Archive for the 'Downtown' Category
Why You Can Save Money By Buying This Vancouver Downtown Studio
June 26th, 2008 Categories: Downtown, Vancouver Real Estate
708-1189 Howe Street, Downtown Vancouver is a 488 sq.ft. studio in The Genesis, on the corner of Davie Street and is listed $24,000 below the last comparable sale in the building a couple of weeks ago. Listed at $285,000 (under $600 pr sq ft). It faces south and has a large balcony and an open outlook. The maintenance fee is only $175.00 per month. It has one parking spot.
When my clients purchased this Vancouver condo a few years ago they were living in California . I viewed a number of condos for them, took pictures, sent comparable sales in the building and my opinion on the condition of the suites, the buildings, the outlook and the locations. We did the transaction electronically and they did not view the suite before purchasing it. It was bought as a vacation home.
Last week they called me to say they were in Vancouver and wished to look at a few larger suites, so I set up a buyer tour for them on Friday. They selected a suite in the same building. The Genesis is well located for them, close to the seawall, lots of restaurants in the hood and easy walking to the shops and theatres. Read the rest of this entry »
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Why Vancouver Downtown Condo Supply Will Diminish and Office Space will Increase
June 20th, 2008 Categories: Downtown, Vancouver Real Estate
Vancouver City Hall is considering a ban on residential development in favour of commercial and higher density for office towers
This plan will radically reshape the Downtown business district core and keep condos at bay, so says a recent article by Frances Bula in the Vancouver Sun. The City is proposing a 20-40% higher density for office towers and Developers will be encouraged to build as high as possible without blocking designated views. There is a problem for capacity for job space in the City.
The City is also proposing that all conversions from office to condos in buildings over 50,000 square feet will be discouraged throught the new central business district, which will stretch from Bute to Beatty and Robson to Cordova. Read the rest of this entry »
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Downtown Vancouver Market Analysis May 2008
June 12th, 2008 Categories: Downtown, Vancouver Real Estate
Vancouver’s Downtown market in May saw a slight increase in listings over April, a 30% drop in sales but an increase in the average price.
Listings - 669 vs 630 in April and 420 in January.
The least expensive condo listed in Vancouver’s Downtown is a studio for $215,000 and the most expensive is a Penthouse at 499 Drake for $4,990,000 for 4772 sq.ft.
There were 164 price reductions and 15 price increases (dah…price increases? )
377 are listed under $500,000. 251 are listed between $500,000 and $1 million. 33 are listed between $1 and $2 million and 7 over $2 million.
Sales 86. Of those Vancouver Downtown condos that sold in May, 21 had price reductions (25%) and 2 had price increases. Read the rest of this entry »
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Be The First to Know About 550 Taylor, Tinseltown Vancouver
June 2nd, 2008 Categories: Downtown, Vancouver Real Estate
Just Listed! 1506-550 Taylor, Tinseltown, Vancouver is a one bedroom & den with mountain and water views. $368,000. Priced to sell!
The Taylor is now 3 years old and consists of 7 suites on a floor. The amenities are a gym. Pets and rentals are allowed. Conveniently located at your doorstep is the Skytrain Station, T&T supermarket and a newly opened drug store. The suite will be available for possession on July 1st. It boasts granite counter tops and polished concrete floors. It has one secured parking and a storage locker.
This neighbourhood will soon be enhanced with more amenities when the Woodwards Building, which is a couple of blocks away, is completed a couple of years from now. It will have a supermarket and a fruit and vegetable market. Read the rest of this entry »
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Vancouver’s Gastown Heritage Program On Hold
May 27th, 2008 Categories: Downtown, Vancouver Real Estate
City Hall has placed Vancouver’s Gastown heritage revitalization program on hold.
I did a post on this recently and thought I’d follow it up with City Hall’s explanation. So here it is.
Here is an excerpt from Vancouver’s City Hall report recommending freezing the program:
An oversupply of banked density could affect the value of the density leading to even larger bonuses, and could potentially undermine the viability of the bank as a heritage incentive. This would affect both current as well as future heritage projects.
