The $519,000 line

Democrass pointed this out in a comment over the weekend, I’m just taking his thought and running with it.

As of this posting it’s February 25th 2013.

The cheapest freehold house in Vancouver currently for sale is listed with an asking price of $519,000.

It’s on a very busy street and shows an interior size of 1260 square feet. It’s located on Marine Drive near the foot of Victoria on a 30×80 lot.

Let’s re-check listings in February 2014 and see what $519k will get you.

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G
Guest
G

so what did $519,000 get you in 2012, 2011….2000? Can we have a comparison?

VMD
Member

If Toronto can have this, why can’t we? http://www.realmarketwatch.com (Go to 1st drop-down menu)

It seems like Toronto has a couple of these sold-price tracking websites already. The closest one Vancouver had recently was the “olvius” site tracking price changes, which was shut down after only few weeks of existence (probably thanks to REBGV’s lawyers?).

Could it be the ongoing TREB vs Competition Tribunal case that’s loosening up TREB’s stranglehold on data? If so, if the Tribunal wins (we should know by Spring?), perhaps we’ll see improved data availability in Vancouver? Let’s hope so.

patriotz
Member
Vulture Fun
Guest
Vulture Fun
Skooks description of the Sunshine Coast inspired me to check into another dark corner of BC real estate: Mayne Island. More than anything, this seems to be a dollar parity story, with the American interest drying up when our dollar matched theirs. There are a ton of new listings since December, boosting the total to 52, which seems like a lot for a tiny island. Some listings were as old as 2007, and there were a few multi-million dollar offerings. This is definitely not a healthy market. It also looks like many are trying to sell cabins/shacks for the price of regular houses. Good luck with that. Specifics: 1. V964686 – was $1,200,000. Now $900,000. 2. V954146 – was $649,000. Now $589,000. 3. V950934 – was $639,000. Now $579,000. 4. V922394 – was $15,000,000. Now $11,700,000. 5. V635801 – was… Read more »
VultureBoy
Guest
VultureBoy

MAC said, in the year of the snake,
Hot Asian Money, “We shall partake!”
They invented Chris and Amanda
When there was no HAM for their propaganda
Kudos to SaintPatrick for noting the fake:

http://vancouvercondo.info/2013/02/fffa-lunar-family-pricey-inventory.html/page-5/#comment-193714

southseacompany
Member
southseacompany
Vancouver Observer, 25feb13; “Real estate broker’s nightmare: The empty open house; What does it mean when nobody shows up to an open house in Vancouver?” http://www.vancouverobserver.com/city/realestate/real-estate-brokers-nightmare-empty-open-house “Dan (Realtor)… says, “It’s a waiting game…”Buyers are sure that the bottom will drop out, so they want to wait for prices to come down.”” “Sellers are counting on the market staying stable long enough for them to close a deal. Only one of them can be right, but which one? You don’t want to be the last one to buy just before the bubble bursts, and you also don’t want to learn that the bubble isn’t going to burst, just as prices hike yet again.” “Emotion and real estate, that reminds me of the MAC Marketing Solutions scandal. I ask Dan his opinion. He laughs, “It’s not just what they did, but that… Read more »
Groundhog
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Groundhog

@Southseacompany

Blurb at the end of that article:

“The Vancouver Observer’s “Real Estate” section is launching soon with more independent, in-depth reporting on the most talked about subject in town.”

Vote Down The Facts
Guest
Vote Down The Facts

Buyers could also be waiting for the HST to revert back to PST/GST.

painted turtle
Guest
painted turtle

We could make our own price tracking webpage here with all the people following the market.
I am following a small market segment and would be happy to share what i see.

patriotz
Member

“Buyers could also be waiting for the HST to revert back to PST/GST.”

Of course this issue affects only new properties (which account for a small fraction of MLS listings), but I’m sure that much of the potential buying public doesn’t understand this.

Groundhog
Guest
Groundhog
Well, I’ve been in the bubble camp for 6-7 years here, but today I’ve decided I’m going to explore buying…. In Blaine Talked to a Realtor there today and about 90% of his customers are Canadians. I’ve saved a lot through renting and living within my means and have invested fairly conservatively but have had a decent return. I’ll probably buy 1 to start and may add a second depending on how it goes to rent out for about a 4-5% cap rate after taxes/expenses. I’ll continue living/renting in Canada. I’ve always loved real estate (why I come here) but it just doesn’t make any sense to be involved at the moment. Maybe in 2-3 years I’ll buy here, who knows. If prices don’t collapse (which I really doubt) I have no qualms about renting. I did a calculation last… Read more »
Vote Down The Facts
Guest
Vote Down The Facts

patriotz, whilst I’m sure you’re correct that many don’t understand that HST only applies to new properties you forget that HST applies to transaction fees. So the costs associated with buying could be lower post-HST.

elvince
Guest
elvince

@soutseaobserver, #6

My favorite: “I had earlier asked him if he rented or owned. He used to own, but sold. Now he and his significant other are renting, “Until we figure out what to do next.””

