This story is of interest for at least two reasons. Firstly, sellers are having to drop prices. Secondly, the effect of a falling ask price, instead of attracting this buyer, rather gets them to further delay any planned buying. This demonstrates one mechanism leading to the falling-prices-beget-falling-prices action we anticipate. -vreaa
sweet at vancouvercondo.info 15 Aug 2010 4:12pm – “We just came from an open house in Port Moody (1082 Gatensbury Rd). The house is listed at 725000, empty, probably somebody bought it to flip it. Before leaving the realtor told us “I know it is listed at $725000, but the new price is actually $625000, we just dropped $100,000″ !?!? We may buy a house in the future, but for now we are patiently waiting…no rush.”
That property was originally listed in june for $825k. I’d guess it’s a long time owner who has since moved to a new property and just wants to unload it. Even at $200k off the original ask, they are still well above what they paid for it years and years ago.
what’s the MLS #?
V840668 I believe.
doesn’t seem like a bad price for a house this decent.
Priced at $725,000, not $625,000 (originally at $825,000 under a different MLS #), this home is 21 years young and is completely move in-ready. It has been completely updated from top to bottom, inside and out (hardwood flooring throughout main, brand new carpets upstairs and in the basement suite, all in 2006; brand new roof in 2004; brand new wood retaining wall along creek in late 2008, and more). Most recently, in May 2010, the main kitchen on the main floor was re-tiled and we put in brand new SS appliances. As well, all the exterior trim got a fresh coat of white paint.
The house comes with a two-bedroom very bright (i.e. you don’t need to put the lights on, on a sunny day) and completely above-ground two-bedroom basement suite, with its own separate kitchen, laundry, and full bathroom (and therefore a mortgage helper, of course!).
There is also a completely insulated (and with high ceiling) attached storage room at the back of the house that is NOT included in the total finished square footage.
Walk to Rocky Point Park, the Westcoast Express, express buses to Vancouver, SFU, and New Westminster, and to the future Evergreen Line.
Here is our realtor’s link. Please consider calling her for a private showing.
If the link doesn’t work, paste the MLS # V840668 into your MLS search.
Thanks for considering this!
http://www.mls.ca/propertyDetails.aspx?propertyId=9719663&PidKey=-1274843646
There was definitely a misunderstanding here. We did drop the price to match the current market from $825,000 to $725,000, which explains the “just dropped $100,000″ in asking price. There is no new price of $625,000.