experts: real estate column Sunday, September 10, 2000

THE MIXED MARKET ON OUR SIDE OF LIONS GATE

North and West Van have had differing (read unpredictable) real estate report cards.

By Alan  Skinner

As I write this, summer is concluding and the rain is teeming down. Are we downhearted? No! Should we be downhearted? No! I?m sure we can all look back on a happy (or at least pleasant) season with hopefully some R and R thrown in, even though North and West Van have had differing (read unpredictable) real estate report cards. North Van continues the 2000 trend of fewer sales (year to date) in each segment, detached down 9%, attached down 27%, condo apartments down 28%. BUT, despite this, all average prices here are up from this time last year (6%, 2% and 1% respectively). The one concern in the short term however is the higher inventory (detached up 14% and townhomes up 12%). Condo apartment inventory is the contrarian down 14% and likely reflecting a ?if I don?t absolutely have to sell now, I?m holding off? mentality. Your scribe was involved in the sale of possibly the lowest priced condo, a foreclosure on a one bedroom unit in lower Lonsdale. This had been on the market for some year-and-a-half when the lender took control of the sale (purchased at $99,000 in 1998) and after being priced at $89,000, sold (with court approval) at $81,500. It is my belief that a buyer got an excellent deal but this will happen when only one ?gutsy? buyer writes an offer. West Van is a different ?kettle of fish? all categories have increased numbers of sales and average prices (detached sales up 25%, av. price 16%; attached 30% and 4%; apartments 12% and 20%). These are fairly significant statistics in the Greater Vancouver arena. To complete the picture - inventories of attached and apartment are down; (13% and 14% respectively) with detached up 5%.

My response to the question at the outset, ?No reason for any sort of pessimism? - the North Shore remains a highly desirable location (on a majority of fronts natural beauty, commuting, education, health services, crime statistics, skiing, hiking should I go on??). I realize that the majority of my readership is locally based so I know I am ?preaching to the converted? but, hey, you know a little navel gazing never hurt anyone. To you other folk, our ?first? bridge will soon be completed, so, to paraphrase Mae West ?please, come up and see us sometime!?.

Please don?t hesitate to call/e-mail with any questions on local real estate, whether buying, selling or just looking at future options.

Alan is the host of ?The Real Estate Show? (a Media Mentors? production) heard every Sunday between 2 and 3 pm on CFUN AM 1410 (?Talk with Attitude?) - Listen in Phone in with your questions!




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Recent Articles by this columnist:

Keeping Realtors Honest
Tuesday, August 12, 2014


How well do we stack up?
Tuesday, July 29, 2014


Resistance to change and compliance delay
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All articles by Alan  Skinner

Related Links:

http://www.alanskinner.com/

http://www.cfun.com/realestateshow.htm

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