Downward Pressure On East Van Prices? – “I don’t remember seeing this many dots on the map since 2008-2009. $100k reductions are new and significant.”

“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

13 responses to “Downward Pressure On East Van Prices? – “I don’t remember seeing this many dots on the map since 2008-2009. $100k reductions are new and significant.”

  1. Renters Revenge

    How to price stuff that isn’t moving?
    How about start at 3-4 times average annual household earnings.

  2. “We think it’s a bubble. The market [YYZ/YVR] is borderline irrational” – David Madone, CapitalEconomics

    [BBC] – Will Canada’s housing bubble burst?

    “Jason Margolis of PRI’s The World talked to prospective home buyers wary of the rising prices, and economists with different views of how long the market will continue to rise.”

    • Great link, Nem; thanks.
      Not an unequivocally bearish piece; but cautious.
      Everybody seems to get it except those in the eye of the storm.

      • My pleasure, IllustriousEd… and, speaking of price declines & CDN899K semi-detached EastSide ‘bunkers’ – I think it’s high time to re-introduce my favourite ‘comp’ at that PricePoint – an architectural masterpiece, itself recently reduced a further USD100K, placed on the short-term holiday letting market and, reading between the lines, now inclusive of all furnishings [authentic period pieces], tapestries and OriginalArt…

        Hmmm… CDN899K EastSide Duplex?… or USD875K RickJoy’s DesertNomad House inclusive of Walter Cecil’s collection? Decisions. Decisons.

  3. Was all excited when I saw the “bunker” place. It was (was) one of those places I imagine in San Francisco, nothing to look at on the outside, but knock-your-socks-off stunning on the in, no expenses spared.

    Then I realised this is Vancouver.

    So much potential, ruined out of the gate.

  4. Craig Sterling

    Question from a guy who left Canada at fifteen: how do you find out what a house ended up selling for from MLS? Realtors quote prices, then write “SOLD” all over the ad without telling you how much it sold for…any tips? Thanks – Craig

  5. pssst, ED… Achtung! BlogWerks CommentDerStucken.

  6. Greed is the root of evil

    saw an Interesting one – V937447

    This house has been in the market for a while. The owner was asking 1.88mil last year, probably changed to another realtor and relisted since. I know a house in that neighbour hood has the same look, same # of rooms, and tons of updates (including new kitchen, granite countertops, laminate flooring, new washrooms) was sold for 1.13mil March 2011. I don’t see why it was valued 700k + higher than the other one last year. Maybe somebody knows something I don’t. Any thoughts, anybody?

  7. Thai-born Chinese Canuck

    That pink house has been on and off the listing for more than 2 years. I remember it well.

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