Word has it that for the majority of those rare sales that are occurring, most are closing below assessed value of the property as some sellers are obviously taking Mr. Wong up on his sage advice.
“A brand new house in good area of West Richmond, 8111 Dalemore Rd, was just sold for $1.58M, $170k lower than assessed price of $1.75M. It’s a shame that the (owner) went through so much to purchase this property and build a new house, hoping to earn some money while doing a service to the community, only to (then) recklessly slash (the) price. I call on the sellers to withhold giving in to under-asking offers. We should all pull our listings and wait until a better market to sell in a bidding war situation”
And while the property did recently sell for $170,000 below the 'current' assessed market value of $1,750,000, a final sale price of $1,580,000 hardly qualifies as hardship for this seller - right?
Maybe it really is "a shame that the buyer went through so much to purchase the property and build a new house" and not have it sell in the type of bidding war that one year ago would have realized offers of $300,000 - $400,000 over asking.
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