This unit featured on ‘Vancouver Housing: Bubble or Bust?’, The National, 20 Sep 2012 and archived and discussed on these pages [Realtor/Speculator On ‘The National’ “Trying To Sugar Coat The Ugly Reality That Prices Are Tanking”, VREAA, 23 Sep 2012]. Excerpts from The National piece:
CHRIS BROWN: “At first glance Philip Chan’s property in popular Kitsilano would seem to support those who believe the crash is upon us. It’s a very nicely finished 1,700 square foot newly built unit in a triplex. Back in March it came on the market for $1.79 million, including sales tax. It’s now 1.57 million. That’s an almost 12 percent price drop.”
PHILIP CHAN: “Unit like this, I think you can find no more than 10 on the market at this moment. How much can it drop?”
CHRIS BROWN: “At his Kitsilano property owner and realtor Philip Chan is sounding confident the market won’t slip much further from the 10 or 12 percent it already has.”
UPDATE 14 Oct 2012
Thanks to joey jo jo who writes:
“Remember Philip Chan the realtor who was profiled on the CBC National report? He was commenting on how the market had “adjusted” and he had recently reduced the asking price on a property he owned by 220k. It looks like that same property is still on the market but for another 197k less than what he was asking in the September 20 report. AND he’ll throw in a new FIAT 500!!”
2575 7TH Ave W, Vancouver, BC, V6K 1Y7, Canada
Ask price now: $1,373,000
From Phillip Chan’s website:
“A brand new 2012 FIAT 500 Pop is a present to you if you purchase 2575 W7th Ave! As seen on CBC News The National “Vancouver housing: bubble or bust?” on September 20, 2012.”
$417K [23.3%] drop in ask price, thus far. Plus one car.
For the record, we don’t think prices will fall 39 km.
But 50%-66% from peak, highly likely.