How about 2718 W. 24th Ave:
Assessed at $1,864,000 it was on the market for $1,750,000 and recently sold for $1,580,000 or over -15% below assessed value. (A faithful reader advises this house sold in 1998 for $455,000, sold again in 2004 for $700,000. With no changes to the house whatsoever, it has now sold for $1,580,000.)
Earlier this year pundits insisted Vancouver westside properties would hold their value. Then some told us the market would see a 5%-10% correction - at best while others were adamant that sellers would never sell for less than what their property was worth, let alone less than what they initially paid for it.
All of these claims were dead wrong.
All eyes are now firmly focused on the upcoming Spring market.
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