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Sold over asking price in Gordon Head


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#1 Ronk

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Posted 08 March 2015 - 09:31 PM

Why those listing could be sold much more expensive than listing price? :huh:

 

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#2 pherthyl

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Posted 08 March 2015 - 09:36 PM

Common tactic for realtors to underprice listings in an attempt to start a bidding war. Over list doesn't necessarily mean the property sold for more than it would have if it was listed at a higher price to start.
That said market is pretty active lately and not much selection in the core
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#3 Mike K.

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Posted 08 March 2015 - 09:40 PM

Ronk can you provide the addresses for those listings? It would be good to check out the assessed value of those homes.


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#4 Ronk

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Posted 08 March 2015 - 09:43 PM

Ronk can you provide the addresses for those listings? It would be good to check out the assessed value of those homes.

1713 Carnegie Cres V8N 1P3,

 

4021 Hessington Pl V8N 5C5,

 

3910 Lexington Ave V8N 5C2

 

4042 CAVALLIN Crt V8N 5P9



#5 Ronk

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Posted 08 March 2015 - 09:43 PM

Common tactic for realtors to underprice listings in an attempt to start a bidding war. Over list doesn't necessarily mean the property sold for more than it would have if it was listed at a higher price to start.
That said market is pretty active lately and not much selection in the core

I don't really find them underpriced, some of them are way higher than assessment



#6 Mike K.

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Posted 08 March 2015 - 09:57 PM

Wow, the Carnegie home was assessed at $500k and sold for a $130k more.

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#7 Rob Randall

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Posted 08 March 2015 - 10:31 PM

I've seen this happen for a few years here in Gordon Head--bidding wars, sales completed hours after listings. It's amazing. In a way I hate to see it because I think it would be better for all concerned if prices cooled down. 

 

But it's understandable--GH is a desirable neighbourhood. Well designed houses with huge basements suitable for suiting out and massive lots that are literally twice the size of something you'd find in new Westshore developments.


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#8 North Shore

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Posted 08 March 2015 - 10:52 PM

Carnegie is a really good location, too..just up the street from a park, 5 minutes walk to GH Rec centre one way, and 5 mins the other to all of the shops at Shelb/Mack..
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#9 Mike K.

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Posted 09 March 2015 - 06:55 AM

Who's buying these homes at those prices, though?

I've started seeing more and more rooming houses appear in GH with absentee landlords running the show from afar (and letting their tenants run wild).

On a friends cul-de-sac/dead-end street several homes have ended up as such and what was once a quiet residential community where everyone knew their neighbour is anything but. In fact now they think there's even a drug dealer in the fray due to cars coming and going to/from one of the houses. And I've been to several homes rented out like this, some pretty swanky ones, too.

So I dunno, based on what I've seen and what acquaintances tell me Gordon Head ain't what it used to be.

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#10 MarkoJ

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Posted 09 March 2015 - 08:04 AM

Who's buying these homes at those prices, though?

I've started seeing more and more rooming houses appear in GH with absentee landlords running the show from afar (and letting their tenants run wild).

On a friends cul-de-sac/dead-end street several homes have ended up as such and what was once a quiet residential community where everyone knew their neighbour is anything but. In fact now they think there's even a drug dealer in the fray due to cars coming and going to/from one of the houses. And I've been to several homes rented out like this, some pretty swanky ones, too.

So I dunno, based on what I've seen and what acquaintances tell me Gordon Head ain't what it used to be.

 

Gordon Head has a Chinese population of 28% (source: zoocasa) versus other areas which are below 5% like Oak Bay (source: zoocasa).  A theory I have heard is a lot of Chinese buyers hold cash in US funds; therefore, with the drop in our Canadian dollar Victoria and Vancouver have become much more attractive.  

 

Of the last 10 sales reported in Gordon Head I can see two buyers are of Chinese passport (non-cnd citizens).  I know it doesn't seem like a lot but you just don't see that in other areas.


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#11 Mike K.

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Posted 09 March 2015 - 08:14 AM

Do you think foreign buyers are just throwing money at whatever home fits their investment strategy, i.e. offering $30k more than asking at well over $100k above assessed value? Are there actual bidding wars between these guys?


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#12 MarkoJ

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Posted 09 March 2015 - 08:23 AM

Do you think foreign buyers are just throwing money at whatever home fits their investment strategy, i.e. offering $30k more than asking at well over $100k above assessed value? Are there actual bidding wars between these guys?

 

Bidding war could consist for a non-cnd resident, a cnd, and a landed immigrant status buyer.  Tough to say who is in the bidding wars, but the more perspective buyers you have the more likely it goes above asking.  I wouldn't attribute the over asking to non-cnd vs non-cnd duking it out.  Foreign buyers don't throw money around just like that :)

 

I should note this is isolated to Gordon Head....you don't see non-cnd buyers in Langford or Sooke in any great extent, for example.


Edited by MarkoJ, 09 March 2015 - 08:25 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

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#13 Szeven

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Posted 09 March 2015 - 08:30 AM

Every like group clusters. Will be very interesting to see where this goes and if its a trend.


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#14 insanelydeadlydisease

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Posted 10 March 2015 - 03:59 PM

When I was in university I went to many keg parties in rooming houses in Gordon Head so this is not new. It might be new to your friend's street but this has been going on for a long time.


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#15 Mike K.

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Posted 10 March 2015 - 05:09 PM

The difference today is the homes are owned by absentee (non local) landlords with foreign kids as tenants. Different scenario from the one I remember during my days at Uvic.

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#16 pherthyl

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Posted 10 March 2015 - 07:28 PM

Have not noticed any issues in our corner of Gordon Head.  All our neighbours are present.



#17 Szeven

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Posted 12 March 2015 - 07:45 AM

Gordon Head has a Chinese population of 28% (source: zoocasa) versus other areas which are below 5% like Oak Bay (source: zoocasa).  A theory I have heard is a lot of Chinese buyers hold cash in US funds; therefore, with the drop in our Canadian dollar Victoria and Vancouver have become much more attractive.  

 

Of the last 10 sales reported in Gordon Head I can see two buyers are of Chinese passport (non-cnd citizens).  I know it doesn't seem like a lot but you just don't see that in other areas.

 

I was just reminded that the Yuan is pegged to the USD.  Here is a CNY/CAD chart:

 

http://www.xe.com/cu...&to=CAD&view=1Y

 

I look forward to hearing the stories about mega properties in Vancouver setting records.



#18 Fernwoodian

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Posted 06 October 2015 - 08:55 AM

Not quite Gordon Head but 1752 Christmas Ave (single family witg legal suite) was listed for $699k sold for $718k and assessed at $517k!!

#19 lanforod

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Posted 06 October 2015 - 09:44 AM

Assessment values are way out of whack all over Saanich. Thankfully for my property taxes. I know I can probably sell my place for about 150k over assessment today.



#20 spanky123

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Posted 06 October 2015 - 10:08 AM

Assessment values are way out of whack all over Saanich. Thankfully for my property taxes. I know I can probably sell my place for about 150k over assessment today.


Hard to rely on assessed value alone without taking into consideration the value of upgrades and general condition of the house. I have a neighbor who sold his house for $300K above assessed value recently but then again he had put about $250K into updates over the past few years so it was probably worth it.

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