Monday, November 5, 2012

Mon Post #1: A Vancouver condo for 34% off original sale price?

We've posted an example of a Richmond home selling for 33% below assessed value and now are we seeing similar 30%+ plunges in Vancouver?

According to this Craigslist ad (click on above image to enlarge) from Rennie Associates, an Olympic Village penthouse now has an asking price 34% below the original asking price.

Not as spectacular, but now less significant, the add notes that the asking price is 25% below original purchase price:
Penthouse suite, 2 bedroom and den, over 1,000sf in Olympic Village. Priced reduced by $370,000 for immediate sale!! Huge deck with a nice view of the water. Perfect for entertaining. Make an offer now and get a nearly new Penthouse condo at a 25% discount from the original purchase price!! Call today for a private showing.
Will the final sale come in at 30%+ below the original sale price?

Tuning into Global TV the past few days might convince you it would.  First the most bullish of TV stations talks about the 'Death of the Condo Presale in Vancouver':

And then a story on 'Vancouver's Deflating Real Estate Bubble' (hat tip to GreenhornRET for posting the clips):

I wonder if IAMWILL is going to question Global's agenda?


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  1. There is still a lot of denial out there though... listen to Pastrick's Global TV interview...


  3. Thanks for this blog, I come here often and really appreciate the frequently updated links you provide on the right side. I live in Calgary and 'things are different here'. I wait patiently to see when things will become the same here...

  4. I've been in that OV unit. It never was on the market for 1.1M. I saw it for 850K last year. So maybe, maybe the owner bought it before ground was broken at the OV for an astronomical price. Or maybe he's just a headline grabber.

    Also, it's not what you'd call a real penthouse. Just a top floor unit with a view of the Salt building and over to the building at 1st and Ontario. Nothing special. And not enough space to put a dining room table an a couch. Does that say penthouse to anyone?