Technology... sigh! I have images of the flashing VCR 12:00. Et Tu, Whisperer?
As Canada Day approaches, I can't help but thinking of the coin pictured above.
Wow! $1,200 for a Canadian coin with a face value of $1.
Now-a-days you can pick it up for $250 quite easily on eBay. Hunt around and you can get it for less.
Today there are still many who bought at $400 and are waiting for the market to come back.
A poignant comment.
Wonderful Point Grey home on a large, private lot. Renovated house with 3 bedrooms on the top floor & large family room with vaulted ceilings. Main floor has a nicely appointed living room, dining room, den & updated kitchen. Fully finished basement featuring office area, roughed-in bathroom, family room w/ gas F/P & lots of storage. 60 x 90 yard offers privacy from all directions. This is the quiet part of 8th Avenue with view to the mountains on a tree-lined street of oaks & character street lamps. Steps to Lord Byng Secondary, Queen Mary Elementary, shopping, transportation, parks & beaches.
And it's exactly that psychology which is glazing buyer's eyes right now.
Of course some out there will suggest this is an example of realtor games (listing pulled, relisted below assessed value to produce a bidding war).
But I suspect we are, once again, seeing the Boomer Trigger being pulled. I suspect this is one of those houses that acquired for $60,000 - $80,000 in the early to mid 1970's. As a result, I think we will see that the current owner of 3856 West 8th will have no problem shaving another $500,000 off that asking price if need be.
It's a trend we have been seeing in areas like Richmond for a while now, properties being listed below assessed value because inventory simply isn't moving.
But a house in Point Grey for $400,000 below assessed value? In HAM (Hot Asian Money) central?
Of course a year ago, Richmond was HAM central too.
And with the stunning developments of last week, it probably won't sell above the current asking price.
Will it ever sell at the 1973 price of about $80,000?
Doubt it. But like the 2005 proof enamel dollar, I am supremely confident you will see this home trade hands in a few years time for a multiple of $80,000 that is far closer to that 1973 price than it will be to $2 million asking price of 2012.
We'll keep an eye on on what it sells for in the immediate future to gauge just how much the landscape is actually changing.
Speaking of Richmond, check back later this afternoon as we introduce you to an Asian Richmond realtor who has a very blunt message to high end homeowners in the dyked city who wish to sell:
"If you have to sell you will have to resort to much deeper price cuts to make a sale!"Coming up later today in Tues Post #2.
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