Again last week new listings outpaced new pending sales. This has been the trend over the last several weeks and with inventory levels coming off the tightest ever recorded, buyers can take a breath and actually feel confident their offer will be accepted. We are by no means in a buyer’s market, but we are headed towards neutrality. I am seeing overpriced listings with some price reductions each week.
Interest rate hikes have already put a wet blanket on the red hot market, but prices are still holding and sellers can still do well as this summer approaches. Sellers need to lower the expectations of large price increases as the flattening curve is already a reality. Summertime in Downtown Vancouver and along the Waterfront is always exciting and filled with activities. Urban condos benefit from that buzz that creates extra marketing power.
Hurley is now underway at 400 Washington on the full block 6 story, 186 unit apartment building. A new 7 story mixed use proposal will be pitched at the pre-app conference later this week for a 3/4 block on East 13th and Main. Demand for urban apartments and condos continues to be strong enough to attract investors and that bodes well for our city center even as darker news looms over the economy in general.
It appears that Zoom Info is ready to break ground on their giant multi-block double high-rise project to house their new HQ at Terminal One. The entire area is fenced off and recent improvements to the BNSF access ramp will allow the room for developer LPC West to get started.
The Columbian recently published an article about a new Pasta restaurant coming to the Waterfront. Grasse is a Portland restaurant that has acquired a lease in the Riverwest building on Block 6 and tenant renovations are underway now. That will be a nice addition to the current slate of restaurants at the Waterfront.
Things are still rosy in Vancouver USA.