I've just uploaded this listing for a condo at the Laguna in Richmond. And I always thought 1% Realty referred to some commission arrangement! This ranks as one of the largest price reductions ever: From $355,000 down to $1!We asked if anyone knew what this was all about?
Was it an error? Or was it legit?
In case you missed it, Arnold Shuchat posted a reply to our comments section on that post.
(the post came minus the academic credentials after his name in his google blog signature. Does that mean we should stop referring to him as 'Alphabet Arnie' ?).
Shuchat tells us:
Well, after getting a few calls on this one, I checked in with the listing realtor. It turns out the one of the owners is a Toronto based realtor and there has been a trend there to list properties for $1 to create some attention. They have no intention of selling for $1 but expect to have offers presented on Sunday night....etc.
Based on a lot of negativity on some of these blogs, it would be an interesting wager as to whether a multiple offer scenario will materialize.
It will get sold because I think the owners will do what has to be done to sell it.
I also predict a post-sale advertisement claiming "Sold $315,000 over asking price"!
And Shuchat is right, you can almost see the press release sent out by the selling agent trumpeting just as Shuchat joking predicts: "Sold $315,000 over asking price!"
And there's nothing wrong with that (providing they actually sell to the highest bidder).
We also know, all to well, that the biggest lament in the real estate industry right now is how significantly the new mortgage regulations have impacted entry-level buyers... effectively cutting the knees out from those looking to climb the 'property ladder.'
(although I'm sure they would prefer the more politically correct analysis of 'creative accounting').
The pamphlet outlines how first-time buyers can receive, from the provincial government, a $10,000 first-time home buyer grant.
With units starting at $179,900... the $10,000 would cover your 5% down payment to buy in this Langley development.
Nothing like watching some elements of the real estate industry actively encouraging home buyers to evade regulations eliminating those derisive 'zero-down' lending practices.
Of course aren't liar loans, zero down, government R/E handouts and an industry that relentlessly pumps these options how we ended up at this apex where living in a van becomes a lifestyle choice?:
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