maggie's Blog

vancouver luxury condo sales remain steady in october

maggie chandler (chandler realty) — Tue, 10 Nov 2009 19:09:07 -0600

Vancouver luxury condo sales remained steady in October, with a total of 9 sales over $2 million.

The average days on the market was 122 (up from 97 in Q3). List price to sales price ratio was 92% (up from 91% in Q3) and the average sold price was $1286 psf (up from $1250psf in Q3). The least expensive sold for $1026psf and the most expensive sold for $1623psf.

There were 5 sales between $2 and $3M. 3 sales between $3 and $4M and one sale over $4M. The most expensive was $4.3M which was on Coal Harbour's waterfront Two Harbour Green, which had 2 sales on the n.w. corner, 5 floors apart and an additional $81,000 pr floor. The condo which sold for $4.3M broke a new price for the waterfront ($1612psf).

The 4 solds over $3M are consistent with the stats of 12 sales over $3M in Q3.

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vancouver;s shangri

maggie chandler (chandler realty) — Tue, 10 Nov 2009 19:06:08 -0600

Now that the investors have flipped their Vancouver Shangri-la condos, the prices are rising.

The building just achieved a sale price of over $1500psf. The same suite sold, eight floors higher, in June at $1235 psf. Currently there are only three suites for sale in the Estates at Shangri-la, including my lisitng on 53rd floor, which is a unique (one of only 3) double height 3 bedroom 4500 sqft

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Vancouver real estate analysis for kitsilano

maggie chandler (chandler realty) — Tue, 10 Nov 2009 19:01:41 -0600

Listings at a record low for the year and sales at a record high. Kits condo supply dropped from 2 months in Sept to 1.6 months in October. Vancouver real estate market analysis for Kitsilano condos saw October listings flat at 80. Sales increased 25% to 50, the highest for the last 22 months, tied with July which is the highest for the year, and three times as many as October'08. The average sale price dipped to $474,000 but is higher than a year ago. Average $psf for solds $584. Average Days on the market for sold condos up slightly to 18. The last quarter have had the lowest DOM for the year. List price to sale price ratio back to 100%. A whopping 75% sold at or above list price, indicating many buyers still looking to buy. October saw 65% of the sales under $500,000. Only 5 listings didn't sell or were cancelled, up from 2 in Sept and 6 in August. Only one of the expireds was relisted. Market needs some more listings.

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Greater Vancouver Real estate Graphs

maggie chandler (chandler realty) — Tue, 10 Nov 2009 18:58:38 -0600

The October graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are nearly back to the top, having regained what they lost last year. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008 and are now testing the highs of 2008. Following are the stats for Vancouver West Side Listings decreased from September but sales were up and the highest since June. Normally the market will ease up going into Christmas, we shall see if that happens this year.

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Vancouver Real Estate Graphs

maggie chandler (chandler realty) — Tue, 10 Nov 2009 18:55:56 -0600

Above are the October Vancouver (west side) real estate graphs for houses, townhouses and condos. All Prices UP!

Median and average sold price for houses, townhouses and condos were up in October, compared to September and all were higher than a year.

Condo listings just under 1500 where they were in May( 2500 a year ago). The monthly new listings increased the most for the year. 833 new listings in october, vs 798 in Sept. Monthly solds increased to 529 from 477 in Sept. For the year, the busiest price range is $350,000 to $450,000 . Year to Date over $1 Million saw 251 sales in Vancouver West Side (up from 30 for the first quarter). Total of 4,374 sales for the year, vs 3,246 in 2008.

Townhouse listings are down to 175 (nearly 500 a year ago). The new listings for the month dropped to 94, from 136 in Sept. Sales were 78 for the month, vs 81 in Sept. Busiest price range is $600,000 to $650,000. 223 Sales over $1M. Total of 782 sales for the year vs 470 last year.

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CHANGES COMING TO VANCOUVER'S STRATAS

maggie chandler (chandler realty) — Tue, 03 Nov 2009 16:20:09 -0600

The B.C. Government is moving ahead with changes to the Strata Title Act, which governs codominiums, despite an election promise to seek public input. The Condominium Homehowners Association (CHOA) is calling on the government for public input.

