Ian Andrews-North Van Duplexes-May 2020

Real Estate Market Report

NORTH VAN DUPLEXES

2397 Marine Drive West Vancouver, B.C. V7V 1K9

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 | © 2020 | Please Recycle

YOUR TRUSTED RESOURCE DURING A CHANGING MARKET JONATHAN AND ANGELA-MARIE, The Andrews Group understands the growing concerns you may have regarding COVID-19 (Coronavirus). We want you to know that we are committed to the safety of our clients and team. We recognize that there may be questions around how this impacts the real estate market and your decisions to list or buy; however, it is important to keep in mind that every case needs to be addressed individually.

We value our long-standing relationships with our clients and are always available should you have any questions or concerns.

May 2020

If you would like to know more about how your home value has been affected by the recent changes in our market, contact us today.

F E AT U R E D C O N T E N T :

Andrews Group

• Aligning With Your Neighbor • North Van Duplexes Stats • Congratulations!

• Your Trusted Resource • 2020 1st Quarter Review

2020 1ST QUARTER REVIEW

TOTAL SALES

17

10 MORE than 1Q 2019

AVERAGE SOLD PRICE TO LIST PRICE RATIO

100.6% 6.5% from 1Q 2019

AVERAGE SALES PRICE

1,465,269

$

4.2% from 1Q 2019

AVERAGE PRICE PER SQ. FT.

$

708

2% from 1Q 2019

Prepared Especially for

AVERAGE DAYS ON MARKET

JONATHAN AND ANGELA-MARIE WILLIAMS

22

1 DAY MORE than 1Q 2019

Data based on listings from REBGV MLS from January 1st to March 31st, 2019 and 2020. Information deemed accurate but not guaranteed.

NorthVanDuplexes.com

NORTH VAN DUPLEXES Real Estate Market Report

Dana

Elaine

Brenden

604.925.1175

homes@andrewsgroup.ca AndrewsGroup.ca NorthVanDuplexes.com

CONGRATULATIONS!

JONATHAN AND ANGELA-MARIE, Whether you’re in the first stages of discovery or you’re ready to put your home on the market today, give us a call at 604.925.1175 or visit:

to ERICA HOUSTON Winner of the $100 Gift Card to Nook.

Thank you for your support!

ALIGNING WITH YOUR NEIGHBOR FOR SHARED EXPENSES Thank you to one of our monthly readers for her latest question, “How do you align with your neighbor for shared expenses?” A great question that is extremely important and comes up often with duplex homeowners.

The beautiful thing about living in a ½ duplex is the feel of having your own small home for a lesser cost than an actual detached home. No one above or below you, you have a small garden space, and usually a detached garage.

While it can feel as if you have your own home (especially if your neighbors are quiet), you are still attached by the hip with one other, and this does come with some shared expenses.

You both lay under the same roof, share the same insurance, and in keeping with a pleasing street appeal, should be on top of keeping your exterior (paint) in good shape at the same time. Luckily, besides the insurance, these costs do not come up too often, so planning in preparation for them should be easy. The key to its success is COMMUNICATION, as is the case with any relationship.

No matter which stage of owning you are in, having a good relationship with your neighbor and being in constant communication is imperative so that shared costs do not come as a surprise. If you are just about to purchase the property and have been told by an inspector that the roof may have less than five years left of life, it would be wise to talk to the neighbor before closing on the deal and see if they are aware of the roof’s condition and are prepared to share the cost of the new roof. The same goes for if you have been neighbors for many years. Talk to your neighbor a couple of years in advance and say, “Hey Jim, it has been a while since we’ve touched up the exterior of the property, and it’s starting to look a little weathered. Why don’t we get a professional in to give us a quote on painting the exterior, and we can start putting away funds for the next couple years to prepare for it.”

A duplex is a strata, and just as a large apartment strata building has a yearly Annual General Meeting, why not have a yearly meeting with your neighbor over a nice summer BBQ and get on the same page about your homes, so that when it comes time to repair the roof or paint the fence, everyone is in agreement and there are no surprises.

WWW.NORTHVANDUPLEXES.COM www.NorthVanDuplexes.com

NORTH VAN DUPLEXES CURRENTLY LISTED

Average Active List Price

Average Square Feet

$1,581,800 2,166

6

$1,238,000$1,799,800

Total Active Homes

Active List Price Range

Deemed accurate but not guaranteed.

NORTH VAN DUPLEXES SOLD IN THE LAST 90 DAYS

Average Sold Price Per Square Foot

Average Square Feet

$696 2,194

15

101%

Total Sold Homes

Sold Price/ List Price Ratio

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®. © 2020. All rights reserved. This representation is based on data reported from January 17th, 2020 through April 16th, 2020 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.