Wednesday, March 30, 2011

I put these in the comments but they deserve a bit more exposure

so I copies and pasted them in a post...


The periphery is NOT selling.

6 detached residential sold on Sunshine Coast in the last 14 days.

Total inventory in this category is 517.

Do the math!

If you are paying full price you may be over-paying just a tad!

fish10 said...

Squamish 4 sales in the last 2 weeks for the detached residential category and 196 listings.

Whistler 0 and 178!

2 condos sold and 259 are listed.

My question:

What is the 'market price' when so few units sell?

fish10 said...

In the Gulf Islands only 3 residential detached have sold since Jan 1st 2011 with 136 listed.

If you are bidding, bear in mind the above MOI. Ask your RE agent to find out what the seller paid for it (it takes ten seconds), sometimes you will be shocked and may cross a few numbers off your bid :)


Once again my question is:

when there are so few sales, how do banks, appraisers, RE agents etc decide what fair market value is??


18 comments:

  1. Interesting. If the Okanagan numbers come in weak this months I would say Spring is a no-show outside of Vancouver. Victoria is weak too. Guess they have just priced themselves out of the market.

    ReplyDelete
  2. "when there are so few sales, how do banks, appraisers, RE agents etc decide what fair market value is"

    In other words, if you can't touch the bottom of the pool, how deep is it? :)

    ReplyDelete
  3. A receivership sale is not doing the trick in Squamish. http://www.coastalvillageliving.com/

    They need to up the ante.

    ReplyDelete
  4. Heres the formula the banks use, I got it from a guy I met on the bus who claims to work at some bank or something.

    present value = last years value + 10%

    See! RE really does only go up! The formula says so!

    ReplyDelete
  5. Is this formula further proof that Americans are dumb? This got the +/- sign wrong.

    ReplyDelete
  6. fishy- Boots on the ground report here.

    I visit a number of the communities you mentioned with my work. I often stop in a Realtor's office to check out the local Real estate and chat with the realtor.

    Many say the same thing. Sales have disappeared but sellers are still not dropping their prices. They still think their decrepit cabin on the lake, which their grand-father bought for $20K 40 years ago, is really worth $700K. Never mind that the only recent sale was for 100K less and was in bigger and in better shape.

    The route down will be very sticky. Of course it also depends what happens in Vancouver. If Real estate here starts heading down, then things may head down faster out-side Van.

    ReplyDelete
  7. @Anonymous, it may be that this particular time prices will be "stickier" for 2 reasons:

    1) Rates are low meaning it's generally straightforward to refi and carry the property for a while, even if it's a "snake eating its own tail" loan.

    2) The immaculate recovery of 2009 after the severe 2008 recession validates the immunity of BC's market to sustained price drops. There is a willingness to "hold on" a bit longer for the market to turn around.

    There is not yet the shift in mood required for people to think prices are dropping for a long time. But from where I sit, the MOI is just so freaking high I think the "Wiley Coyote" moment isn't more than a few quarters away. There have to be at least a few "desperate" sellers out there. But that's just a wet finger in the wind guess.

    ReplyDelete
  8. I think the psychology is changing. A successful realtor I know is selling all of his real estate except his home and a family friend in Richmond who sold last year- but also bought back in in October to do a flip ("because if we didn't we know we would be priced out forevah")- both agree it's a bubble. These people would never have said this just six months ago.

    ReplyDelete
  9. Thankfulness to my father who stated to me about this
    weblog, this web site is truly amazing.

    Feel free to visit my webpage; Danon-jewellery.livejournal.com

    ReplyDelete
  10. Look over with your automatic washer. I recovered a pair of pearl earrings
    just this evening, found into the rubber seal of my front loader.

    (I noticed one gleaming in the damp rubber seal as I violently shovelled another
    load of laundry in.)

    Have a look at my homepage: http://users.v-lo.krakow.pl/

    ReplyDelete
  11. Thank you a lot for drivers. really helpful site!

    Here is my webpage; xerox phaser 8560 service manual

    ReplyDelete
  12. Just wondered specifically what does a purple
    hue(glow) mean on the gem (diamond or CZ)? Along with a dark
    yellow hue (glow)both within black light??

    my web site: ,cheap earrings and rings

    ReplyDelete
  13. Very good blog! Do you have any recommendations for aspiring
    writers? I'm planning to start my own blog soon but I'm a little
    lost on everything. Would you suggest starting with a free
    platform like Wordpress or go for a paid option?

    There are so many choices out there that I'm completely overwhelmed .. Any suggestions? Thanks!

    Also visit my weblog :: Phaser 8560 Manual

    ReplyDelete
  14. What's Going down i'm new to this, I stumbled upon this I've found It absolutely useful and it has aided me out loads. I'm
    hoping to give a contribution & help other users like its helped me.
    Good job.

    Also visit my web blog :: micro chip cat flap

    ReplyDelete
  15. You can definitely see your skills within the work you write.
    The world hopes for more passionate writers like you who are not afraid to mention
    how they believe. At all times follow your heart.


    Feel free to visit my site ... wiki.Foradoeixo.org.br

    ReplyDelete
  16. Certainly high quality video quality contains much memory, this is exactly why
    it presents improved feature.

    Also visit my blog post ... ,Jewellery Discount Uk

    ReplyDelete
  17. At this time it appears like Wordpress is the preferred blogging platform out there right now.
    (from what I've read) Is that what you are using on your blog?

    Here is my site :: xerox 8560 solid ink

    ReplyDelete
  18. Ilike Hp laserJet Printers.

    Here is my weblog: hoperenews.org

    ReplyDelete