Andreas Nystrom

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Waterfront land in and around downtown Vancouver is supposed to be among the most expensive real estate in the region. But for this 9 acre parcel of Concord Pacific’s last remaining undeveloped property, its value is just $1.00.

 

The 9 acre parcel is just a fraction of the total size of the 28 acre undeveloped site. As part of its overall master plan for the development of the False Creek community on the old Expo ’86 lands, Concord Pacific promised to build a park on the 9 acre site as part of a density swap and transfer ownership to the city when the park is complete.

 

The site was originally valued at $400,000, which riled some nearby residents enough that they submitted a request to the provincial government’s Property Assessment Appeal Board to reassess the value of the land. However, instead of an increase in land value so that Concord Pacific would have to pay more in taxes, the value of the 9 acre parcel land dropped to just $1.00.

 

The Appeal Board argued that their decision came from the high costs required to develop the site into a park, which includes $7.3-million for the extension of the seawall and $9.8-million for this 9 acre extension of Creekside Park. As these combined costs exceeded the market value of the land, the site was given a nominal value of just $1.00.

 

The site is bordered by the Plaza of Nations to the west, the Georgia Viaducts to the north, Creekside Park and Science World to the east, and False Creek to the south. Condo development and park construction on this last undeveloped site in North False Creek was put on hold because the land acted as staging and event grounds for the 2010 Olympic Winter Games.

 

Development has been put on hold again for at least another 2 years until the City of Vancouver completes its study on removing the Georgia and Dunsmuir Viaducts.

 

In the meantime, Concord Pacific has made revenue from the site by turning it into a parking lot during Rogers Arena and BC Place events, and hosting events such as marathons and the Cirque du Soleil. Recently, a portion of the site was leased to create Vancouver’s largest urban farm. A Concord Pacific sales centre is also located on the site.

 

Courtesy of VanCityBuzz http://www.vancitybuzz.com/2013/08/9-acre-concord-pacific-false-creek-lands/

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This month, Sandra Wyant, president, Real Estate Board of Greater Vancouver, discusses real estate market activity in the Greater Vancouver area. - See more at: http://www.rebgv.org/podcasts/rebgv-market-update-july-2013#sthash.ZgT5WJRn.dpuf
This month, Sandra Wyant, president, Real Estate Board of Greater Vancouver, discusses real estate market activity in the Greater Vancouver area. - See more at: http://www.rebgv.org/podcasts/rebgv-market-update-july-2013#sthash.ZgT5WJRn.dpuf

Update: This month, Sandra Wyant, president, Real Estate Board of Greater Vancouver, discusses real estate market activity in the Greater Vancouver area.

 

This month, Sandra Wyant, president, Real Estate Board of Greater Vancouver, discusses real estate market activity in the Greater Vancouver area. - See more at: http://www.rebgv.org/podcasts/rebgv-market-update-july-2013#sthash.ZgT5WJRn.dpuf

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Sunny weather did not slow the pace of home sale activity in July. Last month was the highest selling month of the year in Greater Vancouver and the highest selling July since 2009.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,946 on the Multiple Listing Service® (MLS®) in July 2013. This represents a 40.4 per cent increase compared to the 2,098 sales recorded in July 2012, and an 11.5 per cent increase compared to the 2,642 sales in June 2013.

 

Last month’s sales were 0.1 per cent above the 10-year sales average for the month.

“Demand has strengthened in our market in the last few months, which can, in part, be attributed to pent-up demand from the slowdown in sales activity we saw at the end of last year,” Sandra Wyant, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,854 in July. This represents a 1.1 per cent increase compared to the 4,802 new listings reported in July 2012 and a 0.4 per cent decline from the 4,874 new listings in June of this year.

 

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,618, which is an 8.1 per cent decrease compared to July 2012 and a 3.9 per cent decline from June 2013.

 

The sales-to-active-listings ratio rose two and-a-half percentage points between June and July to 17.7 per cent in Greater Vancouver. This is the highest this ratio has been in Greater Vancouver since April 2012.

 

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 2.3 per cent compared to this time last year and an increase of 2.3 per cent over the last six months.

 

“Home prices continue to experience considerable stability with minimal fluctuation throughout much of this year,” Wyant said. “This stability in price brings greater certainty to the home buying and selling process.”

 

Sales of detached properties reached 1,249 in July 2013, an increase of 59 per cent from the 787 detached sales recorded in July 2012, and a 13.7 per cent increase from the 1,099 units sold in July 2011. The benchmark price for detached properties decreased 3.1 per cent from July 2012 to $920,500.

 

Sales of apartment properties reached 1,210 in July 2013, an increase of 31 per cent compared to the 927 sales in July 2012, and an increase of 16.3 per cent compared to the 1,040 sales in July 2011. The benchmark price of an apartment property decreased 1.6 per cent from July 2012 to $368,300.

 

Attached property sales in July 2013 totalled 487, an increase of 27 per cent compared to the 384 sales in July 2012, and a 12.7 per cent increase from the 432 attached properties sold in July 2011. The benchmark price of an attached unit decreased 2.6 per cent between July 2012 and 2013 to $456,700.

 

Image: coreymaaskant

 

VIA: Real Estate Board of Greater Vancouver, Vancity Buzz

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