experts: real estate column Thursday, October 04, 2001

North Shore Real Estate Update: ("Grave") New World?

On Tuesday Sept 11th we awoke and learned that the world had changed. The stability of the 10th had given way to a world economy reeling from a terrorist "body blow"

By Alan  Skinner

On Monday Sept 10th at 6:30 pm I sat with clients signing a listing agreement on their Edgemont Village home. It was listed in the mid $500k's. On Tuesday Sept 11th we awoke and learned that the world had changed. The stability of the 10th had given way to a world economy reeling from a terrorist "body blow". Not immediately, but as that week unfolded, I came to fear that my clients' home may now be overpriced, in that "confident demand" may be waning. That Sunday, almost a week later, we held the first open house. I was encouraged by the visit of almost 35 parties. Later that evening I was phoned to say that 2 offers had been written and after being presented on the Monday, we had an accepted "deal" at $11,000 over the asking price. Conditions were removed later that week and we were all able to say, "There, I was sure that our sale wouldn't have been affected". But, could it have been ?

The September market, based on the Real Estate Board figures, shows no negative effect of the happenings of the 11th on our North Shore microcosm. Sometimes reporting delays can cause this to be deferred and we should see that in next month?s report if it has occurred. Again in North Van, all segments show higher numbers of sales with detached average prices up a few percentage points and both attached and apartments lower (2% and 10% respectively). Inventory remains well below last year at this time - detached (-17%); townhomes (-11%) and apartments (-19%) - a healthy sign.

In West Van the inventory picture is different with both detached and attached up 7% and 3% respectively. Apartments are however down by 36%. West Van is actually doing almost as well as last year (numbers of sales that is) with about 4 /5 % less units selling in each of the segments. Average prices are mixed but not markedly changed.

All in all, we in Canada, British Columbia and here on the North Shore, can have some confidence that, while the effect of global strife is not to be ignored, we should be less susceptible to significant corrections than many other parts of the globe. We in this fortunate part of the world must continue to fight the "-isms", among which racism and terrorism loom large.

Please join the group subscribing to the e-mail version of this "update" - send a request now to northshore@canada.com and you'll be assured receipt, or phone me at (604) 988-7368 for your monthly fax copy.

Please don't hesitate to call/e-mail with any questions on local real estate, whether buying, selling or just looking at future options.




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