Olympic Village Real Estate Analysis
February 8th, 2010 Categories: Olympic Village
Let the Games Begin! 4 days and counting! Follow the Torch and the fun which begins february 12, 2010. Buy tickets for 2010 Winter Olympic Events.
The Olympic Village is Vancouver’s last waterfront community. Vancouver real estate statistics for False Creek South (Olympic Village) saw January sales down and listings up. Average sold price $396,000 and list price to sales price ratio an amazing 100% indicating sales selling at or above list price.
In her report to council in October, city manager Penny Ballem confirmed that 420 units of the 1,100 total units on the site (including affordable housing) have been “inspected, approved and locked down by VANOC”. MilleniumWater will be pre-selling the remainder in May . The waterfront units will be over $1M. Hire me as your Buyer Agent!We can only track the activity for this neighbourhood through MLS, not the Developers who are pre-selling, but that will eventually change as they all become resales and then we can get a better feel for the neighbourhood.
Most expensive listing $1,590,000 for 1225 sq.ft. penthouse (air conditioned) in Foundry. Least expensive $319,000 for a studio.
Listings 2009 - Feb 19, Mar 18, Apr 16, May 26, Jun 28, Jul 18, Aug 26, Sept 36, Oct 40, Nov 28, Dec 25
Listings 2010 – Jan 33
11 listinged under $500,000. 15 listed between $500,000 and $1M and 4 listed over $1M
Sales 2009- Feb 0, Mar 3, Apr 5, May 3, Jun 4, Jul 10, Aug 2, Sept 9, Oct 3, Nov 7, Dec 11 (4 resales and 7 pre-sales)
Sales 2010 – 7
All sales were under $500,000 and all but one were l bedrooms
Average Days on Market for Solds 2009- Mar 22, Apr 28, May 14, Jun 41, Jul 94, Aug 37, sept 17, Oct 20, Nov 36, Dec 35
Average Days on Market for Solds 2010 – Jan 24
Average Sale Price - Mar $399,000 , Apr $325,000, May$429,665, Jun $424,750, Jul $378,150, Aug $401,500, Sept $516,522, Oct $726,000, Nov $457,000, Dec 419,000
Average Sale Price – Jan $396,258
Average $psf 2009 - Mar $485, Apr $533, May $557, Jun $538, Jul $561, Aug $549, Sept 635, Oct $551, Nov $611, Dec $586
Average $psf 2010 - Jan 617
List Price to Sale Price Ratio 2009- Mar 96%, Apr 97%, May 99%, Jun 98%, Jul 98$, Aug 98%, Sept 100%, Oct 99%, Nov 98%, Dec 99%
List Price to Sale Price Ratio 2010 - 100%
Neighbourhood Buildings - LOFT 495 at 495 W. 6th. LOFT 338 at 338 W. 8th. The VUE at 2520 Manitoba is now 2 years old. The ELEMENTS at 2515 Ontario was built in 2004. THE CALLADINE at 2626 Alberta completed in 2008. XL LOFTS at 438 W. 8th. CENTRO at 138 W. 6th. TURNBULL’S WATCH at 380 W. 10th
Canada Line, which joines Vancouver International Airport to Downtown. On August 17, 2009 the ride was free and there was a 2 hour wait. check out the website
NOW SELLING! MAYNARDSBLOCK on W. 1st & Cambie from $289,900 and PINNACLELIVING at 20 E. 1st. 600sf one bedrooms from $359,000. 1050 sf two bedrooms from$699,000. Due for completion October 2011.
UPCOMING PRESALES - 1700 Manitoba, 89 W. 2nd and 1827 Crowe
The Exchange at 388 W. 1st, an old telephone exchange building is completed and now selling - studios 367 sf from $346,000.
Olympic village condos completed in November 2009 , occupied by the Olympians, then the Developer will clean them up and owners will receive title in May 2010. Remaining pre-sales go on the market in May 2010, starting at $499,000 – $5million.
Visit the City’s website on this neighbourhood
Subscribe to Millennium-Water’s ezine and learn more about the Olympic Village site, its industrial history, sustainability, planning, policy, water, amenities, the community
when you’re ready to buy or sell an olympic village condo, contact Maggie, an experienced marketing vancouver homes since 1981
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