“Land Value Property for sale – 5038 Arbutus Street [V955311; 52x108 lot; Quilchena area of Westside]– listed for $998,000 now 13.2% below last sale price of $1.15 million on April 15, 2011- assessed value is $1,227,900.
This is where you will see the 1st cracks in the Westside housing market – big lot on busy street in Westside. In a few years, this lot will be worth $300,000+. Is this a speculator who is bailing, perhaps someone who put 5% down last year, never made a payment and is walking away? It definitely sounds like a foreclosure but I have not confirmed that. Is this the Canary in the Coal Mine?”
– airborne canine at VCI 19 Jun 2012 10:53am
Regarding 5038 Arbutus. Listing agent is one of the owners.
Should know soon how their Offer Party on June 18 went.
Definitely priced below “market” to get the buyer in. Should sell for over asking based on current market. Still – this is a big loss in 12 months. Could be $200,000 after all costs and taxes are factored in.
– ZRH2YVR at VCI 19 Jun 2012 at 11:26am
“59 West 21st. Livable house
Paid $1.303M. May 2011
Sold $1.281M Jun 2012.”
– BubbleBoy at VREAA 19 Jun 2012, quoting gse36 at RE Talks 18 Jun 2012 10:33am
“Confirmed – was a failed flip at 1.49M asking.
Seller is a relative of the Listing Realtor that sold.”
– zrh2yvr at VREAA 19 Jun 2012 6:38am