“Speaking of the west side of Vancouver — another appalling/risible anecdote for all to wince at.
6225 Balsam St., an appealing-looking but now somewhat shabby, small older cottage, sold last spring for $1,288,000.
In the last few minutes I noticed a new For Sale sign on the property. Apparently the sign went up today; the property will not even be visible on the web until 3-4 days from now.
New listing price? $1,488,000.
The realtor said this is “below market value,” because the land alone is worth $1.7 million. (The lot is “extra-long” at 125.8 feet as opposed to the customary 122.)
The realtor said she had already had “quite a few” calls about the property and is expecting “multiple bids.”
The property is currently tenanted with renters, so there will be no open houses.
When I asked why the owner is selling, the realtor said the owner “has too many properties, wants to get rid of some.”
I don’t know why I should still feel surprise at some of what continues to happen here.”
- Vesta at VREAA 7 Feb 2012 4:35pm
“Vesta – per BC Assessment, 6225 Balsam sold for $1.420M last May 2011. It is currently assessed for $1.502 M. Will be interesting to see what it goes for.”
- homelessindunbar at VREAA 8 Feb 2012 12:34am
1. “Below market value”: Hahahaha, really risible. What, the owner is feeling charitable?.. passing on a free $200K to the buyer out of goodwill? Of course, in actual fact, whatever it sells for is ‘market value’. You know the realtor is being disingenuous based on this comment.
2. “The owner “has too many properties, wants to get rid of some.”: More laughter. What, too much of a good thing? More BS. This is the seller’s way of answering the question “If RE in Vancouver is such a good investment, why are you selling?”… “I have so much, I’ve decided to give some away…”
3. Yes, given our knowledge of the May 2011 sales price, it’ll be interesting to see what it now sells for. It is possibly priced in the hope of a bidding war. With all the benchmark changes and so forth, this kind of single property sale/resale may become increasingly important in trying to assess market direction and magnitude of price changes.