West Vancouver Real Estate

Apartment sales in Vancouver West

Clara — Sun, 14 Dec 2008 19:11:29 +0000

Doing a search for a client in Edmonton I just realized that the sales of used apartments in Vancouver West (Yaletown, Coal Harbour, Downtown) are actually quite brisk! 276 units sold since October 1st! 161 of those were sold between $300,000 and $500,000, 54 under $300,000 , 17 between $700,000 and $900,000, 42 between $1000,000 and $2000,000 and 2 over 2 mill.
Not bad for a stalled market.

Interest rates

Clara — Fri, 12 Dec 2008 02:12:56 +0000

Interest rates are artificially low…they were starting to go up in September, now you can lock in your mortgage for a 5 year term at 4.8%. A sign of the times. Low rates and low prices… and nobody is buying?

Good markets

Clara — Fri, 12 Dec 2008 02:01:01 +0000

A friend of ours is a lawyer for a drilling company in Texas. During a visit a while ago he was talking about a recent job for an oil company. We asked “Was it successful?” and he answered “Yes, there was no oil but we drilled successfully” Same with the real estate market. The market is always good . There are good deals and bad deals in every market anyway. There are people who didn’t sell during the best market in our history and people who bought high in locations that will need another up cycle to appreciate like SFU. We as realtors just have to continue giving the best advice we can, doing the best possible marketing, and keep going.

Price reductions

Clara — Tue, 25 Nov 2008 18:27:14 +0000

Certain price reductions don’t necessarily mean that values have come down by 50% or anything even close. The fact is - many of these homes were never worth the asking prices. Take the ad in the front of the North Shore News - West Vancouver Homes last Friday. That house is not finished, it needs more than just landscaping…Even on a drive by you can see plywood instead of railings…Granted, many asking prices are still based on expectations from times when money was flowing easily, optimism was reigning and prosperity was everywhere. There were adjustments and we need more. But sales are happening and when there is a “good deal” it receives multiple offers. A very recent example is the sale of a 5500 sq ft house on St Giles last week for $1350 . Mike Brody’s sale on 1345 Fulton at $1622 was much lower than earlier expectations of $2295, but higher than the $1.5 prices Noort got on Jefferson St also in Ambleside for their new houses in 2005.

Recessions

Clara — Tue, 11 Nov 2008 22:19:22 +0000

Recessions have inspired great entrepreneurial achievements. There is a sort of excitement in thinking it is possible to buy stocks at very low multiples and high yields, negotiate good deals in real estate, and a whole unchartered world of possibilities opened up by new needs, a new more sober economy… I have no answers right now… just so many questions.
Totally unrelated and just because it’s Nov 11 : I was recently in Normandy and visited the Canadian War Museum at Juno beach as well as the American Museum and both cemeteries so moving with thousands of white crosses on the graves of all the young soldiers who lost their lives. It is so important to remember and to respect the reason the UN was created - so that we don’t ever have to endure a World War again. President Bush’s invasion of Iraq against the advice of the UN was a dangerous step towards disregarding the UN and an awful precedent by the most powerful nation on earth. This is not a judgement on the US who have helped many nations over the years…just a comment on one action by one president.

The media and consumer confidence

Clara — Tue, 04 Nov 2008 22:25:48 +0000

The Vancouver Sun, well known authority in Real Estate (kidding!) continues to pound the numbers and make assumptions. Yes, the number of sales and benchmark prices in West Van are down. It all started in April 08 when everybody decided to sell at the same time and the number of listings doubled. In September, they trippled. We are up to 800 listings in West Van, including detached and attached homes. Even in the quiet 1990’s - we never reached anything like these numbers. Then the financial meltdown brought the markets to a screaching halt as suddenly everybody became an expert on doom and gloom. Those who want to sell are seeing offers that are at 2006 levels (not even 2007 like the Sun states today).

Good news

Clara — Thu, 30 Oct 2008 06:03:06 +0000

Everybody has heard the bad news. Everybody has forecasts, good and bad. Today I have facts: the prime rate is down. And - guess what - the real estate market in the US has shown the highest increase in sales in 13 months. They found the bottom. Buyers are identifying good deals and are buying. This was the highest percentage increase in 5 years. Data comes from the President of the National Association of Realtors who stated that the increase resulted from buyers responding to improved housing affordability conditions. NAR President said that low prices and low interest rates have been attracting buyers who “have been on the sidelines ” . NAR Chief Economist said that the sales turnaround started in California several months ago and is now broadening to Colorado, Kansas, Minnesota, Missouri and Rhode Island. He added that the current market is not being dominated by speculative investors. “Rather, 80% of buyers are buying a primary residence, which is higher than historic norms” .
And back to West Van : 2195 Shafton Pl sold with multiple offers!!! Now, that has to be GOOD NEWS!

Apocalypse now

Clara — Mon, 29 Sep 2008 18:01:58 +0000

Over the centuries all over the globe history tells us of empires that succumbed to their own greed and excesses. It is sad to see the results of years of greed, irresponsibility and lack of accountability now threatening the system that gave us free enterprise, stability and so much prosperity. Let’s hope that this is just a wake up call !
Meanwhie…real estate continues to offer a safe haven for those taking their money out of the financial markets. We will see again a lot of investors looking for opportunities. Watch for rising interest rates . Most lenders raised the 5 year rate today.

The herd factor

Clara — Mon, 15 Sep 2008 06:39:08 +0000

Over 20,000 listings in Vancouver, 768 in West Van!
Since the beginning of September we got 109 new listings, 69 price reductions, and only 13 sales. However - all my buyers so far this month are from out of town and out of the country empty nesters wanting to retire here.
Interestingly enough, the higher the price range, the more disappointed they are with the selection… We need more new houses with views on fairly large level lots, below the highway…Not too big, high quality homes. Around 4 to 5 million…

The market “crash”

Clara — Sun, 07 Sep 2008 21:53:14 +0000

Reckless lending, fraud and financial crime led to a gigantic crisis in the US with global ramifications. Canada has sound lending practices and they are going to be tightened even further as of October 08. Only an economy of excesses would have allowed an amount of bad loans capable of tipping the venerable ship of Western economy as we know it. Trillions? I can’t imagine such irresponsibility at all levels of the financial systems. The effect in Canada is such that now I get calls from clients wanting to sell “before the crash’. 550 detached homes for sale in West Van (compared to 250 in recent years), over 750 listings in total, over 20,000 listings in Vancouver, and the daily media stabbing of the real estate markets - that is conducive to a crash. Stop panicking -start buying. There are amazing opportunities that 5 months ago would have been out of reach. Statistics don’t tell the story. 4% decline in prices? Possibly in median prices. Sales are happening at prices that are 100,000’s of thousands below recent expectations. This is a market for opportunity buying. And Mr. Olson (CTV News) - stick to testing vaccum cleaners and toasters. Real Estate markets are too subtle and sophisticated for your segment.