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Sunshine Coast Price Drop: How low will they go?
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03-22-2014, 05:43 AM,
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RE: Sunshine Coast Price Drop: How low will they go?
Skook, great work as always.
I've made this point on Vancouver Price Drop and it may not apply to Sunshine Coast places, but I honestly believe we are going to see drops of up to 80% in certain areas of the Lower Mainland BUT (and that's as big a but as I can make it) the drops are misleading in a sense, because the asking prices were such fantasy... e.g. a house went from 1.75 mil in 2007 to an asking price at peak of 8.888 (etc) mil in 2012 - now being offered for 5 mil 2 years later, and assessment is 3.5 mil. Let's assume it sells for 2.5 million - the headline-grabber is "price drops over 70%!" - but of course the reality is (once the insanity has left us), the price has gone up by $250,000 in eight years... All of that said, I honestly believe there is no end to the drops from these delusional levels. You know where I'm looking, and folks are still asking approx 30-40% over assessment in that area. As Navier said and I'm finding out, some people really are *convinced* that's what their homes are worth. Time and experience will tell them, I guess... |
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