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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.

Environmentally Friendly North Vancouver Townhomes are available through Ralph Maglieri Remax for April 2009 at the Contemporary North Shore Homes called GreenView Living

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 renovations.

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 prices up.

Written by Colin Wright and Rob Kruyt of 24 Hours.