Condos Ever Tighter Downtown

Lots of new pending sales and some closed units with nary a new listing in site, means even tighter inventory on urban condos in Vancouver. That was the scene this past week with six urban units closed or pending and no fresh listings to replace them. Vancouver’s downtown and waterfront has about 700 condominium units downtown. That may seem like a lot but it really isn’t. One might consider there are literally thousands of apartment units in the Downtown with another thousand or so under construction now. The apartment to condo ratio is heavily underweighted against owner units.

But that should change soon. Kirkland Tower should be a litmus test for future condo development in the Downtown and Waterfront areas. Kirkland’s units are very high end but they are supported by the fact that several modern projects in the Esther Short neighborhood are renting units in the $6000-$11,000 a month price range. Clearly there is demand for high end units in Vancouver. There is also hundreds and hundreds of fresh new apartments in a high end but more modest $2500-$4500 price range that also is a solid indicator that Vancouver will support condo units in almost any price range from $300,000 to multi-million dollar units.

Gramor is sitting on a proposal for a 14 story condo tower on Block 16. Once Kirkland closes on the majority of those units I would imagine finding investors to bite on that project will not be hard. That is an 80 unit proposal. Hopefully those units might include some smaller less expensive plans maybe in the $600,000-$700,000 range. Note that Kirkland’s range was $840k-$3.3 million.

Since I mentioned Gramor, they ought to get cracking on that parking structure on Block 7. They will need blocks 10 and 11 for staging construction on the phase two buildout and probably for the 14 story tower on block 16. I haven’t heard much about that garage since it was mentioned in an article in the Columbian newspaper over a year ago.

Things continue to advance, the CCRA will look at the Springs Living 12 story project slated for Block 18 on the waterfront this week. The 6 story full block apartment project from Hurley Development is moving along through the permitting process, and Block 3 is nearing completion on the undergrowth dugout for the 8 story 230 unit project at the waterfront.

It’s all good friends and things are just getting better and better downtown.

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