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Creative Marketing on Private Sales?

February 14, 2011 YLTNboomerang

We’ve seen developers hiding price reductions in the form of tax and strata discounts on new developments but what about the private seller? Check out this new listing:

“BEST VALUE FOR $… DARE TO COMPARE! ” NO HST… Concrete Building, 2 levels, 3 bedrooms, 3 bathrooms, in addition to a family room. Living out of the box with plenty of private outdoor space on the 5th floor with exterior doors out to a garden and kid’s play area. Not to mention, swimming pool, media room, meeting room, 2 storage lockers, 1 parking, Pet Friendly, Rentals ok. The main entrance is well secured with card entry and concierge service. Shopping is only minutes away, with Starbucks T&T supermarket, Costco, Home Depot, McDonalds, and great transportation, the skytrain. BONUS: for a short LIMITED TIME OFFER, the seller will sweeten the deal with a $200 strata fee reduction for 5 whole years.

MLS History

First listed for $548,000 on June 9 2010 (v831995)
Price reduced to $527,500 on October 10 2010
De-listed December 22, 2010
Re-listed for $580,000 this week

So what do you think about this creative marketing? The price has increased $52,500 from where it didn’t sell last year but now you have a carrot of $200/month for 5 years (about $11K if you discount it @ 3%). Is there any benefit to the seller from a cash flow perspective? Surely the buyer would demand the $12K be held in escrow?

Personally, I like the graphic work indicating the townhouse location on the listing image:

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Keeping An Eye On Th

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This is big trouble; the postal code contains 3 number 6’s

The unit number also has a 6 in it.

Also:

“Surely the buyer would demand the $12K be held in escrow?”

They will likely reduce the price by 12k, or use this gimmick to reduce the monthly payment.

However, the place has potential; most noteworthy is it is near McDonald’s. And with a limited time bonus offer, all interested parties should bring in their offer, as there has never been a better time to buy.

Sadly the seller has chosen a less than stellar realtor. I’m not a realtor but I would have not missed the opportunity to market this unit as a:

“ONE YEAR ANNIVERSITY OF THE OLYMPIC SPECIAL FOR ONLY $888,888.88, WITH A TIME LIMITED OFFER OF A .8% REDUCTION ON TH MAINTENANCE FEE FOR 8 MONTHS.

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chip

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"BONUS: for a short LIMITED TIME OFFER, the seller will jack up the price by a whopping $52,500 over the last price that failed to sell in the hope some loser will scrape together a 5% deposit before a tsunami of rising interest rates and crippling unaffordability finally sweeps through Vancouver after laying waste to property prices around the world."

What an opportunity to be just steps from cheap cup noodles at TNT and the blissful crunch of syringes underfoot.

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specialfx3000

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Another family gathering, another discussion that led to RE: A family member was given an opportunity to work on the island but she knows she'll miss the family and the GVR so she suggests that she will do the stint for a couple years then return home. A few words into mentioning that she plans to sell her home, she was interrupted with "Don't do it… you can never buy one back. Prices will keep going up and you'll be priced out…" Another agreed. Then a 3rd agreed. (Of course they go on mentioning the Asian invasion and low interest rates, and blah blah blah) I wanted to say something but decided to keep my mouth shut. Why bother. These people believe the world is flat and I could bring whatever data I wanted to and there's no way of… Read more »

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Jack Wagon

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@ specialfx3000:

amazing how thick people are, isn't it.

I was having the same relationship with my soon to be mother in law (and fiancée to some extent) , tentatively kicking in my 2 cents when she started to put the pressure on us to buy.

Lucky for me, she brought the issue up with her financial advisor and he suggested that it was probably a good idea to wait (not because of affordability, but because he felt there was potential for a bit of a price correction).

So the pressure if off for now.

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space889

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Front page headline story on VancouverSun.com – Metro house average prices just 11% from last Jan! That's a bigger jump than I thought:
http://www.vancouversun.com/business/Average+pric…

Scroll a bit down and we find 34% Metro Seattle homes worth less than their outstanding mortgages balances:
http://www.vancouversun.com/business/Metro+Seattl…

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Best place on meth

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Does the building have a helipad?

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4SlicesofCheese

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We all know its the mix of the sale prices and of course some actual appreciation that cause the "11.5%" increase but my god man.. even the headline is wrong.

"Average price of B.C. home jumps 11 per cent in January compared to a year ago"

No its compared to last month. Not a year ago.

Sad thing is my family, friends will see this and just take the headline verbatim.

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@space889: From the article:

The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January compared to the same month last year, according to the B.C. Real Estate Association
The median price of a home in California in Q1 of 2006? $548,810! That home today costs $301,430.

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Try Reading

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e all know its the mix of the sale prices and of course some actual appreciation that cause the “11.5%” increase but my god man.. even the headline is wrong.

