“The one bedroom in my building that has been listed for about 6 months now, with two price reductions, has now been taken off the market, realtor took the sign down this weekend.”

“The one bedroom in my building that has been listed for about 6 months now, with two price reductions, has now been taken off the market, realtor took the sign down this weekend. The one bedroom kitty corner to my building that had a reduced sticker on the sale sign was also taken off the market in the last few days, just noticed this morning that the sign was gone.
The one bedroom down the street that has been on the market for about a month has sold. It was priced at just below $300,000, a whole $104,000 cheaper than the almost identical place in my building (granted the place in my building was a corner suite and had a so-so reno, maybe $10,000 worth of reno’s).

I’m thinking that if you price wisely that you can still get out of this market.”
vangrl at VCI 5 Aug 2012 10:00am

Off the market but shadow inventory, still waiting to be sold.
Will likely come back onto the market at lower prices.
– vreaa

11 responses to ““The one bedroom in my building that has been listed for about 6 months now, with two price reductions, has now been taken off the market, realtor took the sign down this weekend.”

  1. Dropping the price. Whowouldathunkit.

  2. 6 months!? “Ha! Ha! I say to you!”

    CrewMan#6… ‘NowSelling’… 4 years and counting…

  3. Agreed, they will come back and it is shadow inventory. Disillusioned and wanting to sell, they in error wait. There are only three possibilities – 1) take it off and don’t sell for a long time (years and years) 2) put back on market and accept a lower price 3) run out of money to service it and lose the home – this is a broad category that includes underwater people who can’t afford #2 and just give up .

    All three will happen but a good number of recent buyers who accepted buying little tiny condos or sub-par homes will be in buckets 2 or 3 in future.

    • “There are only three possibilities”

      Actually there’s a 4th – the sign was taken down because it sold.

      • Ralph Cramdown

        And the agent has so many listings that she had to move the sign to another property instead of leaving it up with a Sold sticker for a few weeks?

    • That future is only weeks or months away. A financial carnage unlike any seen in history, at least in Canadian history is about to FALL upon us.

      • A shoot will come up from the stump of Jesse;
        from his roots a Branch will bear fruit.
        The Spirit of the Lord will rest on him—
        the Spirit of wisdom and of understanding,
        the Spirit of counsel and of might,
        the Spirit of the knowledge and fear of the Lord—
        and he will delight in the fear of the Lord.
        He will not judge by what he sees with his eyes,
        or decide by what he hears with his ears;
        but with righteousness he will judge the needy,
        with justice he will give decisions for the poor of the earth.
        He will strike the earth with the rod of his mouth;
        with the breath of his lips he will slay the wicked.
        Righteousness will be his belt
        and faithfulness the sash around his waist.
        – Isaiah 11:1-16

        Bring it yo

  4. This is the good bit…

    Governor Carney makes a point of avoiding anything that could be construed as investment advice. In his interview with CTV, Coach Carney was rather critical of Team Canada, suggesting the country is squandering the economy’s relative strength by plowing so much wealth into housing.

    Mr. Carney explained that inbound capital flows are stronger because international investors see Canada as a safe place to park their money. But Canada isn’t taking advantage of that windfall, he said.

    “Our challenge as a country is how do we use that capital that comes in? We can use it to grow our economy, invest in new productive assets in industries, or we can build houses,” he said. “Our view is we should do the former.”

    • yes, mr. carney talks down, pretends to know best, offering idiotically obvious spew, a posteriori no less … note primo result of policies courtesy dopey and friends in chart at end (dating from 1990) … http://tinyurl.com/67gnfkl … the trouble to worsen until the dopeys are fully discredited … in the meanwhile, just try to get comfortable for the ride

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