Appearing last week on CTV News, Andrew Hasman spoke on the seller’s market currently developing in Vancouver. As reported, a charming luxury home in Shaughnessy sold for almost 3 million dollars over the assessment price, but this trend is present everywhere in the market.
What experts are calling a “buying frenzy” for luxury homes is pushing up real estate prices; Andrew Hasman appeared on CTV News to comment:
“It’s all about location.”
A house currently listed by Andrew Hasman, slated as a tear-down near Jericho beach has the chance to become hugely profitable. Strategically listing houses below what they’re worth increases interest on the part of buyers, essentially creating an auction.
“The idea here, is it’s listed at $338,800 and it should go for over that price. As to where it’s going to end up, we’ll let the market decide.”
A similar phenomenon exists in Toronto, named the fastest growing luxury housing market in the world, which like Vancouver, is fueled in part by foreign buyers. All of this draws more attention to Vancouver’s luxury home show held this past weekend, which means more attentiont to the luxury home market, and the cycle continues. If you are a homeowner looking to sell in vancouver, now is the time!