East Van Condos: Market Update for November 2013

07.11.2013

Buying and Selling Condos in East Van

Condos in East Van showed a lot of activity last month and last year. This market had a 31% increase in sales to 121 successful transactions, along with slight increases in the average and medians prices. The days on market decreased by 28% to 36 days. Consider that half of the sales were below $369k, this is a market for First Time home Buyers looking for a good 1 bedroom unit. East Van condos is always an interesting market in that it has a large mix of older low rise buildings and newer highrises. Generally, the older buildings will offer bigger units and better floor plans for the same price as a typical one bedroom condo unit in a new building. The big difference is the quality of finishings and and the building amenities. Main, Grandview-Commercial Drive, Fraser, Hastings and Hastings East continue to be the hot spots in the East Vancouver condo market.

VE_Condos_Graphs_Vancouver_Real_Estate_October_Zwick_Page_03

One of the least expensive East Van condo sale last month was in Vancouver Heights. This unit has 675 sqft, 1 bedroom, 1 bathroom and a covered balcony. Though the building was built in 1975, the condo unit has some upgrades and the building has recently upgraded the pipes , hallways, lobby and roof. The unit was listed for $199,900 and sold 21 days later for $191,000.

One of the most expensive condos sold in East Van last month was in Koret Lofts, a Live/Work building in Gastown. This 1375 sqft unit has funk details like brick walls, exposed ceilings, concrete floors and an open, almost industrial like layout. The unit was listed for $999,900 and sold 113 days later for $935,000.

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