Had to pass on this sale at the Hudson - at 610 Granville. Better known as the "Steve Nash Fitness" building. We had a previous client call and ask about listing a studio in the building. When all was said and done - there are a couple of trends here - it had an offer in under 24 hours. Trend number one - its not hard to see people are getting fed up with commutes, the price of gas and a core of wonderful drivers (where is... that fire ?!?!) that make driving so much fun in the city. Trend two is - get me near good public transit. Case in point - Telus Gardens and Marine Gateway selling out their developements in short order.
The Hudson on Granvile is sitting very pretty. Literally right on top of the Granville Skytrain and a step away from Canada Line. This building always recieves above average activity because of its core location. Enough said on that with our sale last week. The property went active at 8 pm and within the hour - I had 6 requests to view the next day. Of course with the amount of product available in the downtown core - 581 studios and one bedrooms waiting for a new owner as of today - this proved that the buyers are out there but unlike previous years - there is no panic in the air. This offer had one subject - just to confrim financing. With the cost of borrowing that would make our parents cry - its hard to resist on some fronts. The vacancy rate for rentals in the city has dropped once again below 1% - on some fronts. Landlords are rubbing their hands - and wallets.
We did get a call from another owner in the Hudson - after seeing our sale in one day - and agreeing with most that we are now in fact at the peak of our market. Send me a note - on this building or any others. As with the market being in flux - you should also be "fluxable" with your decisions. TIMING is everything. Don't waste it or get caught by it.