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Mayne Island Nightmare: Selling rec property in a collapsing market.
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02-16-2015, 05:17 PM,
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RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
(02-16-2015, 05:06 PM)alexcanuck2.0 Wrote: We already have more than a sniff! I'm sure you've seen this one: Yes indeed assessed values are down, but the question is really when the sellers will get the memo? Where I'm looking, it has taken two years in some cases for sellers to drop their ludicrous prices by $100,000...all very well for facts to be facts, but if they won't sell, what does it mean? (02-16-2015, 05:06 PM)alexcanuck2.0 Wrote: I really don't think any sort of a bottom is remotely in yet, but prices have been declining in our target areas for sure. Whether it continues to drift down for years (death-by-a-thousand-cuts "soft landing") or breaks quickly depends on the bigger picture world economic problems and is yet to be seen. Completely agree with you here. My own best guess is a kind of slow drift down but others think there will be a more raid decline this year/next. All I'm saying is if we don't see it this year/next then it will look like the slow drift down for many years to come. I still see a lot of sellers out there looking for the "greater fool"... relisting each spring for $30,000 less, etc. Full respects to you for your patience and drive! |
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