May 1, 2011

Now we’re falling behind Vancouver

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!

Vancouver Bubble Watch: 25-Person Bidding War

By Paul Kedrosky · Thursday, April 21, 2011 · ShareThis

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.

Kitsilano house goes for $655,000 over asking

Kitsilano, B.C.

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?

Comments (7) -- Posted by: burbed @ 5:46 am