Tuesday, July 17, 2012

Tues Post #1: Number of properties where asking prices are below assessed value are growing

Yesterday our friends over at the blog Vancouver Price Drop released their weekly list of properties that have slashed their asking prices significantly.

It's always an intriguing read.

The intrepid Observer notes that it wasn’t that many weeks ago when a 20% cumulative drop would have you in the top 10 of a list of properties that had dropped their asking price. Two weeks ago a record was broken – 20 listings hit a 20% drop during that week.

This week that number was 28 listings with a 20%+ cumulative drop and 12 listings with a 25%+ drop.

Ultimately asking prices are irrelevant.  It's what the property sells for that is important.

But after so many years of seeing homes caught up in bidding wars and selling ABOVE asking prices, it certainly is a harbinger of the market when asking prices are slashed week after week after week.

And while some would argue that many of those listing prices are products of wild expectations, a curious development is the growing number of listings where asking price has been slashed BELOW the assessed value of a property... a clear sign the market is turning.

In this weeks list, 8 of the 18 properties with valid assessment information are now listed below assessment, 5 of those 20% or more below assessment.

7 of the 8 properties listed below assessment were originally listed above assessment – the only exception was originally listed $400 below assessment.

A few of note...

First up is # 2601 1499 W PENDER ST, Coal Harbour, Vancouver West

March 09V918446$2,680,000$00%
April 17V918446$1,900,000$-780,000-29%
July 09V918446removed
July 12V961484$1,770,000$-910,000-34%
Open House: Jul 12

Assessment: $2,289,000
Next is 2404 MATHERS AV, Dundarave, West Vancouver
March 29V939748$1,798,000$00%
April 13V939748$1,698,000$-100,000-6%
May 01V939748removed
May 03V947249$1,598,000$-200,000-11%
Open House: Jun 17, 24
July 09V947249removed
July 11V961286$1,349,000$-449,000-25%
Open House: Jul 15
Assessment: $1,387,200
And here we have13799 20TH AV, Elgin Chantrell, White Rock
March 09F1128278$1,165,000$00%
May 04F1128278removed
May 16F1212743$999,900$-165,100-14%
June 06F1212743$950,000$-215,000-18%
Open House: Jun 10
June 30F1212743removed
July 11F1217909$859,000$-306,000-26%
Assessment: $891,000

And finally: 3577 ROSEMARY HEIGHTS CR, Morgan Creek, White Rock
March 29F1207805$1,015,000$00%
April 13F1207805$998,000$-17,000-2%
May 09F1207805$899,800$-115,200-11%
May 28F1207805removed
Open House: Jun 03
June 01F1213906$828,000$-187,000-18%
Open House: Jun 03, 10, 16, 30
June 30F1213906$800,000$-215,000-21%
Open House: Jul 07, 08, 14
July 12F1213906$789,900$-225,100-22%
Assessment: $808,000

Four examples from around the Lower Mainland of what is sure to become a growing trend.


Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.
Please read disclaimer at bottom of blog.

1 comment:

  1. Party is over. Ugly lights are just turning on.