The Kitsilano condo market is performing well, with an increase in average price to $506k and median price to $484k. There were 7 sales between $500k and $700k that brought up the average price this month. The sub-$300,000 market had a high sales-to-active ratio, which is not surprising given that we have a lot of interest in these properties from new Buyers. Most condos sold in Kitsilano last month were 1 bedroom units, with both of the rare 3 bedroom units selling as well.
As inventory decreases, Buyers may have to make concessions on their “must-have” list in order to find a property that works, and Sellers will have to get the pricing just right in order to succeed in this market, taking into consideration the building, location, interior upgrades and comparable sales.
Kitsilano Condo Listings and Sales
One of the most expensive condo sales in Kitsilano in October was this pre-sale – a unit bought from a developer for a building slated to be finished in the Fall of 2016. West 10th and Maple is a new development by Pinnacle International. This is a 3 bedroom, 1185sqft Penthouse Unit with a balcony and roof top deck. The building will have all the latest in amenities (including A/C) and high end materials. This was listed for $1,169,900 and sold for list price (not including GST).
One of the least expensive condo sales in Kitsilano was this 727 sqft 1 bedroom unit on West 6th near Burrard. This top floor south facing unit has it’s own rooftop deck, but the unit could use some updating, and the building will require some expensive work in the next few years (leading to special assessments). This home was listed for $324,900 and sold for $321,000 a month later (though it had been on the market previously and never sold).
As always, if you have any questions, give us a shout! We watch this market closely and between all the members on the LiveKitsilano Team, we’ve seen A LOT of these units.