Cory Raven | 604-220-9399

 
I have prepared some sales stats for a client looking at buildings that are 5 years old or older in the Westend, sold between October 1st, 2007 and October 31st, 2008 and is in a woodframe, freehold building where rentals are allowed
 
Click the link below to see. 
 
Post CommentComments: 1Read Full Story

No money for Quattro buyers: developer

Courtesy of ctvbc.ca

 

Thanks to a clause in their contracts, the people who have already paid to live in a huge Surrey condominium that was engulfed by fire won't be getting their money back, the developer said Sunday.

Instead they'll have to hold tight while the damage is assessed and Phase Two of the Quattro buildings in Whalley is rebuilt -- or sell their stake to someone else, said developer Charan Sethi.

"If you want to assign the contract to someone else, you can do that," said Sethi at a town hall meeting for Quattro buyers. "We'll put a system in places so you can do so."

The building was fully insured, and unlike other pre-sale projects that have hit bumps, any extra costs won't be passed on to the buyer, he said.

Surrey hinged the promise of revitalizing the neighbourhood on the $625-million condominium project, the largest-ever commercial and residential development the city had ever seen.

More than 100 units had sold out within hours when the project went on the market. Some 116 buyers were planning to move into their units in the spring.

Instead, a fire broke out on Phase Two of Quattro on October 2, sending massive plumes of smoke into the sky and threatening to engulf nearby buildings as well.

The three-alarm fire knocked out power to over 4,000 people and threatened to topple a large construction crane.

Investigators are still trying to determine what caused the blaze, which they're saying was suspicious.

The contract clause allows for an extension beyond the initial completion date that is equal to the time it takes to repair or rebuild the building in the case of a fire. It also allows the developer a period of 120 days if there is a fire.

Other Surrey developments have had trouble not because of the fire, but because of a global credit freeze.

The developer of the Infinity project near King George SkyTrain Station filed for bankruptcy protection after one of its financial backers, Lehman Bros., went under.

The developer, Jung Developments says it's in negotiations with three local big name developers, and says it's confident that it will find the $100 million extra needed to finish the project.

Other pre-sale condominiums have run out of money as well, leaving some buyers in the lurch.

Vancouver-based Eden group canceled two condo projects due to projected cost overruns before they reached construction. Another of its condos, The Sophia, is nearing completion in the hands of a receiver.

Post CommentComments: 0Read Full Story

Derrick Penner, Vancouver Sun

Published: Thursday, November 20, 2008
 
A growing body of forecasts lean towards the downside of the real estate cycle being shallow rather than steep.

The latest assessment from Scotiabank Economics predicts price corrections in the 10- to 15-per-cent range from peak to trough nationally, though Vancouver and B.C. markets - where prices soared highest - will see more significant drops.

And the reason, according to Scotiabank senior economist Adrienne Warren, is that Canada's markets are into a cyclical decline driven by unaffordable prices pushing too many buyers out of the market, and now a softening economy.

She added that it is different from the American decline, which was driven by a glut of home foreclosures on the market due to sub-prime mortgage failures, followed by the U.S. economy falling into recession.

"I don't think we have the kind of risks that initially drove down the U.S. housing market," Warren said in an interview, "so I don't think [Canada] is going to mirror what has happened there."

Warren's assessment, in her Real Estate Trends report released Thursday, follows from forecasts by the Canada Mortgage and Housing Corp., B.C. Real Estate Association and Central 1 Credit Union, which forecast B.C. prices to fall between nine and 18 per cent before bouncing back.

Warren added that while nationally, prices will likely decline in the range of five per cent next year, B.C. market declines will be more like 10 per cent, so overall "will be a little more than 15 per cent [to the bottom]."

High inventories of unsold homes in B.C., she added, are one of the risks in that could push prices lower, as well as in the Saskatchewan markets.

Warren said prices will likely remain flat for a number of years while the affordability of housing "reaches a point that people can get back into the market."

The Scotiabank forecast is based on the assumption that B.C. and Canada will follow its current economic course. Warren said Scotiabank's economics department believes the country is entering or already in a mild recession.

