New Inventory, Welcome Sight

This past week saw a bit of a bump in inventory for urban condos in Vancouver. We had one unit go bump-able buyer and three new listings. There were two price reductions on upper end multi-million dollar listings at Tidewater but that is to be expected in the rarefied space of mega condos.

Photo from RMLS

A very clean unit came online at Parkview that looks sharp. This one is an east facing unit so it doesn’t have the “Park View.” Another nice unit in Frontier Block with a corner view to die for was listed this past week as well. Look at all that glass! It wraps right around the corner of the building!

Check the pages right here for those two projects as well as the other projects in the area for the latest updates on listing status. Or contact your favorite Realtor® to arrange a showing. If you don’t have an agent, contact Rod here.

Kirkland Tower now has a sale website up for the units in their 12 story waterfront tower. That building is progressing towards a late Q4-2020 or early Q1-2021 opening. I believe that the success of that project is paramount for the start of a few other projects on the board such as Gramor’s block 16 14 story 80 unit tower and the Block 14 proposal for a 16 story CLT condo building. It is not at all uncommon for developers to take a wait and see approach. Gramor took the lead by developing the restaurants buildings and the Rediviva and Murdock projects, both of which have been very successful. Rediviva is more than 90% occupied and the Murdock is as well. Dean Kirkland stepped up to launch his ambitious Hotel and Condo Tower that should wrap up in the next 6-8 months and the large Riverwest apartment building is nearly full. Although condos are a different animal than apartments, the 270 plus apartment units operational now are well above the local median rent with some units fetching rents that translate into an equivalent rent to a $1,000,000 mortgage payment.

From what I have read Kirkland’s units are not going to be excessively large. The largest units should come in at around 2,500 SF, those will be up high and likely very expensive. Other units however look to have more modest floor plans suggesting the potential for pricing within reach of incomes of some of the renters at both Riverwest and Rediviva.

The ability for our economy to rebound from the COVID-19 pandemic is going to play a large role in determining whether these projects can go up sooner rather than later. Kirkland only has 40 units to sell which is still a significant target, but once those are closed and presuming the building sells out in less than a year, the other developers will likely warm up to the notion of building more. Success tends to breed, more success. Vancouver saw that materialize back in the late 1990s when the urban renewal and restoration of Esther Short Park lead to 100’s of millions of dollars in development. Many of the Urban Condos I track on this site didn’t exist prior to 1998. Success on the Waterfront will lead to more success and more investment in the region and that leads to more economic vitality for all of Vancouver and Clark County.

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