I just sold a really cool four level townhouse in Kitsilano at 2518 West 4th Avenue. This unit is in a small self managed complex with unheard of strata fees, great private decks and unobstructed views of English Bay from the master bedroom. This is one of the more unique condos or townhouses in Kits I’ve had the pleasure of not only viewing, but also selling for a client. I know they will be really happy in this property and look forward to seeing the home once they’ve added their great decor ideas!
I had one of the best customer service experiences this morning in my local Yaletown JJ Bean. Normally I’m not one to going on about a coffee experience on my real estate blog, but I always feel that credit should be given where credit is due...
I walked into JJ joining the Thursday morning rush when my phone rang and it was one of my good clients. I figured the lineup was going to take a while so I’d step outside the door and let it die down before placing my usual order. About 3 minutes later one of the awesome staff members came outside and said “Sorry to interrupt, but I saw you walk in so I started making your drink and I didn’t want it to get cold”. I was absolutely blown away! Not only do these guys remember hundreds of regulars drink orders on a daily basis, now they are bringing me my drink before I have even ordered it! Now I know at the end of the day some people might think he was “just doing his job”, but I think he clearly went above and beyond the call of duty. As someone who believes in (and makes a living off) giving people an incredible customer experience, I must say the JJ Bean staff hits the mark every time!
It doesn’t matter if I’m spending hours on end trying to get an assignment done for school or just having a quick meeting with a client to sign off an offer; I can always count on a great experience at any of the JJ Beans around Vancouver. If you’re lucky enough to have one of the locations in your neighborhood then ditch the chain coffee joint and support a great local business!
I have just recently sold this listing at 11691 7TH AV, Richmond.
Yaletown
The vibrant community of Yaletown located in the Downtown core of Vancouver is a young professional's playground. Featuring some of the best restaurants, shopping and real estate in the city makes Yaletown the place to be. Yaletown features 27 heritage buildings in the area featuring exposed red brick and softwood beamed warehouse lofts. In contrast this sub-area of Vancouver has some of the most modern and luxurious condos in North America. The name is as old as the heritage buildings. In 1886 when Canadian Pacific Railway (CPR) moved it's rail yards here from Yale, Fraser River Canyon the name Yaletown quickly caught on. In 2010 we saw The Canada Line open in the heart of Yaletown at Davie and Mainland, making it possible to get from Yaletown to YVR international in under 20 minutes. If you’re in Vancouver on a Saturday night be sure to check out some of the great restaurants in Yaletown.
Like many other people in Vancouver I was disappointed in the market report that was published by the Great Vancouver Real Estate Board on Monday. I’m sure if you are reading this you probably had a chance to view some of the numbers, but in case you didn’t have the chance you can catch up here. I’m having lots of clients inquiring about what their next move should be with all the uncertainty in today’s market so I thought I would take a second and give a quick overview.
I honestly still think Vancouver is a safe place to have your money. With my profession I know I’m slightly biased, but I also own a condo on Vancouver’s Westside so I do have my money where my mouth is. When it comes to buying home and investment properties I say you should continue looking!
Monday’s stats tell us there is a huge supply of inventory on the market right now. We are seeing more than a 16% increase in inventory compared to May 2011 and a 14.4% increase from April 2012. What is important to point out is that overall prices haven’t dropped, but the volume has. The Greater Vancouver Region benchmark price for all residential properties was actually up 3.3% from this time last year and up 2.4% compared to the last three months. What we are seeing now is simply a shift in the demand curve. There are less Buyers on the market right now, but enough for us to see continued growth at a slower rate then we’ve become used to.
I think when it comes to buying and selling we should be aware, yet welcoming to the current situation. It’s good to see markets with slow steady continuous appreciation. What I can say is we are currently in a balanced market. I have seen a decrease in volume, but an increase in prices (overall). It’s also important to point out that no one side in the game of Buyers and Sellers appears to have the upper hand at this point.
BUYERS
So what does this mean? It means keep shopping! It means we haven’t seen this kind of inventory in a long time! It means that you as a Buyer have more bargaining power when negotiating terms and price in the contract! If anything you should take advantage and try to capitalize during times like this. Stick to your wish list and find the perfect home or investment property now while you have the better negotiating position with lots of properties to choose from!
SELLERS
If you own a property and are thinking of Selling it’s not going to be the end of the world. The bubble isn’t bursting. In fact it really depends on what side of the bubble argument you’re on as most economists can’t seem to agree as to whether Vancouver is even a bubble market (but we’re not here to talk about the bubble situation that will have to be another post!).
When it comes to selling your property I think it’s more important than ever to pick an agent that understands this balanced market. Now is not the time to have a inexperienced agent walk into your house and “buy your listing” by flashing a huge number in your face (as I can guarantee you more then ever you will be reducing the price within two weeks to market value). On the flip side now is also not the time to slash prices and give away your property. It’s important to pick someone to represent your home who is using “outside the box” marketing techniques and actually succeeds in creating a buzz over the listing. In this market you need someone working for you that isn’t afraid to roll up their sleeves and get to work.
