The West End in Vancouver continued on a steady pace in November with 29 sales being reported for the month. Considering the time of year - a solid activity level - with more to follow in December.
The West End continues with a broad spectrum when it comes to price and types of properties being offered for sale. In November the lowest priced sale was a leasehold property at 1250 Burnaby Street - selling at $173,000 for a large studio. Just a block from Davie Street and steps to the seawall - the location is superb. These suites have great potential for renovation and either resale or rental income properties.
The highest sale for the month was in the 1000 Beach area - at Alvar - with a 1533 square foot sute selling for $1,650,000. A great area and the views of course generate and hold continued value. Of note - keeping the West End at the fore of unique areas in the downtown Vancouver area - this sale was just 3 blocks from the previously mentioned property on Burnaby Street.
The most active price range is found between $300.000 - 500,000 - posting 14 of the 29 sales. With the rental rates holding steady and "good" buildings at a premium - most first time buyers are finding that with the record low mortgage rates - they can be into their own home for near or slightly above rental premiums. A note on mortage rates - with the current economic outlook filtering down from the continued uncertainty in Europe (good-bye Euro ?) and of course the United States - the Bank of Canada shows no signs of injecting so much as a momentary obstacle to our own economic status - fragile as it is. No doubt the role of government is to keep consumer confidence at a positive level (just above panic is these times) but ask anyone in the know - we too - dance on a slippery floor.
Thanks to the BC Lions and their Grey Cup win - Vancouver was once again in the national spotlight. And for a much better reason than our last stab at a sports championship. A total shame the Canucks season was lost in a matter of hours - thanks to the idiotic mess that followed. Zero sympathy on this end for those who get turned in via social media - which now watches us all.
The Rogers Sanat Clause Parade was a complete success - thanks in part to Mother Nature who cooperated fully. Just a fantastic day to be out and about - not a great day for those who were sitting in their cars - unaware that Mr. Clause still has some pull. I think he even tweeted a few times - oh... is there no end to social media.
Contact me anytime with questions comments or chit chat on what is actually happening on the street - regarding real estate - here in Vancouver and the West End. It's quite easy to copy and paste the monthly statistics produced by the Real Estate Board. Hence the reason you should contact a realtor - who can slice through these numbers and graphs and - it sometimes hurts - tell it like it is. You have over 9000 choices out there - just ensure you make the right one. Your dollars are hard earned. Your realtor should earn your business - not expect it.