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The Gloves are off...
It has become quite clear over the last five months – buyers are entering the market more than we have seen in the past two years, while many sellers are content to hold on to their homes and not list for sale. But those that do - are now seeing multiple offers. The gloves are off and we are competing again for certain parts of the market.
There were 2,546 homes sold of all types in Greater Vancouver in November this year compared with 2,892 homes sold last month, 1,633 sales in November last year and 2,831 homes sold in November 2017. November sales were 4% above the 10-year average for the month of November. This was a 56% increase in homes sold compared to November 2018, continuing the trend of strength in the real estate market. With the number of home sales trending as they are, 2019 is likely to finish with more sales in 2019 compared to 2018 – likely setting up for a busy spring market.
Some highlights from November:
- Detached home and strata townhouse sales again showed a significant year over year gain this month, up 58% while apartments were up 50% year over year
- New listings for condos were down 17% year over year, bringing price stability and more multiple offers to this segment of the market
- Sales to listings ratios were the strongest this November we’ve seen since November 2015 – some areas over 100%, meaning that more homes are sold than listed in a month (New Westminster had a sales to listings ratio of 127%)
- After a strong October, sales in Richmond dropped more than any other area – mainly in the detached house market
- Active listings for detached houses in East Vancouver and North Vancouver are nearly half the amounts that they were two years ago - showing itself with multiple offers.
There were 828 detached houses sold in November 2019 up from 518 (58%) in November 2018 in Greater Vancouver, with a 5.8% decrease in the benchmark price of these homes year over year. For townhouses there were 451 sales in November 2019 compared to 282 in November 2018 (up 59%) with a 4.4% decrease in the benchmark price year over year; and for condos there were 1,222 sales in November 2019, an increase in sales from 810 in November 2018 (up 50%) with a 3.8% decrease in the benchmark price year over year.
The number of homes for sale in Greater Vancouver continued to decline in November with significantly less coming on the market than is typical for this time of year. At the end of November there were 11,517 homes for sale in Greater Vancouver, and at the end of October there were 13,022, reducing the month’s supply of homes in some markets down to 3 to 4 months – a seller’s market. Multiple offers were more common place in November, and in all segments of the market. Well priced properties were getting more attention, with a one-bedroom apartment listing in downtown Vancouver receiving 22 offers this month. There were 3,069 new listings during November in Greater Vancouver, down 14% from November last year and down 27% from November 2017. The number of new listings in November 2019 were 8% below the 10-year average for the month of November. But then again, the argument continues from some that supply isn’t an issue. But here we are, sales are up, listings are down and pressure on prices begins. With home sales hovering slightly above the 10-year average, imagine what will happen to prices if the number of sales increases even more.
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What are we loving?
6309 Macdonald St. | $4,798,000
 
 
WHY WE  ️ THIS HOME
1. Developed with location for elevator installation
2. Warm Contemporary Design - Georgie Award Winner
3. G.Wilson Construction did the renovation (over 30 years building homes)
4. Flexibility in how this house can be used
5. Perfect for entertaining - outdoor space - with covered seating and gas fireplace
6. Mature garden with low maintenance lawn...okay artificial grass!
This home brings a sense of calm - west coast modern with an abundance of light filled spaces. Picture a wide open foyer looking past the floating stairs to the west facing private garden. The living room and dining room are spacious and surrounded by large walls of windows, a white marble fireplace and warm wood floors. The modern kitchen and eating area open up to glass doors onto a deck w/ an outdoor fireplace and covered BBQ area. Mudroom, powder and office complete the main floor. Moving up the stairs, there are soaring vaulted ceilings with sky lights. Up are 3 large beds all with ensuites. The master bedroom is generous in size with a walk in closet, west facing deck and a spa-like ensuite. Down you will find a rec space, 2 bedrooms, laundry, storage and a 2nd kitchen. Double garage, attached workshop/garage, gardens, decks all on 60x133' lot. Home was rebuilt in 2009! Come visit this Sunday, Dec 8th 2-4pm.
3175 Point Grey Road | $7,695,000
 
 
This beautiful half duplex has views like we have never seen before. Unlike most Point Grey Road homes that face directly and only north, this home faces north west. This allows for a more panoramic view, with ocean, city, mountains and west facing sunsets too. Sitting on a 50' lot, this 3 bedroom + 3 full bathrooms is the perfect size (2,312'). There is an attached garage, an amazing outdoor space leading right to the water, decks and views, views and more views. This one is private so call us to book a showing.
WHY WE ️ THIS HOME
1.Most prestigious block on Point Grey Road
2.Best view in the city – Bowen Island, English Bay, North Shore Mountains to City Lights
3.Cruiser bikes will become your primary mode of transportation
4.Walking distance to Kits Beach & Restaurants
5.The math makes sense:
a.Most recent comp was the sale of a renovated ½ duplex at 3293 Point Grey Road for $8.5M.
b.Renovate this ½ duplex home to that level.
c.This location some may consider superior and you get to choose the finishings you want if you choose to renovate.
A Diamond in the Rough
It was two years ago this December that our clients, Sara Bertin and Steve Park took possession of 5770 Seaview Road in the best kept secret, Eagle Harbour, West Vancouver. They fell in love with the home for its notable architecture.
BEFORE
 
