#102 – 500 W 10th Ave, Vancouver
Fairview area of the West-side
MLS V903485
1096 sqft condo; 2 bed; 2 bath
Built 1994
Asking price: $499,900
“Priced well BELOW MARKET VALUE! Best price per Sq.Ft. in the building! Offers below the listing price will not be accepted!”
[hat-tip painted turtle at VCI]
Market value is, by definition, what a unit like this will actually sell for. – vreaa
Vancouver Real Estate Anecdote Archive 
and there’s no such thing as a sale price at The Bay either. When it sells, regardless the discount, that’s the full price.
Correct.
‘Offers below the listing price will not be accepted!’
Bit in your face isn’t it.
My response to that would be something that I would not want to sully your blog with.
Desperation is merely setting in for those who are getting caught with “inventory.”
This is the “shock and awe” marketing tactic. Going out of business sale, these prices won’t last. Closing our doors. We mean it this time. Really.
lmao
If it wasnt for the ‘Below market value’ statement I kind of like the approach. They are basically saying this is the best price we will give you. It is better than anything else in the building and we are not willing to go lower. No bargining, no fuss. Time will tell if this works, but I like it a whole lot better than “This is the price we are hoping to get, maybe we are being sneaky and hoping to get more, maybe we will accept less.”
It reminds me of the 12 man hot tub that my dad bought….sitting on a construction site with a hole in the bottom from a dropped hammer…the construction manager had a for sale sign on it, my dad offered him 500 bucks to which the guy replied “no way” as it had originally cost him 5k. My dad walked away. Six months later he passed the site and saw the tub still sitting there. He found the manager and offered him 500 bucks. Market value, eh!
Comment from “Dave” on theeeconomicanalyst:
“A comment from ground zero and an industry player, me. I happen to live on the West Side of Vancouver and I am a mortgage broker so let me give you a first hand assessment here in Lotus Land
I dropped by an open house yesterday for an 850 sq. foot condo listed at $540K to network with the Real Estate Brokers. (crazy that $540K buys you a 850 foot box)
First thing they asked me is if I was busy as they used my answer as a gauge of the market. Most mortgage brokers in my circle have seen their business drop 30-40% from last year. The two RE Brokers said that their embedded mortgage brokers in their RE office have been slow also.
It is getting significantly harder for mortgage brokers to compete against what the banks are underwriting as brokers are now racing to the bottom with rates. No wonder the banks got a finger wagging from the OFSI [sic].
I asked the RE Brokers if the Asian money is still snapping up properties here on the West Side and they have said that has cooled considerably.
Although they did say lots of boomers are buying condos for their children to get them started in the game.
Maybe since we are all in the industry we could talk frank with each other and put all that Realtor sunshine talk aside.
Vancouver really only has 2 industries, Real Estate and Mining (ok maybe tourism), with China slowing down on buying real estate and commodities it would only make sense that inventories are rising and sales are drying up.
On a more personal note my wife and I have been contemplating buying a home since we had paper profits from her stock options and my stocks, but the downturn in the stock market has wiped a good $250K from our portfolio.
The market needs buyers like myself to perpetuate the next level but for now we are sidelined and watching.”
jesse -> Remarkably, Ben Rabidoux independently sent this along to us by e-mail, at about the same time that you posted it here. Clearly a anecdote that we all find arresting. Thanks.