A dreamer, a realist and the scammers still scamming...

Interesting to watch reality to set in for some sellers.

3294 Wellington is a 5 bedroom 4 bathroom mixed use dwelling that contains 3 suites above a convenience store.  Originally listed for $1,390,000, it was Vancouver's biggest price cut last week as the seller trimmed 28% off the asking price bringing it down to $998,000.

Even so, it's still way over the assessed value of $658,200 as sellers struggle with what's going on.

Other's, particularly in Richmond, can see the writing on the wall.

This is 5542 Cornwall Drive in the upscale Terra Nova neighbourhood:

As one of our faithful readers pointed out, it's assessed at $1,417,000.  Originally listed for $1,338,000 it has languished on the market since April 2012.  It sold on April 3rd, 2013 for $1,095,000... 23% below assessed value.

We are told the seller was a realtor.  Given the timing of the sale (right after the HST ended), it's clear he was simply happy to dump the property and wasn't waiting around for the phantom surge the removal of the HST was supposed to represent.

Over on Garth Turner's blog, we have the latest example of real estate media manipulation.  It's almost a sport now for the online community to ferret out this ridiculous BS.

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