Properties 30% or greater below assessed value becoming common?

As we watch real estate here on the wet coast, the focus has moved from properties that are greater than 25% below assessed value to those greater than 30% below assessed value.

We have profiled the house in Richmond that sold for 33% below assessed value. There was the Olympic Village 'penthouse' advertised as asking 34% below original sale price.

And now some recent Surrey properties now have shown up with asking prices more than 30% below assessed value.

Observer had his Surrey profile on Vancouver Price Drop this past week and these properties were notable:

14896 60th Ave, Surrey (click on images to enlarge)

A 16,600 sq ft property with a  large 3 level split family home featuring 4 bedrooms and recreation/games room is assessed at $1,287,000.

Current asking price?  $900,000.

That's an asking price $387,000 below assessed value or 30% below assessed value.  And still no buyer is in sight! Meaning it will probably sell for less.

#105-9632 120A Street, Surrey

At the other end of the price spectrum is this 1,354 sq ft 2 bedroom condo with no rental restrictions and pet friendly building near Scott Rd and 96th.

Assessed value: $203,000. Current asking price: $139,900.

That's an asking price $63,100 below assessed value or 31% below assessed value and no buyer in sight!

Critics contend citing these examples is 'cherry picking' to create a misleading assessment of the market. But the fact is a year ago the idea you could even FIND properties selling below assessed value (let alone with an asking price below assessed value) was considered impossible.

Six months ago finding properties 20% below assessed value was criticized as rare and 'the exception'.

Now properties with an asking price below assessed value is the accepted practice, 20% below accepted value relatively common and numerous sightings at 30% or greater below assessed value.

How much longer until we have a property priced or selling 40% below assessed value?

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