Here's an opinion I produced for a prospective seller of a ground level luxury condo at Westcott Commons, 2388 western Parkway at UBC:
UBC Condo Market update
The UBC condo market seems to have faired better than the Downtown Vancouver condo market in 2010 so far. Ratios of listings to sales are healthier from a seller’s perspective and for such a small geographical area, sales have bean steady despite the interest rate and global economic uncertainties.
MLS currently shows a total of 143 active condo listings at UBC. There have been 126 sales since January 1 2010 and 20 sales in the past 30 days. This suggests an active inventory supply of about 7 months. Compare this with between 10 and 20 months in most condo price categories in downtown Vancouver and UBC is looking pretty good. There seems to be less speculation and “investment” at UBC and more sincere motivation to transact on the parts of both buyers and sellers. This apparently results in a healthier real estate market for both.
In the 2 bedroom, $400K-$600K price category, there are currently 19 active MLS listings, 30 have sold since January 1 2010 and 5 have sold in the past 30 days for an active inventory supply of just less than 4 months. As a rule of thumb in Vancouver’s real estate market, 0-4 months of inventory = upward price pressure, 4-8 months of inventory = flatter pricing and anything over 8 months of active inventory = downward price pressure. The $400K-$600K condo category is therefore in good shape at about 4 months of inventory and demand appears to be strong.
Westcott Commons Activity
At Westcott there are currently 3 active listings (1 x 1 bedroom and 2 x 2 bedroom), there have been 5 sales since January 1 2010 and 1 in the past 30 days (see listings and solds in your building sections) for an active inventory of approx 3 months. Good news. There are currently no other ground floor units listed.
The history of sales at Westcott shows that ground floor units generally sell between $10-$50 per sq ft less than those on higher floors. This year’s sales range between $676/sq ft - $710/sq ft. At a target list price of $599,000 we should be able to achieve a sale price of $590,000 or $660/sq ft. This would jive with historical sales and will attract more eyes to the property, increasing the chances of a sale price over asking. More eyes = hotter property.
This value estimate is, of course, based on data and is subject to my visiting the property to confirm its condition etc. I’ll confirm my findings after the visit and can generate the listing forms soon thereafter. I look forward to your feedback.
Please contact Shaun directly firstname.lastname@example.org to discuss whether it's a good time for you to buy or sell and please feel free to comment on this or any of my other Blogs or visit me at www.shaunkimmins.com