BC, pictures, prices

Offered at $688,000

81
81 Comments

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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Village Whisperer
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I buy three, my husband buy three!

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6 years 9 months ago
Bargain
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@Village Whisperer: You misspelled ‘huzba’ 🙂

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6 years 9 months ago
registered
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Rare opportunity: funky-sunny character home, Leeds certified rooftop garden, helper suite, complementary outdoor furniture.

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6 years 9 months ago
jesse
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Teardown. For 688 that would put a new build over a mil. On 1st ave.

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6 years 9 months ago
AG Sage
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You are all too funny today.

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6 years 9 months ago
UnagiDon
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UnagiDon
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@jesse: It’s not a teardown, it’s a pushdown.

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6 years 9 months ago
Many Franks
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Easy freeway access! Heck, it’s practically a freeway outside your front door.

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6 years 9 months ago
dbcooper
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after looking at the image closely I’d
suggest it looks like a lean-to
unfortuneately it leans to the right………

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6 years 9 months ago
Bargain
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@UnagiDon: ha! That comment is pure win.

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6 years 9 months ago
Patsan
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Everyone would be thrilled living in such a vibrant neighbourhood.

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6 years 9 months ago
Makaya
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The S is starting to HTF… Canada home prices fall in March, sales up: CREA TORONTO (Reuters) – Canadian home prices fell in March from year-ago levels even as existing home sales activity picked up, with a cooling of the once-hot Vancouver market offsetting big price gains in Toronto and steady increases elsewhere. A report on Monday from the Canadian Real Estate Association showed the average residential home price in March was C$369,677 ($370,600), down 0.5 percent from the same period last year. The figures are not seasonally adjusted. But the broad number masked big differences between cities and regions. The average selling price in Vancouver, Canada’s most expensive major market, fell 3.1 percent from a year earlier to C$761,742. Prices in the nearby Fraser Valley area tumbled nearly 10 percent. But prices in Toronto, which has seen a boom… Read more »
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6 years 9 months ago
Devore
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@Makaya:

The figures are not seasonally adjusted.

Why would you seasonally adjust YoY numbers?

Klump added that national prices in 2011 had been pushed higher by “record level high-end home sales in some of Vancouver’s priciest neighborhoods.”

Record level of high-end home sales in Vancouver also pushed up this year’s Vancouver prices earlier in the year, but mentioning that might make the drop seem like there is something to it. Nah, it’s probably nothing.

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6 years 9 months ago
Girlbear
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Ummmm. Wow. Genworth screwed. 18 Apr 2012 12:03 ET * Aus unit was to go public in 2nd-qtr 2012 * Unit to post $7 mln loss in 1st-qtr – analyst * IPO delay to affect capital deployment – analyst * Shares fall 23 pct (Adds details, analyst quotes; updates shares) By Sharanya Hrishikesh and Tanya Agrawal April 18 (Reuters) – Shares of Genworth Financial Inc fell as much as 23 percent as investors worried that the life and mortgage insurer’s capital deployment plan would hit a roadblock due to the delay in the initial public offering of its Australian unit. Genworth has struggled to maintain its capital levels as its U.S. mortgage insurance business posted losses for years. The company has used its foreign units, especially its Canadian mortgage insurance business Genworth MI Canada, as a source of capital in… Read more »
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6 years 9 months ago
Land value
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The post is funny but the MLS informed it’s for LAND VALUE ONLY.

It’s better to question Vancouver city why this land is valued at $637,000.

I could not get the point why we feel so entertained for its listing price of $688,000 as LAND VALUE.

Could someone please educate me what we should expect about the outcome of this SALE?

Thanks…

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6 years 9 months ago
Many Franks
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@Land value: Come on. *Obviously* it’s land value only and nobody needs MLS’s helpful note to clear up an otherwise foggy situation. Do I really need to explain why this is funny? And beyond zoning, why would city hall have anything to do with explaining the price the buyer and seller agreed upon?

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6 years 9 months ago
patriotz
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@Makaya:

Canada’s housing sector never experienced the subprime mortgage boom and bust that drove the United States into recession. And a post-crisis housing market rally, triggered by record low borrowing costs, played a key role in driving the recovery.

The reporter cannot see the contradiction and irony in these two sentences.

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6 years 9 months ago
Makaya
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@patriotz: My theory is that, in order to get 70% ownership in the US, they had to come up with all those subprime, Alt-A, NINJA, etc. loans.

We’re currently at 70% ownership in Canada. As far as I know, Canadians were not wealthier than Americans, on average, before the start of the bubbles.

In my mind, there’s no way we got to that rate without some funny lending practices happening on a large scale in this country. We’ll only know fully about it once this bubble bursts.

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6 years 9 months ago
Bargain
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@Girlbear: Genworth, isn’t that the private mortgage insurer that CMHC relaxed their standards to ‘compete’ with?

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6 years 9 months ago
Bargain
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@Land value: Why would you ask the city to explain the land value? You know the government doesn’t set prices right?

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6 years 9 months ago
Patient renter
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Please tell me that did not sell for asking!

On another note: if the moi is so high in Squamish, why have the prices not come down?????

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6 years 9 months ago
Girlbear
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@Bargain: Yes, to some degree. However as we all know you cannot trade CMHC. However you can trade Genworth Canada…probably tough to get the borrow to short it outright, but the puts are easily available…

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6 years 9 months ago
HAM Solo
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The party line from Toronto, as of Friday:

1) The real estate slowdown is regional, focussed in BC

2) Employment is still strong, therefore there won’t be much foreclosure activity

3) Even if there is foreclosure activity, only the BC credit unions will get hurt. None of the Alt-A lenders (e.g. Home Capital or Canadian Western Bank) will be affected, nor will Genworth MI.

4) No one is kiting through the use of HELOCs, and even if they are, the big chartered banks are not at risk.

5) Even if the big chartered banks are at risk, they aren’t all at risk because Royal and TD have very strict underwriting practices.

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6 years 9 months ago
Scott
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**NEW LISTING** Imagine coming home to this CHARACTER HOUSE in the heart of East Van! PLENTY OF NEIGHBORHOOD PARKING means just a short walk to your front door where OLD WORLD CRAFTMANSHIP is on display! Pick your way through the BRAMBLES AND TIN CANS past the CHAINLINK FENCE to the expansive back yard retreat. Relax in your outdoor oasis as you sink into an OLD SOGGY COUCH and watch the children play. Do they seem a little slow? Perhaps its from eating the CHIPS OF OLD LEAD PAINT. This property may not make in through the next heavy rain so ACT FAST!

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6 years 9 months ago
Manna from heaven
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“Kurland said foreign investors are fleeing the local market because the Canada Revenue Agency is on the verge of cracking down on overseas tax reporting and the Canadian government is seriously looking at 400 Chinese fugitives living in the country and attempting to send them home by July.”

http://vancouver.24hrs.ca/News/local/2012/04/17/19645806.html

Was turned onto this article by Andy Bell at BNN, really griling David Choi, Royal Pacific Realty, right now on TV. Also, brought up the Courier article.

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6 years 9 months ago
gordholio
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#24, Manna from heaven: You beat me to the punch! I’m loving the looks of that piece. Just like the endless MSM pump jobs in the heyday, this article at the very least adds to the PERCEPTION that real estate is a now very much a losing proposition. And as Global et al knows so well, perception is everything.

Even the mandatory realtor comment near the end seems more absurdly desperate and deceptive than usual.

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6 years 9 months ago