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Month: May 2012

by Maggie Chandler Maggie Chandler No Comments

How Do I Make My Vancouver Condo Visually Larger?

You’ve heard of staging your Vancouver home in order to maximise the appeal and visual effect for buyers. But have you thought of making your Vancouver condo appear bigger visually? Hire an Vancouver interior designer! It’s all about the illusion of space rather than having more space. Here’s a few tricks you can do yourself. This is part of my Seller Services for Vancouver property owners.

Vancouver New Condos Are  Staged To Perfection

Visit the presentation centres for new Vancouver condos because they’re staged to perfection! Notice you can stand in one corner and look to the other corner without any obstructions. Think in terms of not wasting space. Make use of the space under your bed, try built-ins. Let the light in, don’t use window dressings that block the light. White ,pale or neutral colours best reflect light and keep it simple with one colour per room, it expands the space. Read more

by Maggie Chandler Maggie Chandler No Comments

Would You Hire This Vancouver Realtor to Sell Your Property?

The world is constantly changing, as is the Vancouver real estate business!  As we’ve moved from a Vancouver sellers market to a buyers market I’m observing some scary business practices by Vancouver realtors, so thought I’d give you the heads up. Be very selective when you hire a Vancouver realtor to sell your property! Be sure they’ve actually worked in a buyers market previously (’90s). Do they understand the Law of Agency and have they explained it to you? As a buyer or seller agent we have an undivided loyalty and responsibility to keep the confidences of the principal. The sellers agent can’t ask the buyer personal questions when we show the listing, nor call the buyers agent after and ask for buyer feedback.

Vancouver MLS

Sellers list their Vancouver condo on the MLS which is run by REBGV and the fee is paid by the listing agent. Some agents follow the rules and give full co-operation to the buyers agents, some don’t. Either they don’t return your call or they have a reason why it can’t be shown. And many realtors aren’t punctual.  Currently, the majority of real estate agents take the listing at the sellers price, which is above market value. This ensures the property won’t sell. Why not give the correct Vancouver housing market outlook, together with a realistic evaluation, to the seller and let them decide if they wish to sell now or not? The result is high inventory with many overpriced properties. Read more

by Maggie Chandler Maggie Chandler No Comments

Which Are The Worlds Top Ten Hottest Real Estate Markets?

I always find it interesting to see who made the  Top Ten hottest real estate markets in the world.  2011 global real estate markets saw prices rise a mere 0.5 percent. But over the past five years, prices have registered huge gains. CNBC has put together this list, based on research by Knight Frank. Countries are ranked according to highest average growth in housing prices from the fourth quarter of 2006 to the same period in 2011.

How is the Average Property Price Calculated?

The national five-year averages reflect mainstream housing prices in most major cities in all the listed countries expect China, which only includes home prices in Beijing and Shanghai. Read more

by Maggie Chandler Maggie Chandler No Comments

Is It a Vancouver Condo First Time Home Buyers Paradise?

I’ve been a Vancouver real estate agent for years and I consider the current market to be the most advantageous for Vancouver condo first time home buyers, for a multiple of reasons.

Low Interest Rates Will Save You Thousands of Dollars

It’s not just what the 5 year mortgage rate is, it’s the interest over 25 years that will save you a huge amount of money. Currently rates are almost at a historical low. As well, its a competitive Vancouver buyers market and the developers are offering great  incentives that you won’t get in a hot sellers market. You can settle for a smaller Vancouver property because most new buildings offer great facilities. Read more

by Maggie Chandler Maggie Chandler No Comments

Do You Qualify for Vancouver Property Purchase Tax Exemption?

If you’re a first time Vancouver home buyer you may qualify for an exemption from the property transfer tax, which currently is 1% to $200,000 and 2% on remainder and payable on closing date to your lawyer, who forwards it to the BC Government.

Required Qualifications for Vancouver First Time Home Buyer

You are a Canadian citizen or permanent resident and have lived in BC for 12 consecutive months immediately prior to the date you register the property, you’ve never owned an interest in a principal residence anywhere in the world at any time and finally, you have never received a first time home buyers’ exemption or refund Read more

by Maggie Chandler Maggie Chandler No Comments

Admire the Views From This Coal Harbour Condo For Sale

The views don’t get much better than from Coal Harbour condos. I just listed unit at 1328 West Pender, which is a block to the seawall and Vancouver  waterfront. Open May 19th 1-3pm.

What’s the Best Feature of This Condo?

Apart from my beautiful Coal Harbour views on the 28th floor, I have many features. I have new engineered hickory hardwood floors, as well as a new stainless steel gas stove with a super large oven and my kitchen has thick granite countertops and marble floors. I’m a well laid out one bedroom and small den with a  low maintenance fee  $468,000 Read more

by Maggie Chandler Maggie Chandler No Comments

Have Coal Harbour Condo Prices Dropped on Bayshore Drive?

