Now it's a westside Vancouver home that sells for more than 30% below assessed value

On November 1st we told you about a Richmond single family home that had sold for more than 34% below the government assessed value.

On November 5th we profiled an Olympic Village condo which claimed to be offered for 34% off the original list price.

Then we came across some resale Surrey condo's that were for priced more than 30% below assessed value, plus some new developments that were slashing prices 30%.

Well it appears the '30% off' craze has come to Vancouver's west side too.

This is 2107 West 36th Avenue in Vancouver (click on images to enlarge):

This 5 bedroom, 3 bathroom 3,351 square foot house sits on an 8,040 square foot lot.

Assessed value?  $1,993,100.

Just over 3 months ago it was originally listed for sale for $2,098,000.

Recently the asking price was slashed to $1,888,888 (presumably to appeal to the long gone HAM buyer):

After 110 days on the market this house has now sold for $1,350,000.

That's a collapse of just over 32% in 'supposed' value.

Some critics have argued that we will see price drops in the suburbs but there won't be any such collapse in Vancouver, particularly on the west side.

Until now, that is.

(hat tip Lurker on VCI)

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.