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Downtown Vancouver Presale Condos Are Still Overpriced

Blog by Ian Watt | August 13th, 2011

Vancouver Condo Real Estate Video Blog #683 - August 15, 2011


Downtown Vancouver Presale Condos Are Still Overpriced


Ian Watt video blogs about how someone recently purchased (according to the MLS) a 573 square foot presale condo in Downtown Vancouver for $488,000 plus applicable taxes when the condo market is quite quiet and there is a lot of good inventory for sale at much cheaper prices. 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 2011 www.iWatt.ca .


Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. Just wanted to shake my head a little bit at somebody who bought a pre-sale it came through the mls last Friday. Five hundred and seventy three square feet brand new property that's under construction will be built in two years. The person bought it for $488,000 dollars. Factor all the HST and property transfer tax etc. etc. That's over $900 dollars a square foot and it's not an A Class building and its not an A Class area so I  have no idea what's this people are thinking. I have no idea what kind of realtor would tell them this is a good deal. Why wouldn't you buy something that's already built for $700 dollars a square foot? Doesn't make sense to me. My name is Ian Watt and if you are thinking about going to a pre-sale. Do a little research and get a realtor who can show you comparable sales of things that already built. And if you any questions you can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!