A few of the higher priced homes I’ve heard, they are not appraising out at what people are buying them for. “Many homes are selling over asking, $300,000 or $500,000 over asking. Nikas says the market is changing, and for those who are borrowing, there could be a risk if bank appraisals come in lower by the time they need that mortgage. Whereas I’m worried that if we go with the other offer, I’m worried that in a month a bank might do an appraisal and if comes in at $3.6-million there will be a $400,000 shortfall and will they be able to complete in August?” “Four million to them is kind of like $3-million, if you know what I mean. Nikas felt that the couple with the American money would be less risky.ĭeveloper files lawsuit against Vancouver over empty-homes tax The winning offer came from Canadians who’d been working in Seattle and sold a house there, and that gave them the edge, says Mr.

All offers were subject free and were made with a bank draft deposit. “I had so many calls the next two days from realtors, calling and saying, ‘I heard a rumour, is this true? Four million dollars?’ One realtor said, ‘that’s a record that will never get broken.’ It will get broken – eventually.”Īll the offers came from millennial age buyers with young kids. One offer was slightly higher than $4-million. They received three offers, all over the asking price of $3.588-million. The sale sets a record as the highest sale price of a 33-foot property on the east side.

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