Yeah, SFHs on the Westside have been on a rip (but perhaps even they are pausing currently; not quite flying off the shelves like they were a month or two back). In other areas and other property types, things are less than rosy:
“A friend of mine who is a realtor on the North Shore told me yesterday that not all prices are soaring and she is struggling to unload a townhouse built in 2008. The owner paid $650K new and wants to sell it for $679K. There have been no offers and they refuse to drop their price.” – DM at VREAA 14 Jun 2011 9:18am
“I rented for 3 years near Rogers arena in a two year old building – when we moved in, similar units to what I was renting (2bedroom, 2 bath, 850-ish sq ft) were asking $525,000. That was in the spring of 2007. Here we are in 2011, 4 years later, and those types of units are still asking the same – and there’s lots of them listed. So I’m really not convinced about this whole rising prices thing.” – Jeff at VREAA 14 Jun 2011 10:54am
Levels of property are so inter-related (move-up dependence; also shared factors such as interest rates and economic strength) that they will all end up dropping by roughly the same percentage in the coming downturn.
Until then, we are seeing market narrowing into the ‘darlings’, a common phenomenon near market peaks. – vreaa