Condo Seller Panic – “A guy on my hockey team, a realtor in the Burnaby area, says that he has numerous clients who are anxiously awaiting the Jewel building to finish completing so they can take possession and quickly put it on the market.”

Vancouver renter at vancouvercondo.info 23 Apr 2010 4:45 pm

“Wheels are starting to fall off. A building I am interested in has a unit already reducing their price by almost $60,000! asking $750k now at $679k, a huge 2 bedroom + den + storage, over 1100 square feet brand new unit. MLS # V815989 for anyone curious. And this is DOWNTOWN vancouver!! who said we are immune?”

Joyco 4:59 pm responds

“The Robson TV Towers! I wish the best of luck in getting this at the right price. If they are already discounting it by 60k, you can get more – but might as well wait now and let the panic on the other side set in. It’s a crazy time – there’s bound to be people out there who think 60k off would be a great deal since they’ve become used to these prices…forgetting the important fact that it’s overpriced to begin with. Instead of overspending by 200k, you’d only be overspending by 100k – wait it out my friend, we’ll party together. The TV towers are a prime example of new buildings speculator trying to dig themselves out. There are many new developments being completed this year – wait till the flood of listings from each building come out of people wanting to exit. Those buildings currently in construction? The speculators are sweating hard hoping they will get completed asap. Woodwards is another. Now that it’s complete, just look at how many speculators are trying to dump it. The Mark and Beasely will have the same fate once they are complete. A guy on my hockey team, a realtor in the Burnaby area, says that he has numerous clients who are anxiously awaiting the Jewel building to finish completing so they can take possession and quickly put it on the market. It won’t be done until June, so you can imagine their panic – prices stabilizing if not dropping, Jewel 2 tower will be released soon (more competition and likley more competitive pricing) and the overall condo situation.”

One response to “Condo Seller Panic – “A guy on my hockey team, a realtor in the Burnaby area, says that he has numerous clients who are anxiously awaiting the Jewel building to finish completing so they can take possession and quickly put it on the market.”

  1. Great article. I live in BBY. I like your take on things!

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