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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Member
JD
2 years 11 months ago

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

Guest
Name taken
2 years 11 months ago

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.

Guest
Patsan
2 years 11 months ago

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

patriotz
Member
2 years 11 months ago

@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
2 years 11 months ago

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

jesse
Member
2 years 11 months ago

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

Guest
Anonymous
2 years 11 months ago

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.

Guest
gunkPoo
2 years 11 months ago

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 »

Guest
@jesse
2 years 11 months ago

“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.

Guest
Many Franks
2 years 11 months ago

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

Guest
Groundhog
2 years 11 months ago

@@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.

Guest
phiscal.
2 years 11 months ago

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.

Guest
Groundhog
2 years 11 months ago

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

Guest
Anonymous
2 years 11 months ago

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…

Guest
@jesse
2 years 11 months ago

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??

Guest
@jesse
2 years 11 months ago

sorry i mean 2001 real prices.

Guest
Don't make eye contact
2 years 11 months ago

“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

Guest
Groundhog
2 years 11 months ago

@@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 »

Guest
asalvari1
2 years 11 months ago

@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..)

Guest
2 years 11 months ago

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.

Guest
Young
2 years 11 months ago

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.”

Guest
Aleksey
2 years 11 months ago

#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 =)

Guest
oainted turtle
2 years 11 months ago

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
2 years 11 months ago

“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 »

Guest
Many Franks
2 years 11 months ago

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 things… Read more »

patriotz
Member
2 years 11 months ago

@Many Franks

You can buy that apartment for $1,598,000, or rent one right under it for $3500/month:

http://vancouver.en.craigslist.ca/nvn/apa/3529396875.html

Guest
Many Franks
2 years 11 months ago

Patriotz: Very interesting! The bundles of $20 bills keep clogging up my toilet; I knew there had to be a better way.

jesse
Member
2 years 11 months ago

“At January’s -0.8% monthly decline pace it would take about 5 years”

Price drops in January are typically higher than in the summer.

Just saying, if prices are going to revert 40%, to quote BTO, you ain’t seen nothin’ yet!

And I get downvoted. Yeesh!

Guest
FlipFlop
2 years 11 months ago

Re: Timing the bottom Keep in mind the bottom on a graph isn’t necessarily indicative of when the best deals were had. I’m sure there will be buyers that snap up places 6 months before the bottom is “in”, that end up with better value for the RE buck than those that wait (in fact, I plan to be one of them). The guidance that I’ll be using on my purchase is 4 fold; 1. Can afford it? Keeping it under 4x combined HH income, and make sure I can absorb an interest rate shock, or pay a premium to… Read more »

jesse
Member
2 years 11 months ago

I’m not calling for a return to 2001 real. Some are calling for -40%. I think price-rent will fall 40% for condos and SFH away from the city core, but that does not mean prices will fall 40%.

A plausible path for Vancouver is a drop of 5% per year for 5 years; in combination with at-inflation rental gains of 1% (let’s assume gains are lacklustre). That’s (tap tap tap) 8.34 years to get 40% reversion. Correct me if my math is wrong.

PCinWA
Member
PCinWA
2 years 11 months ago

According to the Teranet data, Vancouver house prices are down 5.1% since the peak reached in June, 2012. I.e., 5.1% in 7 months. That’s pretty major. However, to put the absurdity of Vancouver current level of house prices in its proper context, consider that if house prices were to somehow continue to fall at this rapid rate continuously, Vancouver house prices would reach the year 2000 level in…..10 years. Yes, that’s right, house prices would have to plummet at the current rate (and, considering the history of house price changes everywhere, a 5.1% decline in 7 months is properly characterized… Read more »

Member
2 years 11 months ago

MSP premiums should increase with inflation, the problem is healthcare spending is increasing at ~6% and needs to be reigned in. I know we like to talk about government waste, yet 6% healthcare increases are a bigger worry. This is not sustainable, and the only way to reign it in is to make tough decisions about the quality and type of care. The kind of decisions that had a 80+yo woman die in Toronto cause ambulances were redirected to more urgent victims. People are up in arms about her death and demanding more spending, yet her death is a glaring… Read more »

specuskeptic
Member
2 years 11 months ago

Screaming from the top of the page “Home prices in Canada fall for 5th straight month”

(http://www.cbc.ca/news/business/story/2013/02/20/business-teranet-housing-index.html)

VMD
Member
2 years 11 months ago

If the HPI continues to trend down as predicted by yvr2zrh
February HPI YoY %-change predictions:

Year-Mo: Richmond_SFH Van_West_SFH Burnaby_SFH
2013-02: 928000?(-9%?) 1980000?(-10%) 910000?(-4%?)
2013-01: 933100(-6.3%) 1995300(-7.5%) 921800(-2.3%)
2012-12: 938100(-6.5%) 2004000(-5.5%) 951000(+0.4%)

2012-02: 1019100(____) 2204500(_____) 948400
2012-01: 996200(_____) 2156800(_____) 943200
2012-12: 1003700(____) 2119800(_____) 946800

looks like some more tanks for the Bear Camp are in order!

Guest
derp
2 years 11 months ago

Developers selling trying to sell direct without marketers and realtors: http://www.hoperty.com/

Looks like certain middle-men are going to be squeezed out of the business.

