The moral of this story -  Hard to say who is at fault in all these cases – the seller or the realtor?  Did the realtor give them a fair and thorough evaluation? Was the seller completely out to lunch (we have seen our share of these too) Recognizing at times that can be more difficult than others…but seriously these prices are way off and have a tendency to throw everything else off along with them and in the end, net the seller with less than they could have had if they had been realistic to begin with.  Along with a lot less time and trouble to reach the end result.

  1. Lot purchased in 2008 for 1.3 million – a new home built and currently assessed at 4 million.  List price$13,888,000 – for Sentinel Hill

  1. Purchased in a poor market in 2009 for 2.8 million – renovated (not so nice, but ok) assessed at 5.6 million. Listed at $12,800,000 – honestly could they not be happy with 6 million?

  1. Purchased in 2011 for 1.64million – new home built (likely just under 2 million).  Assessed at 3.128 million.  This was originally listed at $10,888,000!  and now reduced to $8,900,000

With this kind of craziness it’s tough perhaps for some sellers to be realistic. 

Here are a couple of examples of HOW OFF THE MARK one can be:

  1. This home in North Vancouver was listed in July 2010 for $17,900,000!!  Now reduced more than 60% off the original asking price to $6,500,000.  It is assessed at 6,130,000. 

  1. This Point Grey home was listed in July 2011 for $14,980,000.  Sold in January 2013 for 40% off the original asking price for $8,800,000 .  Selling under the assessed which is 10 million.

 

Personal Note

I came across the little poem which I found so brilliantly pertinent and I think you will too:

I am your constant companion.

I am your greatest helper or heaviest burden.
I will push you onward or drag you down to failure.
I am completely at your command.

Half of the things you do you might as well turn
over to me and I will do them – quickly and correctly.

I am easily managed – you must be firm with me.
Show me exactly how you want something done
and after a few lessons, I will do it automatically.

I am the servant of great people,
and alas, of all failures as well.
Those who are great, I have made great.
Those who are failures, I have made failures.

I am not a machine though
I work with the precision of a machine
plus the intelligence of a person.

You may run me for profit or run me for ruin -
it makes no difference to me.

Take me, train me, be firm with me, and
I will place the world at your feet.

Be easy with me and I will destroy you.

Who am I?

I am Habit.