A couple of weeks ago I brought this place to your attention here (well, 28 days ago). It was listed at $749k. Today it is listed at $728k. A breezy hair cut of $21k - $750/day. Just wait a year, and you can save yourself a cool 1/4 $million, though they may start dropping the price by $1k/day soon.
The cracks are starting to appear in the "sellers' market".
"Bears" will be vindicated.
I have added "dropping prices" to the labels - so that we can follow things down. Finally!
9 comments:
Sol,
Thanks for keeping an eye on these places. You've got more patience than I'd ever have.
Although a $750/day haircut is heartening ... even in a year from now, it would still be overpriced IMO. I used to think that half million bucks could buy you something you could be proud of. That 'yard' sure isn't it, though.
Thanks again, for the heads up and I hope the alligators are cutting you some slack :)
I see this happening in Victoria.
No offence, but as a bear I have now stopped calling tops.
I thought the affordability wall was reached and breached some time ago, but out came the 40 year, no money down, interest only mixer mortgage.
Word out on the weekend is Seattle is now "sloping downwards".
Vancouver is the last holdout in North America. It has probably been the premier "investment" since 2002. Bears will get their day, many speculators will get their just desserts, I'm just tired of having my foot in my mouth at the end of the year.
No offence, but as a bear I have now stopped calling tops.
I hear ya. I discovered the VHB site about the same time as Ben Jones' blog; that was 2 years ago. Only had to wait a year for the US market to start its implosion, but we're still going great guns. We are truly the last holdout.
But I'm in the unenviable position of maintaining a bull stance for a little while. My son has inherited his dad's condo and unfortunately the old man sucked out most of the equity. I'm going to keep my happy face on - it's a great time to be a seller.
I just hope he can dump that condo before the market turns real bad, or he will be saddled with a ton of debt.
Thanks a lot, dad :(
got this link from mohican's site...
http://tinyurl.com/35s98c
Seattle down 8.9% from August to September. Median price fell $40,000 from $440k to $400k. I hope there aren't a lot of Canadian RE investors in Seattle ;) because a loss of over $1300/day combined with the US dollar is mighty painful
The worst thing about the bubble is how prices compare to other cities in Canada. On the weekend I checked out some MLS listings for Toronto, and you can still get a pretty decent house for $350,000. Of course if you want to spend a million bucks (or more) they have that too.
But we have the Olympics and the mountains, and you don't have to shovel rain...
I do sense the market momentum slowing somewhat here, but we may be a long way from the inevitable correction.
CHMC reports that BC housing starts rose 15% in September:
http://tinyurl.com/2tz5ml
I just hope he can dump that condo before the market turns real bad, or he will be saddled with a ton of debt.
How pray tell? I thought a mortgage had to be paid off to convey a title, including inheritances.
Did he make a deal with the mortgage lender to personally assume the debt? Bad move. For any heavily mortgaged property, the smart thing to do is just sit back and let the estate sell it.
Remember this one in your 2006 October post?
http://tinyurl.com/3abecv
In March 2006, A/P was $485
MLS®: V574074
relisted September 2006, A/P was $539k
MLS®: V617050
now a monster house, A/P $989K
V669761
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