Did you guys know the proper way to drink espresso was by pouring it directly in to your mouths however you see fit? Well now you do. You’re welcome.
Watch below & make sure to check back next week for our next episode of #PoMoLife.
There is a lot going on in our city, Port Moody and we are going to highlight new and old businesses AND events! We have some serious ground to cover and we are open to requests! If there is a new spot that you haven’t tried, let us know.
Adam and Shawn are back hosting another Real Estate Seminar. This event will be held on April 4th atOld Crow Coffee Co in New West from 7:00-8:00 pm and we will have coffee/tea available for all attendees!
At this Seminar, we are going to be having a general open conversation where we can address any and all of your questions!
Eventually we will take you through a 5-10 minute presentation to show you the current state of the market for seller/buyers, but overall, we want to achieve an open discussion to make sure that you get all of your questions covered and have you leave with the knowledge/education that you came for.
This event is open to all types including those who’s next transaction will happen right away or in the future. This will be beneficial for both buyers and sellers and we will provide information on both condos and homes.
RSVP is required for the event so that we can plan accordingly. Send us a message on social media, an email to firstname.lastname@example.org, or sign up on eventbrite to let us know that you’re attending and who you’re bringing, and we’ll save you a spot!
A stunning 5 bedroom, 6 bathroom home at 7505 Lambeth Drive fetched the highest sale price in Burnaby for May, 2017. Built in 1980, the beautifully maintained custom-built home in prestigious Buckingham Heights was sold by its original owner.
Situated on a private 15,000sqft corner lot, the 3 level home has 6,002sqft of living space and both city and mountain views from front and back balconies. The main floor features a tranquil garden patio and massive yard (with oversized double garage), as well as a large living room, formal dining room, bright, spacious kitchen and eating area, huge family room and bedroom/den. An indoor oasis completes the main floor with pool, hot tub and sauna. Upstairs, the huge master bedroom is rounded out by a walk-in closet and ensuite. With 3 more ample-sized bedrooms and 2 bathrooms up, this is the perfect family home.
Buckingham Heights is a small, upscale family neighbourhood, walking distance from Deer Lake, Burnaby’s recreational and cultural hub and is also midway between two of Burnaby’s most vibrant commercial centres, Edmonds and Metrotown, that each offer a huge array of shopping and services, as well as two branches of the Burnaby Public Library.
The home boasts a bright and spacious kitchen made for entertaining.
A formal living room denotes old world elegance.
The luxurious mater bedroom is complete with ensuite and fireplace.
The custom built home comes complete with an indoor pool, hot tub and sauna
MARKET UPDATE BY NEW WESTMINSTER REALTOR JAMES GARBUTT
May is here and it’s time for another New Westminster housing market update.
It’s been a bit of a crazy year, it started off with a lot of snow, followed by a lot of rain, which delayed everything and affected the number of sales that have taken place. In fact, numbers are down considerably. The number of sales of detached homes in New Westminster to date is 62. At this time last year, that number was 186–that’s essentially a third of the number of sales compared to last year and about half the number of sales compared to 2015. Not surprising considering the weather and considering everything that’s happened lately, and, openly, there just hasn’t been a lot of product and a lot of overpriced listings have been sitting on the market.
The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. The sales ratio for detached homes in New Westminster is 30% across the board. That means, that of ten listings, 3 of them sell in a given month. Anything north of 21% is considered a seller’s market, so the market still is strong. Isolating the ratio to focus mainly on a lower price point, say detached homes under $1.2 million, the sales ratio goes from 30% to 70%. That means the out of 10 listings, 7 of them are selling in a given month, and that is a very strong seller’s market. So there’s clear demand for the more affordable price points.
The average detached home sold this year is going for $1.125 million and the average high sales of the year is $2.3 million; but there were two sales north of $2.2 million, both in ‘Queens Park‘.
The REBGV has shown that prices for detached homes in New Westminster have gone up 8% from this time last year; but we’re finding that, for nice family layouts, in a good location, in good shape, in the more affordable price bracket, they’re up about 10%. The busy street homes, the ones that have the land value, are struggling a bit; they’re at par with April of last year or maybe even a little bit below.
Moving forward, I expect the market activity to increase quite a bit; I think sales are just starting to ramp up and that the summer is going to be a busy one. Talk about things such as coach homes for lots over 6000sqft has held back a lot of the inventory as owners wait to see what happens. But, the weather is getting better and the supply is low and the demand is high, so if you are a homeowner and you’re thinking of selling, now is the time to do so.
It’s been a bit of a crazy year; we’ve had some insane weather and condos have been smoking hot. That’s your update—they’re hot!
Overall, the sales for the year are down a little bit from last year, but not significantly. We’ve had 357 sales to date, compared to the same period last year which was 418, and in 330 in 2015.
So even though there’ s been a little bit of a decrease, we’re up from 2015. The sales ratio for these condos, however, is up considerably. The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller’s market is considered to have a sales ratio of 21% or higher. Across the board, the New Westminster condo sales ratio is 76%–a smoking hot seller’s market. That means that out of 10 active listings, 7.6 of them will sell in a given month.
If we isolate the sales ratio to the hottest product right now–entry level one bedroom condos built after 2000–the sales ratio is 183%! Which is ridiculous. It basically means that is you have a newer one bedroom condo to sell, it will sell immediately. And we’ve been experiencing that. Keep in mind that that’s 183% sales ratio when a seller’s market is considered anything north of 21%.
What are prices doing? Well, prices are up. The REBGV says that prices are up 20% compared to this time last year. We’ve had cases where the prices have been up 30%+. We recently listed four New Westminster condos that received 20 offers combined averaging $43,000 above their list prices. So, if you’re a condo owner and you’re looking to sell, it’s a great time to do so; but figure out where you’re going, because if you’re buying another condo, it may be frustrating.
