Offered at $688,000

April 18, 2012 Many Franks

Here’s a beauty that all of us missed this spring while we were hanging out on the bubble blogs:

1950 East 1st Avenue, listed $688K, sale price unknown. Mere steps to popular East 1st Avenue.

Spacious front porch and vintage double doors. Durable stucco exterior.

Private basement entrance, main floor kitchen access to spacious rear yard, and direct exterior access to the second floor. Mortgage helpers are easy!

Comes partially furnished. Some renovations complete.

Attention gardeners! Landscaped backyard with compost.

Vintage wood trim adds rustic flair.

Plenty of light to the basement through numerous windows.

Second floor features spacious balcony overlooking 1st Avenue.

City of Vancouver derelict building notice has recently been removed. Perhaps they reconsidered and are now designating it Heritage? Opportunity knocks! (But hopefully not hard, and it had better have a recent tetanus shot.)

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fixie guy

9 years ago

52 space889 Says:“As we all know that kind of punishment would violate Canadian values and morals …”

It more violates Canadian morals to be a haven for the worst elements of other countries. Since the latter is also damaging to the nation, take the lesser of two evils and send them back to the scene of their crimes. Allowing them to profit from evil under Canadian protection is morally abhorrent and makes us all complicit.

“Seriously, from a dollar and cents perspective, it’s much cheaper for these people to remain in Canada.”

It’s cheaper still for the Canadian government to shoot them. Are you reasoning from the pulpit or the pocketbook? Evil often makes perfect sense from a ‘dollars and cents’ perspective.

Anonymous

9 years ago

@Devore: CRA has its rules to go after tax cheats/evaders. One rule is apparently the return has to be at least 300% of the cost and the case has a high likelihood of winning. It’s hard to perscute for not declaring foreign income when you have no tax treaty with the foreign country to get the tax cheat’s income data in the foreign country.

Undeclared rental income is a problem but relative to the cost of an investigation, it is small potatoes and likely not deemed worthy of investigation.

Anonymous

9 years ago

@Best place on meth: After more than 10 years of court cases and a promise from Chinese premier he wouldn’t face “issues” in prison? How much did Canadian gov’t spend in legal costs and policing cost to keep tab on him? I’m pretty sure the gov’t also picked up part of Fat Lai’s legal bill as well. Also, there are tons of refugees claims/deportation cases in the courts with appeal after appeal whose main argument is that the claimaint’s home country doesn’t have an independent justice system like Canada, and that torture, and physical punishments awaits the claimaint. Sure there is no law that prevents Canada from deporting in those cases but it sure as hell is costing a lot to get the deportation order. Anyways, I know you just want to believe in whatever in your own little world,… Read more »

jumpin in

9 years ago

When the SHTF , we will discover tons of incredible (and delectable) stories:

insane borrowers, mortgage fraud, organized schemes, over exposed realtors, people who sold the same property to each other several times, hidden corrupt Chinese officials, BC buds cartels… and other stuff beyond my imagination. I cannot wait, this is going to be better than watching movies.

Bailing in BC

9 years ago

@Patient renter: Good question. For those of you who are not familiar with the Squamish market the scariest thing about it is a massive overhang of houses over 600k that are not selling. Check out these graphs and pay close attention to the graph showing year to date sales by price range. http://www2.topproducerwebsite.com/user … volume.pdf There have only been 6 sales this year over 600k and the mls shows 88 properties currently listed. That’s 3.6 years of inventory. 64 of those listings are over 700k. That means there is 8 years of inventory for over 700k. There’s 44 houses listed over 800k. That’s 11 years of inventory. There’s 30 houses listed over 900k. Based on the last three months of sales it should take till the end of time for them to sell since not one of them has sold… Read more »

Anonymous

9 years ago

“My deadbeat sister had trouble with making mortgage payments. Solution was to borrow from HELOC and use the money to pay the mortgage, credit cards and go on a vacation.”

I have a friend who is unemployed, has a $1 million mortgage on a variable rate and uses a HELOC for paying the mortgage and vacations. His place is for sale but it is priced about 30% above market value so it will never sell. His wife works but 100% of her income cannot even cover the mortgage payment. The real kicker is he isn’t even looking for a job because life is easy with a HELOC. They think real estate prices will just keep rising which will take care of the HELOC.

RippedtoShit

9 years ago

Listen here chumps.

The slow melt has started.

The heat will be turned up.

Be patient. Go see McLovin downtown on Saturday night if your looking to release some of your frustration. Otherwise, just hang tight and relax. Enjoy the ride, it’s going to pick up speed over the coming months.

Makaya

9 years ago

@N: Look at this comment from the article. It confirms exactly what you say.

