“The unit at # 205 28 POWELL ST, MLS listing V917709, was listed on Craigslist as being for rentfor $1,800 a month (I think they’ve managed to rent it out now as MLS lists it as “Tenanted”). Here is the e-mail one would receive back upon contacting the rental agent:
“Full Disclosure: I am a rental agent acting on behalf of the owner, no fees will be charged to you. The owner has the property listed for sale. It has currently been on the market for 13 months with no buyers. The owners due to circumstances are not able to come down on the price and the unit will likely remain on sale. The realator will meet with you after you move in to discuss how you would like to handle any showings (there have been 6 in the last year). We will offer any renters a month to month contract. In the event of a sale you will be given two months notice, as well as the standard one month of free rent (If you are in the unit or not). The owners will also pay for movers and moving related expenses (move in fee etc..) to help make your transition easier.”
$488,000, listed for 13 months, unable to come down in price at all due to “circumstances”. A mortgage on that unit, 5% for 25 years, would cost just under $3,000 a month, before strata and taxes and all that.
Or you could rent it for $1,800 from the sucker who owns it….”
“At the top in the UK, people clung on, telling themselves they didn’t have to sell & kept the prices high. There are documented cases where people REALLY didn’t have to sell (retirement, etc) and in those cases, houses stay on the market for 2 years ++. There are also well-known cases where the sellers have had to drop big-time. I’ve got my eye on a couple of places on the North Shore in YVR and I’m amused (as a current non-participant, but future possible) to see that real estate guys in YVR are no different from the UK, i.e. some of the prices have been quietly dropped by 5-10% in recent weeks with no great fanfare.
Next step? Watch out for the “independently valued at CDN$900,000, a steal at only $750,000″ headlines on the websites, etc… and so it begins…”
- Craig Sterling at VREAA 23 Feb 2012 12:46pm