Can You Keep a Secret?
Posted November 29th, 2008 in Real Estate, Statistics | 
S-H-U-S-H!!!
Whispers heard say one sale does not a market make.
The question then is; if there is only one sale in a defined market area for a specified period of time, is that not the market for that area?
In the first 12 days of November there were no sales on the West side.
Now, according to REBGV Stats, during the last seven days ending November 28, 2008, the West side of Vancouver witnessed only one house sale.
It was either the best buy of the week or an indication of the quiet continued confidential bleed that plagues high end properties in our Vancouver West real estate market. You decide.
Not So Secret Property Drops Off The Drive
Located in a long established neighborhood of elite homes along Marine Drive , this gorgeous Vancouver property suffered a collossal 36% price drop. Listed 46 days ago at $2.8 million, it sold for $1.85 million.
Mr. Math says: “that’s real close to a million dollar price drop!”
Loud Whispers
In the past week there were 959 homes for sale. Of that number, 421 reduced their asking price.
The single largest price reduction was $1.2 million..
There’s no need to whisper, it’s not a secret anymore.
The Vancouver West real estate market is tumbling!
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I’m always happy to answer your Vancouver Real Estate question? Call or send me an email Twitter or Skype me at YatterMatters.
Larry
*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.
collossal 64% price drop. Listed 46 days ago at $2.8 million, it sold for $1.85 million.
I think you mean 34%.
Chris,
thanks for that edit. happy fingers on my part
Larry
We will all likely need to re-evaluate our listing prices, especially once we see the big January relaunch of properties.
Great post, truthful, humbling & so exciting for buyers!
Cheers
Roland Lewis
Roland
January surge is doubtful. Dec. is the lowest month so those numbers will not excite many to list. So says my crystal ball. Maybe I can borrow some of your wax to shine it up.
Buyers – market has a way to go before we see a return. There will be lateral moves of course, but the first time buyer still has a huge climb on the ladder.
Roland is sure looking good these days. I like his new hair-doo.
Matt,
Camouflage
Do you have an MLS link to the Marine Drive house? Just curious to see it.
Supersocco
Yes I do.
1. Seller’s privacy issues come into play and as you and I do not have an agency agreement. I will not be forwarding that information.
2. I never respond to requests from anonymous web inquiries. Email me, tell me who you are, including phone number and address, what your interest in this property might be and we’ll talk.
Thanks for your interest.