Vancouver Peak

I am watching some expensive houses on the west side, many have price dropped 20% or more.

This one reduced from $6,670,000 to $5,290,000, a $1,380,000 drop (-21%), 282 days on the market.

http://www.century21.ca/newtrendsrealty/...EY_RD/3293

I see it is assessed at $5,605,300, so they have finally come down below assessed value.

A gem in Van East (on the market 114 days).

Used to be $2,680,000, now $1,988,000 (-26%):
http://www.realtylink.org/prop_search/De...l&From=MLS

At least the listing states "land value only"

Makes me think of this really old joke:

A City realtor was out in the country and passed by an absolutely beautiful farm, located on a rise in the Valley, great view, nice trees, etc. He thought, "I'll see if this hay-seed farmer will sell me some of his land. He probably doesn't have any idea of the price"

Realtor approachs the farmer and says: "How about selling me $50.00 worth of your land?"

"Sure", say the farmer. "Bring by your wheel barrow and I'll fill it up"

(12-29-2012, 04:13 PM)jzc Wrote: [ -> ]I am watching some expensive houses on the west side, many have price dropped 20% or more.

This one reduced from $6,670,000 to $5,290,000, a $1,380,000 drop (-21%), 282 days on the market.

http://www.century21.ca/newtrendsrealty/...EY_RD/3293

Actually, I got the assessment for this year as $5,222,700, and honestly it is still a mind boggling number. Sure, it is designed (or claimed to be) by Arthur Ericson in 60s. But as far as modern living goes, it is a 2 bedroom house with 33 foot frontage, and only 4000 square feet of prime land. The current listing price for the price-per-sq-foot is $1200 (for all the land not the built portion), and the liveable area is priced at $2250 per sq. ft. Maybe this price makes sense in Manhattan (believe me not it is twice as much as Manhattan), but definitely not in Vancouver.

Down from $3,190,000 to $2,550,000 (154 days on the market), -20%

http://www.realtylink.org/prop_search/De...l&From=MLS

Wow, a $3,520,000, -27.5%. drop (193 days on the market) from $12,800,000,

http://www.realtylink.org/prop_search/De...l&From=MLS

(01-04-2013, 09:43 AM)jzc Wrote: [ -> ]Wow, a $3,520,000, -27.5%. drop (193 days on the market) from $12,800,000,

http://www.realtylink.org/prop_search/De...l&From=MLS

Here's a few doozies:

Vancouver East - Renfrew
# 111 2528 E BROADWAY
V983070 V958723 V882496

$ 199,900.00 - January 04, 2013
$ 234,999.00 - September 25, 2012
$ 245,000.00 - June 27, 2012
$ 279,000.00 - September 18, 2011

Vancouver East - Renfrew
# 3155 E 6TH AV
V975716 V954399

$ 850,000.00 - December 18, 2012
$ 889,000.00 - November 20, 2012
$ 948,800.00 - October 07, 2012
$ 999,000.00 - August 17, 2012
$ 1,059,000.00 - July 13, 2012
$ 1,149,000.00 - June 22, 2012
$ 1,199,000.00 - June 03, 2012

---

Vancouver East - Renfrew
# 3475 ADANAC ST
V976922 V972932 V964878

$ 749,000.00 - October 17, 2012
$ 779,000.00 - September 22, 2012
$ 799,000.00 - August 21, 2012
$ 819,000.00 - August 03, 2012