Recent sales indicate that larger properties are seeing the greatest drop in prices. There have been two sales of 66′ lots; one in Quilchena and the other in Point Grey that have recently SOLD for $2.88mil and $2.85mil. Only a couple of months ago this price was shockingly low at $3.2mil.
To put this in perspective during the peak price levels of 2016 these homes would have SOLD for close to $5mil just for the land. How things have changed in Westside real estate.
The properties on the Westside around the $2mil mark are now seeing increased activity, and in some cases competing offers. Perhaps with the bottom end of the Westside market stabilizing we will see the larger properties also stabilize.
There is opportunity for those moving up in today’s real estate market to gain equity. If you would like to discuss your next move call Bryan at the Velvegroup today at 604-880-6117.