Real Estate

[Vancouver] Condo Has Been On The Market For 9 Days... Only 1 Offer So far... Need Some Unbiased Opinions.

  • Last Updated:
  • Jun 13th, 2018 10:44 pm
[OP]
Sr. Member
Nov 24, 2016
683 posts
990 upvotes

[Vancouver] Condo Has Been On The Market For 9 Days... Only 1 Offer So far... Need Some Unbiased Opinions.

I have a 22 year old 1 bedroom corner unit with a nice view. It's in Downtown. Has 1 parking/1 storage locker. The appliances/cabinets are old, but everything else is fresh (newer laminates, fresh paint, new faucets...). we listed it for 659k and so far we've only received 1 low offer (625k). Honestly, when we sat down with the realtor, we decided to list it at a somewhat competitive price and not get greedy. So the 659k price point isn't insane. There are 1 bedroom units currently on sale in my building for 700k (they have updates however).

Am I panicking too early here? It has only been 8-9 days so far. I have no problem giving this a solid month or more, but I don't want to waste my time if this is out of the norm. For people in the know-how, how long does it usually take to shift a product like this in the Downtown Vancouver market?

June 10th update: I agreed to 650k on June 10th. Still have to wait for the new buyers to remove their conditions, but if it goes through on the 20th, the closing date is set for Aug 2nd. Kind of long, but I can't have everything. I was panicking for no reason. Thanks for the tips everyone.
Last edited by MashGhasem on Jun 12th, 2018 2:27 pm, edited 1 time in total.
42 replies
Deal Fanatic
Jul 30, 2003
6268 posts
1002 upvotes
Toronto
I think its too broad of a Q. Seems like you have doubts about abilities of your current realtor. You can ask them to get a second opinion from another realtor or broker, so you feel more comfortable. Ask him to give you analysis of how many days does the condo sit before selling in the area.
GTA Housing: Supply is the only Metrics that Matters
Active Listings has been the limiting factor for past 10 years.... and will be for next 10
Hence I pull exclusive data from MLS and update GTA HOUSING SUPPLY - Daily!
Deal Addict
User avatar
Dec 13, 2016
4324 posts
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how much are condo fees?

The trend world over is to pay more for less when it's shiny and new,
Deal Fanatic
Oct 7, 2007
9266 posts
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I would do some analysis on the stats in your building. Look at data for the last similar units sold in your building, what they were priced at per square foot, list price, sell price and how many days on market. That should give you some idea of what you can expect for your situation. You could also look at stats outside your building but I think your building's stats would be the best indicator. May's real estate stats show a downward trend in sales volumes on the West side YOY so it isn't surprising if things are taking a little longer to sell compared to what we have seen in the past.
Deal Addict
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Dec 14, 2007
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If you wanted 659k and got an offer for 625k then did you present a counter offer? It sounds like you're nervous to sell. And just because there are units for sale for 700k (with upgrades), doesn't mean they'll sell for 700k. It's a 22-year old condo without upgrades. It could be that your unit, as well as the 700k unit are simply overpriced compared to other buildings. Have you approached the 700k unit owners about whether they have had any bites? How long has that been on the market?
I'd love to write history... in advance.
AMEX Biz Plat 75K AGAIN! | Plat 60K | Biz Gold 40K | Gold 25K | SPG 20K
Member
Mar 31, 2010
383 posts
12 upvotes
GTA
How obvious is it to the buyers that the cabinets and appliances are old? If they look like they need to be replaced, then the offer you got probably is a good one, assuming your asking price is really what you want it and not $700k.
Deal Addict
User avatar
Jan 14, 2009
4716 posts
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Vancouver, BC
MashGhasem wrote: I have a 22 year old 1 bedroom corner unit with a nice view. It's in Downtown. Has 1 parking/1 storage locker. The appliances/cabinets are old, but everything else is fresh (newer laminates, fresh paint, new faucets...). we listed it for 659k and so far we've only received 1 low offer (625k). Honestly, when we sat down with the realtor, we decided to list it at a somewhat competitive price and not get greedy. So the 659k price point isn't insane. There are 1 bedroom units currently on sale in my building for 700k (they have updates however).

