North Shore Development? Too Fast/Too Slow

Last quarter there were a number of Real Estate articles in the Vancouver Sun, the North Shore News and The Globe and Mail – addressing growth and development in our neck of the woods.  A quote… “Nestled between the mountains and the sea, the North Shore’s desirability is fuelling development, according to Geller” –  ‘A lot of people who might never have considered living on the North Shore in the past, I think that they’re now viewing it quite differently and much more positively ‘ (Michael Geller, the developer behind the recently unveiled coach houses and duplexes at Hollyburn Mews on Esquimalt Avenue in West Vancouver . He is also the force behind the highly successful Univercity at Burnaby’s SFU).

A further comment comes from Mark Stephenson, vice-president at Informa Canada – “Whether they’re developing it now or in two years or five years or seven years, they see the North Shore as a very good opportunity for growth and the demand’s there,” Stephenson says, discussing developers like Onni and GWL.

For Stephenson, the approval of Onni’s Safeway site proposal and the District of North Vancouver’s decision to OK three highrises at the Seylynn development display a demand for new housing.

“These big players, these big developers . . . they’ve been in this game a long time and they’re very, very good at what they do, so they can read the market, they can read the trends, and they know an opportunity when they see one,” Stephenson says.

This is an excellent article addressing both sides of the challenges and recapping the three North Shore municipalities’ approach to future development (the Supply side in response to the future Demand). Remember folks that we elect the councils that make these decisions. My read is that those elected are carrying out this mandate in a realistic and intelligent way.

Readmore: http://bit.ly/16GM8uQ 

‘SnapStats’ (what price ranges are selling and which are not) is being very well received. I’m now forwarding the past 12 month trend for not only N and W/Van but ALL available metro neighbourhoods, as many w requested. If any locations are not of interest, please ignore those areas.

So, 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 N/S R/Estate analysis and jump-off point for FULL market information.

Join those wishing to get the e-mail version of the “update” and SnapStats  – send a request to alanskinner@shaw.ca; phone (604) 988-7368 or visit www.OnTopOfTheMarket.ca and you’ll be added.

July 2013 Numbers

Again to our ‘Year to Date’ figures for 2013. We now have the first half year figures 2013 vs. 2012. These will certainly be of greater help in defining our current year.  North Van detached homes sold, down 2% from last year, attached (t/hses) down 3% and apartments down by 23% from 2012. Detached average prices down 2% and inventory now up by 12% from 2012.  Average prices down 5% (t/hses) and up 1% for (apts). Inventory (t/hses) 2% higher than June 30th 2012 and (apt) down from the same date by 4%. The numbers here now reflect the activity over 6 months and figures are becoming more meaningful.

In West Van, detached number of sales YTD for 2013 has dropped by 12% from June 30th 2012.  Average price of what has sold is down by 3% and inventory up 14% over June 30th 2012. On the condo side – attached (t/hses) sold 2013 are down 28% from 2012 at 36 vs. 50 units with an increase of 9% in average price. Active listings are up year over year from June 30th 2012 by 1% (56 vs. 55).  Apartments reflect 79 sold in 2013 vs. 96 (down 17%) by June 30th 2012; with average price up 6% from June 30th 2012 and active listings up 12% from June 30th 2012.

Overall North Shore demand has been moving up a little month over month this year with overall inventory still higher than last year (exception – N/V apts at 4% lower). I continue using average YTD prices which is now becoming more meaningful as we get more months’ stats to compare.

Podcasts

North Shore Real Estate Radio

On an ongoing basis I pledge both my continued personalized service and a commitment to my reduced  business ecological “footprint”. A significant part is the radio (podcast) library which I’m continually creating.

All North Vancouver Real Estate “Updates”, reports and information articles, checklists etc. will be archived on my website and available for download or desktop listening 24/7. You can access the information you seek when the spirit moves and not when someone pushes yet another flyer into your mailbox. I am most excited about these developments. Input as to the topics for “programming” you feel would be of interest is strongly sought. Please e-mail. This email address is being protected from spam bots, you need JavaScript enabled to view it or call me 604 988-7368 and 1-800-665-1455.

Click on the “Podcast” Icon in the top right of this article to listen now.

North Vancouver Real Estate

To Buy First Or To Sell First

 

If you’ve outgrown your current home or need to move into a new neighbourhood, it’s time to sell your house and buy a new one. Ideally, you would be able to easily make the switch, but chances are, you will face some hiccups along the way.

If you sell first, you may be left rushing to find a new place to live, and you may end up with a house that isn’t right for you. But if you buy first, you run the risk of owning two homes at the same time. The transition becomes even more difficult if you need to sell your current home to make a down payment on the next one.

Assess the market

Take a look at home prices in both your current and future neighbourhoods, and figure out whether each area is “hot,” meaning it’s a seller’s market, or “cold,” a buyer’s market. In a hot market, you will find that it’s easier to sell your current home and to buy a new one. In a cold market, the opposite is true.

Selling your home first

If you sell your home before buying another, the good news is that you’ll have the money for a down payment on your next house. But where will you live? You might be able to draw up a contract with the new homeowners to remain in your current home if you agree to cover their first month’s costs: mortgage and any applicable, taxes, insurance and utilities. You might also be able to stay with a family, rent a hotel room or find a short-term lease on an apartment. This means you’ll need to move twice and perhaps put many of your possessions in storage, but your boxes will still be packed and ready to go to when it’s time to move into your new house.

Buying your new home first

If you qualify for a second loan and buy a new home before selling your current one, you’ll be faced with double mortgage payments, insurance and other costs. However, there are a couple of ways to help you make the second down payment when you don’t yet have the proceeds from the sale of the first house. First, check whether you can get a home equity line of credit. The interest rate should be about 1 to 2 percent above the prime rate. Check with your accountant to see if any of the interest you’re paying may be tax deductible. Once you sell your original home, you can pay off the loan. If a home equity line of credit isn’t an option, see if you can borrow a down payment from a family member. You’ll both benefit—you can end up paying less than the going rate, and your family member will earn more from the loan than from a savings account. Draw up a promissory note that details the terms and back it up with your new house as collateral. If you can, make the first monthly payment, payable only after you sell your original home.