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Granville

Slow home sales create window of opportunity

by Victoria Farrell on December 2, 2008

VANCOUVER, B.C.  December 2, 2008  November reductions in home sales and prices have helped improve affordability in Greater Vancouver. However, November also saw a corresponding decrease in the number of new homes coming onto the market.
In its most recent statistics release, the Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 69.7 per cent in November 2008 to 874 from the 2,883 sales recorded in November 2007.
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 12.8 per cent between May and November 2008, amounting to an 8.3 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between November 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $495,704 in November 2008.
“Times of turmoil, from which we always emerge, offer excellent opportunities to buy quality real estate,” says REBGV president, Dave Watt.“For those whose personal finances allow them to get involved, there are opportunities in today’s housing market that have not been seen in many years.
“The local real estate market is not immune to the current economic challenges globally; however, Canada’s disciplined lending structure has kept the mortgage landscape steady in these uncertain times.”
New listings for detached, attached and apartment properties declined 10.8 per cent to 3,012 in November 2008 compared to November 2007, when 3,377 new units were listed. Active listings in November declined 4.7 per cent to 18,348 from the 19,257 active listings in Greater Vancouver in October 2008.
Sales of detached properties in November 2008 declined 69.8 per cent to 322 from the 1,067 units sold during the same period in 2007. The benchmark price for detached properties declined 8.6 per cent from November 2007 to $666,525. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 13.6 per cent.
Sales of apartment properties declined 67.9 per cent last month to 410 compared to 1,276 sales in November 2007. The benchmark price of an apartment property declined 8.6 per cent from November 2007 to $342,315. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 12.2 per cent.
Attached property sales in November 2008 decreased 73.7 per cent to 142, compared with the 540 sales in November 2007. The benchmark price of an attached unit declined 6.4 per cent between November 2007 and 2008 to $426,287. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11 per cent.
RBGV- News release
December 2, 2008

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Yesterday’s Showings

by DTSuites on October 8, 2008

I had 2 showings yesterday for Downtown Suites.

The first suite I showed was a penthouse suite on West 12th and Granville. I met with the gentleman and his friend and we took a look at the suite. It is a very unique suite with a lot of spaces that are dispersed through out the house. There are 2 fireplace, one with a custom mosaic motif which gives the piece some character.

The couple looked around all the rooms and gave their input saying that the place was great as far as space, but it was kind of gloomy and dark and the maitainance in the suite didn’t seem to have been done for some time.

We then went outside to the spiral staircase that leads you to the top of the 2,600 ft deck. The fellow really loved the view of the city.

Although he liked some of the qualities of the suite at the end of the day he decided that the place wasn’t the right one for him.

My second showing was at  West Georgia. This is a Penthouse unit in Coal Harbour.

2 Men showed up and took a good look at the suite. This penthouse offers a generous amount of living space with a wrap around deck that you can look out to all the spectacular views of the city, water and mountains.

They both took applications and were very pleased with it.

So all in all the showing went well. I like to get feedback’s from the viewers and I encourage them to voice their thoughts, because it gives Downtown Suites Team and I an idea as to how people are reacting to the rental market.

I will keep you posted on the many showing that i have coming up this week.

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Vancouver Attracts Overseas Investors Prior to 2010 Olympics

by DTSuites on October 3, 2008

The overseas investor finds Vancouver to be particularly attractive to purchase an investment property for many reasons. Vancouver is hosting the 2010 Winter Olympics which will bring many visitors to our lovely city as well  many foreigners think about the possibility of owning property here. No one has a crystal ball to predict property prices in Vancouver but we know that after Expo 86 we had a huge influx of overseas investors which drove up prices. We getting many inquires every week in regards to the 2010 Olympics from the overseas investors. Many investors are seriously thinking about owning property in Vancouver prior to 2010. This is an excellent idea, as it will enable you to own property in one of the most beautiful and desirable cities to live in the world.

At Downtown Suites we can manage your property for you prior while you reside overseas and if you  visit during the Olympics you can choose to take possession of your suite.  Many individuals are thinking about retirment in Vancouver within the next 10 years or so. It is an idea that many worldly individuals dream about and it is a great idea for many reasons. Our economy is very strong and the price points in Vancouver are still considered reasonable compared to other world-class cities.

For those who have never visited our city, Vancouver is located along the West Coast of British Columbia and many of our downtown neighbourhoods are surrounded by water located along the seawall. As well we have beautiful breathtaking mountain views from many of the downtown locations. We have so many attractive neighbourhoods which  are desirable including; Downtown, Westend, Yaletown, Kitsilano, and West Side.

At Downtown Suites we can assist you in all aspects of purchasing  the perfect investment property.  We will help you to narrow down your search parameters including price point, square footage, location, amenities, view and other factors that may be important to you. In fact we can assist you with the sales transaction remotely. If you are a qualified purchaser we assist with all of the documentation and paper work by email and fax.

Once we have found the perfect property for you we will make the purchase as simple as possible for you from beginning to end. We take a personal interest in our clients and will look out for your interests  from negotiating the right price point for you, presenting the offer, and ultimatley  closing the deal. We have a team of professionals with whom we work closely including Mortgage Specialists, Lawyers, Notaries, and Home Inspectors.

We are a fully licensed Property Management and Real Estate company that will professionally  manage your property for you in all aspects including: advertising and finding a qualified tenant, collecting rents, managing tenants, maintenance issues which may arise. Please refer to our website for additional information on our Property Management and Real Estate Services www. downtownsuites.com.

I am a  members of the Vancouver Real Estate Board of Greater Vancouver and Specialize in the Downtown Vancouver Real Estate Market. Specializing in working with overseas investors and tenant occupied properties. If you have any questions in regards to the acquisition or sale of an investment property in the Vancouver area or have any questions please do not hesistate to contact me directly.

Victoria Farrell

Victoria Farrell

Sales Associate

Downtown Suites Ltd
www.downtownsuites.com
victoria@downtownsuties.com

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