Four Years Later Canal Station North Sells Out

A little over four years after Canal Station North went on sale TeamBuilder and Rennie Marketing have announced they’ve sold the last unit (of 278!)

Canal Station

They note in their email that this will be a well sought after address well into the future. In fact there are only 5 resales right now. Though the longest days on market for them is 238 and the people who bought in 2007 are taking a beating on price.

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • Ash

    LOL @ ‘well sought after address’. Can I have some of what they are smoking? If it was ever a well sought after address, it wouldn’t have taken FOUR YEARS to sell!

  • phil

    I guess it depends on where you want to live. This building is in the heart of Ballard, walking to great bars, restaurants and shopping; buses to downtown.

    4 years is not long, considering they hit the market just as it crashed and prices came tumbling down.

  • http://www.facebook.com/josephrhill Joseph Hill

    This is great news and I am glad to have it spread around – desirability of any address will always be opinion – here is what the sales & turnover rate looks like at Canal North.

    1 – Average of 5.79 sales every month for the past 48 months (four years)
    2 – At the above pace, 69 units per year would sell, resulting in annual turnover rate of 24.9%
    3 – The two above numbers create a ‘normative baseline’ for the Canal North community, at this point in time.

    With the current number of resales available (5) at Canal North, the above numbers remain unchanged. If this community continues to perform within these guidelines it should prove to be well managed, desirable, and perform well overall price-wise.

    Communities start having problems price wise when an above average (historically speaking) number of Owners want out. That would create a spike in inventory from what has been a natural absorption rate over time, and result in lower prices for everyone.

    Moral of the story going forward: Sellers should consider the historical sales/absorption rate for their community when placing their property on the market. A good Real Estate Agent will help with this.