Hey folks,Does this mean the end is nigh for BC real estate? You be the judge. The investors who bought these properties bought them through an auction - they paid, in effect, the highest possible price.
I just went to the auction at River Rock Casino in Richmond where they were auctioning the 5 condos from Parksville (Onyx at Craig Bay) and the bidders were either at the Richmond location, a Parksville location, a Calgary location, on the internet or submitted a bid by proxy.
It turns out the first unit listed at $545,000 went to a Parksville bidder for $480,000 (12% haircut), the next one listed at $535,000 went to a bidder for $380,000 (a 29% haircut), the next one listed at $435,000 went for $350,000 (20% haircut), then next one listed at $425,000 went for approx. $325,000 (memory failed on that one--approx. 23.5% haircut)and the last one listed for $425,000 went for a mere $280,000 (a 34% haircut).
Two went to Parksville bidders, two to Calgary and one to an internet bidder.
Saturday, June 21, 2008
Parksville Condos sell for up to 34% less at auction
"Bluesman" posted this gem today on the Vancouver Condo Info blog:
Subscribe to:
Post Comments (Atom)
2 comments:
Fascinating how the prices dropped so dramatically as the auction went on - its like a scale model of a real estate crash.
We start with 12% off and end up at 34% off. I look forward to seeing if this we stick to this range as Vancouver prices 'correct'.
Yeah, very interesting indeed. An auction obviously represents the market's best guess at the true price, so following house auctions should provide a clear view of what's to come from private sellers once they realize what it's going to take to actually sell their property here in Vancouver.
Post a Comment