Wednesday, October 13, 2010

Meanwhile... back in bubble land

Let's take a break from the foreclosure crisis in the United States and pause for a reminder about how it is we live in the city with the most bubbly real estate in North America.

Four consecutive months of declining sales have peope wondering if the bubble is set to burst here in Vancouver.

But don't kid yourself... there are still people buying at bubble level prices.

Take the property pictured above at 348 West 19th St., Central Lonsdale in North Vancouver.

This 23 year old, 7 bedroom, 4,131 sq. ft. house sold in 1989 for $313,000.

65 days ago it was listed for sale with an asking price of $1,100,000.

It sold for $1,065,000!

Granted... it was bought by a local community service organization caring for seniors and handicapped people.

Said the realtor, “The new owners were as giddy as kids at Christmas when this home hit the market. It may have taken over a month to finalize financing for this community service project but, in the end it was my first call, within the first hour of this home hitting the market, that made the sale. It was serendipity. Both parties are very happy with this transaction.”

The bubble persists.



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