1 East Van house sold last week
This info courtesy of Larry Yatkowsky of Yattermatters.com – Out of the 1015 listings for detached single family homes for sale in East Vancouver for the week of August 18th – 25th only one sold. 340 (one third) of those listings had their asking price reduced. Things just aren’t moving like they used to.
Larry has all the info and a graph of the weekly data on his website along with these thoughts on the current market:
Vancouver East is in parallel with other areas of the general Vancouver market. With one third of the listings reducing their prices and only one sale resulting indicates that a continued price reduction strategy will be required in order to attract more buyers. Affordability continues as an issue.
The lack of sales should be a strong wake up call to sellers. Continue sharpening your pencil to reduce your asking price.
UPDATE: Larry’s numbers are being disputed by a number of people, but there’s not a consistent number of sales reported. Is this due to different methods of filtering results for SFH sales in the MLS?
flip this claims there were four sales in this time period. Paul B says in the last ten days there have been 34 sales, while tjwappraiser says MLXexchange shows 3 sales since August 21st.
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August 28th, 2008 at 9:47 pm
Listen here folks. There are a few things which never ever change :
1) The sun always comes up every morning
2) Vancouver is the best place on earth
3) Real estate never goes down
4) The only thing that’s cheaper to rent than own is a hooker
Rich asians know these constants, only fools will not buy in this environment.
August 28th, 2008 at 9:02 pm
Hey, it is a well known fact that every blog must have it’s jester, and a few trolls.
I am waiting for the showup of the hired gun. That should be fun!
Wait until the accusations of “You are being paid to post this, we saw your wanted ad in craigslit, you filthy spy!!!” start flying around here.
Very amusing, it shall be.
Regards,
arit
August 28th, 2008 at 7:45 pm
BDK:
Thumbs is a hell of a mystery. I have a theory that maybe he believes if he runs around on blog and tries to get people to buy buy buy then the market will continue to oncrease forever. It doesn’t matter where they buy or what they buy, or even wether it makes sense to buy. I think he thinks as long as people go running around like sheep buying homes, those homes’ values will always increase.
It’s the only theory I can find that fit his stupid posts.
August 28th, 2008 at 5:23 pm
Scullboy, I think i understand what thums/satv/krissh is trying to say:
“Only the stupidest son of a whore would think buying right now is a good idea and if you haven’t sold now then you are as dumb as a realtor”
August 28th, 2008 at 5:15 pm
August 28th, 2008 at 11:25 am
Is Larry Yatkowsky a realtor?Yeah?Nope?
What about paul b?
Aren’t these most of losers on the forum called bears and realtors?”
Rob, you should be ashamed of yourself. Posting such acrimonious nonsense, on this blog, I have posted much less offensive observation and you banned me from your blog.
August 28th, 2008 at 4:58 pm
I think there is a double negative in my subject which could cost me big-time. Just goes to show the value of using a Realtor (with a TM) for your next purchase!
August 28th, 2008 at 4:52 pm
Ok I can’t resist asking….
Thumbs buddy, I know trying to get into your head is like trying to understand why a monkey flings its own dung but here goes:
How, exactly is a slow market good for bulls?
And why, exactly, are sellers stupid? I mean let’s get down to basic commerce. In order for a sale to occur, you need a buyer and a seller. Without someone to sell properties buyers couldn’t purchase.
So why are sellers stupid?
August 28th, 2008 at 4:47 pm
About the subjects: Would “Subject to none of the other 5 (next year 25) listings in this building which have in hand the identical offer not counter- offering with an even lower price” be a legal and acceptable subject?
August 28th, 2008 at 3:40 pm
There’s nothing wrong with Strathcona.
(i’m biased)
August 28th, 2008 at 2:05 pm
I signed and then recinded on one of those Concord units too. I discovered that the Elsie Roy elementary school featured in their glossy brochure, was in a different catchement area. The kids in the Coopers Pointe neighborhood get schooled at Strathcona. I have young children about to start kindergarten.
August 28th, 2008 at 1:33 pm
I looked at townhouses at Concords latest completion “Coopers Landing” back when they were pre-sales. They were asking $800-$880K however they were marketed as upscale waterfron despite only having a water view corridor (not facing the water) and lacked upgraded kitchens as used to be the case for Concord’s townhouses. I walked away and notice that today, 4 of these townhouses just got dumped on MLS listed by Prompton… looks like a lot of potential buyers walked away and Concord is now trying to flog the units that nobody bought!
v730383 49% over original pre-sale
v730297 44% over original pre-sale
v730288 41% over original pre-sale
v730281 41% over original pre-sale
Good luck Concord, they weren’t a value at the pre-sale price!!!
August 28th, 2008 at 1:01 pm
Paulb
you beat me to the post.
Cheers
August 28th, 2008 at 12:59 pm
Paulb,
If you look at the transaction dates for the 18 detached sales in East Van via the “hotsheets”, you will see that all but 3 occurred prior to August 21, 2008. The 3 that did not were the ones that I listed in my previous post.
In fairness, there are surely sales that have occurred in the last 7 days that have not yet been reported.
The most accurate way to determine market activity is to look backwards several weeks so as to minimize discrepancies resulting from issues of timing / reporting.
As it stands, MLX currently shows 3 sales having *occurred in the last 7 days in East Van, not 18.
The “3″ number will, in all probability, increase as more information continues to flow through the MLX system.
August 28th, 2008 at 12:46 pm
Guys,
No point arguing. Conclusion is that Vancouver R/E market is in the shithole. Anyone who is considering buying must be crazy. And I mean considering!!!! For those that actually bought, you must be totally nuts!!!!