Urban Vancouver

1703-1010 Burnaby in Vancouver’s West End boasts views of English Bay and the mountains and is priced to sell.

You’ll love coming home to the Ellington and playing the ivories on its grand piano in the social lounge, then having a swim or soaking in the hot-tub, working out in the gym and having a game of billiards before dining on your 80 sq.ft. deck and enjoying the sunsets over English Bay.

This north west corner 1000 sq.ft. suite has new carpets,  floor to ceiling windows and 9 ft ceilings plus an eating area in the kitchen, a utility room, soaker tub and 2 parking stalls.

The Ellington was built by Cressey in 1988 (before there was a Downtown Vancouver condo neighbourhood!). This is the original owner. The building was recently replumbed, updated the common areas and fobbed for security. It is in top condition and has  a live in caretaker. Pets are welcomed. (more…)

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MLS.CA steps aside as the new man in town steps up. On May 28 welcome REALTOR.CA.

The Canadian Real Estate Association (CREA) announces that new features have been added to assist in making your home search easier. They include:

the introduction of interactive mapping. You’ll be able to use Microsoft Virtual Earth software on the site to determine your search area, and to determine where a property is located. Interactive mapping will make it much more convenient to search traditional neighbourhoods or a specific region.

The web site will also have a new streamlined text search. You’ll be able to input your initial search criteria without all of the details of an Advance Search. The site will still offer the detailed or Advance Search option, but also has a streamlined text version to make looking for properties even more convenient.

There will be a new look, or design. The traditional REALTOR® map is still a key part of the web site, but the new layout will make it easier to look for properties and information.

And there will be a new address - www.realtor.ca

A phenomenal success, this site is one of the great technological benefits supported and paid for by Canadian Realtors®.

Value Added Benefit For Sellers:

within 48 hours their listed property achieves world wide exposure to millions of on-line shoppers.

For Buyers:

it is your in finding quality homes and a full-time professional licensed Realtor®.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Rocky (1976) Sylvester Stallone, Antonio Tarvery

Adrienne Warren of Scotiabank Group had a lot to say in her May 15th analysis of the Real Estate Market.

At the risk of Rocky Balboa making me see stars, a summary of her analysis looks like this:

• there is now convincing evidence that Canada’s housing market has come off the boil.
• home resales, having fallen…running about 15% below last summer’s historic peak
• cracks are appearing on the new home front
• inhospitable weather…likely a dampening factor
• sales volumes in 2008 to total about 15% below last year’s record levels
• home prices to increase on average by about 5%.
• Calgary and Edmonton have officially moved into buyers’ territory.
• risk of a major correction still low
• home prices in Canada are not substantially over valued
• little evidence of widespread speculative home buying
• inventories of unsold homes are trending higher, the number of unabsorbed units, including
  condominiums, remains well below prior cycle peaks in most major centres
• households, for their part, are not overleveraged
• mortgage carrying costs as a share of disposable incomes are historically low
• mortgage quality is still sound
• at the end of the day, we predict a soft landing for the Canadian housing market, with somewhat lower sales and construction, and a period of relatively flat inflation-adjusted home prices.
• major risk to the outlook would be a deeper and more protracted downturn in the U.S. economy

Bluster

Balanced news from the ring announcer. The exception - her take on the weather. In Vancouver we don’t get bogged down in snow like the east. We take the hat tip from Rocky and run the Grouse Grind while thinking we’re different and have a chance. Rain doesn’t dampen the bluster in this town.

Throwing the Fight

Bluster won’t keep us in the ring if the big southern challenger throws the fight. Keep your eye on the US economy, she says. They have taken some heavy hits. Another one-two punch could bring them to their knees. There’s a chance if this happens that Canadian real estate might also hear the ten count.

Don’t Waste Your Punches

The corner is saying we are in Round 5, half way to a more rationale stable market. It could be a long and hard five rounds. To get through those rounds Rocky’s message to home sellers is this - you got a fight on your hands! There is a lot of tough competition waiting to take your Sold Title. Your first price punch must be wickedly strong. Buff up the six packs and deliver a straight to the head strong right price hook. Keep your eyes on the prize with your gloves up and ready. You may have to do a lot of dancing before you land a knock out punch and the Just Sold title.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Scotiabanks Full Report
Globe and Mail Report on Business

Listings 130 - 28 had price reductions and 2 had price increases. 75 listed under $500,000 and  52 listed between $500,000 and a million and 3 listed over $1 million. The least expensive $245,000 and the most expensive $3,200,000

Sales 42 - 6 had list price reductions and 1 had a list price increase. 28 sold under $500,000. 13 sold between $500,000 and $1 million and 1 sold over a million.

