Ouch.
Someone down in LA/Ventura county California has started up a blog documenting ‘real estate haircuts‘ - money lost in the housing market drop there. Some of these look quite painful, the most recently posted example is an attempted flip that finally ended up selling after 377 days on market for an astounding $456,000 less than the aspiring flipper paid - a drop in value of 33%.
Examples like that make some of the recent foreclosures in Vancouver look not so bad in comparison. Someone over at the Vancouver Housing Blog posted a link to this local example on west 6th, purchased in March for $350k, with the bank now asking $319k for it ‘as is where is’.
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January 24th, 2007 at 1:55 pm
January 24th, 2007 at 2:04 pm
Certainly not a $456k drag, but a drag non-the-less.
January 24th, 2007 at 5:32 pm
And how could the foreclosure happen on that Vancouver condo losing $31k in less than a year?
January 24th, 2007 at 7:29 pm
#203 874 West 6th was bought for $350,000 in March.
Eight months later, the unit one floor up, identical floor plan, sells for $331,610.
BCA says the upstairs unit is worth $13,000 more than #203.
January 24th, 2007 at 7:32 pm
Mortgage Broker
January 24th, 2007 at 8:11 pm
January 24th, 2007 at 10:52 pm
The street address is 874.
My Mandarin teacher explained the feng shui of Chinese numerology to me. I remember 8, 7 and 4 having different and significant meanings, 4 (death, dying) being bad, particularly at the end of a number.
With this in mind, I did some quick, basic research. Based on this, I would surmise that the street address 874 starting with 8 is good (”prosperous”), but 74 is bad, because it apparently sounds like “dead for sure” in Cantonese.
I suppose the flow of ideas is:
“prosperous –> dead for sure” or possibly “get rich and die!”.
Bad feng shui, I think so.
January 25th, 2007 at 10:39 am
First it was in foreclosure at $157,900, then in 2003 it was in foreclosure for $119,500. Then it pops up for $329k (in foreclosure)-sells for $350k 9 months ago and now its in foreclosure still needing work for $319k ?!?
Thats completely bizarre. Who wants to be the next person to grab the hot potato?
January 25th, 2007 at 11:13 am
wgtc: It looks like there may be something to your numerology, maybe you should start up a service analyzing addresses for potential buyers.
January 25th, 2007 at 7:05 pm
January 25th, 2007 at 7:15 pm
According to my Mandarin teacher, this is already well understood by followers of feng shui, and especially well understood by realtors who sell to followers of feng shui. My teacher assured me that feng shui has been a much larger factor (what sells, how much) in Vancouver real estate than many would believe.
I am not a follower and understand little, but I was fascinated as she described some of the rules besides numbers when it comes to good feng shui and real estate. My memory is imperfect and my understanding is poor, but I’ll toss out the following for consideration: (a) If you walk in the front door and the bathroom is straight ahead (as it is in many 1950s style bungalows such as ours), this is bad. (b) If the layout of your landscaping is such that a tree (even, for example, on the curb) blocks your exit, this has bad fen shui. (c) If you have a T-shaped intersection, the house at the end of the road that dead ends (i.e., center top of the T) has bad feng shui.
How bad is 4? Really bad:
(1) If you live on the 14th floor, I believe you should describe where you live as “the floor below 15″ or “the floor above 13″ but not as “14″.
(2) My employer has only 4’s in his street number and street name. It has a fantastic view and great location, but he bought it cheap, really cheap. He believes it was because of the 4’s!
On pressing [Preview] I found that solipsist has made a post on feng shui, so I’ll close here to read what he has to say.