Show me the money...

We keep hearing tales that Asian hot money is keeping real estate values high in Vancouver, but is it?

I'm sure the people that own this Dunbar house aren't buying into all that hype.

Courtesy of our friends over at VREAA, we bring you this 4 bedroom, 2 bathroom home at 4006 W. 38th Avenue.

From the listing description:

Beautiful, sunny and rare SW corner, 53 x 167 property (8851 sq ft) in the Southlands/Dunbar neighbourhood. Only 1 block from Pacific Spirit Park and a short stroll to Southlands/St Georges/Crofton schools. House is very pleasant - ideal for living-in or renting until ready to build, or... build your dream home now! The exceptional depth to this property allows room for a spacious house (w/ attached garage?), a pool? and still plenty of sunny yard, and/or a large garage (laneway house?). Endless possibilities, call to make this yours!

Endless possibilities? Perhaps. But there sure haven't been endless offers.

Gone are the bidding wars that saw properties snapped up in a couple of days. Apparently this property has been on the market for about 10 weeks.

On April 11th the asking price was $2,140,000,

On June 3rd the asking price was dropped to $1,980,000,

And on June 23rd it was dropped to $1,850,000.

So in 10 weeks we have seen the asking price drop about 15%.

Now let's be realistic... this isn't a 'luxury' property and maybe it isn't of interest to the so called 'Asian hot money'. But several months ago people were snapping up properties right, left and centre.

Not now. And prices are being slashed.

Is the Asian money angle R/E hype to keep sellers from slashing their asking prices and to protect the 'integrity of the market' or is it really flowing in and maintaining the bubblicious values?

More on this tomorrow.

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