Panic buying in Vancouver’s Westside. -vreaa
This exchange at RE Talks 19 Jan 2010 –
eyesthebye 10:24 am –“I have a friend that just lost out on a Kits house.
Assessed 1.175M; Asking price 1.475M; Bid 1.65M; Selling price 1.81M.
The bidding was frantic and the look in the eyes of the buyers at the open house was desperate. Total of 6 offers. No subjects. The high bidder was Chinese, as was the buyer for another property in Kits a couple weeks ago; [where there was] also bidding 300K-400K above asking.”
gse36 1:26 pm – “Given the market, 1.488M was quite well priced. 2758 sqft, old house completely redone, so its almost like new. With a suite. A new house like that would go for 2M+, so 1.8M for a rebuilt one, with suite, is about right. Assessed value is 1.1M-1.2M, but of course that is mainly land value — it doesn’t account for the fact the house is very usable.”
Taipan 2:11pm – “Great to hear the desperation entering the market once again. No need to think, just make sure you out bid everybody else. I love these anecdotes. I’d even grab a coffee and hang around watching to see that sort market psychology.”