“People will borrow until they are bankrupt. My deadbeat sister had trouble with making mortgage payments. Solution was to borrow from HELOC and use the money to pay the mortgage, credit cards and go on a vacation. This is what’s happening all over canada by the tens thousands . I know people who renovated their homes using their HELOC or clearing their credit cards only to rack them up again. People are using their homes as ATM machines…gee where did I hear that before? Oh ya the US.”

good-format

9 years ago

Copied from PaulB’s number
http://www.laurenandpaul.ca

 Date      Listing  Price(+-)  Sold   Inv     Inv(+-)  S/L(%)
Apr-02       450     139       125   16,074            27.8
Apr-03       319     133       224   16,124     50     70.2
Apr-04       302     131       147   16,230    106     48.7
Apr-05       277     118       117   16,345    115     42.2

Apr-10       403     211       159   16,475    130     39.5
Apr-11       416     151       202   16,618    143     48.6
Apr-12       333     140       103   16,736    118     30.9
Apr-13       289     146       150   16,807     71     51.9

Apr-16       341     170       137   16,883     76     40.2
Apr-17       280     177       179   16,893     10     63.9
Apr-18       301     146       170  16,971      78     56.5

Total-Cur  4,209   1,884     1,968             988     46.8
5 day-avg    309     156       148              71     47.9
Total-Est  6,679   3,130     3,150  17,536   1,553     47.2

good-format

9 years ago

Copied from PaulB’s number
http://www.laurenandpaul.ca

 Date      Listing  Price(+-)  Sold   Inv     Inv(+-)  S/L(%)
Apr-02       450     139       125   16,074            27.8
Apr-03       319     133       224   16,124     50     70.2
Apr-04       302     131       147   16,230    106     48.7
Apr-05       277     118       117   16,345    115     42.2

Apr-10       403     211       159   16,475    130     39.5
Apr-11       416     151       202   16,618    143     48.6
Apr-12       333     140       103   16,736    118     30.9
Apr-13       289     146       150   16,807     71     51.9

Apr-16       341     170       137   16,883     76     40.2
Apr-17       280     177       179   16,893     10     63.9
Apr-18       301     146       170  16,971      78     56.5

Total-Cur  4,209   1,884     1,968             988     46.8
5 day-avg    309     156       148      71             47.9
Total-Est  6,679   3,130     3,150  17,536   1,553     47.2

Anonymous

9 years ago

@Best place on meth: “The article says up to 18,000 corrupt officials fled to “US, Australia, Canada and the Netherlands”

So, assuming the stupidest fourth chose Canada that should make them easier to nab. I don’t think the brighter bulbs in the pack would have passed on the US, Aus or Holland.

9 years ago

@Makaya:

The problem is many people do not see HELOCs as debt. They see it as income. People talk about taking some equity out of their house, the way you might talk about selling stock. When all these people have their “income” cut off and find out that they are in debt at the same time, there will be problems.

Anonymous

9 years ago

@Makaya: “What does it take to become a real estate expert?”

Apparently, the procedure where they suck all your brains out is quite painful, at least at the beginning.

Anonymous

9 years ago

@space889: “Why is Toronto market so hot all of a sudden?”

Because:

-It’s surrounded by water (on one side)
-Surrounded by Farmland (on the other three sides)
-Everybody wants to live there
-Chinese folks can fly there without changing planes
-Real Estate only goes up
-It’s a world class city
-They had the Olympics (well, they bid on the Olympics)
-It’s cheaper than other world class cities like Surrey and Spuzzim
-Cam Good hung a crap there once
-Rich folks all over the world want to go there because they’re running out of other places to loose money

Did I miss any?

Makaya

9 years ago

Bank of Canada warns on home equity lines of credit

(…)
“The Bank of Canada appears most concerned over the tremdendous growth in home equity lines of credit, or HELOCs, and mortgage refinancings, which surged to $64-billion in 2010 from $8-billion in 2001.
About half of that is being used either to spend or pay off other loans. Here’s where the vicious circle comes in:
“Surveys suggest that approximately half of this equity extraction is used either for current consumption or to pay off other debt, much of which will be higher-rate debt, itself used to finance past consumption. Overall, it is estimated that home-equity extraction has funded roughly 3 per cent of aggregate consumer spending in Canada in recent years, up from less than 1 per cent in 2001.”

What?

9 years ago

Date Listing Price(+-) Sold Inv Inv(+-) S/L(%)
Apr-02 450 139 125 16,074 27.8
Apr-03 319 133 224 16,124 50 70.2
Apr-04 302 131 147 16,230 106 48.7
Apr-05 277 118 117 16,345 115 42.2

Apr-10 403 211 159 16,475 130 39.5
Apr-11 416 151 202 16,618 143 48.6
Apr-12 333 140 103 16,736 118 30.9
Apr-13 289 146 150 16,807 71 51.9

Apr-16 341 170 137 16,883 76 40.2
Apr-17 280 177 179 16,893 10 63.9
Apr-18 301 146 170
Total-Cur 3,908 1,738 1,868 910 46.0
5 day-avg 332 157 164 84 46.5
Total-Est 6,894 3,149 3,286 17,645 1,662 46.2