At a time when condo units are getting smaller, Yaletown’s Pacific Point Building offers one thing you won’t get in a new building: space – and lots of it.
The 20-year-old building at 1323 Homer Street in Vancouver, which was bought by well-known developer Nat Bosa last year, is currently undergoing a complete renovation – something that has never before been done in Vancouver on this scale and at such high quality.

“There just aren’t any buildings like new Pacific Point in downtown Vancouver any more,” says Nat Bosa, president of Bosa Development. “No where else will you get the unobstructed and protected views, space and amenities combined with new high-end finishings we are providing here.”

Formerly a high-rise rental building, the new and luxuriously revamped Pacific Point will offer a range of studios, one, two and three-bedroom condos for singles, professionals and families to live in (ranging from 448 to 1678 sq. ft.). The building also has a large indoor pool, hot tub, gym and communal meeting space.

“You just have to walk through the units to really understand the value of what you’re getting at Pacific Point,” says Lisa Murrell, Bosa Development’s sales and marketing manager. “The units are big, the windows are big and the views are big, which really allows for the best of downtown living.”

Known for its high-quality condos, Bosa Development is adding the same touch to Pacific Point units, which will feature new Armony cabinetry, top-of-the-line appliances and even new washer and dryers for each unit (which were previously not there).

Bosa has ensured this building is in great shape for its new owners, even re-plumbing the entire building! However, to top it off, Bosa is putting his own name to the project offering buyers the Nat Bosa Assurance Program, a full 2-5-10 warranty program that will give confidence to anyone who invests in Pacific Point.

All 214 units over 28 floors will be on the market this spring. Public previews are expected to start March 2 and 3.

Saturday, February 16, 2013 from 1 to 4pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 17, 2013 from 11 to 1pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 17, 2013 from 2 to 4pm

#36-9000 Ash Grove, Burnaby BC 1410 sqft

3 Bedrooms and 2.5 Bathrooms $434,900

In another study Vancouver has been crowned the most expensive city in North America, ahead of both New York and Los Angeles, which tied for 27th on the annual EIU Worldwide Cost of Living Survey. Worldwide, Vancouver ranked 21 on the list. In the previous survey Vancouver ranked 37th worldwide.

Asian and European cities continued to dominate the top 20 as Asian cities claimed 11 of the world’s 20 most expensive cities.  Europe had 8 cities make the top 20.

The Worldwide Cost of Living survey is released twice a year by the EIU and compares hundreds of prices across 160 products and services, including items such as food, drink, rentals, utility bills, schooling costs and household supplies.

Top 10 most expensive cities in the world

1. Tokyo, Japan (+1 place)
2. Osaka, Japan (+1)
3. Sydney, Australia (+4)
4. Oslo, Norway (+1)
4. Melbourne, Australia (+4)
6. Singapore (+3)
7. Zurich, Switzerland (-6)
8. Paris, France (-2)
9. Caracas, Venezuela (+25)
10. Geneva, Switzerland (-7)

Top 10 least expensive cities in the world
1. Karachi, Pakistan
1. Mumbai, India
3. New Delhi, India
4. Kathmandu, Nepal
5. Algiers, Algeria
5. Bucharest, Romania
7. Colombo, Sri Lanka
8. Panama City, Panama
9. Jeddah, Saudi Arabia
10. Tehran, Iran

Open Houses!!! Come by!!! Questions..

Feel free to contact me @ 604-218-4846

Saturday, February 9th

11am to 130pm

#36-9000 Ash Grove, Burnaby BC 1410 sqft

3 Bedrooms and 2.5 Bathrooms $434,900

Sunday, February 10

11am to 130pm

#900-9 Smithe Mews, Vancouver BC 2081 sqft

3 Bedrooms and 3 Bathrooms $1,899,900

Sunday, February 10

2pm to 4pm

#201-1010 Beach Ave, Vancouver BC 1917 sqft

2 Bedrooms and 2 Bathrooms $1,899,900

  #36-9000 Ash Grove, Burnaby BC

#900-9 Smithe Mews, Vancouver BC

#201-1010 Beach Ave, Vancouver BC

Mount Pleasant Vancouver West

Mount Pleasant is one of the few neighbourhoods in Vancouver that span the city’s east-west divide. That’s why Mount Pleasant house prices range from less than $800,000 east of Main Street to almost $1.3 million closer to Cambie Street.