This home was aptly named the “Sea Ranch” by Steve and Sara because it literally is less than 500m to the water. The amazing design, layout and the quick access to everything that they love to do: paddle board, boat, kayak, hike, mountain bike and fish, is what made them take the jump!
Originally completed in 1971, this well-known house designed by Barry McLeod of Barclay McLeod Architects was immediately recognized as an important architectural achievement by the architecture and design community and is published widely.
Steve and Sara understood the value of living in a well-designed space and appreciated the timeless design. This home needed someone to update the mechanical systems and refresh the finishings.
  
 
  
The Modern Architecture + Design Society included 5770 Seaview Road in the 2019 Vancouver Modern House Tour and noted, “the result is a thoughtful dialogue between 1970s West Coast modernism at its best and today’s style of living. Perhaps the lesson of this house is that at its core, the balance between good space and good living has changed very little in fifty years.”
Turners Dairy
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This is the reinvention of a turn-of-the-century industrial building that will remain inextricably linked to Mount Pleasant and its classical Vancouver roots and aesthetic.
Now, a new generation of urban dwellers will create their own stories within these spaces. Some buyers are considering combining 2 units to create their own unique space! Ask us how.
- Now 12 Townhouses
- Ranging in size from 826SF to 1871SF
- 1 to 3 bedroom units
- Walk out deck space
- parking, storage and bike storage
- rentals & pets allowed
- Lighting by Matthew McCormick & ANDLighting
- Built by: ETRO Construction
- Designed by: AirStudio Architects
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Real Estate Current Events
Squamish Nation's Redevelopment at the
south end of the Burrard St. Bridge
Don't wait for everyone else
 
We often get asked for our opinions on the state of the market…well here it is. Fall has traditionally been a quiet time of year but with the delayed Spring market momentum, things started to pick up. Listings we had that had well attended open houses but no offers started to get offers this Fall. Were they good offers? Not necessarily, but through strategic negotiations we were able to move them to prices our clients were happy with.
December is starting strong. With four consecutive months of positive unit sales (compared to last year at this time), Buyers now feel more confident about making a purchase. We have noticed over the years that buyers want to see others buying before they’ll make a move. Our response – why would you wait to compete?
We feel that this is the end of the lull and opportunities to buy without competing are diminishing.
Proof points:
-We wrote on a 1 bedroom, 499’ condo this week – 20 offers and many were subject free, this one was listed at $525K and sold for $585K.
-Our other clients looking in the $2-2.4M price range – shortlisted 6 properties and when we went to book a tour, 3 had accepted offers on them. When we wrote on one of them – we didn’t start out competing but during the negotiation phase – another offer came in.
-Our listing at Tolmie/ West 2nd – had two offers last week over $7M. This is THE slowest segment of the market and nice homes are in demand.
Miu Miu | Hawksworth | Arts Umbrella
 
  
 
In November, we hosted some clients at a beautiful event put on by Miu Miu, Arts Umbrella and Hawksworth. It was a fun shopping experience at Holt Renfrew and the Miu Miu store and then off to a private room stunningly decorated for the 30 of us at Hawksworth. The food was delicious, the energy was buzzing and all for an amazing cause - Arts Umbrella. Thank you all for joining us!
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6309 Macdonald St.
Stunning 2009 build
60' x 133' SW Lot
4592 West 2nd Ave
Amazing Point Grey Home
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3175 Point Grey Rd
The views are mezmerizing
3000 Valdez Place
Oak Bay | Uplands
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13...now 12 Town Homes Available to buy Now!
Turners Dairy
Progressive meets
Heritage
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726 East 13th Ave
Sold in Multiples
#3601 838
W. Hastings St.
Penthouse Perfect
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#212 - 1961 Collingwood St.
The perfect Kitsilano spot
4703 Collingwood St
A Beautiful Dunbar Home
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7th & St. Catherines
3 bedroom top floor
7th & St. Catherines
2 bedroom garden suite
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Have you tried?
Sprezzatura
Coming soon...
'Chinese food with attitude'
Love this concept
for start ups
Nourish & Celebrate
Decadent raw vegan desserts,
locally made
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Dexter Realty
South Granville
#560 - 2608 Granville St.
Vancouver, BC. V6H 3V3
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