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Deal of the week!

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128 Comments

This fixer-upper is conveniently located near the center of Vancouver BC host city of the 2010 Olympic and Paralympic games.  Just minutes from downtown, it can be yours for only $579,900.  You may be slightly put off by the pictures, but remember, many investors won’t be able to recognize a diamond in the rough, so you might not have to bid too much over asking price to put this baby in your portfolio of investment properties.

First time buyers, Investors, Builders. Corner lot with lane. Nice residential street. Close to everything. Central location. Handy man special. Needs TLC. Mainly Land Value. 21st Avenue and Prince Albert St. 10 mins to Downtown Vancover.

Thanks to crash and tincup for finding this gem!

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exvan

If we really believe that shitshack is 'worth' $580K, then we are truly too stupid to live. We have lost track of all common sense and any trace of logic.

We laugh at that house and the asking price, but it's not the least bit funny.

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Leper

126

Great – get on it…maybe you will find some antiques to further increase the value of the home.

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General Contractor

If you have the crew and the know-how, this fixer upper can be a great investment. It can be nicely re-done for 150K, and sold for 800K+.

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White Payer

@KopyrightKlepto:

The truth is out there indeed. Thank you Klepto.

The thing is, resident "bulls" will hide it, twist it, "interpret" it, disguise it, re-write it and do whatever else possible to make it work for them.

I think it's quite apparent now that they're mostly, if not all, REALTORS who are scared shitless of their empire collapsing anytime now.

"History will teach us nothing"…. Sting

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KopyrightKlepto

The "Deal of the week" makes this one at $562,000 seem like a bargain:
http://www.theprovince.com/luck+crowd+criminal/26…

[ ThinkTom found this one and posted on RET ]

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KopyrightKlepto

The truth is out there. I'm not sure why there is so much dispute about posted rate vs. discount rate for term 5 years and over. Let's go back an re-read the government announcement and then apply what we have learned. [ From http://www.fin.gc.ca/n10/10-011-eng.asp ] The Government will therefore adjust the rules for government-backed insured mortgages as follows: o Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. [ and from: http://www.fin.gc.ca/n10/data/10-011_1-eng.asp ] The adjustments to the mortgage framework will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage when calculating the GDS and TDS ratios. If it has been clarified that… Read more »

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Drachen

@White Payer:

There are no such thing as "bulls" among real investors. Real investors are open to shifts in the market, they may be bullish one year and bearish the next. I feel that the bulls on here are not of that class, they believe things can keep going forever, which is what makes them "bulls" rather than "investors".

Bears on the other hand aren't really the opposite of the bulls in that sense, for the most part we don't want to nor do we plan to invest in real estate, we'd just like to live in a nice home of our own one day. Speaking in general terms of course, actual bear situation will of course vary from person to person.

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superduperbull

@White Payer: Or not. And then you'll die pennyless and miserable in your moldy, rat infested basement suite. Either way I'm loving life and by the sounds of it you are not.

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Robert Rennie III

can't we all just get along? 🙁

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White Payer

People who have incredible guts to call themselves "bulls" around here (I think they're fools, more than anything… as bulls are actually smart, savvy investors, not a bunch of highschool dropuouts who made some cash working in construction or cultivating weed) seem to miss a very important thing. This ridiculous house of cards, this amazing scam, this seemingly never-ending pyramid scheme called Vancouver Real Estate is going to hurt no bear. All the bears are doing is sitting tight, watching and enjoying. Some may be disgruntled, yes, perhaps a bit disappointed, why not…. but they are not the ones carrying all this incredible, amazing, stupid debt that works for nobody else but bankers and REALTORS. The longer this show continues the more bull blood will flow down the gutter,one day. Wake up you idiots, this government is not doing it… Read more »

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browntown

oh yeaah slappys! real estate sussex starts with job! read blog all day could be working hard like BDK! pull trigger on more than nutsack and enter button!

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Drachen

@Stupid Bears:

"My continuous posting for 2 full hours contradicts my posting about bulls not caring, hence proving you right?"

Yeah, pretty much. I'm glad you can at least figure that much out for yourself.

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Anonymous

@Stupid Bears:
Stupid Bears,
When I read what you posted it makes me ashamed to be a homeowner. Idiot!

