Weekly Market Update

This is our archive of past weekly market updates.  Each week, our goal is to share with our clients who are active in the market some actual examples of deals or negotiations so that they can get an idea of the pace of market activity in real time.
Feb 14, 2020
This week we saw:
  • A 2 bed, 2 bath 894sf, 45 year old condo in Kitsilano came on the market on Wednesday (last week) listed at $828,000 and by Friday, the seller had received a subject free, above list price offer of $840,000 which the seller accepted.  Depending on which version you’d like to believe, the seller may have missed out on further uptick (by missing out on a bunch of buyers who might have come over the weekend) or accepted the best offer that was likely to come even though it was the only offer that could write in that timeframe
  • A 2 bedroom and den condo with 918sf in a 13 year old building on campus at UBC had been listed for approximately 6 months for $898,000 during which time, the seller received several offers under $800,000 that were unacceptable based on the price being offered. After doing a price adjustment to $875,000, 3 new buyers came forward with much higher offers and better prices, and there is now an accepted offer in place.
  • A 4,300sf brand new house in Coquitlam (on a 5100sf lot) had been listed since August with list price decreasing (from $1,990,000 to just above $1,700,000 as of 2 weeks ago).  Our clients wrote an offer on the home and the seller was unwilling to budge enough in negotiations to make it make sense for our clients. The home remains available (and our clients will find something else). dddd

Feb 7, 2020
This week we saw:
  • A new 2,493sf house (with a 2 bedroom basement suite) on a 32 x 112 lot in East Vancouver has been on the market since mid-October.  Originally listed for $2,488,000, the price was reduced to 2,398,000 a week ago and they now have an accepted offer with subjects for a week.
  • A 2 bedroom, 1 bath with 736sf in a 30 year old complex in East Vancouver was listed for $460,000.  After 6 days of showings, 4 offers were received and the property sold subject free for $490,000

Jan 31, 2020
This week we saw...
  •  A 26 year old 1 bed, 1 bath condo with 668sf in Downtown Vancouver was listed for $499,000.  A total of 5 offers were received and the condo ultimately sold for $550,000 subject free.  A caution on this sale, however, is that it is our belief that this particular strata has a substantial amount of work coming which will likely translate into special assessments.
  • A 13 year old house on a 33x122 lot in North Burnaby had been listed for 2.5 months.  They received an offer on Tuesday, accepted it that evening, and have subject removal scheduled for today (Friday). 



Jan 17, 2020

This week we saw...

  • A 1  bedroom, 490sf condo in a 21 year old building in downtown Vancouver listed for $499,000.  They received 14 offers and accepted one offer with one subject and a backup offer.   The buyer with the first place offer ended up not getting approved for the purchase and thus was unable to remove subjects.  The backup offer was ultimately able to remove subjects and the property sold for $550,000.
  • An updated 70 year old house in North Burnaby on a 33x122 lot was listed for $1,199,000 and saw 20 offers.  They accepted an offer with a 4 day subject period and subjects removed yesterday.  The sale price was $1,322,000.

If you want more detail on any of these scenarios or want to chat about anything in our market, please don’t hesitate to reach out to us.

 

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Keith Roy & Associates

Phone: 604-210-2933

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RE/MAX Select Realty

4806 Main Street   Vancouver,  BC   V5V 3R8 

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