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February 1, 2010 Coal Harbour Stats

Blog by Shaun Kimmins | February 1st, 2010

Hello and Welcome to February 2010. with the Olympics just around the corner, Coal Harbour and dowtown, in general, is starting to buzz. Parking and transportation by car in Vancouver's downtown will become a real challenge in the next two weeks and will be difficult through the end of the games.

New listings are pouring in daily in all price categories and older listings that sat through Christmas are beginning to sell. The threat of rising interest rates and the pending HST tax seem to be providing buyers with the motivation needed to make firm decisions to purchase. As usual, condo properties priced correctly for the current downtown market are selling very quickly, some selling over asking. (See my latest sale) http://www.shaunkimmins.com/ActiveListings.php/Details/166/details

I expect sales activity to slow down during the time the Olympics are taking place due to the "aversion factor" similar to the one whistler is suffering from: Many people stay away from Olympic host areas due to anticipated congestion and difficulties with transportation. Inevitably there will be some keeners who continue to shop for real estate but overall I expect traffic to slow at least somewhat.

After an unusually busy December in which we saw 17 condo properties sell in Coal Harbour , so far we have 14 firm sales for January - this number will likely increase in the next few days as sales paperwork is processed from last week. 43 properties were listed in Coal Harbour in January - a fast pace for what is usually a slow month.

For the specific #'s regarding Coal Harbour listings and sales for January 2010: CH Monthly Stats.xls

Suites at The Fairmont Pacific Rim are being completed and buyers are beginning to take posession of these luxury waterfront condominium estates. This means one thing - MLS is starting to see resale listings pop up. Sellers are listing in the $2000/sq ft range. Time will tell whether this is feasible in the current market given the ongoing threat of a financial market correction and ongoing housing market woes in many parts of the world.

Many economists feel that the recovery in Canadian Real Estate prices is not supported by macro economic fundamentals and many predict a pull-back later this year. Many others predict ongoing economic recovery. who is correct will be clear in time. One thing is clear, howver, for those non-resident condo owners wishing to capitalize on an amazing market recovery and advantageous exchange rates, this is a great time to consider cashing out and waiting for a deal in the future as market conditions settle as interest rates rise.

To comment on this BLOG, please contact Shaun Kimmins or visit Shaun at his Century 21 website.