There are nearly half a million stratas in British Columbia. The full text of the Bill can be viewed. The items up for change include the strata owner's ability to rent, strata governance, strata management licencees, disclosure, property taxation, strata fee equity, strata development approvals, depreciation reports and accountability. Beststratachanges.ca also have useful information.

Voice your opinion!

Vancouver Real Estate Market Keeping me Busy

maggie chandler (chandler realty) — Tue, 03 Nov 2009 16:18:14 -0600

October was a busy month in Vancouver Real Estate and I've been working seven days a week and too busy to blog!

Three of my listings sold and I had one transaction as a buyer agent. In addition I received four other offers. One was accepted but the buyer changed their mind, the second one just got accepted and the other two are still under negotiation. I've observed an increase in verbal offers - a method of negotiating i dont partake in. On average it takes about 30 showings to sell a million dollar property.

So who's buying Vancouver Real Estate? Based on my experience regarding the showings on my listings and the offers, the city is full of Mainland Chinese Buyers. They are either investors or they have immigrated here and they purchase luxury condos over $1M and west side homes. There are still quite a few first time buyers, the odd trade up buyer, a few local investors buying inexpensive condos to rent out and a smattering of investors from the US and Alberta.

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CMHC Predict a Rise in Sales and Prices for Vancouver Real Estate in 2010

maggie chandler (chandler realty) — Tue, 03 Nov 2009 16:14:28 -0600

through the remainder of this year and into 2010. More sales combined with fewer active listings will push the prices higher."

"Home starts will also increase in 2010 but remain below levels recorded in recent years. Steady population growth through migration, low interest rates, an improved job market will provide growth for housing demand, increasing prices 2-4%, listings by 3.6% and sales by 6%. Their leading indicator has bounced into Sellers territory. As prices continue to rise, more sellers will enter the market in the last half of 2010 which will bring balance to the market

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Greater Vancouver Sales Rise in September whilst New Listings Drop

maggie chandler (chandler realty) — Tue, 03 Nov 2009 16:09:33 -0600

REBGV reports that "Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year." Sales in October increased 4% from September and new listings decreased 13.4%.Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8 per cent to $553,702 from $518,668 in October 2008. "While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,"

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vancouver real estate analysis for west end

maggie chandler (chandler realty) — Thu, 29 Oct 2009 16:11:06 -0500

Vancouver real estate in the West End saw September listings steady at 171 (equal to feb'08) and sales at 65 (less than the peak of 88 in June) resulting in 2.6 months of inventory, second lowest month for the year after July. The days on the market for condos that sold increased from 29 to 39. The average selling price jumped to nearly $700,000, distorted by a Shangri-la sale over $5M, which also distorted the sale price psf. 75% of the sales were under $500,000 and 14% were over $1M, up from 6.5% the month before. The list price to sale price ratio flat at 98% and the highest for the year, indicting little flexibility on the price from sellers. In February the market under $300,000 was selling the best -currently 20% of the solds. Overall a healthy market with more sales at the high end.

Listings - 171. 13 listed under $300,000 (including 2 under $200,000). 45 listed between $300,000 and $400,000. 33 listed between $400,000 and $500,000. 45 listed between $500,000 and $1M. 26 listed between $1M & $2M. 9 listed over $2M

Least expensive -$198,00 for a leasehold one bedroom

Most expensive - $5,888,000 for 4500 sq-ft in Shangri-la. View it

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Bullish Forecast for Vancouver Real Estate in 2010

maggie chandler (chandler realty) — Thu, 29 Oct 2009 16:07:27 -0500

October 22nd, 2009 Categories: Real Estate News, Vancouver Real Estate

Central Credit Union, Chief Economist , Helmut Pastrick, projects a 30% increase in sales for BC real estate in 2010, setting new records for both sales and prices, and then falling back slightly in 2011.

