The West End showed no signs of slowing after a very healthy start - although the weather didn't do much to help the effort. The first quarter is in the books and off we go into the official spring market. There are currently 220 active West End listings showing on the Multiple Listing Service. The range as always is the most diverse in the city - much like the West End itself. A leasehold on Cardero Street is listed at $199,900. Of course the ever so exclusive but spectacular CinqTerre has a home just over 3000 square feet listed at $7,500,000. Enough said on that one. And only blocks from each other.
There were 102 sales recorded in the same time period. Wide ranging again from a co-op on Pendrell at $197,000 to the Penthouse at The Lumiere on Alberni Street - selling at $4,200,000. I had the pleasure of working with the purchasers on this fantastic home.
The monthly Real Estate Board statistics have just been released but I will save that for my almost 10,000 fellow realtors to copy and paste and claim another blog on their part.
Feet On The Street
No doubt the odd day of sunshine had a lot of people out and about in the West End the last couple of Sundays. Plenty of open houses to stroll through with a cup of java. The downtown core was busy as well - but the opens were doing "ok" according to most. On one hand I could say that buyers are still hesitant but active - when the right home appears at the right price obvioiusly there will be some action. Who can resist these interest rates. On the other - with today's Vancouver Sun article advertising the new Telus Garden has sold out it's 428 condo's - it keeps me coming back trying to spot a trend in Vancouver's real estate market. Not so easlily done as the area's you question can change within blocks of each other. Note the sales have been occuring for month's to employees first - then the general public. One very interesting point - we already had someone who had put a hold on two suites call and ask about the chance of "flipping" them for a gain shortly before the building completes. I could only answer - good luck. The days of frenzied buying are over. Of course if a building sells out - does that not shake memories of old - just 5 or 6 years ago - when we approached levels of sales reaching the stratosphere ? Sure does. But again I say - it's very selective and remember there are some very crafty marketing folks out there turning these "sell-outs" into some good press. Marine Gateway was another. Do you really believe they sold out (writing firm contracts) in 4 hours ? I will leave that to you. Also there are still homes availabe at the old Olympic Village. Comes back to my point - location, location, location.
Back to Telus Garden and Marine Gateway. This is a great indication of the global economy affecting our market. Guess I am not the only one tired of seeing our fuel prices run up the ladder because someone in the Middle East has rattled a nasty saber. Plus the time spent in a vehicle these days crawling from point a to home - is taking its toll. Did I say toll ? Ummm I think a few of those are on the horizon as well. I - like many in the downtown area's - are forever thankful I can walk or bike or run for both work and pleasure.
Contact me anytime to chat about the Vancouver real estate market. Especially if you are planning a purchase of a new developement. Don't go in alone and speak to someone who looks a bit further down the road - or across the block.