However, she added that there are "almost daily" reports that downgrade projections for global growth,  and if the biggest risk to her own forecast it would be a more significant economic downturn.

The Scotiabank report noted that Vancouver had the highest average housing prices in the country at $592,658, compared with Calgary with the next highest at $402,267.

Warren said those prices are averaged over 10 months, though. Vancouver's average price peaked in February at over $630,000, and by October had fallen to almost $552,000.

However, on balance, home-price appreciation in Canada has been less than in a number of major developed nations over what has been a 10-year housing boom. However, it did outpace the U.S., where prices rose 50 per cent compared to 61 per cent in Canada over that time period.

The run-ups in Ireland, Britain, Spain, France and Australia all exceeded 100 per cent.

However, the driving forces behind the price appreciation as well as current supply and credit conditions are more important than just the run-up in prices, the Scotiabank report said.

And the Scotiabank report noted that with sales, prices and residential construction in 2008 running below their peaks, "Canada's longest housing boom of the post-war period has come to an end."

Post CommentComments: 0Read Full Story
I had a client ask me to run some numbers and thought I would share.  Given the seemingly daily news about financial crisis, US housing bubbles, $100 million dollar loans for Millennium Development's Olympic Village, and prices now declining in Metro Vancouver, I was curious as to what I would find.
 
This is just a small snapshot and doesn't look at the "macro" market.  It is for 5 year old (and older) buildings in Kits that are freehold and allow rentals.  I ran each month from October 2007 to October 2008.  We just looked at MLS sales, not at listings that were canceled or expired.  Private Sales are not part of this study.
 
Some notes that will make it easier to read
 
DOM = Days on Market, the number of days it took to sell from the time it was listed
PSF= Price per square foot.  In the real estate world, this helps us compare apples with apples.  We take the sale price and divide it by the square footage and get the price per square foot.
 
This information, although compiled by myself, is courtesy of the Real Estate Board and although assumed to be correct has not been verified.
 
Have a look, although there are signs of a "Buyer's Market" as we move from Oct 2007 to today, I think the results may surprise you.
 
I am going to be working on the same type of information sheet for other areas as well.  Is there one you would like to see or some other Real Estate question I can help you with? Drop me a line at cory@coryraven.com
 
