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Real Estate

Best, Worst and Hopes for 2009

by Nicholas Meyer on December 22, 2008

We asked around the office about the past year: what was best and what was worst in your work life for 2008? And what are your hopes for the future, for Vancouver and for Downtown Suites.

Tanja Milosevic, Senior Property Manager

Hope for Vancouver for 2009: that the market will stabilize itself.
Hope for Downtown Suites for 2009: that we continue to grow and that our current team remains strong.

3 great things that happened in my work life this year:

  1. We have put together a really great PM team who not only get the job done well but we also have a lot of fun and laughter in the office.
  2. The business is growing, we are constantly taking on new suites
  3. We’ve received a tremendous amount of good feedback this year from owners and tenants regarding how we conduct our business.

3 worst things that happened in my work life this year:

  1. Had to take tenants to arbitration 4 times this year.  This is always a last resort and not enjoyable.  Although, out of hundreds of tenants, 4 is a low number.
  2. We had some staff turnover and, because I try to enjoy positive relationships with all my coworkers, staff leaving is always sad.
  3. With the current economy, we are starting to see some of our tenants losing their jobs and either struggling to pay the bills or having to break their leases altogether.

Victoria Farrell, Realtor, Downtown Suites Sales

Business Prediction for 2009:  To surpass this year in sales volume and have the new best year I’ve ever had in Real Estate Sales. Achieve my new financial goal.

Prediction for Vancouver 2009:  Towards early spring buyers will realize the potential for purchasing condos in Downtown at the lowest prices seen in many years and the market will begin to pick up again.

The best things that happened to me this year.

  1. Being lucky enough to have the privilege of coming to work with Nic and the Team at Downtown Suites. The best company I have ever worked for and the best people I have ever worked with.
  2. By far the best year I’ve every had in my Real Estate career, the mostsales volume I’ve every done.
  3. Lucky enough to be able to afford to buy a brand new car, a 2008 VW Jetta, which I love.
  4. Started on the Rental Property Management Course, which will help me advance in my career.
  5. Very close to meeting my financial goal for 2008.

Worst Things that happened to me.

  1. My Father passed away about 6 weeks ago. This effected me more than I had imagined and it has taken its toll on me personally and professionally. I had to take a few weeks away from the office to recover, but still had to work during this time with my clients. This was a very difficult period in my life but I’m adjusting now and feeling much better.
  2. I had my first bad experience new clients from Mexico who were not forthright with me about their financial situation and I got into a bad contract situation with them when they did not come up with the deposit after subject removal. I learned a few valuable lessons from this.
  3. I had a terrible car accident in January. I lost control of my car coming down an icy mountain road and I flipped upside down into a ditch. My car was totalled but I was very lucky to walk away from the accident unhurt.  My guardian angel was looking out for me. This accident turned my life around. I was very shaken up and I began to see things differently. I realized what was important to me and I felt very lucky to be alive. It gave me a higher purpose.

Nicholas Meyer, President

Prediction for 2009: We will increase our portfolio by 25%

Hope For Vancouver: That the new mayor will be able to house all the homeless without touching the taxpayers heritage fund and not raising taxes on property owners.

Good things.

  1. Carol agreed to work with us as a consultant and took over the web goddess role
  2. Penny came back
  3. We have a really great team, managed to hire some wonderful people
  4. Expanded the business
  5. Kathy reduced her rates

Bad things

  1. Can’t think of any

Get in touch here: Downtown Suites Ltd.

Add your comments in the comment form below.

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Current State of the Market: Nov. 2008

by Nicholas Meyer on November 24, 2008

Nicholas Meyer discusses the current status of the real estate rental market in Vancouver BC.

Please contact us at Downtown Suites for more information, and if you have any comments, please add them below.

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Rental Update: Mid-November

by Theresa Prak on November 14, 2008

This week at Downtown Suites two of our remaining studio suites and a wonderful 1 bedroom were rented. Other rental updates for this week are as follows:

1 Bedroom

1 Bedroom

In the range of $1000-$1500 per month we had 102 inquiries. All of the suites in this price range have been rented, except one which will not last long.

1-2 Bedrooms

1-2 Bedrooms

In the $1600-$2500 per month range we had 19 Inquiries. The suites in this price are still available and are worth coming  to view. Each has its own special features, and have great layouts.

2-3 Bedrooms

2-3 Bedrooms

In the luxury $2600+ range we saw 53 inquiries. We do have a lot of interest and will be holding showings soon for some new suites that have just come on our listing. We find there is still a market for the high end luxury suites.

For more information on these and other available suites, check our current listings.

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Mid-October Rental Review

by Theresa Prak on October 24, 2008

Why are higher end rental suites in Vancouver bringing in fewer people per viewing?


At Downtown Suites we offer many condos and apartments in today’s rental market.

We have seen that the higher end suites ranging from $2000 per month and more are bringing in fewer people per viewing. What contributes to the lower number of viewers coming to the showings of these suites?

One of the factors is the new suites rapidly coming on the Vancouver rental market left, right and center. We have the Shangri-La, The Ritz, H&H, The Grace, The George, The Sapphire, and many others that are completing or have been completed. Suites there are often sitting empty because there is an overwhelming number of suites available in Vancouver with not enough people able to or wanting to rent.

This has a trickle effect on the rest of the rental market because prices are going down.

If these new higher-end suites are sitting empty, the owners must lower their rent.

This in turn brings all the other rental listings down, because if you have a suite that is for $2500 in a decent place, then see that the Shangri-La has one of their listing at $2500, it is heavy competition for the other suite to try and match the Shangri-La. So in response to that, the owner would have to lower their rent to be able to rent out the suite and not lose any money. Thus this is a domino effect on the rest of the rental market.

Furthermore people unsuccessfully trying to sell their property, are now putting their suites up for rent. This is contributing to the massive availability in the current rental market.

Nonetheless, all of the suites we have shown this month have seen a positive response, and great deal of interest. It is true that if rental suites are priced right, the suitable renter is not far behind.

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“Solid Economic Fundamentals” September RE Stats Show

by Victoria Farrell on October 3, 2008

News Release

Home prices adapt to affordability demands

VANCOUVER, B.C.   September 2, 2008  The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.

After five years of unprecedented increases,  housing prices are beginning to realign, REBGV president, Dave Watt said. Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.

Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.

Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.

Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.

Real Estate Board Greater Vancouver

For additional information on Real Estate and Market Conditions Please contact

Victoria Farrell

Downtown Suites Ltd

victoria@downtownsuites.com

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