I used to dream of one day Silicon Valley being more unaffordable than Manhattan – our arch-nemesis. But now, it looks like we have a new enemy in addition!
I was sent this by someone today on the latest madness in the Vancouver real estate market. It sort of blew my mind — 25 bidders, $655,000 premium, and 34% over the asking price for a house on 50×125 lot.
Published Thursday, Apr. 21, 2011 6:02PM EDT
2466 WEST 14TH AVE., VANCOUVER
ASKING PRICE $1,895,000
SELLING PRICE $2.55-million
PREVIOUS SELLING PRICE $531,000 (1996)
DAYS ON THE MARKET eleven
THE ACTION: This contemporary West Coast residence in Kitsilano was listed for $1.895-million on a Friday, but the first showings were held a week later. This tactic, combined with its attractive price point, helped retain the interest of so many buyers that 25 made an offer. The one accepted presented $655,000 more than the asking price.
Sigh. What will it take to bring healthy economics like that to the Bay Area?
What can we do to avoid being left behind?