Essentially, everything in the strata seems to be quite active right now in New Westminster. The market is as good and as strong as we’ve ever seen.
On the buy side, expect frustration, expect competing offers and expect to pay more than the last sale. Things may slow down in the fall, but there’s nothing telling us that right now. At the moment, it is a seller’s market and New Westminster condos are hot.
It’s been a bit of a crazy year, and between the snow and the rain, the weather has been awful and it’s held back the sales a little bit; the number of sales are down considerably compared to 2016. As of April 26, 2017, in Vancouver the number of sales of detached home is 701. Now compared to the same period of time last year, it was 1473–just under half the number of sales.
In Burnaby, we see the biggest effect: 267 compared to 1400 last year. In the Tri-Cities, 469 compared to 1098 sales. Overall, the trend is that the number of sales is down considerably and, in most cases, less than half of what they were last year. Mind you, last year was insane and this year we’ve seen some legitimately awful weather.
In terms of prices, let’s look at the sales ratio. To get a good indication of how the market doing, we like to look at the sales ratio. The sales ratio is the sales-to-active listings ratio or the number of sales that take place in a given month divided by the number of active listings. A seller’s market is considered to have a sales ratio of 21% or higher.
In the last 60 days, the sales ratio for detached homes in Vancouver is 15%; that means that of 10 active listings, 1.5 of them are selling in a given month. That’s a low figure, but when you isolate listings at $1.5 million or less, that figure goes from 15% to 38%–a strong seller’s market. When you isolate that figure from $3 million plus it goes from 15% to 9%. So the high end is really what’s dragging down the sales ratio.
And similar stats are in Burnaby, where the sales ratio is 21%, but under $1.5 million, it’s 53%, and at $2 million, it’s 9%. So the high end market is what’s struggling right now, but the entry points are quite active—they’re hot.
Some fun sales of the year:
The highest sale to date was on Point Grey Road and it sold for $17.6 million, this is from the REBGV stats. In the Tri-Cities, the highest sale was $3.4 and it was ‘Anmore‘, which is, in my opinion, one of Vancouver’s best kept secrets.
In conclusion, the weather has held the market back. I expect these sales numbers to improve in the coming months, more so in the seller’s favour. The weather’s going to get better, a lot of homes will be coming on the market and I think it’s going to be a very active time. However, a lot of people are overpricing their homes–$2.5 million homes are being priced at $3 million, or $2 million dollar homes at $2.5 million, and that is proving not to work right now. You could get away with it last year, because the market would climb until it reached that point, but this year, it’s not. We’re seeing price points similar to last year in most areas and we’re seeing prices 20% above last year’s prices. So, there’s a big gap between list price and sale price and that’s holding back the sales ratios in a lot of these places.
If you’d like my opinion, if you’re selling a higher end product:
1. Don’t list it if you’re not serious about selling.
2. Price it properly.
On the buy side, I think it’s a great time to buy higher end product, but I just don’t think the seller’s are willing to come down to your price points yet. On the sell side, now is the sweet spot to sell detached homes. May, June, July, are active months, so take advantage.
Project: Pacifico Builder: Dolomiti Homes Units: 21
Pacifico Townhomes are close to nature, but connected to the city.
The 21-unit development by Dolomiti Homes is tucked at the foot of Burnaby Mountain in the Westridge neighbourhood. That puts the kilometres of hiking and biking trails that encircle the Burnaby Mountain Conservation Area almost in your backyard, Barnet Marine Park with its splendid beach and iconic West Coast views out the side door.
But the setting is anything but remote. In fact, Barnet Highway and Hastings Street, which provide quick road connections west to Vancouver and east toward Coquitlam, are just a couple blocks away. Shopping and services at Kensington Square and the beloved Heights district are also nearby.
The homes at Pacifico include 1 bedroom garden apartments and 2 bedroom 2-level townhomes.
Each features designer laminate flooring in the living areas and durable carpeting in the bedrooms of the townhomes. The open gourmet kitchens feature quartz countertops, stainless steel Whirlpool appliances, custom cabinets and soft-closing drawers. The bathrooms are equally indulgent with mirrors as wide as the quartz countertops, a cosmetic light bar, colour-coordinated porcelain tile flooring and Kohler fixtures.
All units are pre-wired for a security system and come with a year of free internet and OPTIK TV Essentials from Telus.
Property: #2602 5051 Imperial St List Price: $1,955,900 Sold Price: TBA Sold Date: TBA
A 1,541 sq. ft. wrap-around rooftop deck that’s almost as large as the indoor living space is one of the stunning features at Burnaby’s most expensive condo currently on the market. The 3 bedroom + den penthouse is at the top of the Imperial development by Amacon, currently under construction in the Metrotown neighbourhood.
The unit is one of only two penthouse suites at the Imperial that is comprised of 169 units inspired by the elegance of a fine boutique hotel. That attention to luxury and comfort is reflected in the fine finishings that include central air conditioning, nine-foot ceilings, a gourmet kitchen equipped with soft-close drawers and top-end appliances like a convection wall oven.
Each of the bedrooms in the 1,834 sq. ft. unit has its own ensuite, and there’s also a powder room for visitors. It comes with two parking stalls and a storage locker.
Amenities at the Imperial include a guest suite, games room, music room and meeting room as well as a grand entrance lobby with hotel-style concierge service. Residents will also have access to an electric BMWi3 and a bike share program.
The latter may be especially useful as the Imperial is located near the BC Parkway bike route that connects New Westminster to Vancouver along the Expo SkyTrain line. The Bonsor recreation centre, with a pool, fitness facilities and activity rooms is nearby, as is the massive Metropolis at Metrotown shopping complex.