(Newswire.net — November 7, 2013) Vancouver, British Columbia —
West Vancouver is one of the most sought-after neighborhoods in the entire city, according to Richard Morrison at Remax Real Estate. However, it is also one of the priciest neighborhoods in which to locate, although recent price drops have made it more affordable for many who are eager to move into this upscale suburb.
While sellers around Vancouver began dropping prices eight to 10 percent in February, the drop in prices in West Vancouver has been more drastic. Most West Vancouver homeowners have been willing to drop their asking prices between 15 and 17 percent in order to secure sales. Despite drops in price, Vancouver real estate remains one of the most stable and healthy real estate markets in the world.
While experts are divided on the reason for the large price drop in West Vancouver, Richard Morrison has his own theory. “The large price drops in the affluent area of West Vancouver is due to a combination of factors,” Morrison says. “First, these prices were already inflated and had not come down much as of February 2013.”
It is true that prices in West Vancouver real estate remained high for many months despite drastic drops in surrounding neighborhoods. Since properties in West Vancouver, some of which can be seen at www.richardmorrison.ca/guide/west-vancouver/, are considered to be highly desirable, property owners did not see a need to drastically reduce prices until plummeting costs in other neighborhoods forced homeowners to lower prices significantly in order to compete in sales.
“Second, while the percentages may be greater in terms of lowering prices, the prices themselves remain high,” notes Morrison. In other words, 15 percent off of 9 million, the average cost of a West Vancouver home, reduces the price to 7.65 million, still a healthy sum for a home.
As long as West Vancouver homes are relatively new and located close to the water, sellers continue to command top dollar. Recently, the Chinese have been the top buyers due to a perception of West Vancouver as a good investment area.
About Richard Morrison and the Remax Realty Team: Richard Morrison and his team at
Remax Realty have dozens of listings in West Vancouver as well as in other parts of the metro area, including Surrey, Delta and White Rock. For the latest Vancouver real estate listings or for professional listing services to sell a property quickly, Richard Morrison and his team are ready to serve Vancouver.
For More Information: http://www.richardmorrison.ca/homes/west-vancouver-homes/
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