ONE thing that often confuses, izks or just plain baffles both buy- ers and sellers of homes is the difference between listing prices and selling prices. When a buyer sees a home listed at $406,000, he’s not sure if he'll have to pay close to that price to get ic or if rhe seller will let it go at considerably less. On the other side of the fence, a seller who prices his home at $400,006 must guess at the amount he is going to have to give up in the negotiating process in order to estimate how much money he will be left with. The final selling price is a result of a negotiating process and depends on the situations facing the buyer and seller, che market condi- tions, and the personalities involved. North Vancouver Detached Sell Price $305,000 $345,000 $355,000 $378,100 $597,000 $375,000 $600,080 $415,000 $312,000 $383,000 $304,500 $388,000 $380,000 $330,000 $380,000 $470,000 $315,000 $325,000 $325,500 $435,000 $389,000 Avg . $386,052 List Price $326,000 $368,000 $375,000 $399,000 $629,000 $395,000 $629,000 $434,900 - $325,000 $398,800 $314,900 $399,900 $389,800 $338,000 $389,000 $478,900 $319,900 - $329,060 $329,500 $437,900 $389,000 $399,786 home ecenomics If the seller is under a lot of pressure to sell, the result will be different than it he is prepared to wait to get top doliar for his home. Similarly, if the buyer is des- perate to ect the home, the price he pays will likely be a lot closer co the asking price than if he is in no hurry to buy. Exch negotiating situa- tion and house sale is unique, and certainly there are extreme cascs where the house actually sells for more than the asking price or where i it sells for 15% or 20% % Diff List Price -6% $498,000 -6% $349,000 5% $430,000 -5% $689,006 -5% $478,000 -5% $399,000 -5% $425,000 -5% $495,900 -4% ! $389,990 ~4% $509,000 -3% $519,000 -3% $459,000 -3% $889,000 -2% $379,000 -2% $539,000 -2% $620,000 -2% $469,000 -1% $665,000 -1% $498,500 -1% $619,000 0% $529,900 -3% $517,010 less. However these situa tions are unusual and in most cases the home scils for somewhut fess than the ask ing price. How mui less? Jn an attempt to get an answer to this question T had a look ata sansber of recent sales in West Vancouver and North Vancouver. The accompanying table shows a sample of April and May sales of North Vancouver detached homes, showing the listing price, selling price and the difference berween the DwWo as a percentage of the listing price. As you can see from the table, on average the selling price was 3% below the list- ing price and 90% of the homes sold for within 5% of the asking price. The second table below shows the same information for West Vancouver detached homes. The average discount from the listing price was 4% West Vancouver Detached Seli Price = % Diff $440,000 -12% $315,000 -10% $402,000 “7% $645,000 -6% $447,500 -6% $375,000 -6% $400,000 -6% $472,000 -6% $370,500 -5% $485,000 -5% $495,000 -5% $439,000 -4% $855,000 -4% $367,500 -3% $525,000 -3% $605,000 -2% $458,000 -2% $655,006 -2% $490,000 -2% $610,000 -1% $523,000 “1% Avg $494,024 -4% AT A GLANCE ... Cea e meee rene eeerenee see es ensonvesersneuenee ADDRESS: 4239 Rockridge Cres. Powe wn cer ecessecravenenevasesnesssacaeveses LOT SIZE: 108’ x 195° x 322’ x 145° Ccevosccsene Friday, June 4, 1999 - North Shore News - 51 but only 62% of the homes sold for within 5% of the asking price. The aet that there are ditferences between the two Areas is not particularly sur- prising as sales statistics from dictable. fest Vancouver are usually more volatile and less pre- Also, there is some evi- dence that higher priced houses tend to sell ata big- ger percentage discount from the asking price. I looked at a sample of West Vancouver homes in the million doflar plus range and they sold at an average See Apartment page 62 NEWS phots trad Ledwidge PATRICIA Janvrin and Deirdre Hogan of The Vista's sales team were busy during the project’s grand opening last weekend. More than half of the homes have been . sold to date. Details mark Vista style Julie Crawford Contributing Writer A successful marriage of tradition and technology is rare these days. ‘Fhe Vista at Hamerstey Park draws on both. Situated at 365 East First St. in North Vancouver, the building is near Hamersley House, whose history dates back to 1904. Graham Crockart Architects drew heavily on the venerable home’s features when designing The Vista. “What we wanted to do was work on the theme of the carly part of the century, using timeless natural materials and hand-done fin- ishes,” says John O’Donnell, vice-president of builders Ledingham McAllister. Ta EOC RTT Heritage details are evident at first glance: exterior features such as solid wood brackets, double columns, wood shingles and the build- ing’s stone facing. Visitors proceed through a grand, two- storey lobby with cove lighting, slate flooring, | an elaborate chandelier and open staircase with hand-finished wood railing, setting a tone of “opulent elegance” for the rest of the building, - says O’Donnell. : Inside the suites, traditional details have been carefully reproduced yet blend with mod- ’- ern conveniences. All homes have gas fireplaces with separate wall-mounted thermosrats, which create ambience while providing a high- ly efficient heat source. Halogen lighting in the See Sloped page 62 Feature Listing 4239 Rockridge Cres Cooma rrorescoveneooens The ultimate in Rockridge - incredible views, gated privacy and swimming pool. Personally designed by John Kay for the present owner. Ultimate contemporary design featuring grand spaces and beautiful views of the city and inlet. Spacious living and dining INTERIGR SIZE: 6,600 sq. ft. Poaceae accccnsssenew erase naeareeereasanaes NUMBER OF BEDROOMS: 4 Seem ease recwnenveseversereeuseesveesevenese NUMBER OF FLOORS: 3 Can wreccccrsnnseerseecewectasesossscsoseses ASKING PRICE: $1,890,000 LISTING AGENT: Lionel & Clayton Lorence 926-6718 Bete rereewecestarsenetOOeeeer SPECIAL FEATURES: Fantastic view, private swimming pool. Seeweevecces room, outstanding family room and open glass den overlooking Mount Baker, English Bay and the city. Four spacisus bedraems, gleaming bright kitchen with sundrenched breakfast area aoening out to flowing gardens, large patios and swimming pool. Also, many water filled reflecting pools with decks and patios. The gardens are magnificent, offering beauty and privacy to the home and entrance. A steel gate closes in the courtyard to your stable of up to seven-car garage. Lionel & . Clayton Lorence MacDonald Realty (Liois! Lorence) Ltd.