Grand View

Grandview Detached

Commercial Drive is Vancouver’s last bastion of a Bohemian lifestyle. It’s citizenry is as diverse as any to be found in the city.

Grandview, in which Commerical Drive is recognized as the main business area offers housing as varied as the people who live within.

The following market snapshot of this neighbourhood experienced a interesting reaction that may in part explain today’s place.

For detached properties in the Grandview community covering the period from June 20, 2010 to August 18, 2010.

Listings

Total Listings decreased from June/July’s 54 to July/Aug’s 43.

Sales

Similarly, sales in Granview decreased by over 50% from June/July’s 17 to July/Aug’s 5.

Expired, Reductions, Increases, Days on Market

  • June/July had 4 listing mandates expire whereas July/Aug had 5.
  • Price reductions in June/July were 15, cooling to 14 in July/Aug.
  • There were 1 price increase in both periods.
  • The number of days it took to sell a home more than doubled. It took an average of 22days to sell a home in June/July which stretched to 49 in July/Aug.

Average and Median Prices

  • June/July’s Average Ask price of $760,152 felt the heat in July/Aug as it climbed to an Average of $89,180.
  • The Median Ask price in June/July was $699,900 but it too felt the heat climbing to $899,000 in July/Aug.
  • The Average Sold price in the June/July was $762,419. Without the benefit of sun screen, it rose to $905,695 in July/Aug.
  • The Median Sold price in June/July recorded $720,000. In the July/Aug sun, it scorched its way to $880,000.

Why?

Supposition based on a comparison of what has and what has not sold, the time it takes to sell and the price at which it is selling suggests what myself and a few other Realtors® have thought for some time.

Simply, pretty houses that have been properly tarted up with new kitchens, floors, appliances, mechanical updates, and paint give value to their street appeal which quickly attracts buyers who in some cases will pay more than asking – even in this market.

Comparing

Sold:

1842 East 7th, 24 X 127 foot lot, 2,171 square feet. Asking $999,999 — Sold $1,082,500 in 6 days.

The Realtors® description says it’s where “Classic Sophistication Meets Contemporary Style” is the best way to describe this Breathtaking Character Home a 1/2 block off The Drive. Attention to Detail in every corner grabs your attention & makes you fall in love with this 4bed/3bath home with legal 1Bd in-law suite. Recent renos was designed to maintain the integrity of the home while bringing today’s favourites in. The KITCHEN is an Entertaining Chef’s Dream. Huge open concept w/ large island, granite, gas stove, ss app & it opens onto a 400sf sunny South facing private back patio. Orig. Fir floors, over height ceilings, huge bedrooms, front porch, NS mountain view upstairs, pillars, the list goes on and on.”

Hasn’t Sold

1462 East 1st, 33 X 122 lot, 3,600 square feet. Asking $1,088,000 hasn’t sold in 195 days.

The Realtors® description says “all sizes & ages are approx, buyer to verify if important to buyer. Great character home, 4 levels – almost 3,600 sq ft could be easily converted to 4 separate units with different addresses. Plans ready. Huge potential, great investment and/or development property.”

I don’t mean to be nasty but, when ending his description the Realtor® adds what many would consider the all time stupid comment – it “won’t last!”

Perspective

East 7th is a nicer area, the 1400 block of East 1st, not so much. The pictures say it all. The only comparison is price.

So ask yourself, which one would you buy?

It is the same question every buyer out there is facing right now. An educated guess to explain the dilemma is that this market has a lot of crappy houses that are clearly priced far beyond reasonable value.

Aside from the many other global, national and local financial issues that bombard us daily, it is proposed that until these property types drastically adjust their asking price or the sellers and their listing Realtors® face reality and stop this silliness, the market in Grandview and other communities will continue to be bogged down with nonsense listings that waste a serious buyer’s time and add further confusion to an already cluttered table.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

fatjay Says:
August 20th, 2010 at 8:08 am

I appreciate the graphs Larry, but is the data you use to generate them available anywhere (other than for realtors)?

Sales dropping from 17 to 5 is telling in itself, but with only 5 data points and without the underlying data, it’s hard to glean anything valuable from the average and median prices.

What are your thoughts? Were there a couple big sales that badly skewed the numbers this month? Is price actually trending down in these areas similar to the general trend, or are they different for some reason? … or is it too early to tell?

Same questions for your Fraser post a couple days ago where there were only 7 sales.

Thanks.

vanpro Says:
August 20th, 2010 at 10:04 am

Sales drop from 17 to 5 is really over 70% “plunge”. Perhaps your “over 50%” drop was a typo?

beard of bees Says:
August 20th, 2010 at 9:32 pm

Larry, that place on 7th… I guess the rent for a place like that on the bad side of 1st on a 3000 square foot lot would be 1/180 * 1.1 million = 6000/month?

Those buyers have a good eye for value!!!

Jen Says:
August 21st, 2010 at 2:31 pm

Very nicely done, Larry!

If at all possible in the future, I’d like to see more of this type of comparison. There’s a little something for everyone to learn in there. 🙂

August 21st, 2010 at 2:55 pm

@jen
thanks for visiting. Say hi to Norm for me.
been doing this for a while. Ques? are you talking the house to house comparison?

Jen Says:
August 22nd, 2010 at 9:54 am

@ Larry

“are you talking the house to house comparison?”

Yes! Apologies for not being more to the point earlier. Having the listing information, DOM, ask and (possibly) sell price info, and your particularly your interpretation of it all in terms of current market action. You may have done this in the past, but if so, I’ve missed it.

I must pay more attention from now on. 🙂

Cheers,

Jen

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