“Average price of B.C. home jumps 11 per cent in January compared to a year ago”

No its compared to last month. Not a year ago.

Sad thing is my family, friends will see this and just take the headline verbatim.

****

Hey dumbass bear!

Can't you read – it is YOY not MOM!

Geez, no wonder you guys have missed the boat

The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January compared to the SAME MONTH LAST YEAR according to the B.C. Real Estate Association

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specialfx3000

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Anyone catch this on Garth's site?

"Just as the title says, we need people to hold spots and line up for a new condo project located in Burnaby (Kingsway/Willingdon Ave). Line up may start as early as weds/thurs night. Grand opening is Saturday February 19, 2011.

Warm beverages and washrooms will be provided by the developer.

Shifts are determined on how long you would like to stay. (preferably 8hours+)

Get paid cash quickly for sitting in a line up!

E-mail me your phone number + e-mail for more details. job-syk6p-2212992997@craigslist.org"

Listing has since been removed. Guess it was just a prank by someone, or not?

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fixie guy

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#9 Try Reading Says: "The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January compared to the SAME MONTH LAST YEAR according to the B.C. Real Estate Association"

Even though the REBoGV compiles a proper HPI index:

http://www.rebgv.org/mlslink-hpi%C2%AE-explained

and the page on their site explaining it goes to some length also explaining why 'average' is shit for stats, Cammy Moore the perfesshunal economatrisist still grabs a tragically flawed metric distorted by sales mix for public releases. Want to guess why?

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Best place on meth

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We need a new topic thread in the forum called "Stupid Realtor Tricks".

It would fill up quickly.

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Kuboo

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The question I want to know is; did Sydney Crosby spend any time in the suite? Are there cum stains to prove it? This condo isn't very far from another used condo development: the Olympic Village. So the seller needs to understand that they are up against.

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G

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Re: Average Price article

What is with this "seasonally adjusted" crap? They seaonally adjust data within a one month span to make the statistic look better.

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space889

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@crabman: Well I'm sure a lot of locals would respond that BC is not California, BC is so much better than California which is currently almost bankrupt, pathetic school system, water shortage, way too hot and huge smog and traffice issues. Also, what is there in California beside movies and some IT business anyways? BC has everything Califoria has and more. Just look at our world class leading games and movie FX industry!

Yes, that's sacarsm and yes I truely believe a good number of local residents believe that.

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International slum v

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I have a friend in the building, "Europa" and their strata fees are insanely high due to owner/renter(s) that have flooded the place several times. Since they did not have insurance the strata had to pick up the repairs. Even with a 200 dollar deduction your monthly fee in that townhouse is going to be huge.

My friends 500sq foot place has to pay over $300 a month.

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Anonymouse

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@International slum village.:

"Since they did not have insurance the strata had to pick up the repairs."

Why didn't they claim on the building's insurance and charge the deductible to those responsible for the damage?

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Anonymouse

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"Want to guess why?"

The same reason that bears use them when it suits their argument?

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IT__Pro

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Anyone know what the BC benchmark YoY number is? By May I'm guessing it will likely be approx -5%.

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How does it feel to be a cheerleader for and defender of extremely high real estate prices?

Does it hurt your soul or are you fine with it?

And what is your interest in defending high prices? Are you in the real estate industry or just a home owner?

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Devore

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The same reason that bears use them when it suits their argument?

It's never held as much sway as median and benchmark, because we understand statistics. Even more sought after are bracketed numbers for each market segment, so we can see which price ranges are moving (ex entry level vs move up).

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Dan in Calgary

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"The average price of a home in British Columbia rose 11.5 per cent, to $548,183, in January compared to the same month last year, according to the B.C. Real Estate Association" Is it not more accurate to say that "the average of the selling prices homes in British Columbia rose 11.5%"? In a tight market, this could be substantially different than a benchmark price. In a rising market, people buy anything. In a tight market, people are fussy. One could reasonably argue that last year it was crack shacks that sold, this year it was mansions that sold (for 11.5% more than the price of the crack shacks that sold last year). Figures don't lie but liars can figure. Well, you know what I mean. We don't have benchmark prices, but how about average/sq.ft.? That should be calculable. Still flawed,… Read more »

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Dan in Calgary

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Ooops, meant to write "Is it not more accurate to say that “the average of the selling prices of homes in British Columbia rose 11.5%”?

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Dan in Calgary

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Sorry for the typing sloppiness and brain malfunctions. The point I'm trying to get at is that the "average price of a home" is really an average of sold homes and that the mix can change. I should have said simply that. Done.

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fixie guy

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#18 Anonymouse Says: "The same reason that bears use them when it suits their argument?"

Discounting that you're full of shit and I never use average, can you differentiate between a 'profession economist' who knows better making public statements on behalf of a business special interest for the press and anonymous posters on forums?

Did K-12 stop at 4 for you clowns?

Bubble? What Bubble?