"The annual medium sales price will climb to $391,000 next year and $415,000 in 2011. Pastrick also sees housing starts rebounding almost 50% in 2010. The sales upturn will be stronger in Metropolitian areas, with a 45% increase in Vancouver. The record housing sales will be due to "favourable mortgage rates, a growing economy and easier credit for builders and developers."

Pastrick also sees mortgage rates starting to turn up in 2010 and "with conviction" in 2011, with the 5 year term breaking through 7% (posted rate, not discount rate). See the graphs and read the report here

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Featuring Vancouver's 1790 and 1710 bayshore drive, Coal Harbour

maggie chandler (chandler realty) — Thu, 29 Oct 2009 16:03:39 -0500

Bayshore Gardens consists of 7 condo buildings, of which 1790 and 1710 were the first to be built in 1997 and 1998. They are on the south west side of Bayshore Drive, Vancouver, BC

Built: 1996-97

Levels - 22

Floorplan - All 66 suites are corner condos. 1790 has 5 suites per floor, 19 storeys and is Tower 1 of the Bayshore Buildings. It is on the s.w. corner of Bayshore Drive. The ‘01′ faces north and is 1070 sf. The ‘02′ faces n.e. 1080sf. The ‘03′ is s.e. 880sf. The ‘o4′ is s.w. 1280sf and the ‘o5′ is due west 1260 sf with unobstructed views toward Stanley Park. After the 10th floor there are 4 suites per floor and the 15th and 16th floors have 2 suites per floor 2800 sq.ft. and the Penthouses are 2500-4300 sf.

All 87 condos at 1710 Bayshore are also corner suites. 23 storeys.

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canada real estate roundup

maggie chandler (chandler realty) — Thu, 29 Oct 2009 16:01:03 -0500

Slowly all of the major Canadian cities are showing real estate prices are higher than a year ago.

The average Canadian real estate price in September saw the Western cities of Vancouver, Victoria, Calgary, Regina and Winnipeg higher than a year ago. So were Toronto, Ottawa, Montreal, Newfoundland and PEI. But prices were lower in Edmonton, Saskatoon and Halifax. The following is a release by CREA, You can hold your mouse over a specific city or province and view the current average price and the average price one year ago. View the September summary.

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High Floor View Home in the Melville, Coal Harbour, Vancouver West

maggie chandler (chandler realty) — Thu, 22 Oct 2009 16:15:52 -0500

Links

Photo Gallery

Description

Welcome home to The Melville, steps to Coal Harbour's waterfront. 2 bedrooms & conservatory, 2 1/2 baths, insuite storage plus 2 parking & locker. South, East & West views of English Bay, Stanley Park & the city. Corner suite with floor to ceiling windows, hardwood floors & lovely open floor plan. Chef's kitchen with S/S appliances, gas stove & granite countertops. Master bath with porcelain floor tiles, deep soaker tub, granite vanity countertop & frameless glass shower. Features walk-in closet & electric fireplace. Rooftop pool & sky spa. Concierge. ALL FURNISHINGS INCLUDED! Priced to sell!!!

Features

Bedrooms:	2
Bathrooms:	2.5
Parking Spaces:	2
Year Built:	2007
Subdivision:	Coal Harbour
Located on Floor #:	36
Square Footage:	1392
Agent Name:	Maggie Chandler
Broker:	Chandler Realty Ltd
MLS #:	V794154
Exposure:	Southwest
Rentals:	Allowed
Pets:	Allowed
Construction:	Congrete
Location:	Vancouver West

Location

1189 Melville St Vancouver BC V6E 4T8

vFlyer Id: 2906690

vancouver real estate average price graph

maggie chandler (chandler realty) — Sat, 17 Oct 2009 13:22:17 -0500

September, compared to August. Townhome and Condo prices were up slightly. Prices have been rising since March. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present. The Vancouver market peaked in 1981, 1990, 1995 and 2008. Vancouver condos didn't appreciate much between 1990 and 2002 but they did between 2002 and 2008. The above graph shows prices have recovered remarkably well and are not much below the peak of 2008. Listings and sales for Greater Vancouver increased in September compared to August.