Days on the Market 28. Average price $484,815 .  3  months supply. Average $ pr sq ft $617. Average selling price to list price ratio: 99%

2008 SALES - Jan 26 , Feb  44  , Mar 20 , Apr 42

Reflections - under 3 months supply in the condos under $500,000. Just over 4 months supply in the $500,000 to million dollar range and 3 months supply over a million dollars. Kits remains a tight market under $1 million dollars and the most undersupplied of the vancouver west side condo markets. Listings and sales are up.

HAPPENINGS - preselling: Lumen, Mantra,  Camera, Pulse, Pure, Kore, Locarno

Recently completed: Black Swan (suites still available)

View last month’s stats for Kits

Did you know you can search for Kits properties on this site? If you are wishing to buy or sell a Kits condo, please fill out my Contact Form.

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I’ll be posting a link to the Royal LePage Westside statistics package that is released every month. This is an excellent graphical representation for you to see what’s happening in the Vancouver real estate market.

The statistics are broken into segments for East and West sides of Vancouver. You’ll find graphs for the median selling price, listing supply, sales demand, and price history.

Vancouver West Real Estate Statistics- April 2008

Vancouver East Real Estate Statistics- April 2008

Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside

The Real Estate Board of Greater Vancouver reported that April 2008 saw listings outpace sales. Listings were up over the same period last year while sales dropped slightly.

There were 3,218 sales in April 2008 which was a decline of 5% from the 3,387 sales that were recorded in April of 2007 and 3.8% drop from the 3,345 sales that were reported in April 2006.

Meanwhile, new listings for all types of properties increased by 25.6% to 7,010 in April 2008 compared to 5,580 that were newly listed in April 2007.

 ”Residential sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record-breaking activity for most of this decade,” said REBGV president Dave Watt.

“Despite this seeming re-balance between sales and listings, it took, on average, six fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year,” said Watt.

The benchmark price meanwhile, continued to rise. For detached properties it rose 11% over a year ago to $771,321. For apartment properties the rise was 9.6% , and 10.5% for attached properties.

Sebastian Albrecht, Vancouver Realtor with Royal LePage Westside

She towers above all. Wonder what it’s like being the crane operator on the 60th floor?

On schedule for completion Fall 2008.

when it’s time to buy or sell your Vancouver condo, talk to Maggie

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Time Marches On

Cameron Muir, economist of BCREA fame, confirms what Vancouver Realtors on the front line have known for weeks.

Synopsis of his report:

• Residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent
• Residential unit sales declined 11 per cent
• Average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007
• Active MLS® residential listings in the province were up 37 per cent
• Competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale

In the first four months of the year, MLS® residential sales volume in the province fell 1.8 per cent to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13 per cent to 27,730 units, while the average MLS® residential price increased 13 per cent to $474,993.

Courtesy: BCREA

Questions without Answers

1. Can the imbalance of price-listing-ratio continue and for how long?
2. Is it time for a price correction?
3. Will the unsold inventory be removed from the listing inventory as their mandates expire or will they persist in the speculative belief that they will get the price they are asking?

In contracts of purchase and sale time remains of the essence. In the Vancouver Real Estate market time will give us the answers.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

What Sets Us Apart?

When Realtors® all look the same, it’s hard to find the right one.

The Difference

More than ever, buyers and sellers look to the internet to find a quality home and a full time qualified professional Realtor®. Larry’s service remains at the forefront of technology for the benefit of his clients.

Focused on Vancouver West properties, they have been his back yard for more than 25 years.

Need a Realtor®? Call, he answers his phone.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Listings 176 - 38 with price reductions and 1 with a price increase. Only 30 listed under $500,000 and  53 between $500,000 and $1 million. 61 listed between $1 and $2 million and 29 listed over $2 million, of those 5 are over $5 million.

