Friday, June 1, 2012

Friday Post #1: Reality... it can really get you down

If you click on the image above, you will see a real estate listing for a Vancouver property at  4890 Hudson Street (near Granville and West 33rd).

It's on Vancouver's west side, HAM central for the past few years.

From the listing:
AMAZING NEW PRICE! Prized corner lot home (72' x 66' x 125') on the highest point in Shaughnessy with mountain and city views. This character home oozes with wonderful heritage charm, plus has been extensively renovated throughout. Main flr: elegant living rm, cross hall dining rm, oversized great rm, updated gourmet kit with top of the line appls, eating area, mud rm/laundry rm-all exposed to a beautifully established 4-season garden. Upstairs: 5 generous sized bdrms! Kids' wing has a 3pc & 2pc & Master has modern marble 3pc ensuite. Downstairs has many options: kids' rec/media rm with a space for crafts/computer, yoga/exercise rm. wine cellar; or a revenue generating suite with sep entrance.
$2,599,000 is an "AMAZING" new price?

Perhaps they call it 'amazing' because that's how they feel about how they have had to come down on what they originally wanted?

On February 28th, 2012 it was listed for $3,468,000.

The asking price was then reduced to $2,798,000.

Currently it's on the market for $2,599,000.

That's a reduction of $869,000 in only three months.

And while it goes without saying that the pie-in-the-sky original price was unrealistic, I wonder at what point the owners really start getting depressed at the harsh realities of the market?

(hat tip to timber2012)


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1 comment:

  1. The price swings these days are nothing short of amazing. This kind of volatility on a stock exchange would be seen as a sign of fear and market weakness. IMHO the common belief would be of portending potential collapse in many people's eyes. In RE we'll see it marketed by the pro's however not as a sign of concern to take into account but of opportunity. The wise will wait this out a bit.