Vancouver Condos

[Charly]

Hi Folks

My friend is moving to Vancouver and is thinking of buying a studio or one bedroom condo. She is not familiar with the market and has been wondering if she should buy now or wait. She is hearing stories that the Vancouver condo market is overheated and hears about a possible drop in prices. She has also been hearing of "beware of leaky condos".

I thought I would throw it out to you guys. Anyone living in Vancouver? Any advise you can give or shed some light on the Vancouver market. She is interested in West End, Downtown, North Vancouver, Coal Harbour areas. approx $300,000.

Any advise at all on these areas and Vancouver condos would help.

Any good buildings I can point her to that are well managed and solid? She does not want anything to do with Leaseholds nor co-ops.

 

[fortune]

The leaky condos were more of an issue with buildings built in the early 80s and late 90s. This hasn`t been an issue with newer buildings with an age of 10 years or less.

 

[Charly]

[quote name=`fortune` date=`Sep 23 2009, 12:56 AM` post=`66189`]
The leaky condos were more of an issue with buildings built in the early 80s and late 90s. This hasn`t been an issue with newer buildings with an age of 10 years or less.


Thanks, I will pass that on to her. Do you live there? Do you know if the condo market is going to go down or up next year?

 

[RobMacdonald]

By all accounts, the market is fairly hot here. Many of the clients I`ve been dealing with have been having difficulty getting their offers accepted. We`re seeing multiple offer scenarios etc.

She needs to make sure that she has a good realtor on her side that get get her in early. I would be happy to make an introduction if you require.

 

[Dan_Eisenhauer]

Hi Charly;

I am helping a REIN member sell their home through a Rent To Own program. If your friend is interested in that, he/she can get some more information by clicking here, or by getting in touch with me directly.

It is close to the corner of Broadway and Oak.

Cheers,
Dan

 

[Thomas Beyer]

QUOTE (Charly @ Sep 22 2009, 03:28 PM) ... She is interested in West End, Downtown, North Vancouver, Coal Harbour areas. approx $300,000.

...
do a search on www.mls.ca .. likely NOT MUCH in downtown, West End or Coal Harbour under 350 to 400K ..

N-Van is much more affordable .. lots of choice !

Or further out: Burnaby, Coquitlam, Surrey, Richmond, PoCo ..

QUOTE (Charly @ Sep 22 2009, 03:28 PM) ... buy now or wait ?...
Why wait ? For prices to drop ? or for her income to rise ?

Prices in a year or 2 WILL BE HIGHER in Vancouver .. so if she wishes to own then I`d say NOW .. not in a year or 2 or 8 ..

 

[Charly]

Thanks Thomas:

I will pass this on to her. I directed her towards North Van. I lived in Vancouver and told her probably best to jump NOW as prices always seem on the rise there.


QUOTE (thomasbeyer2000 @ Sep 26 2009, 06:33 PM) do a search on www.mls.ca .. likely NOT MUCH in downtown, West End or Coal Harbour under 350 to 400K ..

N-Van is much more affordable .. lots of choice !

Or further out: Burnaby, Coquitlam, Surrey, Richmond, PoCo ..


Why wait ? For prices to drop ? or for her income to rise ?

Prices in a year or 2 WILL BE HIGHER in Vancouver .. so if she wishes to own then I`d say NOW .. not in a year or 2 or 8 ..

 

[TheVancouverMarket]

Hi Charly

I am a Vancouver realtor and know the sub $300k market very well. I know the good buildings and the bad buildings.

I work daily in the following areas. Downtown, Westside (from Main to Point Grey) and a handful of Eastside markets (Strathcona, Fraser & Knight) and the Lonsdale area in North Vancouver.

I can provide your friend with a solid overview of current market trends and what might be likeley for end 2009 and early 2010. My style is very much the `no hard sell` approach. I love to talk real estate, so don`t hesitate to mail me at:[email protected].


I also own investment real estate in the area that I work. The sub $300k market is very tight at the moment (i.e fewer listings) but very doable.


The markets with the largest choice in that price range are: Downtown and Lower Lonsdale (North Van)


I can find great properties in that price range in the heart of Downtown one block walk from the new RAV line. Sizes of properties tend to be in the 550 to 570 sq/ft range for that price bracket.

There are leaky condos in these areas and I will show you how to spot them.

Look at Lower Lonsdale in in North Vancouver too. You can find an units in the $250-$270,000. Condo sizes are larger here:between 600 to 725 sft for your money. The bonus is that the Seabus is a short walk and that takes you directly across the water to Downtown Vancouver in 5 minutes and you also link straight in to the new RAV line (which is awesome) from the Seabus terminal.

There are some key challenges to the market right now: shortage of property listings, high demand, rising prices and the return of multiple/competing offers in all parts of the City.

However, a softening trend is starting to show in the Months of Inventory (MOI) numbers. Some think this heralds a softening of the market. They might be right. We may be approaching another price peak. The current sales activity seems unsustainable. On the other hand will the market bomb 30% next year. Even the skeptics don`t think so any more !

I can send you all the latest listings the moment they hit the market as soon as they your friend needs them. Let me know if you want more info.

 

[TheVancouverMarket]

 

[Thomas Beyer]

QUOTE (TheVancouverMarket @ Sep 30 2009, 02:55 PM) ... The sub $300k market is very tight at the moment ... one block walk from the new RAV line. Sizes of properties tend to be in the 550 to 570 sq/ft range for that price bracket.
..
2 questions:
a) What`s a RAV line ?

b) 550 to 570/ft .. and under $300,000 K: sub 500 sq ft apartments !!What do they rent for in N-Van or downtown ?