Monday, 21 January 2013

Richmond realtor James Wong strikes again

Richmond realtor James Wong said on Jan 21: "There is a slowing down in people coming to Van, especially foreign residents with a lot of money"

Richmond Detached Homes – Sale price Versus City Assessment value (by James Wong)
-”A sample data extracted from the REBGV’s home sale for detached homes in Richmond recently revealed a fast deteriorating housing market. During the period from Dec 01, 2012 to Jan 15, 2013, nine of the ten Richmond detached homes that were sold with 5,000 to 8,000 sq ft land and between 5 to 30 years old:”
- the average sale price was 11.7% below the average city value
- When compared to early 2011, Richmond home prices were selling at around 10% to 15% above their city assessment values. The extend of the price drop in home prices for Richmond detached homes is estimated to be 21.7% to 26.7% below the peak prices of homes in the middle part of 2011.

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