Archive for July, 2008
You Ain’t Seen Nothing Yet
July 20th, 2008 Categories: Downtown, Vancouver Real Estate
You don’t need to be all that old to remember when the Marine Building and Hotel Vancouver nominated the Vancouver city skyline.
Now you need sharp eyes to find them as they’re buried behnd the sea of hirise towers that have gone up in the Vancouver Downtown core The largest and tallest of them all is nearing completion. Ledcor Construction managers will oversee the completion touches on the Shangri-la Vancouver this October
Between Alberni and West Georgia Street, in the heart of Downtown Vancouver, the Shangri-la has redefined the city’s look. At 61 storeys it is the tallest structure in Vancouver , with the first 15 floors as the hotel and the remainder luxury condos. Read the rest of this entry »
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Vancouver’s Downtown Market Analysis June 2008
July 19th, 2008 Categories: Downtown, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Downtown market in June saw an increase in sales and listings compared to May. The days on market was the same and so was the average price. 75% of the sales were under $500,000.
Listings - 740 (vs 669 in May). 430 listed under $500,000. 264 listed between $500,000 and $1 million. 40 listed between $1 and $2 million. 6 listed over $2 million.
There is a 5 1/2 month supply under $500,000, a one year supply between $500,000 and $1 million and a two year supply over $1 million.
2008 Listings Jan 420 , Feb 457 ,Mar 529 , Apr 630, May 669 , June 740
Sales - 102 (vs 86 in May). 77 sold under $500,000 and 23 sold between $500,000 and $1 million. One sold between $1 and $3 million and one sold over $3 million. There were 38 list price reductions and one increase. Read the rest of this entry »
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What Does Vancouver Expired Listings Mean?
July 17th, 2008 Categories: Real Estate News, Vancouver Real Estate
I didn’t understand the meaning of the term “expired listing” when i first became a Vancouver realtor in 1981. “Had the listing died” I asked myself. Then I discover that it hadn’t died, it just didn’t sell and the listing contract terminated!
Prior to the hot sellers market in Vancouver, that started to gain momentum in 2002 (B.C. had a positive change of Government in 2001, which brought big investment money back to the Province, after the left wing government that rules the Province in the ’90s brought in policies that scared that big investment money away), when I did a market evaluation for a seller, I would always include the “expired listings” because that was evidence of properties that were priced above the current market which did not sell. In a hot seller’s market, we establish the value of a property based on comparable sales in the last 2-4 weeks. Expired listings in a seller’s market just don’t relate to current market conditions.
Now I’m starting the track the “expired listings” again and here’s what I’ve found for the Vancouver condo neighbourhoods that I track. Read the rest of this entry »
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Wordless Wednesdays
July 16th, 2008 Categories: Vancouver Real Estate, Wordless Wednesdays
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Vancouver’s West End Market Analysis June 2008
July 15th, 2008 Categories: Vancouver Housing Market, Vancouver Real Estate, West End
Vancouver’s West End neighbourhood saw a drop in listings and sales in June compared to May but the days on the market increased. The average $ pr sq ft increased. The average price was down slightly. Market levelling?
Listings -235 (241 in May) 76 had price reductions and one had a price increase.
138 West End condos are listed under $500,000. 65 listed between $500,000 and $1 million. 24 listed between $1 and 2 million. 7 listed between $2 and $5 million and 1 listed over $5 million.
The least expensive is $155,000 for a studio in a 99 year leasehold building at 1100 Harwood - rentable. The least expensive 2 bedroom is a co-op at 1972 Robson for $389,000.
2008 Listings - Jan 168, Feb 172 , Apr 232 , May 241 , June 235 Read the rest of this entry »
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Vancouver’s False Creek North Market Analysis June 2008
July 14th, 2008 Categories: False Creek North, Vancouver Real Estate
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Vancouver’s Coal Harbour Market Analysis June 2008
July 10th, 2008 Categories: Coal Harbour, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Coal Harbour statistics for June show listings up from 175 in May, sales flat, days on market up and average price down slightly.
Listings 192 - 36 under $500,000. 34 listed between $500,000 and $1 million, 51 listed between $1 and 2 million, 28 listed between $2 and $5 million and 10 listed over $5 million. Most expensive is the Shaw Tower penthouse $16,800,000. Contact me if you wish to sell your Coal Harbour condo.
Sales 16 - 7 under $500,000, 5 between $500-$1 million, 3 between $1 and 2 million and 1 over $2 million. Contact me if you wish to buy in Coal Harbour
2008 Sales - Jan 14, Feb 33, Mar 22, Apr 26 May 16, June 16 Read the rest of this entry »
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Vancouver’s Kitsilano Market Analysis June 2008
July 8th, 2008 Categories: Kitsilano, Vancouver Housing Market, Vancouver Real Estate
Vancouver’s Kitsilano condo neighbourhood saw sales for the month of June drop from 45 to 35 and listings increase from 145 to 157.
Listings 157 - of those 57 have had price reductions. 92 are listed under $500,000. 57 listed under $1 million, 5 listed between $1 and 2 million and 1 over $3 million.
Sales 35 - 13 had price reductions. 29 sold under $500,000 (only 3 months supply) and 6 sold between $500,000 and $680,000 (9 months supply). There were no sales above $680,000. 4 sold at list price and 2 sold over list price (last month 15 sold at or above list price). The inventory in Kitsilano is now 4 and a half months, which is up from 3 months in May.
The lease expensive 2 bedroom sold at $433,000.
2008 SALES - Jan 26, Feb 44 , Mar 20, Apr 42, May 45, June 35 Read the rest of this entry »
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Vancouver Market Analysis for June 2008
July 7th, 2008 Categories: Real Estate News, Vancouver Real Estate
The REBGV reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 2,425 in June 2008, a decline of 42.9% from June 2007 and down from 2,999 in May 2008
New listings for detached, attached and apartment properties climbed 18% over a year ago, to 6546.
Although housing prices, on a year over year comparison continue to show single digit percentage increases, we are beginning to see more price reductions in properties listed on the market today. Homes priced at a competitive level continue to sell quickly, but it is important for people to accurately identify their home’s value when putting it on the market.
Sales of detached properties declined 43.4% to 918 from 1,623 units compared to the same period in 2007 and down from 1,203 in May 2008. But the benchmark price rose 7% from June 2007 to $765,264
Sales of apartment properties in June 2008 declined 42.7% to 1.057 compared to June 2007 and down from 1,244 in May 2008. The benchmark price, as calculated by the MLSLink Housing Price Index, of an apartment property increased 7.8% from June 2007 to $388,722. New Westminster bucked the trend and sales increased 42.4% from a year ago.
Attached property sales in June 2008 decreased 41.9% to 450 , compared with June 2007. and down from 555 in May 2008. The benchmark price of an attached unit increased 7.6% from June 2007 to $476,585.
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HSBC Celebration of Light
July 5th, 2008 Categories: Vancouver Events, Vancouver Real Estate
One of my favourite Vancouver events - HSBC’s celebration of light at English Bay. Watch the fireworks!
July 23, 26, 30 and August 2nd at 10pm . A wonderful half hour of entertainment.
Apparently 1.5 million Vancouver residents show up for the four nights of this spectacular event, presented by the Vancouver Fireworks Festival Society.
It is an annual competition that brings out pyro-technicians from Canada, the US and China this year.
English Bay, Kits Beach, Vanier Park, West Vancouver and Jericho Beach are well attended.
Do you watch the fireworks and if so, where from? I’ve seen them from many different venues. Who’s the best this year?
Get more info here.
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