Sorry You Might Be Too Late

By Larry Yatkowsky, Vancouver Realtor®

Back Then

Back in September 2010 I said “the Fraser community is a neighbourhood that is running hot and cold as it tries to find its market.” Now in October of 2013, observation at Open houses and Realtor coffee shop gossip tells me this neighbourhood market is on fire.

09/2010

Fraser Neighbourhood_053 [640x480]

September 2010 Fraser neighbourhood detached homes with 3 beds and 2 baths realized an average sale price of $804,000. Average days on the market was 19 days and the number of sales for the period was 12 units.

09/2013

September 2013 in the Fraser neighbourhood only recorded 6 sales but those sales average was markedly higher at $880,146. The average days on the market is longer at 41 days.

In Vogue

Multiple offers are back in vogue. Open houses are busy!

Once again you are greeted by a used shoe store at the front entrance and find yourself saying “Oh sorry, please excuse me” as you do the bump and grind in each and every room. If you are claustrophobic or are allergic to designer perfume the closeness at current open houses may generate an unpleasant reaction.

Valet parking – forget it. You are on your own and be careful. Those who have visited and are leaving usually are in a distracted daze. They are so busy talking about what they liked or disliked that they pay little attention to you or your car.

TOP TEN – September 2010 TOP TEN – September 2013
Fraser Top 10 - Sept 2010 Fraser Top 20

Expectations

Consider the Top 10 asking prices then and now. The Fraser neighbourhood is now firmly in the million dollar bracket. The data prior is historical and I suspect that in the months ahead those average numbers will be a thing of the past.

Next Up

As these prices continue upward set your vision on the neighbourhoods to the south around 41st – 49th at Main and Fraser. Take a look around and you will notice that a lot of the established Indian shops and restaurants are closing. The community support for those ventures is on the move creating an opportunity for early birds. Transportation, schools, college, a great new community center are in place. Anticipate that soon other amenities will begin to ‘pop’ up just like they have on Fraser.

I will consider this outlook confirmed when Starbucks opens at Main and 49th.

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.

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*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.

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