The least expensive Coal Harbour suite is $ 329,000 for a studio and the least expensive 2 bedroom is $ 549,000. The most expensive remains the Shaw Tower at $19,000,000.

Sales 26 - 9 had list price reduced and 2 sold at list price. 11 sold under $500,000. 10 sold between $500,000 and $1 million and 5 sold over $1 million. The least expensive was $359,000 and the most expensive ws $2,200,000. (more…)

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You’ve Done Your Best

By all reasoned measure as a Realtor® you have done all the right things for your client. Professional knowledge is shared in anticipating the market and you helped convince them to buy a particular house. Time has passed and they have more than doubled their money - tax free. By all accounts a worthy and profitable recommendation. Success is shared by both.

Is it True?

You visit on a regular basis, all is cordial, truthful, respectful, and ideas are enjoyably exchanged - a relationship is building - or is it?

A Change in The Wind

It is a few short days since street talk was exchanged. Announcement of wedding plans, excitement at the prospect of having found a life partner are shared and congratulations are given. No indication is evidenced of another change that is about to happen.

Wham

A quick update of homes coming to market reveals the breach. Their house is for sale and they are not using your services.

Self analysis, doubt, anxiety are the trademarks of the change. What part of the relationship wasn’t complete? Was it imagined, was it assumed, was it somehow marginal? There will be no chance for an understanding. The reasons often irrational, leave more distrust than just knowing it didn’t work. Shortchanged, you feel jilted. You move on and survive fortified in knowing that everything required was done.

And The Answer Is?

It takes two people to establish relationship. At stake, is the understanding of each trusting and valuing each other. Does it have extended mutual benefits or is it a convenient commodity for the time?

Reflection asks what aspect of human nature is so lacking in appreciating the value of a relationship that it is so easily trivialized and squandered as quickly as a match burns.

I’m just sayin…….. One often wonders?

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

It’s Sunday night during dinner with my family when the phone rings.

RIIIINNNG! RIIIINNNG!

“Hello, it’s Larry speaking, can I help you?”

Unidentified Voice:

“Hi, is this Larry?”

(Thinking to myself did I not just say “Hello, it’s Larry speaking…?”)

- “Yes, this is Larry”

Unidentified Voice:

“Say, are you the guy who does the Halloween event down on ABC street?”

“Yep, that’s me!” I say. “How can I help you?”

Unidentified Voice:

“Well, I just listed my property with Reg Realtor for $1 million and change and I was wondering how much you got for that house you sold on XYZ street?”

Long Pause - Deep Breath

Wait a minute! There’s a disconnect here.

1. You don’t have the common courtesy to identify yourself.
2. You just listed your home which is two blocks away from the XYZ property, it is comparable to yours and Reg Realtor has not included the XYZ property in your market evaluation. Can that be correct?
3. You call on a Sunday at dinner time (it’s the only time Realtors are home with their family), asking me to offer a trusted opinion. Why? Don’t you trust your Realtor?

“Yes, it sold for $XXX million.”

Unidentified Voice:

“OK! Bye!”

“You are wel………..”

Is there a piece to this Real Estate puzzle missing? You decide!

I’m just sayin……….

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Felipe Crook, a las Vegas luxury home specialist recently featured my blog on his blog, so I thought I’d return the favour. It’s amazing what the homes cost down there.

Did you know that Vegas is the #1 place in the USA for foreclosures? Felipe has identified 7 homes on golf courses that are in foreclosures.

View his blog or contact him

Felipe Crook
Fine Homes International Specialist
Prudential Americana Group Realtors
Las Vegas, NV
Cell: 702-683-2169
Email: felipe@felipecrook.com
Blog: http://www.felipecrook.com

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Hollyburn Group who own about 20 West End rental buildings gave eviction notices to the tenants of the Glenmore building at the corner of Gilford & Barclay.

82% of all the suites in Vancouver’s West End are rental and because the buildings were built in the 1960s and 1970s the rents are lower and attract a lower to middle income tenant. The vacancy rate in the neighbourhood is now 0.2%, in line with the downtown peninsula and not expected to change in the near future. (more…)

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The Conversation

There are times as a Realtor® when your day is an Epiphany.

I’m working with a young gentleman, seeking to buy a Vancouver condo. He is a clever young man who is in training at U.B.C. to become a doctor. After having viewed a number of properties, we drove back to his residence. While driving a discussion about doctors and the professional trials they face ensued.