In recent years Mount Pleasant gentrified, especially in its SoMa (South Main) district. The area was once a hangout for artsy types, but now many first-time homeowners, including young professionals, couples and families, are heading to Mount Pleasant to buy their first house or condo and take advantage of the area’s laid-back lifestyle.

Mount Pleasant is also home to several important city landmarks. Vancouver City Hall dominates the corner of Cambie Street and 12th Avenue; Heritage Hall — opened in 1915 as a post office — sits at Main Street and 15th Avenue and serves as a community meeting place; and, at the heart of the neighbourhood stands the former Evangelistic Tabernacle, which was converted into private condominiums in the 1990s.

Check out this video on Mount Pleasant by the Vancouver Courier

Mount Pleasant Amenities

Mount Pleasant Shopping

South Main (SoMa) shopping is a Mount Pleasant must. The area between 2nd avenue and 28th avenue is bustling with independent retailers, local fashion designers and some of the best vintage clothing and furniture stores in the city. A large MarketPlace IGA grocery store, Tisol Pet Nutrition & Supply store and Brewery Creek Liquor Store are all located between 14th and 15th avenues on Main Street.

Schools and Education in Mount Pleasant

Elementary schools

• Florence Nightingale Elementary School
• Mount Pleasant Elementary School
• Simon Fraser Elementary School

Mount Pleasant Cafés and Restaurants

Most food in Mount Pleasant can be found along Main Street, which is the commercial centre of the neighbourhood and is packed with artisan coffee shops, mom-and-pop diners, lively bars and cozy pubs, not to mention a cornucopia of multi-ethnic restaurants.

Mount Pleasant Sports and Recreation

Eleven public green spaces dot the neighbourhood of Mount Pleasant. Residents enjoy the skateboard ramps at China Creek South Park, tennis courts at Guelph Park, the community garden at Sahalli Park and the fenced off-leash dog area at the Southeast False Creek park site.

Mount Pleasant also boasts a new multi-service civic centre that includes, along with Mount Pleasant Community Centre, virtually everything under one roof: climbing wall, fitness centre, dance studio, public library, child development centre, café and market-value rental housing.

Mount Pleasant Transportation

Located in the southeast portion of Vancouver between Cambie Street to the west and Clark Drive to the east, 2nd Avenue to the north and 16th Avenue and Kingsway to the south, Mount Pleasant provides quick access to the city’s downtown core along several main thoroughfares. It also features multiple SkyTrain rapid-transit stations along Cambie.

Mount Pleasant Property Statistics

*Source: Real Estate Board of Greater Vancouver, average sale prices in Fairview, False Creek, Mount Pleasant West/Grandview, Mount Pleasant East for 12 months ended November 3, 2010

**Source: Statistics Canada, Census 2006

Mount Pleasant Demographics

Population* – 23,615

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

*Source: Statistics Canada, Census 2006

Tips on Preparing Your Home for Sale Day

There are more than 20,000 homes for sale in the Lower Mainland, so making your home stand out for potential buyers is vital. It is especially true in today’s buyer’s market.
First, work with your Realtor to get the maximum exposure for the home. Then prep both yourself and your home for sale day.

Say to yourself, “This is not my home; it is a house—a product to be sold.” Make the mental decision to let go of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.

Say goodbye to every room. Don’t look backwards—look toward the future. All sellers want their home to sell fast and bring top dollar. Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home. Here is how to prep a house and turn it into an irresistible and marketable home.

Dawna Johnson, an Accredited Staging Professional Master (ASP) says the idea behind staging is to allow rooms to show themselves.Think clean and simple: when prepping a home for sale, get rid of clutter, clean and, if necessary, stage rooms with rented artwork, flowers.

“If your home is vacant, it’s soulless,” Dawna warns. “Without staging, it will probably remain on the market for many months.” She has this practical advice for making a home sparkle:

• Apply orange oil to cabinets that appear dry, which will renew their original lustre
• Put out large bowls of fruit such as polished apples, bright oranges, luscious grapes
• Arrange colourful and fun cookbooks on the kitchen counters

Dawna believes in bringing the outdoors inside through the use of greenery and plants, creating clean, crisp spaces and arranging furniture with plenty of room to walk around.

