Real Estate Market Report
NORTH VAN DUPLEXES
2397 Marine Drive West Vancouver, B.C. V7V 1K9
June 2019
BY ANDREWS GROUP Dana
Elaine
Brenden
604.925.1175
homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com @NorthVanDuplex
Published by REAL Marketing (REM) | www.REALMarketing4You.com | 604.841.1739 | © 2019 | Please Recycle
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F E AT U R E D C O N T E N T : A Message From Your Neighbourhood Real Estate Specialists Latest Duplex Statistics for North Vancouver Andrews Group: Our Circle Of Success Battle of the Builders
Driven by commitment Team backed effort Positive, helpful, and friendly environment Constant communication
DEAR JONATHAN AND ANGELA-MARIE, If you are considering selling, it is important to review the services each agent offers. For more information on our customized selling plan for North Vancouver, call us today at 604.925.1175.
Prepared Especially for
JONATHAN AND ANGELA-MARIE WILLIAMS
NorthVanDuplexes.com
NORTH VAN DUPLEXES Where's the action?
NORTH VAN DUPLEXES Real Estate Market Report
Dana
Elaine
Brenden
NORTH VAN DUPLEXES CURRENTLY LISTED
604.925.1175
homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com
©2019 Google | This map is a visual representation of the data to the right.
BATTLE OF THE
BUILDERS A
s we sit in the thick of the spring market with listings on the rise, and hopeful agents wish to see more buyers than in the past coming through the doors, the competition gets stiffer and stiffer for a property to be the one the buyer chooses (That is, if they’ve finally got approval from the bank! I’ll leave that for another story). No more holds true than new duplexes for sale in North Vancouver. As of now (May 14, 2019), there are 22 duplexes for sale on the MLS. Fifteen of those are new (One year or newer), and out of those 15, 12 sit vacant, costing developers profits every month. Let’s not forget about our new Vacancy Tax as well! In the peak of the market, a new ½ duplex reached $1,948,000 + GST. Now that exact same product, built by the exact same builder, just sold for $1,642,857 + GST, which is a 16% decrease. Many properties are lowering their prices every month and at this point, it seems to be a race to the lowest price to find a buyer who will pay it. This snowball effect can be detrimental to market value. When one new property sells for a large discount, it generally sets the new bar. A perfect example of this is three new duplexes, all within three blocks of each other (none of them main/busy streets). Each started out around $1,850,000. We have seen these properties make their staggered way down to $,1,765,000, $1,749,000 and $1,688,000. One of them has just finally sold for $1,561,905. Buyers have their choice right now and can use this to their advantage to walk away with a great deal from a desperate seller.
SELLING A HOME IN A DOWN MARKET
W
hile making a home show ready, professional photography, decluttering and all the other things that go into preparing a home for the market play a very important role, pricing properly will always be one of the biggest keys that either sets you up for failure or success. When a new duplex in the heart of the neighborhood just sold for $1,642,857, and you’ve got a very similar product listing for $1,899,000. That is not a good strategy. When you price properly and look attractive to the marketplace, you will get stronger offers in a faster timeline. When you’re out to lunch on your pricing, the offers will come in the same (if they come at all), making it much harder to come together to an agreeable price. Don’t focus as much on what the other properties asking prices are, and focus more on what price buyers are willing to pay for a property like yours. Make sure you have a real estate agent that understands the product and has strategies in place. Just because your brother-in-law's best friends sister is a Realtor doesn’t mean they are best suited for the job.
Average Active List Price
Average Square Feet
$1,609,940 2,373
20
$1,149,000$1,928,000
Total Active Homes
Active List Price Range
Reflects MLS data above. Deemed accurate but not guaranteed.
NORTH VAN DUPLEXES SOLD IN THE LAST 90 DAYS
Average Sold Price Per Square Foot
Average Square Feet
$625 2,406
6
93%
Total Sold Homes
Sold Price/ List Price Ratio
Reflects MLS data above. Deemed accurate but not guaranteed.
Andrews Group and Royal LePage Sussex do not imply that this is in any way an official advertisement or publication of Royal LePage Sussex®. © 2019. All rights reserved. This representation is based on data reported on May 23rd, 2019 by multiple brokers/agents to the Real Estate Board of Greater Vancouver (REBGV). This information is not intended to represent any existing listings but is general marketing information based on REBGV MLS data, however, neither Royal LePage Sussex nor the REBGV guarantees the accuracy of this data, which may not reflect all of the real estate activity in the area. E&OE covered. This market report is not intended to solicit properties already listed for sale nor is it intended to cause or induce a breach of an existing agency agreement. Each office independently owned and operated.*Square footage is rounded to the nearest hundred.
A MESSAGE FROM YOUR NEIGHBOURHOOD REAL ESTATE SPECIALISTS Understanding your home is one of the largest investments you will ever make, the importance of it being represented in the right hands is crucial. Duplexes are in a league of their own and having an agent who understands exactly what’s trending in this market segment is going to help you maximize your investment. In these monthly reports, we extract specific information pertinent to you as a duplex homeowner so when the timing is right for you to buy or sell, you know exactly what’s happening, allowing us to have informative conversations. This information coupled with our
extensive marketing and neighbourhood knowledge helps home sellers result in more money in a shorter timeframe. We appreciate you taking the time to read our report and hope you find it useful. If you have any questions regarding any of the information contained herein or would like to discuss the value of your property and where it fits in today’s market, please don’t hesitate to give us a call. We are always available to help. - Andrews Group