real_professional at vancouvercondo.info 19 Jul 2011 1:16pm -
“A real estate appraiser in Abbotsford told me that the banks have been strong arming them to “inflate appraisal values” in order to “make the numbers work”. He mentioned that RBC is the worst of the bunch.
He was saying that other than West Van, the Westside and other HAM areas the market is cold. He also went on to say that in Abbotsford if you bought a condo post 2007 you have pretty much lost money now.
He pointed to the following example: A condo which went for $220k a year ago was foreclosed by the bank, that same condo was then sold by the bank for $120k. It was put back on the market a “little while” ago at $175k and is now has the ask dropped to $150k…. The problem, no bids.
He also mentioned that he has gone to appraise some properties and will see, as an example, a 1.5MM+ property (remember this is abbotsford) with a hummer parked outside. But the owners are trying to secure a $40k loan.”
And this related info from gordholio at vancouvercondo.info 19 Jul 2011 5:00pm -
“I’m still on the realtor hot sheets for Abbotsford because we were toying with the idea of low-balling an offer out there before we got smarter and opted to rent again. And I can tell you this: Maybe 25% of the homes we’ve looked at in the past YEAR have sold. Nice places on the east side, up the mountain, that are *still* listed after being on the market for months – many, many months. More than that though are the price reductions. They’re everywhere. I get a fresh new batch every day.
It’s dying out there, just like it died in Chilliwack before that, the Okanagan before that, etc.
And to that I say: GOOD! DIE, DIE, DIE! Bring your death a little closer to greater Vancouver. It’s tentacles are already in Langley and Surrey. I can sense it. Now BRING IT ON!”
['gordholio' is Gord Goble, Vancouver writer, and author of 'In Vancouver, renting is a better option than buying', Vancouver Sun, 26 April 2011.]