She says bathrooms are essential to dress well. “Bathrooms should look open, airy and delightful,” says Dawna. One of her favourite tricks is to add baskets filled with spa items such as small towels tied with ribbon, bottles of lotion and scented soaps.

The front and back yards often need staging, too. For patios and decks, Dawna brings in plants and potted flowers and makes sure decks are clean and clutter free. Your Realtor has been through many open houses and will be able to provide other tips on getting your home sale-day ready.

Home Sales Will Pick Up in 2013: BC Real Estate Association

Who’s Buying Real Estate in BC?

RE/MAX interviewed over 1,100 Canadians who intend to buy a home in the coming 24 month for its Canadian Homebuying Trends Report. It covers all of Canada, but also breaks home buying trends down by province. So here’s a look at who’s buying a home in BC, what they’re looking for and how much they want to spend.

One standout impression comes from the stats on who’s buying. It looks like multi-time buyers are in the driver’s seat, i.e., investors or people who are onto their third or fourth home. Canadian Real Estate Wealth magazine quotes Elton Ash, Regional Executive VP of RE/MAX Western Canada: “”Between 2009 and 2011, first-time buyers were the engine driving housing activity, taking advantage of favourable conditions and a recovering economy. That changed in 2012, and even earlier in B.C., as prices reached a breaking point.”

Click on the infographic to see a full-sized version.

Interest Rates Stay in the Basement… Maybe Till 2014

The Bank of Canada surprised most analysts Wednesday by cutting Canada’s 2013 growth estimate (to 2.0%) and calling the timing of the next interest rate hike “less imminent than previously anticipated.”

The BoC has used the “less imminent” wording before, but not in any recent rate decision statements. It attributed its position, in part, to “more muted inflation” and cooling household debt levels.

The decision leaves Canada’s prime rate stuck at 3.00% for the 27th straight month—to the delight of most variable-rate mortgage holders.

These were some highlights from the announcement:

• “Core inflation has softened by more than the Bank had expected…”
• “…global tail risks have diminished.”
• “Caution about high debt levels has begun to restrain household spending.”
• “…exports should remain below their pre-recession peak until the second half of 2014…”
• “…Some modest withdrawal of monetary policy stimulus will likely be required over time…”

The benchmark 5-year bond, which is closely correlated with fixed mortgage rates, fell 5 bps to 1.41% on the Bank’s decision.

Economists will now likely revise their rate hike calls (which have proven hopelessly non-predictive) to late 2013 or early 2014.

The next Bank of Canada Rate meeting is six weeks away on March 6.

One interesting side note: The Bank added that household debt growth has eased to just 3%. That’s the weakest annualized rate since 1999 and it reflects “a slowdown in the growth of both residential mortgage and consumer credit.”

Canadians are both voluntarily heeding government debt warnings and being forced to heed them through stricter lending rules.

MLS Condo Market Update: December 2012

Welcome to the New Normal 

The way the year ended, Realtors may just as well have closed shop on November 30th and started their Hawaii vacation early. December MLS® condo sales were at or close to record lows, which had many pundits (mostly in Eastern Canada) proclaiming that the Coast was toast.

Although the outlook for MLS condo sales over the next 12 months is not good, it’s not “that” bad.  (see: 2013 MLS Condo Market Forecast)

The worst-hit markets are the ones that previously attracted the most offshore (aka Chinese) buyers and investors. Downtown Vancouver high-rise sales are taking a big hit. Westside high-rise sales and prices are both down. Richmond high-rise sales have cratered. But despite the downward sales trend in most markets, selling prices are either holding steady or showing only a modest downward trend.

The next three to four months will set the pace for the condo market in 2013. These are typically the best months for condo sales. The return to the PST/GST tax on April 1st may help sales but what would be more helpful is a reversal of the population loss to other provinces and an increase in international migration. Third quarter 2012 figures show that BC had a net loss 6,423 persons to other provinces for the first nine months of 2012 and a net gain of 35,255 persons from international migration. Total net migration to BC in 2012 will likely be close to 30,000 persons which is down by about 5,000 from 2011 and about half the total net migration in 2009.

