Some interesting food for thought regarding real estate prices in the Okanagan,
I decided to look at assessed values vs. list prices on some homes for sale in Vernon. All in the sought after East Hill area, the differences between assessed value and asking prices are significant
2703 15st- asking: $549k assessment: $385k
3800 16st- asking: $489k assessment: $359k
1607 Pottery Rd- asking: $479k assessment: 368k
4404 Wellington Dr- asking: $665k assessment: $534k
928 34ave- asking: $865k assessment: $713k
You see asking prices above assessed value fairy often, not uncommon. But These are major discrepancies. Are municipalities short-changing themselves by under-assessing property ?
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Short term pain for long term gain
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