Several new condo listings appeared on the MLS this past week, but more went pending than arrived. Condo inventory in the urban core got even tighter this past week. It seems we are moving towards a traditional spring listing bump but also hungry buyers are waiting to snatch them up. The last two listings in the exclusive and rather expensive Tidewater Cove closed last week leaving none of the seven figure priced units available for sale. How many of these units former owners are waiting to grab one of Dean Kirkland’s waterfront tower homes? It will be interesting to see how that plays into the success of this important project.
Several modestly price condos went pending this week as well and it is quite possible that the severe shortage of single family homes in Vancouver may be pushing buyers into condos both in suburbia and the city center. Despite Vancouver having a tight inventory on urban condos the activity around new listings up until now have been less frantic than the multiple offer in the first hours of listing scenario that has plagued buyers for median and sub-median detached houses in Vancouver. Buyers frustrated with the multiple offers over ask might consider the urban living lifestyle Downtown as things are a tad more relaxed.
Meanwhile DosAlas restaurant is scurrying about getting that venue ready for a projected May opening. This will fill the upper floor of the “Jean” building above Wildfin and overlooking the Grant Street Pier. The Jean is now fully leased. There is only a small amount of remaining space in the “Don” building for additional tenants. A small space upstairs next to Barlows will be the next restaurant space and completely fill the two buildings that form part of the public centerpiece around Grant Street Pier.
The renovations on the Vancouver Landing and public dock are moving along nicely and the AC Marriot Hotel is built up about halfway to its final height right behind the cruise ship landing. A large mobile crane is parked in front of the last bits of the Red Lion at the Quay and it appears to be a wrecking ball operation. We are still several years away from replacing the 100 plus year old Terminal One pier, but the demolition of the Quay may be underway soon. I wonder what the Port Authority will do with the space while we await funding for the new pier and future public market?
Block Ten is rising top nicely now about 2/3 the way to its final height. It is really nice seeing the last of brewery complex blocks becoming a new development. I’m sure the city is happy too after holding that property for 30 years. This project will have 110 units of apartments in the west tower (right side of picture) and office space in the east tower.
There is quite a bit of construction happening in the city center and this translates to jobs, economic activity for the local businesses and over the next couple of years lots of new residents!