Penticton is a small town and generally we follow trends from the bigger cities, it is always nice to be aware of the real estate industry in these areas. One of the Realtors® brought this situation to light at our Wednesday morning staff meetings and I felt it was worth sharing with all of you who are thinking of listing their homes and want some immediate action. I also think of this when someone from the public comments on the “slow real estate market.”
This from Peter Simpson, executive president of the Greater Vancouver Home Builders’ Association:
“This month, after 700 open-house visitors and 49 offers, a Richmond home sold for $300,000 over asking price. A Point Grey homeowner is asking more than $2 million for a tiny cottage. Another knockdown on Vancouver’s West Side got 30 offers in one day, after potential buyers lined up down the sidewalk, waiting for the open house. The next day, the home sold for $500,000 over the asking price. According to the real estate agents, the happy buyers of the Richmond and West Side homes – both from Mainland China – believe their purchases were not particularly expensive compared to similar homes in Shanghai or Beijing.”