2nd most expensive home is a tear-down

The second most expensive property ever listed in Canada is a teardown in West Vancouver.

It’s like an itty-bitty Versaille on a waterfront lot.

But there’s something special about this waterfront lot:

Asked how the home has changed since 1964, Tsavdaris answered: “It hasn’t.”

The current owners, who have lived on the West Bay property since 1978, are looking for something smaller, according to McLaren. “They just want to pull the value out of the land. It’s the last piece of flat waterfront,” she said.

That’s right, it’s the absolutely last piece of flat waterfront until the next waterfront teardown comes onto the market.

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JD
Member

How misleading is this?
Have imaginary houses like these sold before?
What kind of prices?

Name taken
Guest

fucking politicians and their increased taxes… As if 43.7% was not high enough. They are spending money on stupid tv ads and all kinds of bullshit projects like that indian movie event so now people get to pay more tax and businesses get further hit on top of PST.

Patsan
Guest

LOL
50-year old house is a tear-down… Tell this to Germans or Italians!

patriotz
Member

@2:

The surprise of this year’s budget is a personal tax rate increase, the first one proposed in B.C. since the Liberal party formed government in 2001. It would impact British Columbians with annual salaries of at least $150,000, and would take effect April 1. The rate for high income earners would move from 14.7% to 16.8%, still the lowest among Canadian provinces;

All I can say is that if this tax increase applies to you, suck it up fella.

http://news.nationalpost.com/2013/02/19/b-c-budget-proposes-first-personal-tax-hike-since-liberals-took-over-in-2001/

Sloppy journalism note: of course income taxes apply to incomes, not just salaries.

jesse
Member

Liberals have been accused of producing a structural deficit. What happened to all those surpluses last decade?

jesse
Member

Teranet shows -2.5% YOY. Compare that to 40% drop predicted by some. Peanuts! 🙂

Anonymous
Guest

4% MSP Premiums increase.

50,000 elderly immigrants (65+) enter Canada per year. Many in BC.

Fraud rampant in Care Card ‘borrowing’ by international students, TFW, and now visitors from Mexico as visa free travel will soon be in effect.

Canadians sure are naive. The FIRE industries are laughing.

End immigration until we get our house in order.

gunkPoo
Guest
i hope they don’t make the new house too asian looking. i see a lot of houses in shaugnessy and it’s such a horrible tradegey how ugly and asian they are, especially on the roof line. it’s like the asians are rewriting the scottish and english history of the area. of course there are strict rules as to what you can build and shaugnessy, and all these asian homes follow those rules. however, i feel there are rules that take precidence. the rule of white privilage. as a white person, i feel it is my right to tell other races… Read more »
@jesse
Guest

“Teranet shows -2.5% YOY. Compare that to 40% drop predicted by some. Peanuts!”

Ok… how many years until we see the bottom at -40% then? 10? 15? my math sucks, help me out.

Many Franks
Guest

Some nice “hey, look at the totally obvious Canadian housing bubble” coverage at wallstreetpit.com, including a nod to VREAA.

Groundhog
Guest

@@jesse

Your math does suck. At January’s -0.8% monthly decline pace it would take about 5 years. The average credit bubble takes 4-7 years to fully play out on the downside.

phiscal.
Guest

how many years until we see the bottom at -40% then? 10? 15? my math sucks, help me out.

Wow! Your math really does suck. Consider that the market was still rising until around June of last year, do you think that means we’re falling at 2.5% per year, or something faster?

Not a trick question.

Groundhog
Guest

Having poor basic math skills is a prerequisite for being bullish on Vancouver RE.

Anonymous
Guest

Having poor basic math skills is a prerequisite for bear-blogging.
you just have to keep wondering why the others are rich and you are…

@jesse
Guest

oh, ok. 5 years until we hit bottom. so we’ll finally be able to buy houses in 2018.

would 40% down put us at 2001 nominal prices, or will we have to wait 5 more years for that??

@jesse
Guest

sorry i mean 2001 real prices.

Don't make eye contact
Guest
Don't make eye contact

“my math sucks, help me out.”

This dummy needs to go back to the Remax office and join the solitaire tournament. Better yet, I hear that the dismal market has give realtors lots of free time to do continuing education. Here are some your opportunities:

1. Advanced posting pictures on the internet;
2. How to successfully commit fraud on national TV with fake buyers;
3. Advanced lawn sign installation techniques

Groundhog
Guest
@@Jesse Assuming 2.5% inflation and a 0.8% decline every month it would take about 5.5 years, so until around 2018 to hit 2001 real house prices. So yes, if you’re waiting for a bottom you’ll have to wait 5 years at this pace (and according to the “experts” I’m sure they’ll say this stat is indicative of a flat market). But at that point you’ll probably be too scared to buy anyway. Trying to time the bottom is a as fruitless an activity as trying to time the top. Best to hone up on your math skill and when it… Read more »
asalvari1
Guest

@phiscal
” Consider that the market was still rising until around June of last year, do you think that means we’re falling at 2.5% per year, or something faster?”

This got to be trick question. Is that 2.5% seasonally adjusted or not ?

:-^)

(just joking..)

An Observer
Guest

Why the hell is this news??? This place has been listed non stop for the last 4 years. It started at $30 million in March of 2009 and then January 2012 they raised it to $37.9 million. The listing expired obviously and now they relist 2 days later for $37.9 million again and all of a sudden it makes the sun, the province and the local news… Our media is horribly lacking.

I’m going to list my Burnaby home for $37,988,888 and see what happens.

Young
Guest

How is 16.7% provincial tax rate lower than Alberta’s 10%? I am well aware that the Alberta tax is a flat tax, but still there is a cross over point. The Ernst and Young tax calculator shows Albertans pay less overall tax after about 126,000 for 2012.

Perhaps the author could change the note to “still the lowest tax rate when you exclude the places where taxes are lower.”

Aleksey
Guest

#20 An Observer
“I’m going to list my Burnaby home for $37,988,888 and see what happens.”

I wish it could make the news. That would be so much fun. Please do =)

oainted turtle
Guest

Best part of the article about the budget:
‘The biggest source of new money is Mr. de Jong’s proposed sale of surplus properties owned by the province. These include parking lots and a vacant school on Vancouver Island. The government hopes to recoup $625-million on their sale. More than half of that amount is already booked for the coming fiscal year. Without the proposed property sales, the government would not balance its fiscal 2013/14 budget, let alone show a surplus.’
Apparently, those properties have been for sale for a year. No taker…
Priced too high may be?

patriotz
Member
“Trying to time the bottom is a as fruitless an activity as trying to time the top.” I think that Vancouver and Canada in general are headed for a nominal bottom lasting several years, which has actually been the norm both in Canada and the US. The US has seen a noticeable upswing from last year’s bottom but I think that’s a delayed effect of the interest rate cuts of a few years ago. Canada got the interest rates cuts on the way up and I don’t think there’s going to be anything to produce a quick bounce from the… Read more »
Many Franks
Guest
When you have to go all the way to the New York Times to try to sell a 2BR apartment, you know there’s trouble. Concerns about global financial turmoil have made buyers more cautious in recent months, said Jeff Fitzpatrick, a Vancouver-based agent for Sotheby’s International Realty Canada. New mortgage lending restrictions have reduced buying power for many Canadians; the total number of sales in the Vancouver area was down 30 percent in 2012, Mr. Fitzpatrick said. Despite this, he added, sellers mostly are sticking with their prices, which have fallen only about 10 percent over the same period. How… Read more »
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