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me

check out larry's stats AGAIN super bearish tonight…super…duper…

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Rent-o-rama

I am convinced. The bulls are right. Real estate will go up forever. It will do so because our politicians want it that way. Don't look at the US as an example. The US politicians want it there too but not as much as our Canadian politicians want it. Our Canadian politicians are much smarter. There is no unemployment problem in Canada. There is no debt problem in Canada. The only country rich immigrants want to move to is Canada. Rich immigrants don't look for value, they just look for beautiful mountains at any cost. And, the creme de la creme, if you don't buy a house, people will mock you at cocktail parties.

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arit

Bob "Are you a drug dealer or something with all that cash?" Need to be clear here, for my own conscience: I do NOT have all that money in cash (yet). Will have roughly 250-300K cash to spend on a house by 2016 if all trends continue as planned. I apologize if is sounded like I have all the money now. I do not. "Also who cares how much cash you have to pay for a house? If I’m selling and the buyer has a 100% mortgage what do I care?" But Bob, that is the biggest IF here. If they stop giving away money, you will care very much about who has money. Those will be the only people who will be buying. That's the key point. "PS: I’ve been a bear but know I’ve missed out hugely on… Read more »

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davers

The more I read about the new rules the more I think this will be the make or break for much of the bear case. 1. It lowers the amount of money people can get. This takes care of streched to the limit buyers. 2. Makes speculating more difficult. 3. Makes it tougher for landlords to get more places. And at the same time it isnt drastic enough to make the whole market implode instantly. If this stays in effect for more than 2 years and prices havent fallen at least 10% (I expect more) then I might have to say that Vancouver is indeed different. I still wont buy, but might stongly consider going somewhere else for a few years to see what life is like in a place where a crack shack doesnt cost 579K. Fingers crossed! I… Read more »

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Stupid Bears

What is that little grad school boy? My continuous posting for 2 full hours contradicts my posting about bulls not caring, hence proving you right? You mean posting for a whole two hours means that bulls are really intrigued with the lives (or lack of) of bears? Lol…I wonder what your posting for several years means….

Unlike you, we all cannot hang around for YEARS posting the same drivel about an impending crash. And we cannot all post the same drivel from an ivory tower, which is frequently disconnected from reality.

Stick to theory my little university student friend because your comments have no relevance in the real world.

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Drachen

You do realize that every time you post a comment here you're only proving me right?

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Stupid Bears

Drachen

Hey little grad school boy…stick to your philosophy books and living on this internet blog Nobody wants to listen to advice from someone without real world experience. Bulls have been right for years and you and your theories have been wrong for many years.

Vancity Broker

Way to school him. Guy phones one banker and all of a sudden he has the answer everyone conveniently wants. Due some actual due dilligence buddy.

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VanCityBroker

best_place_on_meth..I don't know who the fuck YOU are either. Or you imaginary friend. Check out march 8 post @
http://www.canadianmortgagetrends.com/

These guys have a reputation for reliable info

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Drachen

@Stupid Bears:

I like how you burst in here and say, "Lol – the uptidk in bull comments come from disgruntled bears not bulls. The bulls don’t give two craps about you guys because they have enjoying their lives for many many years."

Then go on to become the most prolific of all posters. Good job contradicting your own words! No wonder you're a bull!

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asalvari1

People…start thinking like a politician and they you will realize that they don't want to rock the boat in favour of a bunch of renters. You people need to adopt a herd mentality because the government listens and responds to the herd…they don't respond to lone wolves…

And the next time the federal gov announces anything regarding RE, actually try to analyze where they are coming from. Stop imparting your own desires on to your analysis, as you have consistently been wrong when you have done that..

Just saying

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BoB

@arit: uptick in former bears questioning the argument of a crash I would guess. Also who cares how much cash you have to pay for a house? If I'm selling and the buyer has a 100% mortgage what do I care? I'll get my money from the bank. Are you a drug dealer or something with all that cash? PS: I've been a bear but know I've missed out hugely on the appreciation of Vancouver real estate. I also think we're nearing the top but am less sure these days about the timing or the trigger. The bears on this blog are sounding like the know it all bulls of a few years ago by speaking like they know the future. I've read all the arguments (debt levels, interest rates, saturation, etc., etc.) and they make sense but they've been… Read more »

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Stupid Bears

Not that I care. I'll just keep living in my Surrey crack house (700k!!!) screwing 2 bit hookers.

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