Donovan 1055 Richards Street

The Donovan located at 1055 Richards Street is Cressy Developments latest Luxury development in the heart of Yaletown, Downtown Vancouver, BC. Rising 18 stories high and offering 152 residences ready for completion by March 2009.

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The Space building, located at 1238 Seymour Street in downtown Vancouver was built in 1996. Rising 22 stories this building offers 223 suites comprised of predominately of 1 & 2 bedroom apartments boasting 16ft ceilings from the ground floor to the 21st floor. Space exemplifies it’s name with wide open modern floor plans.

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Luxury Real Estate in Vancouver continues to move despite economic woes in the market. On Oct 8th the second highest Real Estate sale price was recorded in Greater Vancouver with the sale of a luxury residence at 2770 Bellevue Avenue in West Vancouver. With an asking price of $12.8 million this magnificent 7400sqft waterfront home fetched a cool $10 million.  Vancouver’s relaxed lifestyle, beautiful landscape and convenient location continues to attract the worlds elite. With luxury real estate on the rise the current market offers greater choice for those looking for excellence than ever before. 

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The British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 39 per cent to $2.1 billion in September, compared to September 2007. Residential unit sales were down 34 per cent to 5,107 units during the same period. The average MLS® residential price in the province was $412,149, down 7 per cent from September 2007.   

“Weaker consumer demand and a large number of homes for sale are having an impact on home prices in the province,” said Cameron Muir, BCREA Chief Economist. “Despite relatively strong fundamentals, consumer confidence is low. The global liquidity crisis and volatile equity markets are intensifying this sentiment, causing many households to pull back spending on major purchases.”

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No one says it better than Warren Buffet… “When others are being greedy, be fearful. When others are being
 fearful be greedy!” The Berkshire Hathaway CEO follows his own advise as he snapped up several billions in stocks in the last few days. Why is Warren buying when everyone is trying to sell? The simple anwser is the very reason Warren Buffet has become one of the wealthiest investors in the world.

Could the same be said for Vancouver Real Estate? We are seeing the 1st dip in pricing in close to 7 years, with healthy price reductions across all boards savy real estate investors are quietly picking up properties at deeply discounted prices.

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Month-over-month declines in real estate prices across many Lower Mainland property markets are another sign the overall market cycle has run its course.Cameron Muir, chief economist for the B.C. Real Estate Association, said he doesn’t believe that there was a housing bubble that has now burst, but said there has been a change in the cycle.

The Vancouver board reported 2,174 property sales in July, a 44-per-cent decline from the same month in 2007. July listings, meanwhile, increased 24 per cent to 6,104 compared with the same month a year ago.Total active listings in the inventory, however, were down slightly from June, the board said, at just over 19,000 compared with just over 20,000 the month before….full story

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Well, the signs are out the news is pumping and the commercials are rolling…Yes it’s time to vote. Despite the rain, Thanksgiving hangovers, long lineups, economic uncertainty voting is one of the cornerstones of democracy. Residents of Vancouver can go to Elections Canada website where you can find your local polling stations.

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VANCOUVER, B.C. - October 2, 2008 - The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to 1,585 from the 2,776 sales recorded in September 2007.

New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”

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