Tues Post #1: Number of properties where asking prices are below assessed value are growing

Yesterday our friends over at the blog Vancouver Price Drop released their weekly list of properties that have slashed their asking prices significantly.

It's always an intriguing read.

The intrepid Observer notes that it wasn’t that many weeks ago when a 20% cumulative drop would have you in the top 10 of a list of properties that had dropped their asking price. Two weeks ago a record was broken – 20 listings hit a 20% drop during that week.

This week that number was 28 listings with a 20%+ cumulative drop and 12 listings with a 25%+ drop.

Ultimately asking prices are irrelevant.  It's what the property sells for that is important.

But after so many years of seeing homes caught up in bidding wars and selling ABOVE asking prices, it certainly is a harbinger of the market when asking prices are slashed week after week after week.

And while some would argue that many of those listing prices are products of wild expectations, a curious development is the growing number of listings where asking price has been slashed BELOW the assessed value of a property... a clear sign the market is turning.

In this weeks list, 8 of the 18 properties with valid assessment information are now listed below assessment, 5 of those 20% or more below assessment.

7 of the 8 properties listed below assessment were originally listed above assessment – the only exception was originally listed $400 below assessment.

A few of note...

First up is # 2601 1499 W PENDER ST, Coal Harbour, Vancouver West

March 09	V918446	$2,680,000	$0	0%
April 17	V918446	$1,900,000	$-780,000	-29%
July 09	V918446	removed
July 12	V961484	$1,770,000	$-910,000	-34%
Open House: Jul 12

Assessment: $2,289,000

Next is : 2404 MATHERS AV, Dundarave, West Vancouver

March 29	V939748	$1,798,000	$0	0%
April 13	V939748	$1,698,000	$-100,000	-6%
May 01	V939748	removed
May 03	V947249	$1,598,000	$-200,000	-11%
Open House: Jun 17, 24
July 09	V947249	removed
July 11	V961286	$1,349,000	$-449,000	-25%
Open House: Jul 15

Assessment: $1,387,200

And here we have: 13799 20TH AV, Elgin Chantrell, White Rock

March 09	F1128278	$1,165,000	$0	0%
May 04	F1128278	removed
May 16	F1212743	$999,900	$-165,100	-14%
June 06	F1212743	$950,000	$-215,000	-18%
Open House: Jun 10
June 30	F1212743	removed
July 11	F1217909	$859,000	$-306,000	-26%

Assessment: $891,000

And finally: 3577 ROSEMARY HEIGHTS CR, Morgan Creek, White Rock

March 29	F1207805	$1,015,000	$0	0%
April 13	F1207805	$998,000	$-17,000	-2%
May 09	F1207805	$899,800	$-115,200	-11%
May 28	F1207805	removed
Open House: Jun 03
June 01	F1213906	$828,000	$-187,000	-18%
Open House: Jun 03, 10, 16, 30
June 30	F1213906	$800,000	$-215,000	-21%
Open House: Jul 07, 08, 14
July 12	F1213906	$789,900	$-225,100	-22%

Assessment: $808,000

Four examples from around the Lower Mainland of what is sure to become a growing trend.

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