Vancouver’s most prestigous waterfront neighbourhood of Coal Harbour has seven condo buildings on Bayshore Drive. Currently there are 26 properties for sale and thirteen sales year to date, averaging three sales per month, resulting in just under 9 months of inventory. There have been no sales yet in May. Average sale price is $1.848.243 and $1028psf. with an average of 51 days to sell. Three condos sold over $2M. So, have Coal Harbour condo prices dropped on Bayshore Drive?

Are Bayshore Drive Property Prices Higher Than a Year Ago?

Compared to same period last year – 19 sales with an average sale price of $1,624,567 and $933psf with an averae of 86 days to sell. Five Bayshore condos sold over $2M. The average sale price is up, compared to a year ago but sales are less.

Is it a Sellers or Buyers Market on Vancouver’s Bayshore Drive?

In Coal Harbour it is now a buyers market and it is on Bayshore Drive as well, as the inventory is high compared to the number of sales per month.  Sellers are accepting an average of no more than 4% off list price. Buyers are cherry picking the best view properties that are listed at the best price.

Please leave your comment at the bottom of the page, on Facebook.

P.S. I am your Vancouver real estate condo realtor!

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by Maggie Chandler Maggie Chandler No Comments

How Much Have Yaletown Condo Prices Dropped?

How much have Yaletown condo prices dropped over the past year? A whopping 27% lower than April 2011. Vancouver’s Downtown waterfront neighbourhood of Yaletown saw its prices on a roller coaster decline since peaking in Jan’11. Number of listings for sale have been on the rise since Dec’11 and are at the same level as Oct’10. Sales have been on a downward roller coaster since Mar’11 and dropped 30% from previous month. Nov’08 was the lowest month for sales.

How Long to Sell a Listing in Yaletown?

However, days on the market for Yaletown real estate continues to decrease and sits at 27.  Yaletown townhomes took an average of 64 days to sell. Average $psf is down to $708. Read more

by Maggie Chandler Maggie Chandler No Comments

How are Vancouver Real Estate Prices in Kitsilano?

Vancouver’s waterfront neighbourhood of  Kitsilano saw April real estate prices mixed, with houses falling a whopping 25% compared to a year ago, townhomes up 10% and condos up 5.5%.  House sales were up 40%, townhomes dropped 30% and condos dropped 30% from a year ago.  Listings dropped 12% for houses and increased  22% for condos and 70% for townhomes. All categories performing differently.

How Long to Sell a Listing in Vancouver’s Kitsilano?

In April 2012 days on the market forVancouver houses in Kitsilano was up 7% less vs. a year ago, to  25 days. Townhomes took an average of 17 days and was down 61% from a year ago and condos took an average of 43 days to sell, up 23% from a year ago. Average $psf for homes is $790, townhomes is $742 and condos $690. Read more

by Maggie Chandler Maggie Chandler No Comments

How’s Vancouver’s Downtown Condo Market?

Vancouver condosVancouver’s Downtown condo market in April showed the average sale price rose to $518,068, up from $334,000 in Jan’06!  January was the peak and April was higher than March. Prices are up 0.5% over the last year, whilst total listings have now flattened and are equal to a year ago. Sales are down a whopping 20% from a year ago and lower than March, having peaked in Oct’09.   It’s taken an average of 45 days to sell a property in April, which is 49% longer than a year ago and the average $psf is 654, equal to a year ago. This Vancouver  neighbourhood is doing well, given current market conditions.

How Have Vancouver Downtown Condos Performed Vs. Townhomes?

Over the last year Vancouver Downtown townhomes have dropped 11.6% and condos have risen 1.1%. Townhomes peaked in Oct’09 and condos peaked in Jan’12.

Where’s the Best Value for Vancouver’s Downtown Properties?

Overall, the average sale price for 3 bedroom properties dropped 50% over the last year (lack of high end sales?). Two bedrooms gained 3.3% and one bedrooms performed the best with a 8.8% gain. We’ve returned to a lower priced market.

What’s your opinion of the Vancouver Downtown Condominium market? Are you buying or selling? Please leave a comment at the bottom of this page on Facebook.

Buying or Selling a condo or townhome in Vancouver’s Downtown? I come armed with stats and graphs, hyperlocal info, strong communication skills, all coupled with decades of experience!

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by Maggie Chandler Maggie Chandler No Comments

How Much Have Real Estate Prices in Vancouver’s Coal Harbour Dropped?

