We just SOLD a large 825 sq.ft. loft at The Space, 1238 Seymour St.

Beautiful Vancouver loft - 2 level loft with 825 sq ft, at the Space. Concrete highrise. 16' ceilings with full height window. SE facing. Super YaleTown location. New Granite counters top in the kitchen and washroom. Open concept and spacious. MUST SEE. Listed by Pilothouse Real Estate Inc. Sold by Paul Albrighton Macdonald Realty. # 611 1238 SEYMOUR ST, Vancouver. Listed by Pilothouse Real Estate Inc. Sold by Paul Albrighton Macdonald Realty

Go to http://www.albrighton.ca/1238-seymour-st-the-space.html for more building information and for a full list of lofts for sale.

Whatever happened to Green Real Estate?

When the North American economy was in full force, and the Vancouver real estate market was fully blooming Green building technologies were hot.  Developers were promoting the latest Green additions to their projects, Green marketing was “in”, and consumers found a way to justify higher prices for these qualities.  Since then, whatever happened to Green buildings? Was it a fad or did people actually value these additions to new developments and were willing to pay the price?

 
This fall, my experience with Downtown Vancouver condo and loft buyers has been disappointing in regards to Green value-adds.  With a target audience of people who appreciate architecture, new technology, and new design, the Green demand has simply been forgotten.  I believe this past 2009 economy has made our consumers very price conscious.  People pay closer attention to what they are paying for and the short term returns.   Even in our past 5 months of true sales and price recoveries, people are shopping with more short term intentions.  Since March 2009, we have seen similar activity to the most active months in 2007 in regards to sales figures and price increases.  (Read last month’s market report)  But people are not acting the same when it comes to buying property.   

Recently while promoting the environmental advantages of one of Vancouver’s few Green buildings “Pomaria,” (See below) a LEED tower in Downtown Vancouver, in more than one case, my clients would not consider the Green advantages while comparing prices to similar properties in the area.  I felt disappointed, and slightly concerned.  I brought up this issue amongst a few people in the industry, and they experienced similar feedback from other clients.  Does this mean, now that the bottom line is “more important than ever,” people are forgetting about Green technology, and the long-term effects on the environment?

While attending a UDI (Urban Development Institute) development course last week, I spoke to other professionals within the industry about the possibilities of new Green initiatives being implemented by developers for upcoming projects, they quickly responded with the answer “no”.  As expected, they asked if I have had experienced any demand or requests for these types of features from consumers.  You can imagine where this conversation led...

My point of this article is that I hope that the Green initiatives can once again be absorbed and demanded by consumers.  At this time I believe the pressure will have to come from government and planning departments.  If there were tax advantages with certain Green guidelines for new developments this could cause some very positive energy.  The reality is very few people are willing to pay the price up-front.  Developers are not willing to add Green features if consumers are not willing to pay extra.       

Pomaria 1455 Howe St – LEEDE residential condo tower

Pomaria is a 30 storey residential tower located in False Creek North in Downtown Vancouver.  It was developed in 2007 by Qualex-Landmark and designed by Rafii Architects and Robert Ledingham.   Pomaria was amongst the first and only developments to pursue LEED.  This building has been designed to enhance living while considering some Green technologies including: a unique ventilation system, geothermal/geoexchange heating and cooling system, storm water management system, specially selected materials, and low volume/consumption appliances and fixtures.  All these systems are designed to lower its impact and increase its long term sustainability.    http://www.pomaria.com/

Written by Paul Albrighton.- also posted at http://www.albrighton.ca/blog.html

Large loft for sale at 1238 Seymour St, Vancouver

The Space at 1238 Seymour St. located on the edge of Downtown/Yaletown.  This loft tower features unique townhomes, lofts, studios, and one and two bedroom suites.  Known as one of Vancouver’s very few towers that offer loft two level spaces with concrete construction from the ground up. Best of all it is located right Downtown Vancouver, on the edge of the local Yaletown district known for up-scale living spaces, great restaurants, and trendy shops. This loft is 2 levels with 16' ceilings. The building features include a fitness centre on the ground floor and common patios on the 4th floor. # 307 1238 SEYMOUR ST, Vancouver. Listed By: Bruce Ward Realty Ltd.

Click here to see all the lofts for sale in Downtown Vancouver.

Click here to see the building webpage for 1238 Seymour St, Vancouver.

bedrooms			1		location			Vancouver
bathrooms			1		age			14
view			city & mountains		taxes			$1,709 in 2009
sq ft			940 Sq.Ft.		strata fees			$306
price			$475,000		mls®#			V791589

Summary for local Downtown Vancouver Market Report for condos and lofts

The market continues to show positive signs.  Inventory is still low, and our market still remains as a sellers market (defined by having less than three months supply).  Sales activity has slowed down since the Summer months which is typical for this time of year, however; sales in October were up 4.1% from September which was already a very active month.  Compared to October of 2008, sales were up 117% for Greater Vancouver. 

“High confidence and low mortgage rates are continuing to drive the activity we’re seeing in the housing market today. We’re coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year,”  - Scott Russell, Real Estate Board of Greater Vancouver (REBGV) president said.

This month I wanted to more of an analysis of Greater Vancouver, and Western Canada.

November Market Update
Since the market correction last winter, the market has bounced back nicely to test previous highs, both in the number of sales and in benchmark prices. The summer of 2009 surprised many analysts and market-watchers with both its resiliency and fervour, and clients have asked what will happen in the fall and winter.

No one really knows what the market will do, but traditionally, the winter season has resulted in a slow-down in the market as families buckle down for the school year, weather patterns make buyer tours less pleasant, and holiday planning begins. Because there are fewer buyers, some sellers will decide that they can wait until these buyers return, which results in less supply to offset the drop in demand.

However, statistics show that house prices tend to be lower in the winter than in the summer which is why home price stats are seasonally adjusted. People who sell in the winter are more likely to be ready to sell and realistic rather than curious and unmotivated. Also, because there are fewer buyers, true negotiations between buyers and sellers are more likely to occur in place of auction-type multiple offer situations.

So what does this mean if you're a buyer or seller? If you're a buyer that has the flexibility to purchase during the winter months, your selection may become more limited, but if you find what you like, you will likely have a better opportunity to negotiate for your home rather than bid for it. If you're a seller, a limited supply can work in your favour if you have a good realtor that can outline the unique features of your home.

Every situation is different, and each year presents a new set of challenges and opportunities that require professional analysis.  Source, Macdonald Realty Ltd.