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hong kong developer sets world record for condo sale

maggie chandler (chandler realty) — Sat, 17 Oct 2009 13:20:04 -0500

Global Edge reports that a Hong Kong property developer has sold an apartment for a world record price of HK$71,280 (US$9,200) per square foot less than three months after the territory emerged from recession. Henderson Land sold the property on Hong island for HK$439m (US$56.6m) to a buyer from the Chinese mainland.

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vancouver real estate analysis for olympic village

maggie chandler (chandler realty) — Sat, 17 Oct 2009 13:17:29 -0500

The Olympic Village is Vancouver's last waterfront community. Vancouver real estate statistics for False Creek South (Olympic Village) saw listings and sales up. Polygon sold a number of units at Foundry, averaging $700psf.

We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change and then we can get a better feel for the neighbourhood. Most expensive listing $1,248,000 for 1141 sq.ft. sub penthouse (air conditioned) in Foundry.

Listings - Feb 19, Mar 18, Apr 16, May 26, Jun 28, Jul 18, Aug 26, Sept 36

Sales - Feb 0, Mar 3, Apr 5, May 3, Jun 4, Jul 10, Aug 2, Sept 9

Average Days on Market for Solds - Mar 22, Apr 28, May 14, Jun 41, Jul 94, Aug 37, sept 17

Average Sale Price - Mar $399,000 , Apr $325,000, May$429,665, Jun $424,750, Jul $378,150, Aug $401,500, Sept $516,522

read the rest of this post and view the graph

BC housing market gains momemtum

maggie chandler (chandler realty) — Sat, 17 Oct 2009 13:13:16 -0500

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 68 per cent to 8,576 units in September compared to the same month last year. The average MLS® residential sales price in the province climbed 15 per cent to $474,169 from $412,149 in September 2008.

"Upward momentum in consumer demand continued unabated in September" said Muir, chief economist at BCREA

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vancouver real estate analysis for downtown

maggie chandler (chandler realty) — Sat, 17 Oct 2009 13:10:25 -0500

Vancouver's Downtown condo market saw listings up and sales down in September and a move up market with the middle range selling better than the bottom end. The average selling price and average $psf jumped due to more sales over $1M. Monthly sales were higher than a year ago, but lower than any of the 3 summer months. Condos that "expired" and didn't sell increased from 42 to 53 (vs. 78 in Jan) and one third got relisted (this figure is on the rise) indicating that the sellers that didn't relist will revisit the market at a future date (after 2010?), so expect a future increase in inventory. Average days on the market for condos that sold increased. 70% of the sales were under $500,000 (down from 80% in August) and sales increased in both the $500,000-700,000 price range and over $1M. The supply is up to 3.5 months and equal to Mar/Apr level (vs.16 months last October). The only price range to see listings decrease was $500-700,000. List price to sales price ratio dropped from 99% to 98%. Better opportunities for buyers and sellers now need to be priced sharp if they wish to make a sale.

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vancouver real estate analysis for coal harbour, september 2009

maggie chandler (chandler realty) — Sun, 04 Oct 2009 14:26:31 -0500

Vancouver real estate analysis for Coal Harbour in September saw sales and listings decrease, compared to August. Days on market dropped to 62, slightly higher than a year ago. Coal Harbour inventory increased to 5 months, equal to April, as sales decreased but there were more luxury sales over $2 million, pushing up the average sale price to $1,129,000 and average $ pr sq ft up to $868. List price to sale price ratio dropped slightly to 96%. The market between $500,000 and $1,000,000 selling the best. If sales remain at this level the market will tilt in the buyer's favour, as listings increase.

Listings -124. 20 listed under $500,000. 48 listed between $500,000 and $1M. 30 listed between $1M and $2M and 26 listed over $2M, including 4 over $5M.

45% are listed over $1M, same stats as January.

Least expensive $285,000 for a studio 420 sqft . Least expensive 2 bedroom $475,000.

