2697 replies to this topic

[sebberry]

In such a low listing environment what about listing now?

 

The bar has been set, a recent sale went for about 40k lower than what I need to sell for in order to find something suitable in my price range.

[lanforod]

nothing stops you from trying to raise the bar

[sebberry]

nothing stops you from trying to raise the bar

 

Thanks but I know what's going on in my building...  The last sale was close to 20k below asking.  Reincarnation is a thing, right?  I'll just wait until my next life to get a dog...

[Mike K.]

List $40k over your desired price and work it down. We’re in such a low listing environment that you may encounter someone who doesn’t mind the restrictions and compared to other options finds yours reasonable.

[Victoria Watcher]

List $40k over your desired price and work it down. We’re in such a low listing environment that you may encounter someone who doesn’t mind the restrictions and compared to other options finds yours reasonable.

 

or someone that for whatever reason really wants one in your building particularly.  it's often a great time to list when you are the only unit there for sale.

Edited by Victoria Watcher, 30 August 2021 - 03:29 PM.

[Mike K.]

Right. Don’t let past performance knock you down.

We’re still in a phase when parents are scrambling to buy their kids a condo while they’re in post sec.

[Mike K.]

But having said that, you best have a new place lined up with an accepted offer pending your sale as a condition. I know of several recent sellers who sold, but are now renting because they can’t buy back in.

Don’t get caught in that scenario because you might be wishing you hadn’t sold.

[sebberry]

Marko is reading all this laughing!

[MarkoJ]

He he.....literally out loud. I personally haven't seen an offer be accepted subject to sale in the last 16 months. The majority of my transactions right now are unconditional. Lucky to get 5-6 business days for conditions. Subject to sale offers sellers just shred. Only works on something very overpriced or undesirable for whatever reason.

 

Unfortunately even with low inventory restrictions are a killer. I would estimate that if a building (not saying this is Sebberry's building) is 19+, no pets, no rentals, and no BBQs that reduces your market pool by >95%. Add in talk of special assessments or upcoming and you are reducing the market by >98% and as you can imagine when the market is that heavily restricted the market value plummets. 

 

Not everything has gone up. You have market segments that are up 30% in that last 16 months, but a few market segments are near flat. 

[Mike K.]

Hmm, we know there are units selling in that building. I’d there something Seb can do to close the $40k gap? Like focus on parking included? A quick reno of some thing in the unit?

[sebberry]

Hmm, we know there are units selling in that building. I’d there something Seb can do to close the $40k gap? Like focus on parking included? A quick reno of some thing in the unit?

 
2010 my suite got a complete kitchen overhaul, last year I redid all the carpets, painted everything, new baseboard and window trim everywhere.  The place looks pretty good.  1000 sq-ft, 2bed, 2 bath and tons of storage (no chicken wire lockers for the junkies to break into....)
 

Unfortunately even with low inventory restrictions are a killer. I would estimate that if a building (not saying this is Sebberry's building) is 19+, no pets, no rentals, and no BBQs that reduces your market pool by >95%. Add in talk of special assessments or upcoming and you are reducing the market by >98% and as you can imagine when the market is that heavily restricted the market value plummets.

Our property manager is convinced that people pay more to have the pet restriction. He used to be an appraiser, 10 years ago when the market was completely different and states that Realtors will say anything to make a quick buck, so clearly Marko is fibbing here    Marko pretty much describes my building here, minus the age restriction (there is none) and rentals 5/27 can be rented.  The irony is the owner occupied units are more problematic than the rented ones...

[Mike K.]

Is there a rental vacancy right now among the 5 eligible?

[sebberry]

Is there a rental vacancy right now among the 5 eligible?

 

Nope.  

[MarkoJ]

[Citified.ca]

August shatters Victoria price record for houses with $1.22 million average amid plummeting re-sale inventory

https://victoria.cit...sale-inventory/

[MarkoJ]

[punk cannonballer]

Vapour lock.

[Hotel Mike]

Ha-ha. Vapour lock. My first car, a 1954 Plymouth would develop that sometimes. I remember one at the corner of Portage and Main in Winnipeg. A fine place to stall.

[MarkoJ]

[Casual Kev]

Our property manager is convinced that people pay more to have the pet restriction. He used to be an appraiser, 10 years ago when the market was completely different and states that Realtors will say anything to make a quick buck, so clearly Marko is fibbing here    Marko pretty much describes my building here, minus the age restriction (there is none) and rentals 5/27 can be rented.  The irony is the owner occupied units are more problematic than the rented ones...

 

With pet restrictions being the norm in rentals nowadays and SFHs now a pipedream for the masses, I'd imagine the % of buyers wanting stratas to allow pets has increased substantially since olden days.