2 - Wednesday, March 1, 1989 - Capilano Chronicle House sales are booming in Capilano neighborhoods WHILE IT may be a little late in coming compared with other areas of Vancouver, the current real estate boom in North Vancouver has heads shaking over the unheard-of prices, ‘‘frenzied’’ buyers and frautic efforts by agents to find them something to purchase. i Local agents attribute the phe- nomenon to real estate interest overflowing from the west side of Vancouver, Richmond and West Vancouver, and nowhere is this truer than in the Capilano area. The interest comes to some ex- tent from Asian buyers, as well as Vancouverites driven out of their city by the higher prices on the other side of Burrard Inlet. Prices are rising especially fast in. the Capilano area, which as Shirley Robb of the North Vancouver Real Estate Board explains, boasts beautiful views, an excellent busing system connecting with downtown Vancouver and picturesque Edge- mont Village. The North Vancouver . market has seen significant price increases’ ever since the last quarter of 1988 when 431 single family homes in North Vancouver sold for prices ranging between $83,000 and $485,000. The ‘median price’ was- $176,000, meaning that half of the houses sold for less than that, and half sold for more. - The Capilano area is definitely at the upper end of this range. “You couldn’t touch something for $83,000 in Capilano, and $176,000 would be a little low,’ Chuck Mitten of Mitten Realty said recently. The prices. are rising not only because of the high demand, but also the. low supply, which has 1,000 or so North Shore real estate agents running around trying to sell the 600 or so properties that are for sale at any given time. Increasingly, buyers are being’ forced to bid up from the asking price to compete with other offers. One West Vancouver home recent- ly went for $10,000 more than the listed price. Increasingly, those selling their“ homes advertise with ‘‘vendor has bought.”’: “They know theyll have a poorer chance of buying another house by making .an offer. that's subject to the sale of their current home — when there are cash buyers out there,°’ said Robb. . quarter of 1987 ranged in price from $60,000 to $454,000) it would be difficult to find a Capilano homeowner who has not thought of selling. You couldn’? touch something for $83,000 in Capilano, and $176,000 would ° be a little low,’’ Chuck Mitten of - Mitten Realty said recently. eee But not only are the chances of “moving up’’ in quality of ac- commodation siim for those who haven’t inherited a fortune, but many are reluctant to enter the rigorous marketplace. Selling and renting a property until the market drops is a solution that many peo- ple are not willing to pursue. “If you" re sitting in a house, at least you’ve got a roof over your head,” Robb said. : Those who are selling, Chuck Mitten has observed, in many cases tend to be older residents who are . looking towards retirement. “The people in the older pes are not using ail of the accom- modation that they needed when they had children at home. Their extra bedrooms are being used as . dens and the downstairs mostly for storage,’ ”” said Mitten. .. She warns clients of the danger, . ° ~ though. They could end up owning two properties. . With prices significantly, (the 378 North Van- couver homes that sold in the last | s 1338 Lonsdale Avenue : >North Vanceuver, B.C.: — V7M 2H4 Clusia Advertisii rong Peter Speck . ing Editor Barrett Fisher ny Manager Bruce Methven tures which should be accompanied by a stamped, self-addressed envelope. ~. Entira contents © 1988 North Shore _ Free Press Ltd. All rights reserved. increasing: Dee iro ant ed Eventually, they dicide to take advantage of the market and buy a townhouse or a house in another area, allowing the:n to put some money in the bank (and pass on to their children the articles left in their basements, rotes Mitten). It’s a trend that Mitten. said started in aboat 1981, and has continued since the recession. But it dees translate to some changes in North Vancouver. Fre- quently, the value of the land is rising more quickly than that of the house and land together. As a result, the older house built on two 33-foot lots (and there still are some in the Canyon Heights area) has become a prime target for redevelopment into two new houses. This has been met with some distress from people concerned about the changes in quality of life in their neighborhoods resulting ° from smaller lots. But Mitten points out that the larger lots are no longer necessary ' for septic reasons, or for “*prestige.”” ‘*Many people are reaching an age where quality of life means be- ing able to enjoy a game of golf rather than having to cut the lawn,” said Mitten. Those: buying in the Capilano area tend to be dual-income fami- lies or those approaching their middle years. “Some want to get into the Canyon Heights area and have to stretch to get into the $200,000 range. They can’t afford anything more expensive,’” Mitten said. __ Some are still going after. an older house with plans of working a@ wonder renovation. “But they have to be careful,’’ Mitten said. ‘‘There’s a certain ‘ob- solescencz that.can’t be corrected; people don’t want to pay $300,000 for one and a half bathrcoms.”’ Upper Delbrook ‘has been at- tracting a wealthier group, though the demand still denends on the accommodation and ‘how well it has been maintained. _— “*People in this price range are good shoppers, and they are often prepared to pay a little more for something better,’’ said Mitten. The Berkley area and the Grouse - Woods subdivisions are also at- Your North Shore Total Decorating ‘Store - Mazine Dr. st Pemberton (Corner E. of Save-On-Foods) ° Open 7, Gays 2 a week ° B > ougaatag SSHAIR DESIGNS UNISEX Z Free: Draw. Every h Month tracting healthy prices. ; " But there appears to be nowhere in Capilano for the young family starting out with minimal resources. “It’s one of the more unfortu- nate results of the increased prices,"’ said Mitten. Contrary to what may be popu- lar belief, real estate agents are not having the time of their lives. With the agents outnumbering the listings, and the weekly real estate catalogues outdated in less than a week, the intense competi- tion is resulting i in intense frustra- tion and fatigue for most, accor-- ding to Robb. ’ Although there is a lot of talk about a repeat of the ‘‘crash’’ of the early ’80s in the works, Robb isn’t predicting if and when it might occur. Even if it does, it won’t have any effect on the fact that despite the new subdivisions, land in North Vancouver has been virtually ‘‘gobbled up.”’ $18 Tolor: $22 Perm. FIGHT THE LUNG . CRIPPLERS ; . F Support Your Lung Association The real estate market has changed a lot in the last .- few. years. 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