Saturday, January 12, 2013

Sat Post #1: Is this what 'flat' looks like?

The spin from the R/E propaganda machine is that sellers would rather pull their properties off the market than sell for less than their house is 'worth.'

The reality, naturally, is that some sellers simply allowed their listings to lapse during the traditionally slow Christmas selling period... a pattern we see every year.

Other sellers have kept their homes on the market.  And they are demonstrating they are quite willing to accept far less than their house is 'worth' in order to find a greater fool.

The latest example to come our way is this home in West Vancouver:

1083 Duchess Avenue located in Ambleside in West Vancouver was listed in March of 2012 for $3,299,000 (V922019).

It's 2012 assessment value? $3,224,000 (click image to enlarge):

1083 Duchess Ave sold yesterday for $2,626,000.

That's $598,000 below assessed value or -18.5%.

Doesn't exactly meet the definition of a 'flat' market now, does it?

(hat tip VMD and Observer)


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