Wednesday, December 12, 2012

Will this be the next Richmond property that sells for -50% below assessed value?

Yesterday we told you about a condo in Richmond which sold for -50% below it's assessed value.

It was Unit #204-3411 Springfield Drive.

There's another court-ordered sale in the building, this time it's Unit #125. 

This one seems to be a little better looking than #204, which probably explains why it's assessed at a higher value:

#125 is assessed at $289,400.

As we mentioned with #204, there are no special assessments pending in this older building (built 1972) and amenities do include an outdoor pool.

Like #204, this one is a 3 bed, 2 bath unit.  However #125 is larger by 140 square feet (1345 vs 1205). So will #125 fair better than #204?

Assessed at $289,400, the current asking price is $195,000 - $94,400 and 33% below assessed value.

Will this unit sell for 40-50% below assessed value now that #204 has sold so low?

Meanwhile Scotiabank has declared the threat of a housing collapse over saying the Canadian housing market appears to have achieved "a soft landing"... so far.


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  1. What was the TOTAL VANCOUVER INVENTORY for Dec 10, 2011? For Dec 10, 2012 it shows 15,610.

    How much higher this year than last?

    1. Don't have last December's numbers at the moment. Just the Jan 3rd total (first sales day of this year) which was 10,671.