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The Waterfront Market in Vancouver area is a bit crazy! Some great deals out there!

Blog by Patricia Houlihan - Personal Real Estate Corporation | July 27th, 2010

The Waterfront Market in Vancouver area is a bit crazy! Some great deals out there!
Well in theory the market has slowed down a bit but the last week has been crazy-we were in 2 bidding wars yesterday-very unexpected.  Even more crazy is the range in waterfront pricing in the lower mainland right now.  There have been some recent sales in West Vancouver that I thought were great deals. 

We also sold a waterfront home on Point Grey Road for $4 million (after several months and several price drops) which is pretty good for that location. In Deep Cove, the waterfront situation is a bit crazy right now- there is one listing at close to $18 million dollars-if that sells it will set a new record for Cove waterfront single family homes.

At the other end of the extreme, there are some very good waterfront values-homes with deep water moorage and docks- in the low $2 million range which, surprisingly, have not sold.  I doubt it will be very long before we stop seeing any waterfront in that low a price range (especially when on the same street you can find a home listed for almost 9 times as much...what do they say about buying the worst home on the best street?). 

One of our listings is an essentially new, very nicely done, 3 level waterfront home with an amazing dock, at under $2.5 million....and it has lots of parking (rare in the Cove). I think for anyone wanting to buy waterfront anywhere in the lower mainland, it would be hard to beat this timing-there are a lot of homes available and the prices are quite good...and of course interest rates are still very low.  Waterfront seems to be a "best buy" right now and you can pop out and put the crab trap out for a fresh seafood dinner (something we have been enjoying lately-nothing like fresh crab and bar-b-qued accompaniements).
The market truly is a bit crazy now...great time to buy and likely a bad time to be sitting on the fence!

If you have any questions on the market and what its doing or how you could use it to your advantage, please let me know.