Post CommentComments: 0Read Full Story
Property Photo: # 21 18868 69TH AV  in Surrey
I have sold a property at # 21 18868 69TH AV in Surrey.
Shows like a Display Suite! Immaculate 3 level 4 bedroom detached home with fully finished basement! Desirable Clayton Village location, shows like new with many upgrades including designer paint, crown mouldings, laminate flooring. Wired for sound throughout. 3 bedrooms on upper floor, extra bedroom in basement. Basement itself has wet bar, games or media room (wired for surround sound as well) and the bedroom. Main floor features 9 foot ceilings and backs onto a park! Come look and you will see more value here than anything comparable, including brand new homes. this home is amazing and rock solid!
Read Full Story
Property Photo: # 11 6366 126TH ST  in Surrey
I have listed a new property at # 11 6366 126TH ST in Surrey.
SUNRIDGE ESTATES. Less than 2 year old townhome with attached double (tandem) garage. Rec room could be 4th bedroom. This townhome looks amazing and is away from 64th Ave. 9' ceiling on main, many upgrades including upgraded tiles, designer paint and hardwood. Still under warranty. Low maintenance fees.
Read Full Story
Property Photo: 6154 BRIARWOOD CR  in Delta
I have listed a new property at 6154 BRIARWOOD CR in Delta.
Gorgeous Sunshine Hills rancher. Near Pinewood elementary across the street from the beautiful Watershed Park. Well laid out home features new laminate floors, washer & dryer, fresh paint, hot water tank, porcelain kitchen and bath tile,all new windows (still under warranty) and doors. Outside features beautiful landscaping on larger corner lot, newer paint and gutters. Excellent family home at affordable price (tax assessed value)in Sunshine Hills. Measurements are approximate and should be verified if "important".
Read Full Story
Property Photo: # 706 1008 CAMBIE ST  in Vancouver
I have sold a property at # 706 1008 CAMBIE ST in Vancouver.
Rennie Resales Proudly Presents Your Downtown Oasis. Much sought after but rarel y available "06" floorplan at Waterworks 1800 Cambie. Along with views to greene ry and treetops, this large 1 bedroom and den also features new maple laminate floors in entrance and kitchen; fresh coat of paint throughout. Owner occupied and lovingly cared for, suite comes with insuite laundry kitchen appliances including a new stainless steel dishwasher. Waterworks is located right in the heart of Vancouv er's famed Yaletown, a true "walk to everything" location. Complex features some of the best amenities in the city with its CLUB H2O--large swimming pool, sauna, hot tub, squash court, fitness center and a 24 HOUR concierge. INTERIOR PICS COMING SOON
Read Full Story
Property Photo: # 19 22888 WINDSOR CT  in Richmond
I have sold a property at # 19 22888 WINDSOR CT in Richmond.
3 BEDROOM and DEN TOWNHOME in Solid Richmond Builing. 2 car attached garage! The se homes do not last long! 9' ceilings on main, great functional layout, perfect for familier. Meas. Approx. Verify if important.
Read Full Story
Property Photo: # 306 910 W 8TH AV  in Vancouver
I have sold a property at # 306 910 W 8TH AV in Vancouver.
Open House Sat Oct 6th 2-4pm. AMAZING VIEWS to DOWNTOWN and MOUNTAINS from living room and private rooftop deck. Spacious 2 level 1 bedroom suite in solid rainscreened building, only minutes to the seawall! Bright and sunny with large skylight and gas fireplace. Dramatic suite, a must see.
Read Full Story
Property Photo: # 305 977 MAINLAND ST  in Vancouver
I have sold a property at # 305 977 MAINLAND ST in Vancouver.
Yaletown Park! 2 bedroom suite in the newly finished complex by Wall Financial. This unit is more than 100 sf larger than "typical" 2 bedroom suites in the complex. 1 parking/1 storage incl. Pets and Rentals OK. Come see this suite.
Read Full Story
Property Photo: # 106 827 W 16TH ST  in North_Vancouver
I have sold a property at # 106 827 W 16TH ST in North_Vancouver.
CEDARCREST. Well laid out 2 bedroom 1 bathroom. Building has been rainscreened and re-plumbed. Suite has been beautifully renovated with new paint, carpet, bathroom and kitchen incl granite countertops and laundry. Pets/ Rental OK.
Read Full Story
Property Photo: # 105 345 W 10TH AV  in Vancouver
I have sold a property at # 105 345 W 10TH AV in Vancouver.
Solid 1 bedroom located on a quiet street yet less than a 2 block walk to the new Canada Line Station and growing Cambie. PRIVATE, SERENE 1 BEDROOM with large patio. Escape the city without leaving in the renovated, freshly painted suite. Great use of space, feels larger. Solid freehold strata on Westside! Sorry no pets or rentals. 1 Parking 1 Storage. Worry free Building has been re-piped and has a new roof and boiler! All for under $300k, act fast! As a bonus, low monthly fee includes HEAT and HOT WATER.
