Quote:
Originally Posted by westopher
Yeah, and you understand that the publicity given by this stupid article is going to start a bidding war that will quickly get out of hand and result in the purchase price being way over market value, right? I've seen plenty of houses SUBSTANTIALLY shittier than that go for 800. Honestly, it looks incredibly well kept which is more than you can say for most of the vancouver pre war crackshacks. Also its about 3x the square footage of the next lowest priced detached home in metro vancouver. Not to mention you have an amazing view of that stupid fucking east van sign on 6th and clark so you can east van represent hard as fuck.
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Well I'd be willing to take you up on your bet of it even getting close to 800k; I realize you are being facetious, or hope you are anyways. The 100 year old house on this property is virtually value-less, it doesn't matter how well kept it looks from the wide-angled well lit pictures taken. The crap-shacks you've seen go for over 800k have likely been priced up there due to their land value, which this particular property doesn't have a ton of relatively speaking. The small lot size is not going to appeal to those buying the property for land value and knocking the existing house down to replace it with a 4000sf house with a legal suite, a non-legal suite, and a laneway house.
Yeah publicity this and bidding war that, but the type of people who are making stupid decisions on property prices are not the ones who will be interested in this property. We are talking about going above assessed value by almost 300k, over 50% of the property's assessed value. As stupid as some buyers may be, the ones looking into 'bargain priced' Vancouver real estate won't have deep enough pockets to go that far above and beyond the assessed value.
My point was that this particular owner wasn't starting his asking price low in hopes of drumming up offers above what it's assessed to be worth--he already started the price there.