6332 Laburnnum St. 33×125 lot
Assessed at $1.494M (Land only).
Original asking $1.59M.
Reduced to $1.49M.
Sold for $1.365M.
6320 Vine st. 33×125 sold for $1.626M in Jan/12
6331 Yew St. 33×125 sold for $1.393M in Jul/12
6225 Balsam St. 33×125 sold for $1.708M in Feb/12
6436 Vine St. 33×125 sold for $1.638M in Feb/12
“I bet they all wished they didn’t “Buy or be priced out forever”
They could have saved $300K by simply…. waiting.”
1706 W59th Ave.
Assessed at $1.697M.
Sold for $1.6M.
Purchased for $1.7M in August 2011.
“Wow – $100K drop (+PTT and commissions) in 16 months.”
3721 W16th Ave.
Assessed north of $1.2M
Sold for $1.030M.
Similar sales include:
4583 W16th – Asking $1.098M. Sold for $1.18M in Jan/11.
4067 W16th – Asking $1.198M. Sold for $1.185M in Feb/11.
4591 W16th – Asking $1.249M. Sold for $1.260M in Sep/11.
“All those purchasers must be kicking themselves. They could have saved up for another year and bought for $200K less.”
650 W22nd in Cambie. New construction.
Ask price $2.488M.
Sold for $2.120M.
They paid $1.47M for the land (nearly $100K over asking) and now are hoping to get out with a small loss.
Similar sales in the past year:
905 W20th, 33×122 sold for $2.49M (no mention of HST – assuming HST included then $2.223M) in Aug/12.
856 W19th, 33×122 sold for $2.29M (1 year old home) Sept/12.
“Even since the fall, prices are dropping rapidly – $100K in 3 months or, wait for it, $1,000 a day. Nobody is willing to pay what other buyers were willing to pay only 3 months ago. And the sellers are blinking first.”
– all above stats and comments by ‘timber2012′, in a series of posts at RE Talks, 19 to 28 Dec 2012
We’d recently heard of a small developer saying that houses on the Westside are “down 20%”. This seemed a bit high to us, but the sales documented above appear to bear that out. Some SFHs on the westside appear to be selling for 15%-20% off the peak already.
And, seriously, this bubble hasn’t really begun to deflate yet.