Am I panicking too early here? It has only been 8-9 days so far. I have no problem giving this a solid month or more, but I don't want to waste my time if this is out of the norm. For people in the know-how, how long does it usually take to shift a product like this in the Downtown Vancouver market?
Mid 90s and condo and we think leaky right? I think that might be the biggest factor. If you bought at a slight discount expect to sell at a slight discount.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Deal Addict
Dec 4, 2016
1995 posts
1016 upvotes
9 days on market, and you already have an offer 5% below asking. And you think there's something wrong? What would you do when you list it for 6 months and the only offers are 30% below asking and below assessed value? That's what happened to units in my condo in Ottawa.
Deal Addict
Jan 10, 2007
1728 posts
715 upvotes
Abbotsford
PrinceMS wrote: I think its too broad of a Q. Seems like you have doubts about abilities of your current realtor. You can ask them to get a second opinion from another realtor or broker, so you feel more comfortable. Ask him to give you analysis of how many days does the condo sit before selling in the area.
honest question - what would a good/bad realtor do different once it's listed?
Deal Addict
Jan 10, 2007
1728 posts
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Abbotsford
market is slowing as well - bottom end buyers are having their qualifying amounts eroded. You may want to counter and get a deal
Deal Guru
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Mar 23, 2008
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Ask your realtor for recent SALES in your building, not listings...

C
Deal Addict
Apr 10, 2011
3464 posts
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GVRD
The market used to be to keep prices high and the 2 realtors would quietly push a bidding war between the top 2-3 bidders to get the best overasking.

This is the peak season and what's different in 2018 is that there is LOTS OF SUPPLY - - but we're not seeing any signs of desperation.

It's the DODGE marketing model. They have lots of cars and trucks to sell, they've had the prices continually rise. They then offer incentives and discounts.

Overasking is a rare term now. There are multiple units for sale in each building. There seem to be 2 houses on every block for sale. There aren't large price discounts yet because it's still peak season. Many are just waiting for the right buyer to come along.

With so much supply, increasing pressure on 'investors', realtors who have bought for themselves, and rising expenses of ownership, what will the market be like in November?

There probably won't ever be a crash, but just a steady decline.

The most important statistic to watch is the average days on the market. It's not completely accurate though as real estate agents play the game of pulling it off the market after 6-8 weeks and relisting it as a new fresh listing a few weeks later.

I've seen certain houses and condos repeatedly come up for sale.

The short answer for your situation is related to interest in your condo. If you've only got one serious interested party, your place is obviously not shining compared to the competition. Either increase its eye appeal or become more flexible on price. I wouldn't wait it out.

Time is against you now. The market will definitely not be better for you in 6 or 12 months. This is no longer the time to wait it out and think that it'll just keep going up.

I'll be surprised if your offer stays for much longer... uness they have some personal connection to the building or the immediate area.

This is no longer the time to buy, put $50-100k into a place and then sell. If the market drops 10% in 12 months (more in the winter), that increased investment has evaporated.

Reading all the above commenters' posts, they're all giving a similar message. I think the answer is getting pretty obvious.

The Vancouver market is going to get very interesting in 2019. Verrrry interesting.


.
Last edited by RxMills on Jun 8th, 2018 12:57 pm, edited 8 times in total.
Deal Guru
User avatar
Dec 25, 2003
10742 posts
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Vancouver
29th floor, nice views, price seems about right, I wouldn't panic just yet.
Newbie
Dec 17, 2009
62 posts
13 upvotes
North Vancouver
CNeufeld wrote: Ask your realtor for recent SALES in your building, not listings...

C
Bingo, very simple actually, just compare the $/sqft for the most recent comparable SALES, and then add / subtract based on finishings and upgrades or floors.
Deal Fanatic
Jul 30, 2003
6268 posts
1002 upvotes
Toronto
oakjefferson wrote: honest question - what would a good/bad realtor do different once it's listed?
Realtor only has three core things to do:
- Get the RIGHT price
- Market
- Get the emotions out of the process (and protect their buyer/seller)

Those are obv easier said than done. Pricing right is not as straight forward as it seems, because possibly timing, staging, cub appeals,... that comes into play.
Marketing works (ask Apple). Adv on different boards, youtube, fb, kijiji etc. is needed (I bought my last house off kijiji through a realtor - when I wasn't a realtor myself).
I showed a 2.89 million dollar house last week. But when my client walked in, they said it needs renovation (because somethings were not to her taste). Now its very hard to convince her to look paste staging that was done for old-england style (elegant but catered to older crowd).

Same thing with Leases. I had AAA client who want to lease. There is insane bidding wars going on, on nice homes. I was able to hook her up with a new property, got new blinds and new stainless steel appliances AND below average rent! She has been trying to get a place off her own for 2 months and was bidding upto $450 more for a house to rent than she got right now. She was getting desperate and landlords see that, and making them nervous.

