Jump to content

      



























Photo

Victoria Real-Estate Board statistics


  • Please log in to reply
2688 replies to this topic

#2421 Szeven

Szeven
  • Member
  • 1,199 posts

Posted 02 September 2022 - 05:28 AM

Anyone have the link for the 13.6 million dollar house that sold on Salt Spring?



#2422 MarkoJ

MarkoJ
  • Member
  • 5,771 posts
  • LocationVictoria

Posted 06 September 2022 - 09:36 AM

download.png


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2423 MarkoJ

MarkoJ
  • Member
  • 5,771 posts
  • LocationVictoria

Posted 13 September 2022 - 06:15 AM

download.png


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2424 MarkoJ

MarkoJ
  • Member
  • 5,771 posts
  • LocationVictoria

Posted 20 September 2022 - 08:14 AM

I think we will clear the record low of 395 just barely. 

 

download.png


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2425 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 20 September 2022 - 08:40 AM

I’m surprised at how many expensive properties are selling in this market. A $3.2M place not too far from me just sold, and rather quickly. I guess the monied buyers see this lull as a real opportunity to push for discounts.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2426 Szeven

Szeven
  • Member
  • 1,199 posts

Posted 20 September 2022 - 11:34 AM

I’m surprised at how many expensive properties are selling in this market. A $3.2M place not too far from me just sold, and rather quickly. I guess the monied buyers see this lull as a real opportunity to push for discounts.

 

I pulled a title search on a few luxury places that sold lately, and one thing I found was that the buyers had sold companies in early 2021.  The terms were undisclosed, but they were big enough companies to warrant press releases. So 3 places I can point to were sold to dudes with bags of windfall cash.  Price points being 5-7 mill.


  • Mike K. likes this

#2427 MarkoJ

MarkoJ
  • Member
  • 5,771 posts
  • LocationVictoria

Posted 26 September 2022 - 07:16 AM

Lowest sales ever on record (since 1990) for September are 395. I think we will end up at around 410-420. Inventory stabilized for a bit but is now starting to climb again. 

 

download.png


Edited by MarkoJ, 26 September 2022 - 07:17 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#2428 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 12:36 PM

My friends just bought a place, or rather, had their offer accepted. Paid 5% over asking, unconditional offer. They said there were two other offers, both of which were unconditional.

Even in this market good product at the right price gets the right response. If you can’t sell a home in this market you’re expecting too much, you have a dog of a listing, or both.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2429 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,346 posts

Posted 27 September 2022 - 12:41 PM

The “right price” lol. That’s Realtor talk.

#2430 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 02:29 PM

It’s a simple concept, for sure.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2431 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 03:04 PM

Here's a not a right price.

 

The seller sat on this listing for nearly 4 months, wanting $1.13 million. And eventually sold for $195,000 under asking.

 

Some bad guidance here, clearly. One can only imagine how many offers they refused that were above $930,000.

 

bad-price.jpg


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2432 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,346 posts

Posted 27 September 2022 - 03:06 PM

It’s like timing the stock market though. Hindsight is easy.

Edited by Victoria Watcher, 27 September 2022 - 03:07 PM.


#2433 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 03:15 PM

It's not that complicated. There's no need for hindsight if you leave emotion out of it.

 

I knew my friend's desired place would sell immediately based on its price, condition and location, so I advised him and his spouse to go high and put in an unconditional offer. They listened, thankfully, after their realtor advised them to go low and tag along a laundry list of conditions, 'because of the market.'

 

In a few months they're going to be moving to a great place, because the property was priced right, and the buyers knew even if they went a little higher they could still recognize the long-term value.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2434 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,346 posts

Posted 27 September 2022 - 03:17 PM

We will never know the other bids. So we don’t know if your advice was better than their Realtor’s. All we know is that they “won”. All other bids remain secret. For all anybody knows, their bid might have been 10% higher than anyone else. So they maybe “overpaid” by $100,000. We will never know.

Edited by Victoria Watcher, 27 September 2022 - 03:23 PM.


#2435 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 03:27 PM

We know they were all above asking, unconditional, according to the listing realtor. Not by much, though. Like I said, my friend bid 5% above asking and got it.

 

The listing was priced right. They paid 5% above-asking, the seller can move on with his life.

 

The other guy lost four months of time, and got ~17% less than he was hoping for, thanks to bad guidance.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2436 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,346 posts

Posted 27 September 2022 - 03:32 PM

The listing agent is not allowed to disclose the substance of other offers. So if they told your buyer others were “above asking” or “unconditional” they were either lying or breaking the rules. Or both, of course.

Edited by Victoria Watcher, 27 September 2022 - 03:34 PM.


#2437 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 03:34 PM

Maybe so, but that's what the seller's agent told the buyer's agent.

 

Anyhow, when you price a place right, it'll sell. You gotta leave some meat on the bone for the other guy, in this market.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2438 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 52,346 posts

Posted 27 September 2022 - 03:36 PM

The listing agent is not allowed to disclose the substance of other offers. So if they told your buyer others were “above asking” or “unconditional” they were either lying or breaking the rules. Or both, of course.

That should have been a trigger indicating they were working with an unethical sellers’ agent. A warning sign. What else did she lie about? What other rules did she break?



#2439 Mike K.

Mike K.
  • Administrator
  • 83,184 posts

Posted 27 September 2022 - 03:42 PM

She priced that place right, though.


  • Victoria Watcher likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#2440 MarkoJ

MarkoJ
  • Member
  • 5,771 posts
  • LocationVictoria

Posted 28 September 2022 - 02:34 AM

It is actually quite rare that a seller goes with my suggested listed price (and I've listed over 700 properties in my career) so tough to conclude that one agent priced correctly and another agent priced incorrectly. Every agent has overpriced properties as a result of seller's instructions and then you hope for either luck (buyer pays above market), hope for an insane market like we had during covid where the market catches up to the price over the course of 2,3,4 months, or you hope the seller does enough price adjustments lower to the point it sells, before they fire you and re-list with another agent at a lower price. 

 

Below ask and above ask is simply a matter of optics. A number of years ago I listed a unit in a building for $549,900. The identical unit above the one I had listed went in at $499,900. They received three offers and it sold for $522,000 immediately. The one I had listed with had an offer collapse, sat on market for 47 days, we lowered the price to $539,900 and it sold below asking for $537,000. Despite being on market for nearly two months I would say my client did better having sold a lower floor unit for $15,000 more. The end result is what matters, below and above ask is just optics. 


Edited by MarkoJ, 28 September 2022 - 02:39 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users