Monthly Archives: July 2013

Issue 19 – July 2013

GREATER (METRO) VANCOUVER

JULY 2013 QTLY UPPER-TIER REAL ESTATE UPDATE

 BEING THERE WHEN HISTORY IS MADE ?

 In May of this year, history was made in Vancouver. We, at Homes of Provenance, are pleased to have been able to discuss this disposition and acquisition with the representative Realtors of both the seller and the buyer. We are speaking, of course, of the sale of the Fairmont Pacific Rim penthouse for $25MM in May.

This two-level jewel crowning the 47 story strata hotel on West Cordova was brought to market in August of 2011 at a price of $28,800,000. It is assessed, for property tax purposes at $16,991,000. The listing Real Estate company was Angel, Hasman of West Vancouver, represented by Malcolm Hasman, a well-respected and experienced Realtor involved in large part with the sale of upper-tier homes. The buyer was represented by Sasan Fazli of RE/MAX Crest Realty, part of the RE/MAX Metro Vancouver Group. Homes Of Provenance, whose Realtors are all licensed members of the 10 office “Metro” is pleased to have been associated with this momentous occurrence.

A fascinating side-bar to this story (property transaction) is the fact that the buyer’s representative Sasan Fazli concurrently assisted the buyer with the acquisition of both units 4601 and 4602 (sub-penthouses) in the same building.#4601 listed at $21,000,000 (assessed at $8,796,000) and sold for $15,000,000, a 4015 sq ft, one level – 3 bedroom, 4 bathroom unit is located below the abovementioned penthouse as is 4602. This was listed at $11,288,000 (assessed at $6,997,000) and sold for $9,750,000. At 3,358 sq ft, this 2 bedroom, 3 bathroom. A sum total of $49,750,000 for the three with an aggregate of 13,807 sq ft and generous outdoor patios for each unit. It is feasible that the buyer might “connect” one or both of the two lower dwellings with internal stairways. We are attempting to “interview” the two representatives and, if successful, will attach one or both of these “interviews” to this Update on the HomesOfProvenance.com website.

We feel it is of interest to explore some of the dynamics which brought this marketing to a successful conclusion. Indeed, in its simplest form, this is an example of the culmination of the interaction between a willing buyer and three willing sellers. Some details are obviously a matter of record, but these two representatives must respect the various parties’ privacy and
sensitivity.

There is evidently a serious level of demand for our city’s upper-tier residences and an active market in these. This serves to confirm the assertions made and reported in our last (first quarter) update. It is our considered belief that this demand will grow by leaps and bounds and transactional statistics will expand for Metro Vancouver in our arbitrarily chosen boundaries for the “upper tier”. Not a week goes by where we do not have some discussion as to the appropriateness of these parameters. At this point they shall remain as defined in the following figures.

Now the second quarter 2013 figures extracted from the REBGV database.

Detached homes sold [$2MM and above] 2013 – 385 listings sold vs. 2012 – 295 sold (an increase of 30%). Highest sale $16 MM (’13) vs. $12.030 MM (’12). This property – at 4815 Belmont Ave, Point Grey, sold in Apr’13 after 19 days on the market, originally listed at $17.5 MM, 4 bed/4 bth, it is a 3,625 sq ft structure on approx 52,000 sq ft, water and mountain view lot– in beautifully landscaped garden. An impressive 48 year old University area home, tax assessed at $13.268MM. A unique property and a distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2013 – 86 units sold vs. 2012– 74 sold (an increase of 16 %). Highest sale $4.75MM (’13) vs. $2.598 MM (’12). This property, at the Kingswood, W14th Ave in Fairview sold in May ’13 after 22 days on the market and was originally listed at $4.999 MM. One of 18 luxury adult, concrete construction terrace homes with outstanding views. 3bd/5bth and 4,366 sq ft of living space. A luxurious home lushly landscaped with a 6,700 s/f wrap-around terrace.

Apartments [$1MM and above] 2013 – 122 units vs. 2012 – 122 sold. Highest sale $25 MM (’13) vs. $4.338MM (’12). This is the penthouse, 47th Floor 3 bed/4 bth apartment, 2 full levels – 6,434 sq. ft. in the Fairmont Pacific Rim which graced the “current inventory” section below for almost 2 years – aptly described as “the most prestigious ocean front penthouse in the city” and “truly world class and without comparison” . Listed originally at $28.8MM, it sold in May ’13 after 643 days on the market. Tax assessed at $16.991MM. (see above).

Here again are the current inventory (listings) figures:

Detached ($2MM and up) 1422 – Highest $29.88MM * – 45 at $10MM plus
Attached ($1MM and up) 185 – Highest $4.998 MM** – 10 at $3MM plus
Apts ($1MM and up) 391 – Highest $19.88MM*** – 3 at $10MM plus

* 5633 Newton Wd ¾ ac lt. 6bd, 8bth- 14,000sq ft arch. designed mansion
** 2474 s/f. Yaletown 1576 Homer Mews (Erickson) t/hse – 3bd/3bth
*** Penthouse at Harbour Green II 3bd/5bth, 2 lvl, 6018 s/f, 1139WCordova

Note: We place little store on “asking” prices, as the only true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines that unique properties are challenging to price and, in certain markets, very few may sell.

Please visit our website for new developments.  We continue our promise to keep you up to date on Vancouver’s HomesOfProvenance.com  – the “go to” site for Upper Tier Real Estate analysis and jumping off point for market offering information.

 To join the group getting the e-mail version of this “update” – send a request now to info@HomesOfProvenance.com and you’ll be assured receipt; phone us at (604) 626-2526 or visitwww.HomesOfProvenance.com