A thread on REtalks started on Saturday 31st January 2009, resulted in a series of anecdotes about price drops -
“Assessed: 1.42M; Orig list: 1.35M; Sold: 850k. This is not uncommon.” (Paulb quoted by freako). Update 01 Feb 2009 -> “Paul B missed the mark by $10K. I purchased the WV house for $840K with a $1,426,600 assessment. The market is collapsing regardless of pricepoint ($100K or a $1,000,000) and will continue to for likely the next 2-3 years, perhaps longer.” (westvanbuyer)
“I am not a realtor but there was a house on Capital Hill my wife and I were looking at. Beautiful home, quality built. A year ago it was listed for $1.15M and an offer was made (according to the realtor) for full asking but the sellers got cold feet. Fast forward a year. House sold after being on the market for a second time. Was listed at $1.05M but sold for $860K.” (poundcruncher)
“Buddy builds homes in Point Grey. Last year he was buying 33′ ft lots for $1.1M. One sold two weeks ago for $823 (w/ view of d/t). ” (poundcruncher)
“Ambleside home. sold 1.57M March 08; sold 1M Jan 09.” (Paulb)
“Sales at significantly below list are becoming common place now. A house three blocks down from me just sold for $1m below assessment. The listing agent said the sellers were very pleased with the sale price, given the state of the market.” (kingroland)
Some suggested that these anecdotes exaggerate declines, citing possible lesser drops as evidence:
“My Abbotsford townhouse, confirmed by to recent sales in Dec and Jan is worth 300-310k. Last May it would have sold for 330k” (pianoexcellence quoted by Thompson)
“It consists with what I observed, such as the highrize buildings in Lougheed Mall where is worth about 250K now, down from 280k since last May.” (Thompson)
vreaa would appreciate the posting of any first hand anecdotes of 2008 versus 2009 sales price changes in the comments section below.
