1 East Van house sold last week

This info courtesy of Larry Yatkowsky of Yattermatters.com – Out of the 1015 listings for detached single family homes for sale in East Vancouver for the week of August 18th – 25th only one sold.  340 (one third) of those listings had their asking price reduced.  Things just aren’t moving like they used to.

Larry has all the info and a graph of the weekly data on his website along with these thoughts on the current market:

Vancouver East is in parallel with other areas of the general Vancouver market. With one third of the listings reducing their prices and only one sale resulting indicates that a continued price reduction strategy will be required in order to attract more buyers. Affordability continues as an issue.

The lack of sales should be a strong wake up call to sellers. Continue sharpening your pencil to reduce your asking price.

UPDATE: Larry’s numbers are being disputed by a number of people, but there’s not a consistent number of sales reported.  Is this due to different methods of filtering results for SFH sales in the MLS?

flip this claims there were four sales in this time period. Paul B says in the last ten days there have been 34 sales, while tjwappraiser says MLXexchange shows 3 sales since August 21st.

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John
John
12 years ago

Listen here folks. There are a few things which never ever change :

1) The sun always comes up every morning

2) Vancouver is the best place on earth

3) Real estate never goes down

4) The only thing that's cheaper to rent than own is a hooker

Rich asians know these constants, only fools will not buy in this environment.

arit
12 years ago

Hey, it is a well known fact that every blog must have it's jester, and a few trolls.

I am waiting for the showup of the hired gun. That should be fun!

Wait until the accusations of "You are being paid to post this, we saw your wanted ad in craigslit, you filthy spy!!!" start flying around here.

Very amusing, it shall be.

Regards,

arit

scullboy
12 years ago

BDK:

Thumbs is a hell of a mystery. I have a theory that maybe he believes if he runs around on blog and tries to get people to buy buy buy then the market will continue to oncrease forever. It doesn't matter where they buy or what they buy, or even wether it makes sense to buy. I think he thinks as long as people go running around like sheep buying homes, those homes' values will always increase.

It's the only theory I can find that fit his stupid posts.

bdk
bdk
12 years ago

Scullboy, I think i understand what thums/satv/krissh is trying to say:

"Only the stupidest son of a whore would think buying right now is a good idea and if you haven't sold now then you are as dumb as a realtor"

Thums Is Rob
12 years ago

August 28th, 2008 at 11:25 am

Is Larry Yatkowsky a realtor?Yeah?Nope?

What about paul b?

Aren’t these most of losers on the forum called bears and realtors?”

Rob, you should be ashamed of yourself. Posting such acrimonious nonsense, on this blog, I have posted much less offensive observation and you banned me from your blog.

alexcanuck
alexcanuck
12 years ago

I think there is a double negative in my subject which could cost me big-time. Just goes to show the value of using a Realtor (with a TM) for your next purchase!

scullboy
12 years ago

Ok I can't resist asking….

Thumbs buddy, I know trying to get into your head is like trying to understand why a monkey flings its own dung but here goes:

How, exactly is a slow market good for bulls?

And why, exactly, are sellers stupid? I mean let's get down to basic commerce. In order for a sale to occur, you need a buyer and a seller. Without someone to sell properties buyers couldn't purchase.

So why are sellers stupid?

alexcanuck
alexcanuck
12 years ago

About the subjects: Would "Subject to none of the other 5 (next year 25) listings in this building which have in hand the identical offer not counter- offering with an even lower price" be a legal and acceptable subject?

arbitrage
arbitrage
12 years ago

There's nothing wrong with Strathcona.

(i'm biased)

anon
anon
12 years ago

I signed and then recinded on one of those Concord units too. I discovered that the Elsie Roy elementary school featured in their glossy brochure, was in a different catchement area. The kids in the Coopers Pointe neighborhood get schooled at Strathcona. I have young children about to start kindergarten.

YLTNBoomerang
YLTNBoomerang
12 years ago

I looked at townhouses at Concords latest completion "Coopers Landing" back when they were pre-sales. They were asking $800-$880K however they were marketed as upscale waterfron despite only having a water view corridor (not facing the water) and lacked upgraded kitchens as used to be the case for Concord's townhouses. I walked away and notice that today, 4 of these townhouses just got dumped on MLS listed by Prompton… looks like a lot of potential buyers walked away and Concord is now trying to flog the units that nobody bought!

v730383 49% over original pre-sale

v730297 44% over original pre-sale

v730288 41% over original pre-sale

v730281 41% over original pre-sale

Good luck Concord, they weren't a value at the pre-sale price!!!

tjwappraiser
tjwappraiser
12 years ago

Paulb

you beat me to the post.

