2013 West Vancouver Sale At 2007 Prices

“Interesting data point out of West Vancouver. 4820 Headland Dr. sold last month [January 2013] for $1.17M. It sold in July 2007 for $1.2M. Poor location, corner of a 3-way stop, either way, they’ve done ‘well’ to have lost money over the past 5.5 yrs in Van RE. A few more of these coming I reckon….”
NoBid at VCI February 26th, 2013 at 6:00 pm

6 responses to “2013 West Vancouver Sale At 2007 Prices

  1. West Van Tree Dweller

    4820 HEADLAND DR
    V7W 2Z3

    Assessed Value:$1,507,000. Sale of 1.17m is 22.3% below assessment. Ouch.

  2. Interesting only because we came off of a red hot market. One sale a market does not make.

  3. chumpay le chump

    how should one bid against the assessed value? I went to an open house on Sunday in Horseshoe Bay- assessed value is $850K and the list price is $1.075M

    still a big disconnect between reality and sellers expectations

    • Ralph Cramdown

      Well, *you* represent reality. Bid below what you’d be willing to pay and see if you get a counter. Or put in an offer and tell your agent to tell the seller’s that it’s your best, and to take it or leave it. If you get it, I’ll come by to say hi next time I’m there; my sister-in-law is on the next street. A friendly neighbourhood.

    • Assessments are all over the map, some high and some low. It used to be with rising prices assessed was nearly always lower, now it’s showing assessed for what it is: a crude estimate for tax purposes loosely aligned with market values.

  4. Wolfie said “One sale a market does not make.”

    In the Vancouver strata market, prices have been trading at 2007 levels on at least 4 separate occasions since 2007:

    Now that we have a swelling of vacant condos coming into the “which ever comes first, for rent or sale” market, I expect we will see condo prices drag the high end down. Last weekend I looked at several open houses and the price per square foot is all over the place. For sure, buyers need to bid low to test where the price is.

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