Reality continues to enter marketplace

Sorry for the lack of posts... it's been a busy week.

May continues to churn along with weak sales.  As Observer notes over on VCI, May 2012 was one of the most dismal in a decade and May 2013 is on track to be just as bad:

Seller's across the board are slowly acknowledging the slowdown by significantly adjusting their wild asking prices.

The latest such example comes to us on Vancouver's east side.  This is 7888 Nanaimo Street:

This 6 bedroom, 6 bathroom 2,600 square foot McMansion was built in 2009 and is currently assessed at $1,152,000.  

So why has it languished on the market? Probably because the seller has been asking an insane $1,999,999.

Last week the seller finally accepted reality and the asking price was slashed 40%.  That's $800,000 chopped off someone's redevelopment gamble.

Ouch!

The new asking price is now $1,199,999, still priced over assessment but someone's fantasy has clearly hit the wall of realistic expectations.

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