Thursday, April 25, 2013

A dreamer, a realist and the scammers still scamming...

Interesting to watch reality to set in for some sellers.

3294 Wellington is a 5 bedroom 4 bathroom mixed use dwelling that contains 3 suites above a convenience store.  Originally listed for $1,390,000, it was Vancouver's biggest price cut last week as the seller trimmed 28% off the asking price bringing it down to $998,000.

Even so, it's still way over the assessed value of $658,200 as sellers struggle with what's going on.

Other's, particularly in Richmond, can see the writing on the wall.

This is 5542 Cornwall Drive in the upscale Terra Nova neighbourhood:

As one of our faithful readers pointed out, it's assessed at $1,417,000.  Originally listed for $1,338,000 it has languished on the market since April 2012.  It sold on April 3rd, 2013 for $1,095,000... 23% below assessed value.

We are told the seller was a realtor.  Given the timing of the sale (right after the HST ended), it's clear he was simply happy to dump the property and wasn't waiting around for the phantom surge the removal of the HST was supposed to represent.

Over on Garth Turner's blog, we have the latest example of real estate media manipulation.  It's almost a sport now for the online community to ferret out this ridiculous BS.


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  1. Garth's "Fake" article is stunning. I wondered how long on line discussions would be infiltrated and manipulated. These people gloat about their immorality, and ability to directly prey on the fears of their peers.

  2. We need more "watchdogs" like you. The media in this country has been bought out. They know who butters there bread.

  3. The sad or reality of these fake blog reports is that the majority of "sheeple" will never know they are fake. Just like the manipulation of the market in seconds by the false tweet of bombing the White House a couple of days ago, this will take a while to set in, but I have more time than money, so we wait.

  4. How about the Sun and Province newspapers about to be whacked with big layoffs?

    It's not just the rise of the internet. When you print nothing but garbage eventually people stop buying it.

  5. I've tried to "friend" that chick on Facebook so I can giv'er what for but she doesn't seem to want to be my friend.

  6. This theory about sellers "not having to sell" is a pile of crap. 2 Bedroom townhouse in Richmond languished on the market since Jan 2012 at $699,00 finally sold today at $510,000. If they really didn't have to sell then I'm sure that they wouldn't have taken such a big price cut. Something tells me that this is the first sign of boomers cashing out. More to come from sellers not having to sell. I guess the alternative would be decaying corpses being the norm at open houses.