Vancouver East is still a great market for lower priced, 1 bedroom condos. With a good mix of old and new buildings (both those already renovated and those in need of some TLC), you can find a unit for a good price in an upcoming area of town. Due diligence is required to ensure the building you’re buying into is in good condition and managed properly, and considering the amount of re-zoning and development in Vancouver East, it would be smart to talk to the city about any potential construction that could change the dynamic of the area you have your eye on.
Prices increased slightly over August, with a 10% difference in Average Price. Interestingly, the prices now sit very close to what they were in September 2012, with an average of $480/sqft. This market remains fairly strong, and with an 18% absorption rate, it’s a Balanced Market for Buyers and Sellers.
The most expensive condo sold in East Van last month was a loft in Gastown at 27 Alexander St. This was a beautifully renovated unit (two units were combined together to create one large unit) with modern finishings, skylights and classic details like brick walls and concrete ceilings. This unit has unobstructed Mountain Views from the living space and the private roof top deck. It was listed for $1,598,000 and sold 18 days later for $1,565,000. The next most expensive condo sale in East Van last month sold for $885,000, making the loft at 27 Alexander a very special home.
The least expensive condo sale in East Van was a 488 sqft 1 bedroom condo at Kingsway and East 17th. Listed for $175,000 and sold 13 days later for $173,000. The unit has in suite laundry, balcony, parking and storage. Note that condo units under 500 sqft can be hard to get financing – you’ll typically be required to put down a larger down payment.
Browse through the East Van condos for sale, and give us a call when you see something you like. We’ll get you in to see it as soon as possible.