Garth Turner reports on the Vancouver market turning cold [at greaterfool.ca 16 Dec 2011]:
In May a 66-by-160 lot in a hot neighbourhood in Richmond (if such a thing exists) went to market for $1.3 million. Had it been listed two months earlier, I heard, it would have been snapped by some horny Asian for $1.5. But, too bad. The moment passed. A month later is was $1.1 million, then an even million and finally $900,000. It sold this week for $790,000.
“It goes to show,” says one of my BC insiders, “that in a buyer’s market, sellers have to get their price to where the buyers are willing to pay. When buyers are few, and sellers are many, you can see prices fall quickly and each new low sets the bar.”
Speaking of Denial City, seems sales on the steamy west side are cooling fast, and will be 40% below year-ago levels by the end of the month. Plus, January will start with more inventory on the market than at any time in three years (nine months now in Richmond). “Buyers are disappearing,” says Deep Listing.
We are setting up for an interesting spring of 2012. – vreaa