Vancouver Real Estate Blog

Vancouver Changes Area Boundaries in False Creek, Yaletown

On Thursday, June 16, new sub-area boundaries were implemented for the False Creek area of downtown Vancouver. Specifically, the 'False Creek North' sub-area will be expanded and renamed 'Yaletown,' and the 'False Creek' sub-area will be expanded to include the area around Olympic Village.

These changes can be viewed by clicking here

Vancouver Real Estate First Quarter Biggest Stories for 2011

The Olympic Village and a focus on the influence of wealthy foreign homebuyers on the local real estate market were the dominant issues featured in real estate-related press coverage in the first quarter of 2011.

 

Olympic Village Mess - Who is really in charge of this Gong Show!!

In the last couple of weeks their has been sharp criticism of the handling of the Olympic Village. Business In Vancouver(BIV) headline "Athletes Village Marketing Makeover Urged". While I have not sold any Olympic Village homes yet, my friends and colleagues have. Their two biggest complaints is simple. The pricing scheme does not follow the market. Two, once an offer is brought to the attention of those in charge, the delay in receiving and answer back is outrageously long...Days in fact. So when Business in Vancouver wrote it's article for the December 7-13 edition, I am in favour in the City and the marketers to change course. Having these properties sitting around doing nothing...I hope is a wake up call to get those in charge to change the handling of the entire process. But like any organization, change is hard too do plus it takes them so long to realize this fact.

1) Prices must reflect today's market place not the years past.

2) The city and all those around must strive for a quick turn around. Maximum is 24 hours. I repeat 24 hours. Even that is long... If you want those who are interested to stay. There are too many people just walking away. Even though I do not have those number, I am sure that dozens of more units could have been sold.

3) Also for those who control the process, to think about farming out some of those listing to other agent who will personally market the property to give the Olympic Village more edge in their own personal marketing strategies.

BIV reports thatif the city sells a $700,000 condo for $600,000 within the agreement the city would get back the extra $100,000 after the new buyer sells the property in the future. Now lets just stop there. If I was representing my Client the Buyer, I would cross this out immediately. For the simple reason, that if they can be sold for $600,000 instead of $700,000 then that is what the market deems it to be worth and not a penny more. So why would a willing Buyer paying market value want to give away $100,000 dollars when they come to sell the property? Two things will happen. A) No one would be selling for a long time B) the new buyers frame of mind would probable be if I owe an extra $100,000 when I sell, I have to ask $200,000 to make up my profit when I sell. Which puts them in the same place and position the Olympic Village is at now. Not accurately pinpointing market value where you have a willing Seller and a willing Buyer willing to complete on the transaction. With this in place the price between the two - Buyer and Seller will come up with the market price.

The problem about buying new is that you are never Purchasing at Market Value. Instead you are buying at the Developr's Price which includes his profit margins and any undue extra costs that occurred while building. Sound familiar to the Olympic Village saga!!!

To read more see www.biv.com