Real Estate’s Full Monty

Real Estate's Full Monty

Showtime folks! All the figures for two of the most interesting years your scribe has experienced in his real estate career.
Showtime folks! All the figures for two of the most interesting years your scribe has experienced in his real estate career. Back to back, we have had (’08)   a strong start with a dismal finish vs. (’09)   a dismal start with a strong finish. Talk about cycles, and, yes, I hear my faithful readers say,   he does go on about cycles!  For that, I make no apologies   what are cycles but the road map (or graph) of the vagaries of supply and demand.

For the first time ever (over ten years of these monthly ‘updates’) I am going to send out both my Jan ’09 report and the current Jan ’10 one, highlighting the 2007/2008 and the 2008/2009 picture. Have no fear (I do not do flyers!), only those 600 or so who have requested receipt of the monthly e-mail version will receive this. To them I say, feel free to delete the ‘historic’ version if this is  too much in one go    to the others who like to compare    please enjoy. Anyone else want to compare (?)   feel free to e-mail a request to alanskinner@shaw.ca  I’ll happily forward and add you to the e-mail list.

Have you looked at your 2010 tax assessment? What does it mean? How does that figure relate to the current market value? Does it cause us concern? Do we care? Remember that the assessment for tax purposes is designed to provide an estimate for relative taxation equity.  It has never claimed infallibility and that is why the B.C. Assessment Authority permits (encourages?) property owners to appeal if they disagree with the estimate. More to the point   what is your real estate worth? (what is your net worth?) Depending on our age   how important is our January 2010 valuation?  Is it the Province’s estimate that decides the value of our homes or do we trust the market place to give us a fair price for our (most often) highest valued asset? All the tax authority can do is cause us to be charged a modicum more or less in property tax for the years we own but it has no say in what we sell our property for and what that ‘willing buyer’ will pay.

A quick note on an extremely important issue. Mortgage rates will rise as 2010 progresses. Assess your own vulnerability to this factor. If you have a variable (floating) rate mortgage you may be well advised to lock in with a fixed rate on all (or part) of what is owed. Speak to your lender or get the advice of a good mortgage broker soon and don’t delay this until July 2010 imposes a larger carrying cost on your lifestyle.

As we embark on this Olympic year and keeping the predicted economic improvement firmly in mind we shall track the important part that the property market has played (and will play) in 2010. The best to you and yours as we move ahead. More positive thinking for a more positive year?

Again, visit my website to see and  hear  the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the  go to  site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join the group getting the e-mail version of this  update  – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Alan

January 2010 Numbers

January 2010 NumbersNow to the full year 2009 vs. 2008 results on our North Shore.  North Van detached homes sold are up by 34% from the previous year, attached (t/hses) up by 44% and apartments up by 40% from ’08.
Detached average prices down 5% and inventory Dec 31st, down by 48%. Average prices down 3% (t/hse) and down 5% (apts). Inventory (t/hse) 46% lower than ’08 and (apt) down from ’08 by 29%. All N/Van inventory is way lower than 2008. Demand is still strong and, unless a significant number of new properties are listed, this will continue to keep sale prices up.

In West Van, detached number of sales is up by 52% from ’08.  Average price down by 12% and inventory Dec 31st down 31% from ’08. On the condo side   attached (t/hses) sold are up 4% from 2008 at 51 vs 49 units; average price down 4%. Active listings are up from Dec ’08 (38 vs. 31).  Apartments reflect 165 sold vs. 135 during ’08   a 22% increase; with average price 13% lower than ’08 and active listings down 27% from Dec ’08.  Overall North Shore demand since about 3rd Q 2009 has been strong with inventory generally much lower than 2008.

As we embark on this Olympic year and keeping the predicted economic improvement firmly in mind we shall track the important part that the property market has played (and will play) in 2010. The best to you and yours as we move ahead. More positive thinking for a more positive year?

Again, visit my website to see and  hear  the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the  go to  site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

To join the group getting the e-mail version of this  update  – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Alan

January 2011 Numbers

January 2011 Numbers

At last, December 2010 YTD figures for our North Shore the full year, or could that be  ‘The Full Mounty’? –  oh, so baaad!

North Van detached homes sold are off by 15% from the previous year, attached (t/hses) down 22% and apartments down 15%. Detached average prices up 6% and inventory Dec 31st, up by 15%. Average prices up 5% (t/hses) and up 7% (apts). Inventory (t/hse) 24% higher than Dec’09 and (apt) up 38% from Dec’09. N/Van inventory at Dec 31st ’10 continues to be significantly higher than 2009. The newsworthy item is the, almost, 20% decline in number of sales ’09 to ’10 vs W/Van (see below) approx 5% increase. Do not forget that N/Van usually outweighs W/Van in sales in the order of about 2.5: 1.
In West Van, detached number of sales for 2010 is up by 1% from last year.  Average price up by 17% and inventory Dec 31st down by 1% from Dec’09. On the condo side  attached (t/hses) sold are up to 79 vs. 54 units; average price up 23%. Active listings down from Dec 31st (25 vs. 38).  Apartments reflect 170 sold vs. 165 during ‘09; with average price 10% higher than ’09 and active listings down 4% from Dec 31st, 09.
To all the faithful readers of my monthly musings, thank you for your interest and support and a heartfelt wish for a prosperous and rewarding New Year. May it be all that you wish for you and your family.
Again, visit my website to see and hear the new developments.  I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the go to site for North Shore Real Estate analysis and jumping off point for FULL market listing information.
To join the group getting the e-mail version of this update – send a request now toalanskinner@shaw.ca and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca
Yours,
Alan
Alan Skinner
OnTopOfTheMarket.ca
Re/Max Crest Realty
Vancouver – NorthShore
http://www.AlanSkinner.com
Local Phone:604-988-7368
Toll Free: 1-800-665-1455
Cell: 604-626-2526

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