The Erickson 1560 Homer mews report
Dear Erickson Resident,
As marketing specialist of “The Erickson” it is our pleasure to again provide you with a quarterly news letter to keep you informed as to market trends and real estate related activities in The Erickson. After the correction in real estate market of the first 2 quarters of 2009, we enjoyed a better than anticipate recovery and a very strong market in the first quarter of 2010 (see graph below).
Post 2010 Olympic Games, the Vancouver real estate market continued to be strong into the beginning of the second quarter. In recent months global uncertainty and concerns over a fragile U.S. recover and the E.U. Economic crisis, in conjunction with the concerns over future interest rate hikes has dampened our local market noticeably.
We have returned to a much more balanced and sustainable market.
CMHC (Canadian Mortgage Housing Company) Spring 2010 outlook states MLS sales in Greater Vancouver are forecast to moderate in the second half of 2010 and remain flat through 2011. Vancouver West active listings for apartments are down 17% compared to July 2009.
Vancouver West
|
Month |
Average Price |
|
March 2010 |
$ 601,251 |
|
April 2010 |
$ 591,691 |
|
May 2010 |
$ 590,488 |
|
June 2010 |
$ 590,442 |
|
July 2010 |
$592,867 |
What does this mean?
Although the number of units selling monthly has decreased dramatically, so too has the number of new listings. Declining prices has stabilized somewhat and we continue to see a strong than anticipated number of sales to off shore buyers in the luxury condo market ($2,000,000 to $5,000,000).
BUILDING ACTIVITY .
For a complete list of active listings in your building please visit www.the-erickson.com
Three months ago, there were over 12 units listed for sale in The Erickson, currently there are 8. There have been several MLS sales since occupancy, this demonstrated that the appeal for luxury properties such as yours remains active – and when listings are priced and marketed properly, they are selling.
Erickson Bulletin Board
(To post in our bulletin board please email your request to willm@macrealty.com)
RENTAL MESSAGE: As your buildings marketing specialists we have been contacted by several people interested in renting in The Erickson. If you are currently thinking about renting your residence out please call us as soon as possible. 604-263-1911.
ERICKSON CLOSET SYSTEM FOR SALE: If anyone is interested in purchasing a full closet system which was professionally removed from one of units in the building please call us today.
Unit’s Sold Month Over Month In Vancouver West (Condo/Town Houses Only) .
(Please click here to open graph)
Graph Analysis: Upon first glance these graphs seem to depict a serious slow down in market activity, and while this is true, last year’s sales records (on which these graphs were based), were unexpected and unprecedented. Historically, in market down turns which have occurred over the last 15 years, NONE have recovered as fast as 2009 -2010. The rate at which our market recovered, late last year, was unsustainable. While this recovery has brought about restoring property values to the Vancouver Real Estate Market, there has to be a counter balance to the rate of this recovery. Our market is still very strong and will continue to prosper in the future.
The most important message we can deliver is this: Periodically, a balanced market is necessary as it enables confident investment in luxury properties in a prospering city. It ensures that home buyers are not forced out due to inflation, and sustains a home owner’s confidence in holding onto a homeowners’ largest investment.
If you are considering selling your Erickson Residence, trust The Erickson marketing experts at:
www.the-erickson.com Call today at 604-263-1911