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One new listing in May – 9724 (1,485sf) is active at $545,000. One sale in May – 8722 (2,348sf) raised $730,000. This sale price was deeply discounted by $119,000 from its original list price. With so little activity while we start the reconstruction of Vivante, these two “values” clearly show how, in an apathetic market, there can be wide gaps between the extremes of the market – one of the smallest units with a courtyard view priced at $367psf and one of the larger harbour units sold for $311psf. Both are quite distant from recent history. There is one listing pending closure – 9639 (1,698sf) priced at $480,000, is slated to close on 9th June. Overall, the market is really quiet and lacklustre, and neither sellers nor buyers have control; with such a lack of volumes, anomalies appear in the Review – for example, the change in the average list price for Boca is substantially affect by one listing. I think we can expect much of the same quietude as reconstruction gets underway. When we begin to see the renewed Vivante emerge, activity should pick up and I expect we’ll see a strong recovery in both interest and values – maybe not immediately, but I think both will ensue.
