Quote:
Originally Posted by blankall
The condo real estate market in Vancouver is turning. Like I said earlier, from what I observed during my purchase was that houses got hit by massive demand in early January and since then the demand has been shifting down to towhouses, multi-bed condos, 2 bed condos, to single bed condos, as people get priced out of their more idea option.
There's still a lot of places sitting, in downtown especially. I own a unit downtown, and there are 8 units sitting. Typically units do not sit at all in my building. There's definitely a lot more available with condos, generally. The prices of condos, especially downtown, are not keeping pace with price of other inventory.
I think the "multiple offers" thing is a bit of a game. It seems like the real estate agents have just started purposely underpricing listings to encourage multiple offers. This a practice ubiquitous in Toronto and somewhat common in Vancouver in the past. Now, it's become the norm in Vancouver.
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Depends on the product type, location and pricing.
There's a lot of people thinking the market is crazy so listing at unreasonable prices. A lot of sitting properties are those overconfident sellers.
Edit: ^^And if your building with sitting listings the one with a $1M water deductible and bursting pipes, there's your reason. That sucks.
Multiple offers are certainly a bit of a game or more so a strategy. But it only works if there's enough demand to do so.
If I'm listing something that I know will have 5-10+ buyers wanting it, it only makes sense to position the listing this way.
It doesn't work in a slow market.