Real Estate Talks

So, we just called a Shaughnessy listing, currently showing as 'active' on MLS, for our buyers. It's listed in the $2.9 million range.

It has already sold. It had 11 offers, only one of which was the asking price apparently and the rest over asking.

The final sale price was $3.7 million.

Amazing that there are at least 11 groups searching for $3 million dollar homes. This also means there were probably 3-4 waiting in the wings but not willing to bite due to too many competing offers.

Shhhhh... there are many wounded bears in here.

hey vanpro, it's a good thing the inventory has increased so much, keeping prices low...

Shhhhh... there are many wounded bears in here.

hey vanpro, it's a good thing the inventory has increased so much, keeping prices low...

Yes, I think calling out vanpro to hear his twisted, depressing take on this scenario is a must.

Did you notice that more and more investors are buying properties in North Shore?
I'm glad that I still have one in WV.

Did you notice that more and more investors are buying properties in North Shore?
I'm glad that I still have one in WV.

We've sold 3 former East side clients into homes on the North Shore so far this year. They want bigger lots (average 50') and bigger homes for their $$ and their East side homes are getting a great price.

Shhhhh... there are many wounded bears in here.

hey vanpro, it's a good thing the inventory has increased so much, keeping prices low...

Yep, no $3M + listings on the westside....

wait, only 180 of them.

Wait... only 120 of them listed for more than 30 days.

Wait... where are all the multiple offers on those ones?

I've got 120 anecdotes of homes not selling.

I think I should sell my East Van property.... lol. Been looking to upgrade, but just haven't found the right place. Unfortunately I want to stay in the same area

I think I should sell my East Van property.... lol. Been looking to upgrade, but just haven't found the right place. Unfortunately I want to stay in the same area

I hear you. the thought of living on the North Shore makes me sad. I need to stay in the city.

..

I heard North Shore properties are on fire

(The amount of BC that has the sought of activity that ThinkTom talks about is extremely small and will never translate to the rest of the province. Don't you just love how they are trying to talk it all up. They still cant understand that Vancouver is totally screwed based on fundamentals.)

And thats why i can watch properties in other parts of BC sit and sit and sit with no acceptable offers.

I report our truthful experiences in the market for better and for worse. From the messages I get, many on these forums appreciate the reports. However, since you can't handle the truth and you don't like answers, post elsewhere.

I thought this was a pretty crazy story. I never said it made sense 'fundamentally' but that, of course, depends on your definition. Vanpro's as well.

Hence the term 'mind boggling' in the title.

I heard North Shore properties are on fire

North Shore is rocking. My deepest apologies to Taipan's 'fundamentals'.

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The silence from the realtors when the market died in 2008 was defeaning.

It was not... we were all talking about the "correction" and that it was expected. Where were you?
The argument was about the % of price declines. Some bears were throwing numbers like 50% or some even 70%+ correction.
Non bears were saying in the neighbourhood of 10%. Who turned out to be right?

Can we expect the same from you when the market dies? The silence from the realtors when the market died in 2008 was defeaning.

Actually I was here. I did a video on the fact that it was a great time to buy in Douglas Park. I then went out and bought in said area. It's always nice to practice what one preaches.

However TP, rest assured the silence from some rather infamous bears right now is remarkable. After all, whatever happened to good ol' 'flood of listings Freako', Grantness, etc...?

I remember in the early spring of 2009, people began to buy again. I actually remember the week it started to happen. I saw a 33 ft corner lot, fully renovated in '04' Kitsilano home with a 2 bedroom legal suite, sell for $900k. It became very obvious that many people at that time felt that sort of price acceptable regardless of the bull or bear gurus. Even the nay-sayers started to back down.

There are so many people who wish to own a detached home in Vancouver East and West that cannot afford to and even if the market ever drops, it will only go so low and people will buy, just like '08-'09. If you think we are going back to 02-03 prices you have ZERO idea of how many people here wish to own a detached house.

You love ignoring that fact, though, and prefer to concentrate on the rest of BC. Knock yourself out.

I will say this, though. The prices of Dunbar, Point Grey etc.. do make one wonder what happens if the support of foreign money leaves. I'm fairly certain that the local market won't support $2.7 million 50 ft lots but whether or not the money is 'parked' or here forever is the billion dollar question.

The argument was about the % of price declines. Some bears were throwing numbers like 50% or some even 70%+ correction.
Non bears were saying in the neighbourhood of 10%. Who turned out to be right?

Exactly.

billion dollar question

Actually it's a lot more than that flowing into BC right now. Well... parts of BC anyways. Any Realtors from Kelowna around to chime in? Didn't think so.