Issue 22 – April 2014

GREATER (METRO) VANCOUVER

APR 2014 QTLY UPPER-TIER REAL ESTATE UPDATE #22

VANCOUVER BY LEAPS AND BOUNDS

We do live in a world class city and its reputation is growing daily. Vancouverites have been titillated for some months by a term that (T.V. advertising) invited us to try to pronounce. That term, apparently a European sounding one, emerged as GESAMTKUNSTWERK. The efforts were ‘all over the show’ and we were left in doubt as to what the significance was… until a week or two ago. An exhibit opened at 1460 Howe Street (just under an ‘on ramp’ of the Granville Bridge) and we attended on day one. Fascinating, with models, drawings and artistic renderings of a proposed development quarterbacked by Westbank Projects. We’ll dangle this carrot….what if you had a building lot with a severely restricted building envelope approximating an isosceles triangle and then proceeded to design a building which had a “penthouse footprint” of, say double the ground floor footprint? An interesting conundrum ….to say the least! DO VISIT the exhibition, you will not be disappointed. Also visit http://westbankcorp.com/vancouver-house. Our interest in the nature of the residential offerings and the layouts, sizes and Penthouses etc. could not be addressed – but (we were assured) that all will be revealed in due course. Vancouver House…. you have our attention!

Yes, a serious level of demand for our city’s real estate and an active market in its upper tier. There is significant belief that this demand is growing. Now the 1ST quarter 2014 figures from the R/ E Board’s database.

Detached homes sold [$2MM and above] 2014 – 423 listings sold vs. 2013 – 293 sold (an increase of 31%). Highest sale $11.01MM (’14) vs. $18.6 MM (’12). This property, a 1915 Tudor Revival style English manor house – at 3689 Selkirk St, Shaughnessy sold in Jan’14 after 91 days on the market, originally listed at $12.88 MM, 7 bed/7 bth, it is a 16,287 sq. ft. 1915 First Shaughnessy character home on a 39,000 sq. ft. lot. Tax assessed at $9.052MM. A unique property and a most distinctive home of provenance.

Attached homes, those best described as townhomes and duplexes, [$1MM and above] 2014 – 54 units sold vs. 2013 – 102 sold (a decrease of 47 %). Highest sale $4.3MM (’14) vs. $8MM (’12). This property at 1570 Homer Mews in Yaletown (The Erickson) sold in Mar’14 after 816 days on the market. An unobstructed (forever) view property. 2 level, 3bd/3bth and 2,499 sq. ft. of living space. A luxurious Erickson masterpiece. Tax Assessed $4.084, previously listed at $4.99MM.

Apartments [$1MM and above] 2014 – 144 units vs. 2013 – 57 sold (up 153%). Highest sale $5.9MM (’14) vs. $3.25MM (’13). This is a 27thFloor 3 bed/4 bth apartment – 3,600 sq. ft. in the sought after Harbour Green 2 building (1139 W Cordova St) NW corner unit. Stunning panoramic views. Listed originally at $6.388MM, it sold in Jan’14 after 120 days on the market. Tax assessed at $6.79MM.

Here are the current inventory (listed property) figures:

Detached ($2MM and up) 981 – Highest $22.8MM * – 37 at $10MM plus
Attached ($1MM and up) 111 – Highest $35MM** – 8 at $3MM plus
Apts ($1MM and up) 301 – Highest $22.3 MM*** – 16 at $5MM plus

* 5050 Happy Valley Lane. 2yr, 7bd, 8bth- 12,988 sq ft. custom blt estate (2.3 acre lot), Caulfield W/Van. European style mansion, Lighthouse Park.
** 3838 Cypress St. 5bd/7bth, 3 lvl, 12,216 s/f SL1 &2 combined, early 1900’s Heritage ‘A’ gem, Lt. Gov. Hamber’s Res “Greencroft Estate”
*** 3 Harbour Green 8,008sf P/H – 4bd/6bth, approx 3000sf patio/dk/rftop

Call 604-626-2526/e-mail HOP for info or to view any of these.

Note: We place little store on “asking” prices, as the true measure of a market is “sale” price. We include these as they are clearly of interest. It underlines the fact 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 visit www.HomesOfProvenance.com

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