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red_lantern
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Whats your thoughts on this listing - Overpriced?

Sun Mar 10, 2013 8:47 pm

Anyone think this listing is overpriced? or priced adequately for the current market?

http://www.ecorealtyinc.ca/listing?id=260065480

1088 West 14th "Coco Building"

Maintenance is at $527 a month and asking is $888,000 which seems quite high.
 
jimtan
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Re: Whats your thoughts on this listing - Overpriced?

Sun Mar 10, 2013 9:54 pm

Value-wise, it's in a minor neighbourhood near the Granville shops and Shaughnessy . Likely to see more development in the future.

It's a recent building which is nice. The footage is typical for townhouses, i.e. compact. The main plus is the substantial private patio. Is that important to you? How much does the patio add to the price?

Price-wise, it depends on the price history of the building. The neighbourhood's older walk-ups are $500 psf (?).

No choice is perfect. Your decision must be made on the basis of the choices before you.

In my case, the condo I chose was far from perfect. But, the market turned so fast that what i bought was the best available.

So, you're doing the right thing. Shop long and hard before you make the buy decision.

Have a look at this renovated townhouse in an older estate. No private patio, but lots of elbow room. Good hunting.

http://janetingraham.com/mylistings.htm ... s-26609804

Or, a townhouse on the waterfront. #102 and #105 are relatively cheap because they are in the shadow of the next building. But, the townhouses face a small semi-private park. See for yourself. Transit station nearby in Yaletown.

http://www.6717000.com/crestmark/listings/
 
RiskArb
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Re: Whats your thoughts on this listing - Overpriced?

Mon Mar 11, 2013 1:07 am

Hi Red Lantern, IMO this appears to be a very nice but overpriced unit (as are all things priced at $888 to attract Chinese buyers).

- New product in this Shaugnessy/South Granvilla/Fairview area is going for $500psf. Penthouses and G/F townhomes going for $600-650psf
- The patio probably adds another $100k for value
- I'd peg 'fair' value today at no more than $750k
- Anything asking $888k usu has a lot of room for negotiatiog
- This will be a lot more development in this area so there will always be more options on similar units in the future
- The market is moving down (aggressively for SFH and modestly for condos) so waiting will do you no harm. I see you being able to get this type of unit for $550-600psf within a year.... and $450-500psf within two years if the NDP win.

Happy house hunting!
 
HAM
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Re: Whats your thoughts on this listing - Overpriced?

Mon Mar 11, 2013 5:31 am

Red lantern, ignore jimtan. He's just trying to get you screwed like he is. RiskArb is more realistic than jimm. Just go look at jimtans post and you know that he's living in fear. That's why he can't answer the rise in vacancy rates, rise in listings, and a drop in prices. It's funny how he already thinks the downturn has ended when its just started.

Lets have a 16k listings party starting today, kinda early in the year but that's ok!!!
So jimmy said I missed the dip in Richmond last year. And now prices have fallen even more with no balance in sight! The poor old man is just too old and grumpy!
 
HAM
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Re: Whats your thoughts on this listing - Overpriced?

Mon Mar 11, 2013 6:11 am

http://www.ecorealtyinc.ca/listing?id=260009846

This one has been on the market for 2 years now. Started at almost 1.2mil, and reduced many times to finally set at 838k! Nah, no settling yet!!! I know a guy that just offered 700k for this, it was countered at 750k. My buddy walked. It's assessed at 971k. Good luck on anymore offers!

Owner paid 532k and put a lot of work into it. Likely no loss yet but greed caused this problem they have now.
So jimmy said I missed the dip in Richmond last year. And now prices have fallen even more with no balance in sight! The poor old man is just too old and grumpy!

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