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’.

11 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
wg2c
wg2c
13 years ago

wgtc: It looks like there may be something to your numerology, maybe you should start up a service analyzing addresses for potential buyers.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… Read more »

solipsist
solipsist
13 years ago

I did a post on feng-shui this evening. I have been thinking of it quite a bit, and will's and wg2c's comments were a "sign".

the pope
the pope
13 years ago

Thanks for the extra info will – It is surprising how often that unit has been in foreclosure. Any theories?wgtc: It looks like there may be something to your numerology, maybe you should start up a service analyzing addresses for potential buyers.

loki
loki
13 years ago

Wow. Thanks for the link Will – Thats unit has been in foreclosure at least 4 times in the last 4 years?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?

wg2c
wg2c
13 years ago

there's some real funky feng shui going on there….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.

Will
Will
13 years ago

Yikes! Stay away from that one… there's some real funky feng shui going on there. What do I mean? Well, that sale for 350k wasn't through the MLS (must have been private) and this place has been foreclosed on repeatedly. Check it out: http://mlslink.mlxchange.com/Pub/EmailView.asp?r=

bcubbins
bcubbins
13 years ago

Oh, one more thing. Owner's line of work….Mortgage Broker

bcubbins
bcubbins
13 years ago

So let's see…#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.

loki
loki
13 years ago

Holy $#$#! That house lost more than 1/2 million CND! And how could the foreclosure happen on that Vancouver condo losing $31k in less than a year?

the pope
the pope
13 years ago

I've removed the dupes. Blogger going down for 'unscheduled maintenance' while you're posting is a drag.Certainly not a $456k drag, but a drag non-the-less.

ReductiMat
ReductiMat
13 years ago

[Insert witty remark on the multiple blog-posting here]