Vancouver Price Drops, by ‘an observer’, is a new blog that monitors price changes both in broad area categories and in specific Vancouver properties. It is a welcome addition to the local RE blogosphere; thanks to ‘an observer’. Vancouver Price Drops is now linked in the ‘blogroll’ sidebar.
From latest post, showing a property where the asking price is steadily being reduced:
Price Changing Champions – May 10, 2012
5638 CROWN ST, Dunbar, Vancouver West
I love the way they’re trying to sneak as many 8s as they can in the price… These people look desperate to me.
A fun blog to watch. Sales tell only part of the story, what’s not selling provides important notes in the margins… as it were.
i want it now
I find it completely absurd that in this cash poor town more people don’t pay attention to the prospect of price drops.
That house is now $510,000 cheaper than it was 2 months ago. Given the average incomes around here, how long would it take for someone to save half a million dollars? 20, 30 years, more?
The risks are so ridiculous that they are simply not a real consideration for most.
The more I think about Vancouver and our housing problems, the more I hope its not a bubble. Not for the bullish reasons, but for the fact that a significant price crash here would make the pain so unbearable for many, it will make this city miserable for years.
Sandy Garassino really said it best, and her words pretty much sum up what I think of our predicament. Not verbatim, but she stated; the greatest challenge to this city is that we are in a housing bubble, or not.
Both options at this point are nearly of equal harm.
I’ve felt for some time that this place is not going to be very pleasant in the near future, no matter what happens with prices.
Maybe it’s time to bug out – before the desperate RE zombies take over.
People here are way past the point of paying it off. They are renting debt.
I offer $599K!!!!!
never forget you’re in bizarro country … i undercut your bid … $589k
haha, nice…but I’m in for $588,888
Unless there is more to that house than meets the eye, then it would sell for less than $200k in much of the country.
Howdy -> Some locals would argue the land is where the value is.
Note nsguy said that this has sold for $1.8M.
such an education for those of us considering a move to YVR – e.g. I might have thought 10% off of a pitched price of (say) 800 000 was a good deal – but now I see people agreeing prices that are 35% below the sale price – it can be done! Craig
Why not just make it $1,888,888.
Super golden happy lucky dragon number.
This property is now sold at $1,800,000
There is an old duplex for sale near my parents house near metrotown going for 800+. I will try to find the MLS number later.
My sister was telling me there was a house party there a few years ago and someone was stabbed to death inside the house. I wonder if that is in the realtors writeup.
Yeah, it’s in there: “Tons of character!”
Found the listing,
http://search.suttonwestcoast.com/listings/info/p-4491-victory-st-V946359
It is selling for 788k. Wonder if they dropped the price recently, My sis told me it was 800+ at the open house.
wonder if this resonates at all … pffft!
‘Free-for-Foreigners’ Night Sparks Fury
http://tinyurl.com/75z6fe5
This sounds great. Problem is these are already expensive neighbourhoods. A price drop of $500k in Dunbar or Kitts is of little consequence to me. Does anyone have any cases of price drops in working suburbs like Burnaby, PoMo, Coquitlam, Richmond, Burnaby?
The Weekly Drop top 10 that I put out every Monday is based on %, not total $’s and in last 2 weeks only 6 of the 20 listings were in Vancouver West or West Vancouver.
Price drops are happening everywhere and recycled listings are on the rise. In fact, Richmond, Burnaby and Port Moody are three of the worst areas in total % drop.
Come on all you HAM suckers! Don’t you recognize value? I mean look at all those 8′s – this one’s got your number. It’s listed below last year’s assessment. Don’t you know prices only go up?
West Van is getting the lions share of the HAM. They are by-passing Richmond, West Side, and headed straight to West Vancouver. Prices have held firm so far, and for one reason only. HAM! I have been on the North Shore all my life, and have never seen such a radical change in demographics in such a short period of time. The locals are selling out at these prices, and I haven’t seen many buy back in.
Hey, let’s see some South Surrey.
Vanilla, boring, backwater, and overpriced. That area is going to implode.
Even the rentals are dropping… to wit, this OakBay FantasyIsland UltraPrime… advertised by a tony PropertyManagementEmporium @ 8K a week (yes, a week)… now on CraigsList for just 6.3K weekly… “Operators standing by”… More to the point, what does this tell us when a new build (presumably spec) goes straight to the short term letting market and bypasses MLS?…
http://tinyurl.com/d85hubz