1732 sq.ft. 2 Balconies $646/sq.ft. $474/mo Maint. Charge 12 years old
Recent Sold 3 Rms + 2.5 Baths comes with 2 Parkings
1528 sq.ft. $474/mo Maint. Charge Brand New Condo in Kerrisdale Area
Sold for $1,382,000 $904/sq.ft.
Opportunity knocks!
Source : http://finance.sympatico.msn.ca/SavingsDebt/KerryGold/Article.aspx?cp-documentid=17985631
For the last seven years or so, Vancouver has been a city dominated by building cranes. Those cranes symbolized a booming condo market, with buyers so ready to jump in they were putting up cash for condos that weren't even built.
Those presale condos were once considered a bargain. Today, they are cause for potentially hundreds of lawsuits that could be launched in the next year as those buildings finish construction. In the downtown core alone, there is an estimated 2,000 completions coming due.
With the fall of real estate prices, banks are no longer willing to finance condos that are often appraised at 25 per cent less than the purchase price. In some cases, condo owners can't sell their old properties to finance the presale unit. It means presale buyers are defaulting on their deals, and developers are either suing or threatening to sue.
It means panic. Check out Vancouver's online classifieds site Craigslist and there is listing upon listing for assignments that buyers are trying to unload for bargain prices. Some frantic sellers are willing to forego their 25 per cent deposits.
Yeah~ $904 per squire feet that was the recent SOLD in
Collapsing Pre-Sale Market as aforementioned ! HaHa~
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