928 RICHARDS ST. NO. 1906, YALETOWN, VANCOUVER
11 yr old highrise; 750 sqft; maintenance $321/month
ASKING PRICE $499,900
SELLING PRICE $491,000
PREVIOUS SELLING PRICES $445,000 (2008); $242,000 (2002); $185,681 (2000)
TAXES $1,954 (2010)
DAYS ON THE MARKET 14
The Action: When this two-bedroom-plus-den corner suite at the Savoy was listed earlier this year, there was a surplus of properties that lingered on the market as buyers took their time to make a selection and negotiate on price. About a dozen buyers promptly viewed this condominium and one eventually made a proposal just shy of the asking price to seal the deal.
The Agent’s Take: “The average price per square foot for units in that building over the last year was $652, so we were a bit concerned that given the … market conditions for condos, we might have to go below this average. However … [this] sold higher than the average price per square footage, [so] clearly location and quality of building is still key, and of course, pricing sharply ensures the condos don’t sit on the market too long and become stale.”
- above ran as ‘Oversupply cuts price for Yaletown condo’, by Syndia Yu, G&M, 3 Oct 2011
Archived here for the longer term record.
This sold for over average price per sqft, so there was no ‘cut price’ involved.
The $9K off ask (2%) is a rounding error, not a price cut.
Keep the long view perspective: condos like these will sell for $200K-$250K in the trough. That’s a price cut.