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how is the luxury vancouver condo market?

maggie chandler (chandler realty) — Sat, 03 Oct 2009 22:41:59 -0500

Vancouver's luxury condo market has been slow to get going this year. Since April the sales have increased but the average $ pr sq ft remains the same, it takes longer to sell these luxury condos than it did at the beginning of the year and the list price to sale price ratio has not improved, however, there are more sales over $3 million.

The first quarter of 2009 saw only 7 condo sales above $2M and only 2 sold over $3 million. Average days on the market was 66. List price to sale price ratio was 88% and the average sale price pr sq ft was $1,239.

The second quarter saw 20 sales, with only 3 selling over $3M and the most expensive was $5M on the Coal Harbour waterfront. Average days on market was 105. List price to sale price ratio was 89% and the average sale price pr sq ft was $1,111.

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vancouver real estate analysis for september 2009

maggie chandler (chandler realty) — Sat, 03 Oct 2009 22:32:01 -0500

Greater Vancouver home sales remained strong last month, with the second highest number of residential sales ever recorded for the month of September.The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,559 in September 2009, an increase of 3.4 per cent from the 3,441 sales recorded in August 2009, and an increase of 124.5 per cent compared to September 2008 when 1,585 sales were recorded."As homes sales in Greater Vancouver continued at an elevated pace in September it's encouraging to see that more homes were listed on the MLS® in the month than any other so far this year," Scott Russell, REBGV president said.

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Vancouver luxury condo sales increase in Q3

maggie chandler (chandler realty) — Sat, 03 Oct 2009 22:27:46 -0500

Last week I did an analysis of Vancouver's luxury condo sales and remarked that Q2 was considerably better than Q1 for number of solds, but the average sale price remained the same.

Q3 sales are better than Q2. A total of 26 (vs 20). Days on market 97 (vs. 105 in Q2). List price to sales price ratio 91% (vs. 90% in Q2) indicating buyers receiving an average of 9% off list price. Average sale price was $1,250 pr sq ft.(equal to Q2). The least expensive was $822 pr sq ft and the most expensive was over $1600 pr sq ft

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VANCOUVER REAL ESTATE OUTLOOK

maggie chandler (chandler realty) — Sat, 26 Sep 2009 14:38:46 -0500

Every Fall I attend Ozzie Jurock's "Real Estate Outlook" . On Saturday it was held at our new Convention Centre, which is truly a beautiful and very impressive building on the waterfront in Coal Harbour.

This is a quick summary of what I heard from Ozzie and Cameron McNeill of MAC Marketing Solutions The outlook for Vancouver real estate is cautiously optimistic, not full steam ahead yet, but bullish in the longer run. It's a good time to be buying the right deal now.

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vancouver real estate analysis for downtown, august 2009

maggie chandler (chandler realty) — Sat, 26 Sep 2009 14:35:02 -0500

Vancouver's Downtown condo market has seen listings stabilize since April, sales stabilize since June and the average selling price unchanged since June. Monthly Sales remain the highest since Jan'08. Condos that "expired" and didn't sell increased from 33 to 42 (vs. 78 in Jan) and only 7 got re-listed. Average days on the market for condos that sold dropped to 25 and are the lowest since Jan'08. The average sale price for Downtown condos is $439,000 and higher than a year ago. The average $ pr sq ft for condos that sold is up to $611 and is the highest for this year. A whopping 80% of the sales were under $500,000 and only 2 over $1M. The supply is flat for the last 3 months at 2.3 months (vs.16 months in October). Best selling price range is under $500,000 and over $1M is the slowest. List price to sales price ratio is the highest for the year at 99%. The market will remain steady until we see an increase in listings

Listings -436. Least expensive $168,000 for 1 bd 558 sq.ft.. Most expensive -$6.6M for 3500 sqft in Residences on Georgia Sub-Penthouse.

Listings Inventory - 18 listings Downtown under $300,000. 92 between $300K and $400K. 106 listings between $400K and $500K. 124 condos listed between $500K and $700K. 47 listed between $700,000 and $1M. 46 listed over $1M, including 3 over $3M.

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