Guest
Short'em High
2 years 11 months ago

@Rate of decline/depreciation Keep in mind, word really hasn’t gotten out that prices are even going down yet. Once this sinks in, many people will have the following epiphanies: (1) “Oh wait, they’re talking about ME, on the news. My realtor and friends were wrong… OMG, I’m going to be wiped out if I don’t do something!” Sell now or be priced in FOREVER! (2) Events on the economic calendar will reinforce the trend and disseminate the fact that paper wealth is evaporating along with job income that was sustaining the credit driven prices. (3) There WERE NO CASH BUYERS.… Read more »

Guest
Anonymous
2 years 11 months ago

if you bears have too much time in your hands, go DTES and join the protestors infront of the new restaurant, much to do about nothing. Give yourself a chance to be on TV.

Guest
Hey You Guys
2 years 11 months ago

“Keep in mind, word really hasn’t gotten out that prices are even going down yet” according to several posters not only has the word gotten out, but the psychology has changed enough to move the market. gokou3 Says: February 19th, 2013 at 3:14 pm Re #38: “the psychology hasn’t changed.” It has. The optimists like you are now arguing why RE prices won’t go down much. A year ago (or was it less?) you optimists were arguging why it will keep going up. See the change? Groundhog Says: February 19th, 2013 at 3:58 pm @Gokou3 “the psychology hasn’t changed.” “It… Read more »

Guest
gunkPoo
2 years 11 months ago

the 2010 olympic mascots were too asian!

Guest
Groundhog
2 years 11 months ago

High troll index must = low sales day today

Guest
Burbs Boy
2 years 11 months ago

Derp “middle men getting squeezed out” It is the reality that as business models mature and very slowly figure out how to capitalize on the IT changes sweeping our world that it will have profound effects on what work needs to be done and how goods are sold. I see this daily in my line of work, changes that flatten the sales channel and give direct access for the End User to the Manufacturer. This drives such a huge amount of cost out of the chain that it is inevitable that it will occur. I work with a pretty tech… Read more »

patriotz
Member
2 years 11 months ago

Retirees face years of hardship after savings run out: survey

Fully 42 per cent of Canadians polled said they have never saved for retirement, including 47 per cent of 55- to 64-year-olds.

Guest
painted turtle
2 years 11 months ago

@Makaya RE: journalist looking into marketing malpractices in Vancouver RE. Do you know if she will also investigate the impact of Cam’s lies on the social fabric of the city. For example: http://www.theprovince.com/mobile/news/vancouver/Vancouver+Mayor+Gregor+Robertson+soon+have+task+force+investigate/7296329/story.html ‘However, the results also suggested people think Metro Vancouver is fragmented along ethnic and cultural lines. Two-thirds of respondents agreed that while most people are tolerant of different ethnic groups, most prefer to be with others from a similar background. Almost half agreed that people who live here and don’t speak English aren’t trying hard enough to be part of the community and 55 per cent feel… Read more »

Guest
painted turtle
2 years 11 months ago

Example 2:
“Over 60 per cent of residents aged 25 to 34 see Vancouver as “a resort for the wealthy,” with “too much foreign ownership,” according to the survey. Frustration around housing is leading many to incorrectly place the blame on foreign owners from Asia, according to Reimer.
“There is a strong tension around race,” Reimer said. “We have to get ahead of that.”

http://www.vancouversun.com/news/whoarewe/Part+Four+Residents+feel+Metro+divided+along+ethnic+lines+survey+finds/6814996/story.html#ixzz28LXmeHN9

Makaya
Member
Makaya
2 years 11 months ago

@painted turtle

I don’t know what she’s going to include in her article, but I can certainly pass along any idea, information, or evidence to her.

Your link is not working.

Guest
Vote Down The Facts
2 years 11 months ago

Painted turtle, how could respondents tell whether those who don’t speak English are trying hard enough unless they’re checking individuals over a long period of time? Simply noting that non-English speakers exist isn’t sufficient without knowing how long they’ve been here for. There will always be new non-English speaking arrivals, which would likely bias any casual observations.

Guest
Democrass
2 years 11 months ago

“how could respondents tell whether those who don’t speak English are trying hard enough unless they’re checking individuals over a long period of time?”

The mere fact that they can’t speak english is conclusive proof that they are not trying hard enough. The should have learned before they got here.

Guest
Vote Down The Facts
2 years 11 months ago

Patriotz, that stat is brutal. Do people expect the government to take care of them during their retirement years? I appreciate that some people simply cannot afford to save, but almost 50% of the most prosperous generation in history?

Member
mac
2 years 11 months ago

Wow. The tax increases are really bothering that bull who posts under various names. I guess s/he agrees with the idea that less money in people’s pockets means less money for real estate… and restaurants, shops, movies, theatre, gas and the rest of the economy. S/he must be a real estate agent. S/he is somewhat aware although the brain isn’t fully functioning.

Guest
Groundhog
2 years 11 months ago

@VDTF

“Patriotz, that stat is brutal. Do people expect the government to take care of them during their retirement years?”

Yes, because they wouldn’t want to put the burden on their already over-indebted kids. But somehow they think the government can magically create money to pay them, they don’t realize that relying on the government is relying on their already over-indebted kids.

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