North Shore Real Estate –
North Vancouver and West Vancouver Homes
According to the latest real estate statistics,
the demand for North Vancouver and West Vancouver real estate
overwhelms the supply.
Source: 24 Hours
Date: December 02, 2005
For Lower Mainlanders who occasionally scan the
North Shore mountains and daydream about moving there it might
be time for a reality check.
The complexity of this market is largely a result
of its geography. The area, from Deep Cove to Horseshoe Bay, offers
stunning views, prime waterfront properties and choice amenities
all in a park-like setting. But it also comes at handsome prices
– if you can find what you want.
Vancouver realtors report being active introducing
clients to this high-demand market but they live with a Catch-22
– there is simply not much real estate available on the
North Shore (North Vancouver or West Vancouver).
Moreover, over 725 new single-family or multiple
dwellings came on the market across the North Shore this year,
and no subdivisions are planned. A look into entry-level prices,
according to North and West Vancouver realtor, Alan Skinner, of
Remax-Crest Realty, reveals that the one-bedroom condo in North
Van at about 500 square feet is in the $140,000 to $150,000 range.
It may also need some work.
A decent entry-level condo, says North and West
Vancouver realtor, Dan Morrison, also at Remax-Crest, “is
in the high $250,000 to low $300,000 range with an area of about
700 to 800 square feet.
Today’s average, entry-level price for a single-family
detached home on the North Shore (excluding West Vancouver) hovers
around the $650,000 mark. Of the 200-odd homes currently on the
market on the North Shore, only a few can be had for about $500,000,
Morrison said, but being 25 years old, they likely require massive
Such a fixer-upper for a mere half-a-million dollars is a sure
sign of the times on the North Shore’s real estate market.
“It’s certainly a seller’s market,” said
Morrison. “We’re very active. There are lots of multiple
offers and some bidding wars. Recently, I had seven offer (counter-bids)
and the house went for $20,000 above the asking price.”
Wouldn’t we all love to hear that.
Real estate construction on the North Shore (North Vancouver
and West Vancouver) is concentrated around the Lower Lonsdale
area by the old shipyards. While there is a great demand for first-time
home buyers, there isn’t a vast supply, which is driving
Written by Colin Wright and Rob Kruyt of 24 Hours.