I’m pleased to announce the sale of 2116 West 41st Avenue, a 2-storey retail/apartment building on West 41st Avenue in Kerrisdale. The purchase price was $6,650,000, representing $542 per SF and a 4.2% cap rate.

After spending the past year tweaking their proposal for a master-planned community that would change the face of the Harbourside Drive waterfront, Concert Properties is close to unveiling their refined plan.

“A lot has transpired in the past year,” Concert Properties’ president and chief operating officer Brian McCauley told City of North Vancouver council on July 22.

• Concert’s Harbourside Waterfront Website

McCauley said Concert’s consulting team has worked with CNV engineers to flesh out the geotechnical work required to build at the waterfront site. The updated redevelopment application now conforms to the city’s minimum 4.5-metre height target for new construction above sea level.

Developers Concert Properties’ and Knightsbridge Properties’ 10-year plan is to create 800 strata and rental housing units, while setting aside 372,000 square feet as commercial space.

Read more: http://www.northshoreoutlook.com/news/219063941.html

As we approach the end of summer, a look at transaction activity in Metro Vancouver at the 2/3 mark of the year shows a fairly significant drop compared to this time last year. Research prepared by Colliers International shows the number of transactions of over $3 Million down slightly for retail and apartment properties, and down almost 50% for office buildings (where supply has been scarce) and land (where demand is down after a busy 2012 that saw many large sites acquired).

An article in the Vancouver Sun mentions Realnet research reflects these numbers and shows even greater declines in Calgary and Toronto during the same period.

Perhaps this indicates the market’s collective belief that valuations are peaking for both investment properties and development sites.