experts: real estate column Wednesday, June 02, 1999

RECESSION? WHAT RECESSION?

By Ozzie Jurock

118 sales over $1 million in West Van and on the Westside in the first 4.5 month of 1999 ... not too shabby, particularly when you consider some of those big deals went OVER LIST Price. Such as the property listed on Marine at $2,850,000 and sold for $2,900,000 or the house on CHURCHILL listed at $1,100,000 and sold for $1,152,000. Most of the big ones however sold for less ... a lot less ... a LOT LESS:

            List         Sold
LANGARA     1,395,000    1,100,000
W 55TH A    1,480,000    1,128,000 
W 57TH A    1,438,000    1,138,000
W 35TH A    1,380,000    1,150,000 
W 53RD A    1,490,000    1,150,000 
W 48TH A    1,555,000    1,180,000 
ANGUS DR    1,600,000    1,200,000 
WILTSHIR    1,580,000    1,280,000
W 40TH A    1,688,000    1,360,000
NARVAEZ     1,790,000    1,400,000 
PUGET DR    1,980,000    1,430,000
CHURCHILL   2,680,000    1,625,000!
MARGUERITE  2,190,000    1,650,000!
SEASIDE     2,295,000    1,865,000
MATTHEWS    3,800,000    2,700,000!
CHURCHILL   4,688,000    3,505,000! 
MATHERS     3,750,000    3,600,000 
BELLEVUE    3,999,000    3,700,000
And yes, 65% were Chinese buyers, mostly from - yes - Hongkong! A bad market is one without deals. If two suburbs of Vancouver can have 118 sales over a million in barely 5 months (in 1989 we didn't have 70 sales over 1 million in all of Vancouver all year), then all of our markets WILL recover! Yes, CMHC reported that housing starts slipped and forecast fewer new ones (a sure sign of a bottom), yes things are still tough in many Interior and Vancouver Island areas, but we are turning the corner. Inflation is heating up in the states (see above) and the rest of Canada, BC won't be far behind.




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