Wednesday, June 6, 2012

Just how hot IS the Winnipeg real estate market?

No, this isn't about how there were four or five listings that sold last month for over a million, although if everyone employed the following method, I can understand why.

Remember back in June 2011 (yes, that's right A YEAR AGO) when I wrote about the former bicycle shop on Selkirk Ave that was for sale? Well, at that time, it was $149,000. It is now a year later, an entire year that that property has sat there, unsold and now they want $169,000. Yup, $20,000 more.

Now, one could argue that real estate values in Winnipeg have gone up xx% in the last year and that the price increase makes sense blah blah blah. Sure, it makes sense if someone had've been willing to pony up the $149k last year. However since Winnipeggers are irrationally afraid of the North End known to be ridiculously cheap a touch frugal, do we really think that all of a sudden they will realize decide that this gem is worth $20k more simply because a year has passed?

Bonkers I say. So, to you prudent potential property purchaser of  prime North End real estate, let the record show that 354 Selkirk Ave will should probably take an offer of $149,000. Logic would dictate that at that price point last year it was over priced or it would have sold, so therefore whatever perceived increase in value there has been over the past year could perhaps reflect a purchase price of $149k to NOW be accurate.

It also appears as though 1070 McIvor has been sold - I am waiting for my invites to the final and first parties - clearly my blog was the catalyst for the sale.

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