Vancouver Condo Real Estate Video Blog #191 - November 27, 2008
International buyer wants to lowball Vancouver Condos by 50%
Ian Watt video blogs about a buyer from Dubai who believes that he can lowball Vancouver luxury real estate by 50% and win - not right now he can't. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to email@example.com and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real estate Video Blogs.
Ian Watt: Hi good morning! It’s Ian Watt in Downtown Vancouver. Right now I'm just driving along Pacific heading to the West End of Downtown Vancouver. I had a bunch of emails from a guy from Dubai. Wanted to buy a $7.9 million dollar condo in Downtown Vancouver. Now the problem is he wanted to pay four or four and a half. I put the emails going back and forth back and forth and I basically said unfortunately although there is a melt down the world and the Vancouver condo situation has a bit of a correction. We're not seeing people that are desperate to sale and in Vancouver unlike other parts in the world most of the people have about 25% equity put down. At least in their luxury properties and some people don't even have mortgages on their properties and that's the thing. You have to remember if your going to lowball go out and lowball people who are desperate not the people who have all the money. So were having a difficult time educating him he says that well you know what in New York, in San Francisco and all the newspapers he's reading on-line about Vancouver. It should be down at least 30-40%. Wel that's not true in Vancouver especially it's not true in Downtown Vancouver, in Coal Harbour for luxury properties. I'll bring an offer in but I can't bring an offer for 50% of what they're asking. It's not gonna happen. My name is Ian Watt. You can always email me at firstname.lastname@example.org. Thank you very much and have a great day!