Inventory Softens in Urban Condos

Quite a number of fresh new listings arrived in the past week fattening up the inventory as new listings outpaced pending and sold 3:1 in the local urban condo market. Things are still fairly tight but a fresh infusion of listings will certainly take some of the edge off this strong seller’s market. Take a look below at the current inventory levels in the popular developments this website follows:

DevelopmentAvailable UnitsTotal UnitsPrice Range $ – $$$$
Frontier Block at 500 Broadway022$$ – $$$
Academy Square136$
Heritage Place4137$$
Parkview at Vancouvercenter1118$ – $$
Viewpoint at Vancouvercenter233$$$
The Village at Columbia Shores3135$$ – $$$$
Shorewood5187$ – $$$
Tidewater Cove1148$$$-$$$$
Kirkland Tower9 new + 2 resale 40$$$$
Totals3110772.8% available

In a typical year the United States turns over about 7% of its owner occupied housing units. Vancouver’s urban condos are a bit tighter than that as we are on pace to turnover less than 7% in 2023. Currently 2.8% of the total inventory of urban condos in the table above are actively listed for sale. The condo market is solid in Vancouver USA.

I did notice that two units in Kirkland tower that closed last year are up for resale. One is owned by an investment company that I presume will either rent the unit or sell it whichever comes first, it is also listed for rent on some online rental sites. The other is a private residence and no telling what their situation is. Kirkland Tower remains the top dog among premium urban condos in Vancouver and frankly competes well in the broader market throughout the metro area.

In other news:

I haven’t heard much from Mill Creek Residential on their 15 story apartment building proposed for Block 21. Initial land use and design review is complete. The CCRA and the City Council all seemed positive about it during the early review process. The building will add between 270-300 residential units to the waterfront. I was thinking they would break ground this summer on that project. They may still yet, the block does not have any activity and is not being used to stage for either Block 19 or Block 18 which both have large projects underway. As always financing for these large projects is a concern and how much investment cash is in the pool can make or break these types of developments. Vancouver’s numbers for rental units still look very strong and I’d think investors would still be willing to lend on projects like this in an area with well below average vacancy rates on both commercial office and residential rentals.

Over at 400 Washington Street, Hurley Development is hammering away on their 6 story full block apartment building. 180 units are expected there. They are working on the wood frame portion which tends to rise up quickly. The same progress is happening on Block 19 with the 7 story Broadstone building. It’s almost like these two are in a race to complete first. Both are working on the wood frame floors above the concrete podium.

The Springs Living 12 story tower on Block 18 is about to overtake the 7 story Columbia next door in height. That project seems to be moving along well. They anticipate a 2024 opening. That’s a hell of a project there with the building footprint covering about 95% of the 1.3 acre site. It is rumored they will have a restaurant on the rooftop somewhere. I’m not sure if it will be open to the public but it will likely be private for the residents of the 285 units only.

The apartment building with more name changes than Elizabeth Taylor weddings is now pre-leasing units on Block 3. Now called The Miller this 8 story building has 227 units.

LPC West is busy raising up the ZoomInfo two building high-rise office project at Terminal One. They have almost half of the 10 and 9 stories up. That development is targeted for 2025 completion. ZoomInfo currently occupies at least one entire floor in the 805 Broadway building.

I have been following the apartment developments and it seems they are not having any trouble renting units out in any of the developments. Some of these units are rather expensive but people are lining up to get in. The Aegis Phase One is open and leasing now called Aeon. Marathon completed the final land purchase from the Academy and the demolition of the dilapidated laundry and smoke stack looks complete. There doesn’t seem to be any activity lately on the site for Phase Two. There could be some archeological work on the demo site holding things up. Generally when the land deal closes, developers are eager to start building since they can’t make much money with bare dirt.

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