$1.6M Teardowns - "Until demand shrivels at the higher end, families at the lower end will be priced out as we can’t compete with the developers. I’ve given up and can’t wait to get my family out of here."

“Who’s to say the market will ever correct? I keep hoping it will but I’ve finally given up and am in the process of making plans to leave Vancouver once and for all.
In my neighbourhood, teardowns, or what developers consider teardowns, sell within days for well over $1.6 million. Having said this, developed houses selling in the $3 to $4 million range are taking a lot longer to sell than they used to. Anyway, it seems that the market in this area is driven by the upper end, not the lower end. Developers calculate what they can sell the finished product for and then calculate their maximum price for a teardown based on the finished product. Until demand shrivels at the higher end, families at the lower end will be priced out as we can’t compete with the developers. As I said I’ve given up and can’t wait to get my family out of here.”
- chopper at vancouvercondo.info 21 Aug 2011 6:44pm