Vancouver’s condo market in Coal Harbour saw April’s average sale price down to $1,202,000 vs $1.187.000 a year ago and sales continued dropping, now half of what they were a year ago, with half of them under $750,000 and 40% between $1.050,000 and $1.8M. Solds took  longer to sell at 78 days.  The average price psf was down to $832, having achieved a peak in Oct’08 at $1015 and roller coastering since then.  Coal Harbour’s current listings are down slightly to 203.   Monthly new listings are now plateauing.  Sellers on average moved 5% off List Price.

Compared to a year ago, average price for Vancouver’s Coal Harbour townhome and condo 3 bedrooms was up 20%  (average price $3.1M), 2 bedrooms lost 20% (average price $1.003.000) and are equal to Feb’11 price.  One bedrooms fell 7.7% (average price 473,800).

Overall average sale price peaked in Nov’11 at $1,766,000, fell to $1,009,000 in January, up in Feb, down in March to $1,004,000 and up in April to $1,187,000. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for April 2012

Let’s drill down the stats for Vancouver real estate in April. Vancouver (west side) real estate graph shows average sale price for houses (-1.8%)  and condos (-4.5%)  has slipped from a year ago but townhomes are up(+10%).  We are definitely in a niche market. Greater Vancouver stats are different to Vancouver’s west side stats and neighbourhoods are performing differently, as are types of properties within those neighbourhoods. We can break it down further and say that one bedroom condos are performing better than two and three bedroom condos overall, but that varies from neighbourhood to neighbourood. We can also tell you that certain price ranges are performing better than others and that varies for the type of property. Welcome to hyperlocal information!

Which Vancouver Property Type has performed the Best Over the Last Year?

Houses! Their average sale price increased a $1M since Jan’09 vs. $370,000 for townhomes and $100,000 for condos.  But because houses had the strongest price increase over the last three years they may be poised to have the largest correction. Due to the reduction in sales from Chinese buyers at the upper end, the average price which was spiked due to this specific market, is now declining. But the local market which didn’t see the spike isn’t undergoing the same decline. Read more

by Maggie Chandler Maggie Chandler No Comments

Greater Vancouver Real Estate Sales in April Back to 2001 Levels

REBGV has just released the Greater Vancouver real estate stats for Aprril 2012. In a nutshell, listings are up, sales were the lowest total for the month since 2001 and 16.9% below the 10 year April average. I prefer to use the average price vs the benchmark price as I think it’s more realistic. Compared to a year ago the average for Greater Vancouver dropped 7.3%, townhomes 1% and condos 7.7%. View the graph

What are the Statistics for Property Listings?

Greater Vancouver property listings, compared to a year ago, were up 9.7% for houses, 9.4% for townhomes and 12% for condos

How did Home Sales Do in April?

Vancouver homes sales were down 19.4% for houses, 21.8% for townhomes and 0.8% for condos, compared to a year ago. Days on market up 30% from a year ago for houses, up 19.8% for townhomes and 13.2% for condos. What’s the average sellers moved from their list price? 2% for homes, for townhomes and condos 0.6%. Read more

by Maggie Chandler Maggie Chandler No Comments

What’s Selling Best in Vancouver’s Condominium Market?

If you’re a seller in our current  buyers market you need to understand the Vancouver condominium market and what price range is selling the best. If  you’re not in that price range,  will have to decide if this is the right time to sell and if it is, how to aggressively market and price your Vancouver  property to achieve the right results.  If you are a Vancouver buyer in the current buyers market, you need to analyse what  price range is the strongest and weakest,  so as to determine what percentage off the list price is achievable.

Are Vancouver One Bedroom Properties Outselling The Competition?

The stats for April show a total so far of 179 condos sold in Vancouver’s west side, of which 91 are one bedrooms and 80 are 2 bedrooms and only 8 are three bedrooms.

60% of  one bedrooms sold under $400,000 and 90% were under $500,000. One bedroom average days on market was 36.  Average sale price of $402,000 and $626psf.

50% of two bedroom sales were under $600,000 and only 15% were over $1M. The two bedrooms had an average of 46 days on the market, average sale price of $732,000 and $672psf.

Which Price Range Has the Most Property Sales in Vancouver?

55% of total Vancouver condo sales were under $500,000 and only 7% were over $1M.

With 75% of the sales under $600,000 it’s slim pickings for sellers with condos priced above that. As Cameron Muir at BCREA said, the higher price ranges pushed up the average sales price due to the high volume in that range and now the high end buyer has diminished, the average price is falling. In fact, the lower price range of the market is doing fine.

What’s your opinon of the Vancouver condo market? Leave a comment on Facebook, at the bottom of this page.

Buying or selling your Vancouver condo? I come armed with stats and graphs, hyperlocal info and decades of experience!

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Contact Maggie Chandler today to find your Vancouver dream home