Cheers

tjwappraiser
tjwappraiser
12 years ago

Paulb,

If you look at the transaction dates for the 18 detached sales in East Van via the "hotsheets", you will see that all but 3 occurred prior to August 21, 2008. The 3 that did not were the ones that I listed in my previous post.

In fairness, there are surely sales that have occurred in the last 7 days that have not yet been reported.

The most accurate way to determine market activity is to look backwards several weeks so as to minimize discrepancies resulting from issues of timing / reporting.

As it stands, MLX currently shows 3 sales having *occurred in the last 7 days in East Van, not 18.

The "3" number will, in all probability, increase as more information continues to flow through the MLX system.

Anonymous
Anonymous
12 years ago

Guys,

No point arguing. Conclusion is that Vancouver R/E market is in the shithole. Anyone who is considering buying must be crazy. And I mean considering!!!! For those that actually bought, you must be totally nuts!!!!

paulb
12 years ago

Some of the sales occured in the weeks prior but were posted as sales on the hotsheet in the last 7 days. Of course many sales from this week and last will turn up on the hotsheets in the next few weeks.

paulb
12 years ago

46

I am a Realtor with access to the MLX. If I look back over the last 7 days including the weekend (hotsheets) I get 40 sales reported from the board. 18 of which are SFH. I also get 1023 detached homes currently active.

Patiently Waiting
Patiently Waiting
12 years ago

SATV=YM?

john
john
12 years ago

Amazing anything sold during the glorious Olympic games. Every rich asian investor was busy partying in Beijing. Now that they've finished buying up hoardes of condos in China they're all coming back to shop around some more in Vancouver. Don't worry next month is going to be huge. I just came back from the beach and it's beautiful out there today. A little cloudy but still nice enough for rich asian. They have a whole new appreciation for Vancouver after being in Beijing for a while.

tjwappraiser
tjwappraiser
12 years ago

What is your source Paulb?

As at 11:20AM on August 28, 2008, the results from MLXchange are as follows:

Since August 21, 2008 there have been THREE sales of detached residential property in the entire East Vancouver area.

V719451 sold for $522k after being listed for 569k

V709711 sold for 600k after being listed for 679.9k

V728884 sold for 708k after being listed for 735k

There are currently 1,022 ACTIVE listings of detached residential property in the East Vancouver area and believe me, there have been more price reductions then increases in these active listings.

For what it's worth, I am an industrial and commercial real estate appraiser and pulled the above numbers via the "pro" interface for MLX.

Cheers

Thums up2
Thums up2
12 years ago

Is Larry Yatkowsky a realtor?Yeah?Nope?

What about paul b?

Aren't these most of losers on the forum called bears and realtors?

Well slow sales are good for the BULLS on the board and huge dissappointment for realtors and bears so keep on chirping while rob a will be,Lhao?

What might scare the bears?

I believe this is what a great concern for bears $5800 / 2br – Furnished 2 bedroom + Den PostingID: 816692859.

and what might scare the realtors?

slow sales require realtors job.

Anyway smart buyers and fool sellers will be countinue to save some of realtors what but about bears?

Buy now before?????

Patiently Waiting
Patiently Waiting
12 years ago

A few days ago, I pointed out the problem with Yatter Matters numbers on RE Talks, stating they didn't seem to reflect PaulB's numbers. I didn't make a big deal because I figured it was an error, and waited for YM to edit or remove his posts. Oh well, looks like a prank to get us bears in a tizzy.

I actually believed the Westside post, but had doubts about the his next post on East Van. There is still some life there.

umdesch4
umdesch4
12 years ago

Thanks Paul. While I was thinking the 'one sale' thing could be true, I was waiting for you to chime in on it before quoting it as fact.

jesse
jesse
12 years ago

Results of the peer review are not encouraging.

paulb
12 years ago

For Van East in the last 10 days I have:

196 New listings

75 sales (34 SFH)

126 Price changes

I have no idea what 1 sale stuff is about.

VanTOVan
VanTOVan
12 years ago

I find this puzzling:

"Ritchie to handle auction of Pender Harbour lots"
http://tinyurl.com/6yqrqo

They've sold 10 of 28 lots.

Why would they hold an unreserved auction (of 5 lots) when they're still marketing 13 other lots?