“I finally sold my DT Vancouver Loft. Was listed 3 times over the past 15 months by 3 different agents. With 5 price drops, 10 open houses, countless waste my time showings and finally that 1 single offer. I was so scared they would walk I gave into every single one of their demands. Sold 8% below assessment, but I would have gone 20% below if it came down to it. Happy to be renting a place that’s double the size, but at the same price as my old mortgage, maintenance and taxes.
Now I’m sitting on over 500K in cash waiting for the market to crash. I’ll buy a house when it’s down 30%, but I’ll start looking when it’s down 25%. Cash is King!”
– Finally at greater fool.ca 11 May 2012 8:30pm
[Image for illustrative purposes only. Loft in picture not related to loft in story. Any similarity between this loft and any loft in this or any other story, sold or unsold, is purely coincidental. -ed.]
Lofts represent a market sub-sector where it usually takes longer for sellers to find buyers, even in typical market conditions.
Nonetheless, this anecdote does act as a window into the soul of a seller in an illiquid market. With inventory rising and sales slowing, this is what faces sellers in other Vancouver sectors.