Therefore, it is prudent to pause and review the bank’s capacity, the density bonusing formula, and other possible heritage incentives to mitigate the current size of bonuses being generated by heritage projects to ensure the bank remains a viable heritage revitalization tool. Read the rest of this entry »
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Downtown Vancouver’s Latest Pre-Sale Condo Project
May 22nd, 2008 Categories: Downtown, New Developments, Vancouver Real Estate
Vancouver’s Downtown has a new pre-sale on Richards
I drove by a couple of days ago and the sign is up! 1000 block Richards, where the Richards on Richards nightclub was for decades and the infamous Madam Cleo’s massage parlour is going to be a condo project with suites priced from $399,000. Does that transalate to one bedrooms 500 sq.ft., if the cost is $800 pr sq ft or higher? Fill out my contact form if you’re interested in purchasing.
The Aqualini Group own the land. Remember my recent post on this site? Some of us thought they should call the new building Cleo’s! What do you think they should call it? Roqandroll ….
There aren’t many site left for the deveopers Downtown Vancouver. What would you like to see built here? What suite size? What special amenities could the building have? Pre-viewing will commence in June. No doubt completion will be after 2010.
Did you know you can search for Downtown condos on this site?
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Vancouver’s Downtown Market Analysis April 2008
May 18th, 2008 Categories: Downtown, Vancouver Real Estate
Vancouver’s Downtown neighbourhood
Listings 630 - 350 listed under $500,000 and 235 listed between $500,000 and $1 million. 44 listed over $1 million and 1 listed over 4 million
135 with price reductions are 15 with price increases
Sales 114 19 had price reductions. 85 sold under $500,000. 27 sold between $500,000 and $1M and 2 sold over $1 million. The least expensive was $282,000. The most expensive was $1,400,000.
Expired (those that did not sell) - 35. This is a new category that I’ve added, as the listings increase the numbers in this category will grow. It will reflect the sellers who are not motivated and do not price their suites at current market value. Read the rest of this entry »
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Why is This Downtown Vancouver Condo Listed at 2007 Price?
May 8th, 2008 Categories: Downtown, Vancouver Real Estate
606-907 Beach Avenue, Downtown Vancouver condo listed at last year’s price. Only $376,000 ($556 pr sq ft).
A Californian realtor called me last week and asked if I’d give him a referral fee if I listed his friend’s condo on Beach Avenue. This is a normal practice in our business, so of course I said yes.
Yesterday I met with the owner. The suite had been rented and the tenant has now moved out. She is aware the market is better supplied, so agreed to list her Vancouver Downtown Beach Avenue lower than the price we had agreed on last week in order to move it quickly. Smart Seller! Read the rest of this entry »
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The Pending Fate of Vancouver’s False Creek Boaters and How You Can Help
May 5th, 2008 Categories: Downtown, Real Estate News, Vancouver Real Estate
Vancouver’s False Creek provides prime moorage for boaters but Esso is set to close its marine gas station
Esso has closed its marine gas station in Steveston, Port Hardy, Nanaimo and West Vancouver. Will False Creek be next? They have told Allan Keefe, the manager, that they are getting out of the marine gas business, after 23 years of serving the neighbourhood.
The station was meant to be closed in February but is now on a month to month til the end of the third quarter. Esso has offered to privatize the gas station but is concerned the investors won’t have sufficient capital to run it long term. Read the rest of this entry »
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Why has Vancouver City Hall Put Gastown’s Heritage Conversions on Hold?
May 3rd, 2008 Categories: Downtown, Real Estate News, Vancouver Real Estate
At least seven Vancouver Gastown condo projects are in limbo as City Hall nixed its heritage revitalization program.
City Hall established a Heritage Building Rehabilitation Program for Gastown, Chinatown and the Hastings Corridor in 2003 and it was scheduled to run til 2008. It was designed to cover cost shortfalls for complete building rehabilitation. It also included a density bonus and property tax relief.
The City has now declared that Vancouver’s Gastwon Heritage program will be suspended pending further study. Of the 12, 5 were allowed to proceed and the remaining seven were excluded. Read the rest of this entry »
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