“A couple of $100k reductions in my East ‘Van neighbourhood:
Half of this bunker (a duplex) just went from $989k to $899k:
“And, this geriatric monster went from $1.18M to $1.08M last week:
“I keep a fairly close eye on Strathcona, which is a pretty small region with relatively few listings compared to the rest of East Van. I don’t remember seeing this many dots on the map since 2008-2009. You don’t have to like these listings, or the neighbourhood, to recognize that $100k reductions are new and significant.
Strathcona also has a couple of weirdly condo-ized properties that must be bleeding heavily, and are either listed and gathering dust (“Strathcona Edge”, “Strathcona Gateway”) or have been pulled and rented pending a miracle. There are plenty of shoes just waiting to drop.”
– Turkey at VCI 22 May 2012 10:08am
“A relative of mine had his house for sale in East Van, just pulled the listing after virtually zero interest for 3 months. It is old and probably not much more than a teardown but they claimed that prices of comparables had moved about 15% lower over the past 6 months but the data were sparse. Nobody seems to know how to price the stuff that isn’t moving. It’s a long way down…”
– jesse at VCI 22 May 2012 10:53am