North Van Listing Update

On August 21st I reported a new listing in North Van and said I’d track the progress so that people could get a window into the market.

I received several calls on the property. I held an agents’ open on Thursday, and a public open house Sunday. Although I never placed a sign on the property I did place an ad for it, and I dropped off flyers with builders throughout the area.

Attendance at both opens was brisk. Active buyers of many descriptions knew the property was on the market and evaluated it. We received multiple offers after the public open and the property was succesfully sold for list price last night.

I’ve been commenting on this blog now for more than a year that sharp pricing is a very important ingredient to a succesful sale. This is still the case. Buyers are well informed about value and can’t be pushed around with impunity. Overpriced inferior product will not sell.

There is a common assumption that multiple offers result in over list sales. This is not always true, and it is not uncommon for something else to occur. Real estate can be unpredictable (an earlier sale that I mentioned here sold over list with multiple offers, but under the tax assesment).

Success in a multiple offer situation improves if you, as a buyer, are present and ready to make a decision. Waiting in a car on a dark street in a strange neighbourhood late on a Sunday evening can be inconvenient, but it can be very worthwhile. If you want to buy a property, and its in a multiple offer situation, be present. If the price gets too high you can always say no, but if a minor change is required youa re available to say yes. It makes a huge difference.

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21 Comments

Filed under For sale

21 responses to “North Van Listing Update

  1. Snick

    At the risk of sounding “stale”. Rob, wouldn’t that house have gone “over list” at the most manic part of the boom?

    Do clarify.

  2. Snick

    “We received multiple offers…”

    Says who? You?

    “You know, there ARE other parties interested. You need to act now!”

    Yeah. Sure.

  3. Growyourmoney

    I don’t doubt a word on the above sale Rob.

    Thanks

  4. tqn

    Snick,
    Dont be so sour…Life is always full of hope. I hope one day, you will be able to buy a place your own some place, some where…
    Meanwhile, congratulate Rob’s office on another job well done for the seller!

  5. Snick

    Sour?

    Just a realist, unike you.

  6. New Investor Rob

    Good post Rob, good advice. I’ve bought two places now. In both cases their were multiple offers, and in both cases we were present. We made some small minor adjustments to the offers and we got both over people who didn’t show up to negotiate.

    Another bit of advice for people in this situation, BE NICE when viewing the place. In both cases the sellers mentioned that they picked us over the other offer because they thought their suite tenant, and their neighbors would like us.

    In one case the two offers were the same price, and in the other place I believe we beat the other offer by like 2 grand on a sale of 415K.

    BE NICE.

    Even in a slow market there are places like Rob has mentioned that are popular.

  7. CC

    Snick, why do you have to be such a pr*ck? What is your problem? Why don’t you spend your time reading something you enjoy? Does being nasty give you some sort of pleasure?

    Rob wrote an entry about a particular property and sale. Is it not possible to divert for a moment from the everpresent (in your mind) and increasingly banal discussion of the “bubble”?

    And then you, in essence, call Rob a liar and a charlatan. Do you have any information or are you simply tossing out slanders as a matter of course?

    Why don’t you meet with Rob in person and work out your differences? You won’t and if you did, you wouldn’t say a peep.

    Go find an audience that doesn’t require you to hide behind the anonymity of the internet.

  8. CC

    Rob, you north van listing seemed quite attractively priced to me (in relative terms). there is a lot worse out there for more money. I am not surprised at the quick sale.

  9. ObserverX

    Even as a bear, I thought it was attractively priced as well (in relative terms). Of course, I thought the same thing about Tickle-me-Elmo dolls at $400 at one point. Fortunately for me, I didn’t have to buy one.

  10. Jesse

    i dot not like the style of Snick

  11. fish

    Interesting up-date Rob.

    How about Monday’s numbers, which we await with baited breath.

  12. ObserverX

    Isn’t it ‘bated’ breath? (I know one might want to catch their breath but I don’t know what one might to catch *with* their breath.)

  13. WoW

    Case-Shiller Index shows worsening price declines in the US with no slowdown in sight – what was it that Shiller said about Vancouver prices?

  14. Embee

    Off topic question from a frequent lurker — Rob, any thoughts on the recent Forbes article about Vancouver being 6th most overpriced RE?

    http://tinyurl.com/yp6sqo

  15. fish

    ObserveX- you are right that is the real usage, but baited is the common usage, since bated is no longer used in the English language:

    http://www.worldwidewords.org/qa/qa-bai1.htm

  16. Dyugle

    Rob seemed to price the property very sharp so I am surprised it did not go over list. I believe that Rob said that “in North Vancouver you price sharp, generate multiple offers and sell over list and realtors know that this is the way the game is played in North Vancouver.” Did I get that right Rob?
    None the less congrats on the sale.

  17. coco

    BOC hints at holding rates steady. Interest rate increases are still predicted in October or January if inflation continues to run above 2.0%.

    http://tinyurl.com/2ncqfw

  18. robchipman

    Snick:

    I’ve said for more than a year (and again in this post) that multiple offers don’t necessarily equal above list. This is certainly the case on a property priced at essentially lot value.

    You’ve said, for over a year, that we’ve reached a top and that “such and such a property would have sold for more a couple weeks ago”.

    NIR:

    “…be nice…” Good point. When knowledgeable Realtors present offers they always try to introduce the personal characteristics of the buyer so that the seller can’t de-humanize them and treat the issue as purely a numbers decision. If the Realtor can say “You saw my buyers earlier, so you know that…” and the sellers think “You’re right, they were nice people”, then you’ve improved your chances.

    Dyugle:

    You’re right. Several people (including Realtors) thought it would go over list, and I certainly hoped we’d see that. That was the tactic I was trying.

    My pricing thinking was that a comp had sold down the street for $680,00 and another had sold on a quieter street for $730,000. Some argued that the $680 listing was better than the subject property (a little more floorspace) but some argued that it was an inferior building lot. The $730 listing was right next door to the over-list that I wrote about on Colwood, back in the Spring ( http://mlslink.mlxchange.com/Pub/EmailView.asp?r=695562355&s=BRC&t=BRC) ; That place was listed for $669,000, we thought we could pay as much as $725,000, and it sold for $760,000.

    The comp next door ( http://mlslink.mlxchange.com/Pub/EmailView.asp?r=345799465&s=BRC&t=BRC) was listed for $739,900 not too long after, but sold for $730,000. We concluded that our $725,000 valuation wasn’t too far off, and I concluded that Ridgewoiod had to be discounted somewhat from $730,000 due to being on a busier street.

  19. Waitingtobuy

    I’m actually surprised it didn’t go for over list – my prediction was $750k, based on a similar Edgemont house that sold last spring – cracked foundation, essentially just lot value, but went for over list with multiple offers. Not sure if this is a sign the market is softening, but I’m certainly hoping that it is.

  20. Whybuywhenucanrent

    Rob–

    Thanks for giving us this snapshot on the market.

    After the sale goes through, could you tell us the number of offers and the characteristics of each one?

    Thanks,
    Whybuywhenucanrent?

  21. Whybuywhenucanrent

    Rob and others–

    How would you all feel about a requirement to “vet” each offer, and release the basic data after the sale?

    To make an offer, you’d need certification of basic financial ability (if not a “preapproval” letter a “pre-preapproval” letter).

    Then, after the sale, the number of confirmed offers, bid, and subjects would be revealed?

    While it would add a bit of hassle to the bidding process, it would eliminate the potentially abusive game of telling a prospective buyer “we have another offer”.

    Whybuywhenucanrent?

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