All Quiet on the Urban Front

The governor issued a stay at home order last week reversing his position from the previous week. Although it may turn out to be a wise decision it does lead us to some difficulty in transaction real estate. The initial order stayed realtors but exempted construction. The governor clarified the order a few days later and limited construction work to essential projects only but allowing real estate transactions some flexibility to operate. This is good news for buyers and sellers of real estate.

The urban condo market was very quiet this past week with one failed sale back on market at Shorewood and a new listing in Northwynd. With no new pending sales or closings, the week ends up at +2 inventory. Downtown had no change in inventory.

Inventory is still rather tight for those looking to be downtown but for those looking for an urban condo along the riverfront to the east, things are looking good from the buyer’s perspective. Northwynd is a series of townhouse style condominiums at Columbia Shores. This neighborhood features McMenemins on the Columbia and Beaches restaurant right on the Columbia River. Northwynd has a fair number of units listed right now and with a general slowdown in showing activity, sellers are likely to be anxious and willing to cut a deal to get sold.

Columbia Shores is less than a mile to the new waterfront and the drive or walk is short with no cross traffic or stop lights between the two neighborhoods. Just a lovely stroll or cruise along the riverfront park.

For people already living in Vancouver’s urban core you have the advantage of close proximity to a variety of restaurants and pubs that are still offering walk up take out or delivery so the urban living does still have its perks even in this COVID-19 lock-down environment we find ourselves in.

This is a good time for buyers to assert themselves as sellers may be more anxious due tot he uncertainty of the sales environment. Is this a 30 day deal or longer? Unknowns always tend to create anxiety in the market but savvy buyers can capitalize.

Excellent Sales Activity!

This week saw a pretty nice run of Pending and Closed sale son urban condos across a broad range of pricing. Several units in Northwynd at Columbia Shores either closed or went pending this week. A couple of pending sales in Shorewood as well as Parkview at Vancouver Center. In the upper range a unit went pending at Tidewater in the $1 million range and two nice units at Viewpoint $699k and $950k went pending this week.

Things are looking strong for Vancouver USA and the urban condo market. If the economy can continue to push favorably forward this summer should bode well as the Waterfront project continues to bring more exciting restaurants, services and development to the area.