YLTNBoomerang at vancouvercondo.info 31 Aug 2010 10:15 am –
“One of the areas I’ve been tracking for a few years now is townhouses in Coal Harbour and False Creek North (essentially waterfront townhouses). The thing that sets my data apart from MLS data is that I don’t reset my ‘days listed’ counter each time a property is re-listed with a new agent or MLS #. As a result, the [accurate] average number of days listed of all townhouses in this area is… 358!!! Talk about stagnant listings!!!!
Of the current 28 units in this segment only 9 are under a hundred days with the worst offender at 927 days (v829368; 1194sqft; 1439 Howe St; ‘Pomaria’; condo fees $611 per month). Check out the history of this unit that has never been lived in since being completed at the end of 2007:
Initially listed: February 11 2008: $989,000
Price reduced March 4 2009: $969,000
Price reduced April 17 2008: $899,000
Re-listed July 31 2008: $799,000
Re-listed July 21 2009: $699,000
Re-listed June 10 2010: $759,000 (I guess the owner figured the market recovered enough to warrant an increase)
Price reduced June 24 2010: $749,000
This guy has already paid $20K in maintenance fees alone with no rent! I think this place is worth no more than $400K.”
And this important information added by Anonymous at vancouvercondo.info 31 Aug 2010 1:32pm – “Purchased Feb 4 2008 for $749,900 with big dreams of an easy quarter million dollar profit. Now looking at a significant loss. At least the owner will save on commissions…the listing agent is the owner.”
[Thanks for sharing the data, YLTNBoomerang & Anonymous. -vreaa]