MLS High-Rise Markets

High-rise MLS condo sales – Strategics Vancouver Condo Report

The 150 or so MLS high-rise sales in December brought the year’s total to just over 3,530 units, or 21% below total MLS high-rise sales in 2011. The average MLS high-rise selling price in December was $521,000 or $547 per square foot. This was up by 2% from December 2011, but the overall average selling price in 2012 was down by 4% from 2011.

As reported by the real estate board, more sellers have pulled their units off the market over the past few months. Total listings are down but given the drop in sales, the MLS high-rise market still had about 46 weeks worth of active listings at the end of December. Perhaps sellers who pulled their units are hoping for better prices, but over the last quarter of 2012 sellers had to drop their asking prices by an average of 6% or almost $40,000, and this is likely to continue.

Of the approximately 2,220 high-rise condos listed on MLS at the end of December, just over 800 were either under construction or vacant. These sellers most likely don’t have the option of pulling their units off the market and will have to ride this market to wherever it takes them. A comparison of list prices for under-construction units and a price estimate based on the Premium Condo Price Calculator indicates that many have already been substantially discounted. (For specific high rise markets in Greater Vancouver and the Fraser Valley see: Detailed Market Trends)

MLS Low Rise Markets

Low-rise MLS condo sales – Strategics Vancouver Condo Report

MLS low-rise sales were also down in December. The 190 sales brought total sales for the year to 4,070 units; down by 18% from total sales in 2011. The average MLS selling price for low-rise condos in December was $316,000 or $352 per square foot. The overall average selling price in 2012 was 3% lower than the average price in 2011. The average difference between list and selling price is now 6%, which suggests that 2013 prices will drop even further in 2013.

At the end of December, the Greater Vancouver MLS market had approximately 3,200 active low-rise listings; enough to supply the market for 55 weeks given the way sales have gone. About 1,250 or 40% of the active low-rise listings are either under construction or vacant. (For specific low rise markets in Greater Vancouver and the Fraser Valley see: Detailed Market Trends)

MLS Townhouse Condo Markets

Townhouse MLS sales – from Strategics Vancouver Condo Report

 The 155 MLS townhouse sales in December, a new low for the past four years, brought the year’s total to 2,640 units. YTD townhouse sales were down by 17% compared to 2011. The average MLS selling price in December was $427,000 or $278 per square foot. The overall average selling price for townhomes in 2012 was down by 5% from 2011. Over the past three months, the average selling price for townhouse condos has been 5% below the list price suggesting that further price cutting will be the norm for 2013.

The number of active townhouse listings in December was just over 2,400 units; enough to supply the market for the next 49 weeks if sales continue to follow the present trend. About 35% of these active listings are either vacant or under construction. (For specific townhouse markets in Greater Vancouver and the Fraser Valley see: Detailed

Market Trends)

 

If you have any Questions please contact Carmen Leal @ 604-218-4846

Open House:

Saturday January 19th, 2013 11am to 130pm

@ #9-900 Smithe Mews 3bd 3bth 2081 sqft

$1,899,900

Saturday January 19th, 2013 2pm to 4pm

@ #2002-1028 Barclay St. 2bd 2bth 1057 sqft

$848,000

B.C. home builders and renovators expect business will pick up

after the HST disappears in 2013. 

New rules could mean good news for the home renovation business.

PST-GST system now coming into play may have those people that

were sitting on the fence before all of a sudden start thinking seriously

about that renovation again.

Business will pick up during the transitional year, but the real push will

come when the HST actually disappears as of April 1, 2013.

This will spark the economy because construction is — and home

renovation and new home construction — is one of the biggest drivers

in the economy.

Please copy and past video to web browser.

http://www.cbc.ca/player/Embedded-Only/News/BC/ID/2198518737/

Give me a call with more details.

Carmen Leal  Direct Line: 604-218-4846

http://www.rew.ca/news/how-to-appeal-your-bc-assessment#.UPhZgJOrQiQ.facebook

If you have any questions please give me a call at 604-218-4846

Carmen Leal

RE/MAX Crest Realty Westside

Website: www.carmenleal.ca

Email: carmen@carmenleal.ca

Direct Number: 604-218-4846

Open House this weekend Sat and Sun 2 to 4pm

1 bedroom and 1 bathroom 750sqft for $388,000

@ #306-511 W 7th Avenue Vancouver, BC