Our conversation centered on how today, young professionals face many difficult and different business realities compared to the fictional ones faced by Dr. Marcus Welby. For those who remember,

Marcus Welby, M.D., aired on ABC from late September, 1969 through mid-May 1976, was one of the most popular doctor shows in U.S. television history.

ABC Tv

What?

With that reference I was greeted with a perplexed look on the young man’s face.
Without saying a word I understood. “Who the hell is Dr. Marcus Welby?”

Light Came On

The instant realization of our age difference brought me to hysterics as I stumbled into the generation gap. Here I was talking to a young man born in the late 80’s fully ten years after the Marcus Welby show went off the air.

This young man hasn’t experienced bottle caps for which you need an opener, two bottles, a car door jamb or great teeth. Long Play records holding perhaps 15 songs - haven’t seen one! Instead, he uses an IPOD shuffle smaller than a Toonie that stores the music of 50 LPs.

Same Idea Different Time

Young people today watch Grey’s Anatomy, Scrubs or House amongst others. So do I, they are great shows. The issues are not dissimilar as these new doctors face the trials of their chosen field. It’s just a lot faster and more intense. Relaxed, congenial Marcus Welby - who’s that?

Trust

During our conversation he enlightened me by sharing his experiences and I shared my experience with him. The result is that we both gained insight and knowledge of each other and from that came trust.

One of the hall marks of my business is when a client is be able to put their trust in me as their Realtor®. Based on the Welby conversation I may be “long on the tooth”, but I’m very certain that when this young man becomes a doctor I will be able to trust him as much as he is now trusting me.

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

Vancouver Condo For Sale

Photo Credit: Flickr: Sesseljamaria

You have your place for sale. You feel you are asking a fair price. That’s nice!

Is There a Piece Missing?

Are you aware your asking price is substantially higher than a similar suite in almost every respect? Sorry, the other suite is 15 square feet smaller. Your suite is one door down, on the same floor, in the same building. Like the first, both are new, and have never been occupied. The difference between the two is that the other sold for $40,000 less than your asking price.

What’s Wrong With The Picture

Why do you display anger when an offer arrives that is comparable to the price for which the other unit Sold less than 20 days ago? Why are you offended claiming this is a low offer. Your suite has been on the market for more than 50 days. It is shown constantly and it would be fair to assume it has had exposure. You must know that Buyers do their research. By all measures they put forward a fair price considering market conditions and the Sold unit next door only to receive outright dismissal. Yet your suite has not sold - Why?

Does it make you wonder if all the pieces are on the board!

Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.

1855 Vine Street is a stylish character Landmark in the heart of Vancouver’s Kitsilano.

The building is Beaux Arts style that was a former Presbyterian Sabbath School circa 1911 and is made up of larger 2 bedrooms suites over 1200 sq.ft. It was converted to condos in the 1980s.

Currently #2 is for sale, just over 1200 sq.ft. $1,275,000. This heritage loft conversion was completely renovated to the highest quality of material & craftsmanship throughout. Exhibiting an elaborate portico of sandstone, 3ft thick brick walls & solid massive wooden beams, these are the original features of this romantic signature building on top of a hill. In 1985, architect Donald O’Callaghan modernized the inside of the Italianate shell into 5 unique 2 storey private residences of timeless quality. The suite has a 580 sq.ft. deck.

Do you know of other Kits condo buildings that are beautiful heritage style buildings that have been converted?

Fill out my contact form if you’d like to view this or other Kits suites. Or search for listings on this site.

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The Real Estate Board of Greater Vancouver  reports that residential attached, detached and apartment property sales in the Greater Vancouver area totalled 3,218  in April 2008, a decline of 5% from April 2007, and a decline of 3.8% compared to April 2006.

New listings detached, attached and apartment properties in the Greater Vancouver area climbed 25.6% over a year ago, to 7010. Sales continue to be strong, but there is a lot more choice on the market today. This is good news for a market that has been defined by record breaking activity for most of this decade.

Despite this seeming re-balance between sales and listings, it took, on average, 6 fewer days to sell a home in Greater Vancouver compared to the previous year, with a days on market average of 33 in April this year. (more…)

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