We have over the last few years heard an awful lot about the 'Asian Invasion' I think it is time to see exactly what the so called invasion has done to our market here in West Vancouver.
So far to date there have been 158 sales in the Ambelside and Dundarave area. These two areas would be considered the 'hub' of West Vancouver. I have broken down the figures into a few different categories, below 2 million, up to 3 million and above.
There is a fairly even split between Asian, Iranian and Caucasian buyers up to 2 million with a total of 86 sales, 32 Asian, 30 Caucasian and 24 Iranian.
Above 2 million there are 12 Iranian buyers, 25 Asian and 20 Caucasian
Above 3 million 15 sales of which 80% as Asian 20% Caucasian
My take on a further breakdown would be that the Caucasian buyers below 2 million are a mixture of people just trying to get a foot into the West Van market and builders hoping to build something that will be Asian attractive for 2014
I would say that all 24 purchases on the Iranian end of things will be for future new construction.
2 million and above, the 20 Caucasian buyers are probably again builders hoping to have product for 2014/2015 + those that made out like bandits with their recent sale
Many of the 25 Asian buyers have probably purchased to park money, use a rental or a property to just hold. Many of the sales in 2014 are Asian sellers that have just held their property and have re-listed again many hundreds of thousands above what they paid and are successful at selling.
Once you go above 3 million - your home has to be Asian attractive. Huge views, good quality and great walkability scores. Especially it must have great proximity to the best schools in the area.
In my New Year’s newsletter you will be able to see how the schools have ranked this year on the North Shore.
Lastly and probably the most important thing to consider is the agent you chose to work with. How will their skill set enhance your ability to sell your home in the least amount of time with a minimum of inconvenience.
For further answers about the market or the value of your home at this time, do not hesitate to give me a call. You can be assured that nobody will work harder or more professionally on your behalf than I will.
Have a lovely Christmas and we will speak in the New Year