gse36 wrote:this isn't really a good sign. i remember in the 90's we saw a lot of these during the correction. question is whether we will see more of these.
case in point:
3743 W19th Ave
Paid 1.68M Aug 31, 2011. (looks like a mainlander)
Now asking 1.87M.
"Property under construction. HST on top. Current price includes land value & cost of demolish, architect design & drawings, permits application & foundation construction. Call listing agent for details. Please drive by."
So the guy is bailing out while the house is under construction. pretty risky. the price isn't a real bargain (HST ON TOP!!!!). land price is around 1.5-1.6M now. so the guy is trying to recover all his costs. as a buyer, i'd only consider this if it were a discount to his costs (permit, foundation construction, drawings, etc) -- otherwise i would just pay full price for my own custom home.
1.87+HST = 2.1M.
You're better off buying land at 1.55 in the area + permits + foundation + design. come in at 1.6-1.625M!
perhaps the guy is just fishing. or greedy.
When mainlanders are bailing on their own backyard - yikes.
What I find hilarious is he wants to make a profit from failing (paying too much for land, not finishing what he started, buying and selling at the wrong time). And in this bizarro city of ours he'll probably get rewarded for his efforts.