The complexity of this market is largely the result of its geography. The area offers stunning views, prime waterfront properties and choice amenities all in a park like setting. There is much talk in the media that the market is moving toward a more balanced state and that, more listings are flooding the market… I would love to get my hands on these listings as there are a plethora of people who are trying to get into the market in this region and many are finding that there just is not enough choice. .
Particularly in the Central and Lower Lonsdale area there seems to be a shortage of supply. In newer concrete high rises many of the investors who buy and sell in the short term are looking to sell, but these prices are not being absorbed by buyers as they are moving to building that they can get better value. There seems to be quite a bit of in the higer end of the condo market but little in the middle and lower end. As such buyers are turning their attention away from new development and strongly considering older more established complexes.
With the ease of home renovations older buildings are what many first time buyers are looking for. Many are getting much more square footage then they would with a newer product. Many of these buildings were constructed in the Central and Lower Lonsdale areas. I am currently working with a number of client looking to purchase this type of real estate so if you are looking to sell Central or Lower Lonsdale real estate contact Joel Carcone of Re/Max Crest Realty 604-961-5365.