Vancouver Condo Real Estate Video Blog #729 - August 27, 2012
The New 2012 Prices for Vancouver Condo
Ian Watt video blogs about how with the correction of the market the new prices for studios is $300,000, for 1 Bedrooms is $400,000 and for 2 Bedrooms is $600,000 of courses size, location and quality of the building come in to factor as well but these are some general guide lines for quality Vancouver condos. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2012.
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Ian Watt: Hi good afternoon it’s Ian Watt in Downtown Vancouver. Of course all year we’ve seen the prices soften in Downtown Vancouver and we’re approaching labor day right now, we’re starting to see things kind of plato out of the discounted prices from the year before. For example one bedrooms used to sell around the 425 mark now we’re starting to see them list around the $400,000 dollar mark and their selling around that area. Now that’s great news because we don’t want to see it falling, we don’t want to see it rising, we want to see it stable. So we’re starting to see the studios around the $300,000 dollars mark. The one bedrooms around $400,000 dollar mark and good two bedrooms start around the $600,000 dollar mark. Now, a lot of people just don’t understand that the prices come down and they still trying to get those huge numbers. But I’m being sarcastic when I say this but it’s like throwing something out of the window of a 50 storey building and then you run down and you’re trying catch it on the 40th floor. But then you realize when you end in the 40th floor it’s already passed. So when you’re doing a price reductions make sure you go way below what you think it is in a declining market because you want to catch those numbers. If you're always a little bit behind you just gonna do yourself a disservice, you gonna end up having your property on the market way too long and you never get an offer instead of reducing a 20,000 at a time, doing 5,000 or 10,000 doesn’t do anything. Make sure you make an impact with your price reductions and make sure if you’ve got a good one bedroom it should be price around the 399 mark. Of course there are other factors size, locations etc., but in a ball park 399 is the new one bedroom price. My name is Ian Watt. If you have any questions you can always email me at ianwatt@ianwatt.ca Thank you very much and have a great day!