I dunno, the consensus on the forum is that Realtor are over-priced receptionist who are immoral, unethical and only care for their commission. I am a new agent and I can see how I am genuinely helping people, and there is a need for realtors. I think in long run their role will be eliminated and thats a shame because there will be less protection for consumers.
GTA Housing: Supply is the only Metrics that Matters
Active Listings has been the limiting factor for past 10 years.... and will be for next 10
Hence I pull exclusive data from MLS and update GTA HOUSING SUPPLY - Daily!
Deal Fanatic
Jul 30, 2003
6268 posts
1002 upvotes
Toronto
oakjefferson wrote: honest question - what would a good/bad realtor do different once it's listed?
If you are asking about OP's situation - I can't really comment much because I don't know the specifics. Some things to consider:
- If its under priced then buyer will think, why? Is there something wrong? Does it need renovation? Did they receive some notice from city / building?
- If the staging / marketing pictures are done by a bad photographer?
- Look at # of listing of similar in the area (and what are buyers buying in the area)
- Kitchen / Washroom are always a key to making a property "nice". Upgrading the knobs or just repainting the cabinet front white sometime make a huge difference
- Not many realtors do this, but my current strategy is to only work with one client at a time. Hence, I would call other agents showing houses in area and ask why aren't they showing this one? Maybe we are missing something very obvious.


As I mentioned above, getting the RIGHT price is very important. Too high and too low will hurt you.
GTA Housing: Supply is the only Metrics that Matters
Active Listings has been the limiting factor for past 10 years.... and will be for next 10
Hence I pull exclusive data from MLS and update GTA HOUSING SUPPLY - Daily!
[OP]
Sr. Member
Nov 24, 2016
683 posts
990 upvotes
Thanks for the tips everyone. I didn't reply because there was a lot to take in and think about. Just a couple of hours ago I received an offer for a much better price: 643k. We're going to counter this for a higher price, but not by much. I haven't decided on the price, but my realtor is calling me in a few hours to discuss it. We might receive another offer as well, not sure.

I guess I was panicking for no reason. Although I really want to walk with at least 650 on this deal. Let's see what happens.
Penalty Box
Aug 26, 2017
494 posts
115 upvotes
PrinceMS wrote: Realtor only has three core things to do:
- Get the RIGHT price
- Market
- Get the emotions out of the process (and protect their buyer/seller)

Those are obv easier said than done. Pricing right is not as straight forward as it seems, because possibly timing, staging, cub appeals,... that comes into play.
Marketing works (ask Apple). Adv on different boards, youtube, fb, kijiji etc. is needed (I bought my last house off kijiji through a realtor - when I wasn't a realtor myself).
I showed a 2.89 million dollar house last week. But when my client walked in, they said it needs renovation (because somethings were not to her taste). Now its very hard to convince her to look paste staging that was done for old-england style (elegant but catered to older crowd).

Same thing with Leases. I had AAA client who want to lease. There is insane bidding wars going on, on nice homes. I was able to hook her up with a new property, got new blinds and new stainless steel appliances AND below average rent! She has been trying to get a place off her own for 2 months and was bidding upto $450 more for a house to rent than she got right now. She was getting desperate and landlords see that, and making them nervous.

I dunno, the consensus on the forum is that Realtor are over-priced receptionist who are immoral, unethical and only care for their commission. I am a new agent and I can see how I am genuinely helping people, and there is a need for realtors. I think in long run their role will be eliminated and thats a shame because there will be less protection for consumers.
It's not that. You charge too much. The market has been super hot for the past 20 years and you wanted 2.5% commission for 4 days of work. Sorry but agents are really useless.
Penalty Box
Aug 26, 2017
494 posts
115 upvotes
MashGhasem wrote: Thanks for the tips everyone. I didn't reply because there was a lot to take in and think about. Just a couple of hours ago I received an offer for a much better price: 643k. We're going to counter this for a higher price, but not by much. I haven't decided on the price, but my realtor is calling me in a few hours to discuss it. We might receive another offer as well, not sure.

I guess I was panicking for no reason. Although I really want to walk with at least 650 on this deal. Let's see what happens.
I hope you get what you want. Keep us posted.
Deal Expert
User avatar
Oct 26, 2003
37678 posts
5426 upvotes
Winnipeg
last i hear the RE market is Vancouver was hot, so either your condo fee is too high or the sale price is too high, otherwise it should be a quick sale.
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