park. Others prefer to buy closer to the schools and bank on the increasing student demand which has continually pushed prices up. Either way, proper tenant screening is of the highest priority.

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REALTORS® Representing Both Buyer and Seller - Can it Be Done Successfully??

Sat, 03 Jan 2009 14:28:27 -0600

Transaction Brokerage (formerly known as Dual Agency in Alberta) is a common practice in common law real estate. Two examples where transaction brokerage might occur would be:

- You are working with a REALTOR® as your Buyer's Agent (ideally, under an Exclusive Buyer Brokerage Agreement). They introduce you to a property that they have listed for sale and you decide you would like to write an offer on it (and in Alberta, this would also apply to the properties listed by any other agent in your REALTORS® brokerage)

- As a Seller, you list your property with a REALTOR® (using an Exclusive Seller Brokerage Agreement) and then they introduce a Buyer to the property who would like to write an offer on it.

Before we proceed, there are a couple of things that you as either a Buyer or Seller should be aware of:

- Before entering into Transaction Brokerage, both parties must fully understand the role of the REALTOR® and must sign a written Common Law Transaction Brokerage Agreement form before continuing in the transaction.

- The role of a REALTOR® working under Transaction Brokerage changes. No longer can they "go to bat" for just one party. They must represent both parties in a fair, impartial and even-handed manner. They in a sense become a "facilitator" to the transaction.

So what are some of the challenges involved with Transaction Brokerage?

The REALTOR® representing both parties must show extra dilligence in making sure that they are impartial. Any information that is shared must be shared to BOTH parties (other than the information that a is not allowed to be disclosed with regards to price and motivation).

If one party does not agree (either Buyer or Seller) to Transaction Brokerage, the REALTOR'S® loyalty must remain with the party with whom they first signed an agreement with. Many Buyer's choose to work without a signed agreement (Exclusive Buyer Brokerage Agreement) so even if they had been the first to work with the REALTOR®, without that signed agreement, the REALTOR'S® loyalty would have to transfer to the seller (assuming that they had signed an Exclusive Seller Brokerage Agreement, also know as a Listing Contract).

The facilitating REALTOR® loses their ability to give advice or voice an opinion UNLESS either the Buyer or the Seller specifically asks for information (and the information they give can not give an advantage to either party). A good REALTOR® will guide both the Buyer and the Seller through the questions they should be asking and will present any information needed in order to make good decisions.

So what are some questions that you need to be asking throughout the process?

Buyers:

Can you show me what properties similar to this one have sold for in the recent past? What would be an acceptable offer amount in this situation?

Do you reccomment that we have a property inspection done?

In this situation, what is a good amount of time to leave for conditions to be removed? What is a good amount of time to leave before possession?

What is the normally accepted amount in this area for the deposit that accompanies the offer?

Sellers:

Is the deposit accompanying the offer a dollar amount that is typical for this area?

What would be an acceptable counter offer in this circumstance?

Is this term / condition of the offer a reasonable request in this situation?

Each situation will be different, but a good rule of thumb is: If in doubt, ask questions, lots of them. Make sure you are satisfied with the answers, and if you aren't, seek guidance from other professionals outside of the transaction (lawyers, property inspectors, appraisers, etc...)

Transaction brokerage does have it's advantages as well. With one person representing both parties, there should be excellent knowledge of the property and the flow of information should be very smooth between both parties.

I work with a partner and we have our own way of dealing with transactions where we represent both parties. My partner and I co-list every property that we put up for sale with one of us chosen as the primary agent for that listing. If we get a call on the property, the secondary agent on the listing is the one who will show the home (unless it is not at all possible). If the buyers then wish to write an offer, they will continue to work with the agent that introduce them to the property and the other agent will continue to work with the sellers. We are still in a "dual agency" situation, but it allows for a bit of separation between the two parties and has worked very well for us in the past.

Transaction Brokerage can be done successfully by a professional REALTOR® who is careful to explain the process to both parties and who makes sure that each party understands the process at each step of the way.

Visit my website for more information on Lethbridge Real Estate.