The unpredictability of the real estate market

Many Vancouver Realtors are on holiday in the expectation that sales will be slow during the Olympics. Others stayed in the hope that Olympic visitors will on the spur of the moment decide to buy a holiday home in the beautiful place they just got to know. Both expectations turned out to be incorrect.
Sales are fast and it is very easy to show properties in the downtown core as long as you do not get too close to BC Place. Translink has calculated that there is 30% less traffic on the city roads but it feels like more - driving is such a pleasure now.
So far I have not heard of any impulsive real estate purchase by an Olympic visitor but maybe that is still to come. Or maybe this will only happen in the months to come.
This is such a wonderful time: happy people everywhere, an excited holiday atmosphere with lots of free entertainment and galloping sales.

30 March 09 - Increasing demand

In mid March 66 pre-construction condos were for sale in "The Beasley" at the corner of Smithe and Homer, completion 2012. Today one 1bed condo is available for sale - specific other condos have been advertized as for sale on 31 March so can only be bought tomorrow but Buyers are already lining up now!

Investors are looking to buy again and in general there is increasing Buyer demand. I just sold a lovely view condo at 2104-1500 Howe in False Creek North, asking price $748,000 and this last week negotiated several offers in West Vancouver and Downtown. To see listings of other condos in False Creek North click on http://www.falsecreeknorthcondos.com/

I hope the word also spreads to people outside Vancouver that our real estate market is improving. This is a good time to buy but some out of area Buyers expect unrealistic discounts which results in showings and negotiations that do not have any chance of leading to a sale.

21 March 09 - Substantial price reduction for new condos in The Beasley in Downtown Vancouver.

Amacon is the developer of "The Beasley" at the corner of Smithe and Homer in Downtown Vancouver. Condos are still available and Amacon just reduced the prices substantially for Buyers of the unsold condos but also for people who bought into the development already. Great initiative and good public relations. I especially like the west facing 1 bedroom condos. Completion is in 2012. To search for properties on MLS go to http://www.christinelouw.com/

Friday 20 March 09 - Lots of action this week

- Many showings, several offers and several accepted offers. I was in the third multiple offer situation in the last month.

- Investors are looking to buy again indicating a return of confidence in real estate as a good investment. My personal experience with condos in the $1,300/1,400 per month bracket is that rental demand is good.

- Booking showings for this weekend and about 35% of properties were reported to have an accepted offer. This applies to the more affordable price ranges; showings of high end properties are always easier to book.

- Still a lot of negative talk about the real estate market from Buyers. Trying to keep prices down?

-The stock market has been going up the last few days. Real estate demand has increased the last few weeks. Is this the start of a trend?

Have a great weekend! To search MLS for real estate listings go to http://www.christinelouw.com/