The Urban View is a Relative Bargain

Last year, I wrote about the Urban view being alive and well in Vancouver. Here we are in the middle of 2015 and that is still true. It is also a relative bargain! The real estate market has been roaring locally in the detached single family homes under $350,000. The upper end homes and the condo market is still lagging a touch behind. This is not an uncommon phenomenon. It is likely short live and that means there is a window of opportunity to score a rare deal in a rising market.

During the crazy rush of the mid-2000's both Vancouver and Portland built a plethora of urban condos. Downtown Vancouver, Pearl District, South Waterfront, etc. This excess of inventory is still lingering just a bit and that means condos are a good value.

The Urban condo is not for everyone, but if it is for you get busy because these "deal" will not last.

originally posted on this blog, March 20th, 2014


Panoramic from 500 Broadway Condo, Rod Sager, 2012

Most people in this area would associate an "urban" view with Downtown Portland or the West Hills of Portland as that is the big city center for this region. That is an accurate association. However, here on the north shore of the Mighty Columbia River we are not without our own urban views. Vancouver, WA has begun an urban renewal process that has already transformed the formerly derelict Esther Short Park area into a thriving urban live/work center. Mid-rise and high-rise buildings with office and condo space flank the east side of the park, a mid rise hotel and convention center and mid rise City Hall building to the south, and to the west and north are low-mid rise condos and apartments with retail/office on the street level. Huge plans are underway for a gigantic billion-dollar waterfront renovation that will bring mid-rise and high-rise development to the shores of the Columbia in Downtown Vancouver.

As of right now there are several condo projects in Downtown, Vancouver that offer up urban city views. These condos range in price from the low 100's for a spartan and small unit to nearly a million dollars for the deluxe accommodations with sweeping panoramic views. The two projects that quickly come to mind for contemporary urban living in Vancouver is the West Coast Bank Building at 500 Broadway with its Frontier Block Condo Project on the 5th and 6th floors and the Vancouver Center III on Washington and West 8th with its upscale condo project on the top three floors starting on the 9th. These two projects feature units with upscale hardwood floors, granite and travertine finishes, and all the plush design elements to complement the spectacular urban views they offer.

One of the great features however about Downtown Vancouver is its clear price advantage over Portland's Pearl District. The Pearl is also suffering from a variety of builder and HOA related lawsuits that can put the pinch on a purchase. Vancouver Center also has two mid-rise condo buildings on Columbia Street that actually fronts the park and offer more modestly decorated units with smaller space at shockingly affordable prices. Units in these more affordable buildings can be had from the mid 100's to the upper 200's and above the 4th floor offer great views overlooking Esther Short Park. These two buildings have 6 and 7 floors respectively. Heritage Place Condos on the north side of the park only has units on the 2nd-4th floors and so the views are limited by the trees in the park. That building offers a mixed use with storefronts and restaurants on the street level. I think it is great that a young single person could easily afford one of the Columbia Street units even with a modest income.

So if the urban lifestyle fits you better than suburbia, take a look at Downtown Vancouver and be sure to "enjoy the view".