Read Full Story
Property Photo: # 2508 610 GRANVILLE ST  in Vancouver
I have sold a property at # 2508 610 GRANVILLE ST in Vancouver.
25th floor North facing view suite. 616 sq ft 1 bedroom and den. Den could be us ed as second sleeping area. Brand new suite at the Hudson 610. Pets and rentals OK. Direct access from building to Skytrain. Dual zoned livework suite!
Read Full Story
Property Photo: # 1306 928 HOMER ST  in Vancouver
I have sold a property at # 1306 928 HOMER ST in Vancouver.
More than 100 square feet larger than "typical" 1 bedroom suites in building. Br and new, never lived in 1 bdrm plus office at Yaletown Park.
Read Full Story
Property Photo: # 1003 928 HOMER ST  in Vancouver
I have sold a property at # 1003 928 HOMER ST in Vancouver.
YALETOWN PARK 1 bedroom. Lowest priced 1 bedroom for sale in any of the towers. New development where pets and rentals are OK, including parking and storage. Pe rfect Yaletown location to live in or for investmet. Call TODAY.
Read Full Story
Property Photo: # 1303 977 MAINLAND BB  in Vancouver
I have sold a property at # 1303 977 MAINLAND BB in Vancouver.
Brand new 1 bedroom at Yaletown Park Tower 3. Pets and rentals OK. GST has been paid.
Read Full Story
Property Photo: # 34 22800 WINDSOR CT  in Richmond
I have sold a property at # 34 22800 WINDSOR CT in Richmond.
2 GARAGE ATTACHED GARAGE AND A FENCED YARD! Rennie Resales Proudly presents this updated 3 bedroom and den townhome @ Parc Savannah. QUIET unit not near highway notice like some others in complex. New paint and laminate floors, a real gem.
Read Full Story
Property Photo: 803 480 ROBSON ST  in Vancouver
I have sold a property at 803 480 ROBSON ST in Vancouver.
Northwest facing 1 bedroom with outdoor balcony. Brand new, never lived in but G ST has already been paid. Robson Street address is coveted 'R & R' building. No parking, no storage. Pets & Rentals OK.
Read Full Story
I have sold a property at 703 480 ROBSON ST in Vancouver.
Lowest Price in the building. Northwest facing 1 bedroom with outdoor balcony. B rand new, never lived in but GST has already been paid. Robson Street address is coveted 'R & R' building. No parking, no storage. Pets & Rentals OK.
Read Full Story
Categories:  | Bentall | Blog | Buyer's Market | Cameron Mcneill | Central BN, Burnaby North Real Estate | Central Pt Coquitlam, Port Coquitlam | Clayton, Cloverdale | Coal Harbour | Coal Harbour, Vancouver West | condos | Cory Raven | Downtown NW | Downtown NW, New Westminster | Downtown VW | Downtown VW, Vancouver West | Downtown VW, Vancouver West Real Estate | Fairview VW, Vancouver West | False Creek North | False Creek North, Vancouver West | False Creek, Vancouver West | False Creek, Vancouver West Real Estate | Guildford, North Surrey Real Estate | Hamilton RI, Richmond | Hamilton, North Vancouver | Highgate, Burnaby South | Highgate, Burnaby South Real Estate | King George Corridor, South Surrey White Rock | King George Corridor, South Surrey White Rock Real Estate | Kits | Kitsilano | Lower Lonsdale, North Vancouver | MAC | MAC Marketing Solutions | Main, Vancouver East | Market Trendz | Market Trendzs | Market TrendzsPanorama Ridge | Marpole | Marpole, Vancouver West | Mortgage | Mortgage Rates | Mount Pleasant VW | Mount Pleasant VW, Vancouver West | New Westminster | Panorama Ridge, Surrey Real Estate | Prime Property | Queensborough | Queensborough, New Westminster Real Estate | Raven's Real Deal | Raven's Real Deals | Re | Real Deal | Real Estate | Rennie Marketing | Sunshine Hills Woods, N. Delta Real Estate | Surrey Real Estate | TAC real estate | Technology | Twitter | Vancouver | Vancouver Bubble? | Vancouver listings | Vancouver Real Estate | Vancouver West | Vancouver West Real Estate | West End VW | West End VW, Vancouver West | West End VW, Vancouver West Real Estate | Westend
Please excuse the mess while I upgrade my website.  In the meantime, you may access all my blog posts by clicking here.
Please excuse the mess while I upgrade my website to provide you with even more timely and topical information on our market and the process of buying and selling.  In the meantime, you can access my blog by clicking here
Cory Raven
Telephone:604-220-9399
Cory Raven - Managing Broker
RE/MAX Select Realty
4806 Main Street
Vancouver, BC
V5V 3R8