Gold Medal Recovery Limited By Economy, Affordability

January 29, 2010

BCREA Housing Forecast Update – First Quarter 2010
Vancouver, BC – January 29, 2010. The British Columbia Real Estate Association (BCREA) released its Housing Forecast Update for the first quarter of 2010 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent from 85,028 units in 2009 to 90,100 units this year, before declining 3 per cent to 87,500 units in 2011. Higher home prices and rising mortgage interest rates will provide a constraint on home sales next year.

“BC MLS® residential sales sprinted from an annualized rate of 50,000 units during the first quarter to 112,000 units during the fourth quarter last year,” said Cameron Muir, BCREA Chief Economist. “That gold medal finish will give way to a silver medal performance in 2010.”

Relatively slow economic growth, waning pent-up demand and rising carrying costs are expected to keep home sales from continuing at their frenetic pace.

While home sales in Victoria, Vancouver and the Fraser Valley rebounded sharply last year and weighted heavily in the provincial total, the rest of the province is demonstrating more gradual improvement.
The average annual MLS® residential price in BC is forecast to increase 5 per cent to $490,900 this year and then rise by 1 per cent to $494,800 in 2011. “Higher mortgage interest rates will limit price appreciation next year,” added Muir.

– from BCREA

– full forecast available here

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Return or Burn

January 28, 2010

This isn’t intended to be the final word on voice mail etiquette, but it is my take on it. I need to say as a bit of a preamble that I don’t think one has to answer the phone just because it is ringing. The timing may be right for the person calling, but not for the person being called.

So, here is how I operate and I welcome your feedback:

I call a friend and leave a message. It’s great if they can get back to me by the next day but there are no strings attached. I hope they feel the same way when they leave a message for me.

I call a friend asking for a favour. If they don’t call back, no problem. If a friend calls me asking for a favour and I don’t call back, it’s because I don’t to do you that favour. I would prefer that you don’t keep calling me but I would admire your persistence if you did. I don’t love helping friends move for instance and coincidentally those are the times I seem to have trouble with my voice mail.

In the area of business calls I would say to return a call as soon as possible or within 24 hours, depending on the urgency. I think it goes both ways here.

In the area of business favours, if I call you asking for a favour, it’s up to me to keep trying to reach you. It is not your responsibility to call me back; however if you do, that would be cool.

And finally, in relationships and from recent personal experience, if a girl doesn’t return your call after 10 days, she probably isn’t into you, or in this case, me.


Be Reasonable

January 28, 2010

“The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.”

– George Bernard Shaw


Size Matters or Matters of Size

January 27, 2010

Came across a studio-townhouse while I was previewing homes this morning in North Vancouver. Around 460 square feet of living space, a nice patio and parking and storage locker as well. Two people were able to make this space work for awhile. Great way to get into the market. If you’re not in the market already, this is a good option.


Multiple Offers II

January 26, 2010

I was in a multiple-offer situation this afternoon where 6 others realtors were representing clients who were also interested in the same property. As I was leaving the home, I heard laughter coming from the living room. Was it due to my entertaining presentation? Was it due to the offer not being exactly what they were looking for? Time will tell…


Real Estate and Relationships II

January 24, 2010

Recently I thought I had found the perfect girl. I’m really only looking for two things: one, that she likes me and two, that she doesn’t want to spend any time with me. Not wanting to spend any (or very little) time with me was confirmed on the first date, but I have recently had to conclude that she doesn’t like me either. I admire her for choosing not to spend time with someone she does not like and feel there is a good lesson for business here too, particularly real estate. If you are working with a realtor whom you don’t like, work with someone else. Life is too short to be spending time with people we don’t like. Unless you are currently working with me…then you’re in it for the long haul :^) I hope you’re having a good weekend. I look forward to re-visiting this area of real estate and relationships soon.


North Vancouver Condo/Apartment Property Statistics (2-Br)

January 23, 2010

North Vancouver
In North Vancouver there are currently 173 active two-bedroom properties for sale, ranging in price from $245,000. to $1,789,000., with the average asking price being $558,136. There have been 157 sales since October, with the average selling price being $463,298. and the average cost per square foot being $476. The least expensive sale price last year was for $170,000. in January and the most expensive was for $1,465,000. in July. With 168 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 1/2 month supply of homes*.

Lower Lonsdale
In Lower Lonsdale there are currently 51 active two-bedroom properties for sale, ranging in price from $279,000. to $1,789,000., with the average asking price being $573,556. There have been 48 sales since October, with the average selling price being $488,010. and the average cost per square foot being $512. The least expensive sale price last year was for $198,000. in May and the most expensive was for $1,465,000. in July. With 39 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 1/2 month supply of homes.

The Pier
In The Pier there are currently 8 active two-bedroom properties for sale, ranging in price from $540,000. to $1,789,000., with the average asking price being $856,800. There have been 7 sales since October, with the average selling price being $640,685. and the average cost per square foot being $640. The least expensive sale price last year was for $470,000. in May and the most expensive was for $820,000. in April. With 8 properties currently for sale and taking into account the average number of sales per month over the last 3 months, there is currently a 3 & 1/2 month supply of homes.

*Absorption Rate: A supply of under 3 months represents a “Seller’s Market.” A supply of over 6 months represents a “Buyer’s Market.”