10 offers on this Point Grey 50' so far.

[thinktom]

Our clients were going to write on this until we found out how many offers were already presenting. At noon today, 10 offers so far. All offers must be confirmed by 3pm.

Until properties like this slow significantly, I don't see too much pressure coming off detached Vancouver East and West. I don't see prices shooting through the roof still, but this is a sign that demand is still there.

MLS# V883938
3866 W 13TH AV
$2,098,000.


Days on Mkt: 14
Expiry Date: 18-Aug-11
Approx Yr Blt: 1990

Beautiful 5 bdrm, 4 bthrm + study home situated on a quiet, pretty street surrounded by community & pride of ownership. This home is sunny, warm & inviting. Designed by Obsburn & Clarke Architects, this home has been lovingly maintained by its original owner. Delightful views of mtns, city & ocean views from top floors, wonderful O/D decks & balcs & has a relaxing zen water feat surrounded by a vibrant, colorful grdn. The perfect home to raise a family convenient to Lord Byng, OLPH, QE & UBC, a short stroll to 10th Ave, shops & the perfect home to entertain. 1st Showing APR 26, 10:30AM-NOON. PUBLIC OPEN: SAT/SUN APR 30/MAY 1, 2-4PM.

[vanreal]

It still seems crazy out there. I just found out that a house in the 1700 block of Napier went for well over asking and it was just an absolute piece of junk that would take at least 250,000 to make it livable as it had been broken up into a bunch of single room suites. Nothing more than a rooming house.

[jimtan]

They're buying the land!

[vanreal]

They're buying the land!

I guess you're right.

[franksin]

How much over did the Naiper house sell for?

[vanreal]

I heard from a realtor that it sold for 860,000 which put it 90,000 over asking.

[thinktom]

The Point Grey home sold for $2.7 million. Crazy. Our clients were willing to do $2.1M.

[eyesthebye]

The Point Grey home sold for $2.7 million. Crazy. Our clients were willing to do $2.1M.

your clients were willing to do just $2,000 above asking? I think they need to start looking east

[thinktom]

The Point Grey home sold for $2.7 million. Crazy. Our clients were willing to do $2.1M.

your clients were willing to do just $2,000 above asking? I think they need to start looking east

Please. You're home is now worth $2 mill, huh eyes? I'm sure $2.1 million will find them something west. As for the price, whether something goes 'above asking' is irrelevant. The only thing that matters is the market value.

[eyesthebye]

thinktom"
Please. You're home is now worth $2 mill, huh eyes?

only in monopoly money.

the point is, your client didn't want to pay above assessed value in a market that commands 20%, 30%+ above. This isn't exactly the market
to be hunting bargoons. I think you have your work cut out for you

[curious]

$2,7 mln for this property looks like a realistic offer.
Assessed value is $2,089,000.

thinktom, before writing an offer, you probably should check BC Assessment to get better understanding on pricing: http://evaluebc.bcassessment.ca/Results.

[jesse1]

thinktom, before writing an offer, you probably should check BC Assessment

Yeah, thinktom, Listen to curious. Use prices from last July to determine fair market value. A head smack moment if there ever was one.

[curious]

Today's prices for West Side houses (zoning RS, quiet location) usually get calculated as:
Assessed Value plus 25-30%

[jesse1]

Assessed Value plus 25-30%

Wow I didn't know that's how to calculate sales prices. And here I thought it was some complex interplay between multiple actors. You learn something new every day.

[eyesthebye]

Assessed Value plus 25-30%

Wow I didn't know that's how to calculate sales prices. And here I thought it was some complex interplay between multiple actors. You learn something new every day.

changes with market conditions but this is what I've noticed

correction market = assessed +or- 10%
stable market = assessed + 10-15% over
"brisk" market = assessed + 15-25% over
hot market = assessed + 25+% over

Tom's clients are pissing in the wind if they thing they can get westside at correction market pricing