This is what happens when even the guru won’t drink his own kool-aid.

Groundhog
Guest
Groundhog

White Rock – $479,000 – Can probably rent out for around $1000/month, but I’d be seriously concerned about the type of renters it would attract – http://www.realtor.ca/propertyDetails.aspx?propertyId=12837590&PidKey=-1325373830

Custer, WA (Just south of Blaine) – $110K – last sold in 2006 for $202K – Can rent these out for around $1000/month http://www.zillow.com/homedetails/2487-Loomis-Trail-Rd-Custer-WA-98240/23652588_zpid/

Groundhog
Guest
Groundhog

$90K for 3 acres with a mobile home and renter in place – http://www.zillow.com/homedetails/2951-Iverson-Ln-Custer-WA-98240/23650043_zpid/

Sold in 2004 for 175K

VMD
Member

@#12 VDTF
as HST applies to realtor fees, some sellers may withhold listing their properties until March/April to avoid paying more realtor fees. This factor will contribute to higher listings velocity in Spring.

(The smarter move would’ve been to list early IMO, like 2 years ago..)

VHB
Member
VHB
On realtylink public MLS, there are now 886 VW SFH listings. Unless trend changes, we should hit 1000 in March. Didn’t hit 1000 VW SFH listings until May in 2012. You should check out the analysis by yvr2zrh on the weekend: http://vancouvercondo.info/2013/02/fffa-inspections-supply-debt-marketing.html/page-3/#comment-195008 There are dozens and dozens of newly built paperboard palaces on the West Side. Simply put, there are no buyers. If these houses had people living in them, then the ‘pull off the market and wait until better times’ thing might be a good prediction. Things just move along lazily with tons of inventory; prices don’t really drop. If these are sitting empty because some small scale developer was waiting for some idiot with a backpack of cash to take it off his hands, then the prediction is different. The developer has a monthly payment to make to… Read more »
Vote Down The Facts
Guest
Vote Down The Facts

VMD, sure you can cut it both ways – but I suspect there will be a noticeable change in the market come April, and gut is telling me that its the buyers who feel they’ll have the largest perceived benefit in waiting until then.

Anonymous
Guest
Anonymous

Imagine if buyers wait even longer than April to buy. There’ll be way more benefits in terms of price decreases.

Finally
Guest
Finally

That $519K house has been listed on and off for the past 2 years as that’s how long I’ve been looking to buy a house. Still patiently waiting for prices to go down though.

Q
Guest
Q

@Patriotz

I didn’t know you can buy a SFH in Seattle proper for less than $100k. Yeah, it looks horrible. But for that price, I’ll take it! That house would be 10x that price in Vancouver. Just yesterday, VREAA was highlighting a house that looks just as awful for sale in Vancouver for $888k

http://vreaa.wordpress.com/2013/02/24/where-in-the-world-would-you-pay-888000-to-live-in-this-beauty/

Short'em High
Guest
Short'em High

@Groundhog, why is being a landlord a good investment? If you want a private placement, why not look at small productive companies/startups? Judging by the charts on RE, it is a decent investment only once every 50 years or so. In the US it seems that many still haven’t learned their lesson and are once again creating small bubbles. Ideally, you want to buy RE for investment when it is impossible to even find a realtor.

Mortgageslave
Guest
Mortgageslave
Where would you rather put your 100k? In a diversified portfolio of large cap dividend payers (made 10% last year) or in a property in the US getting 1% rent return per month. Costs are US taxes, property management, maintenance, hydro, property taxes plus the risk of bad renters causing damage and not paying you. The home value could go up a bit but if 90% of the buyers in blaine are Canadian and the Canada Markets goes down then would it go up much if at all? Then when it comes time for you to want to cash out, who knows how easy it will be to sell. Unlike your Stocks. Even if you make $$ on the sale, you get taxed at a higher rate, I’m not sure it’s worth the risk. Being a lanlord can be easy… Read more »
RealityCheck
Guest
RealityCheck

Even if Vancouver Westside corrects by 40%,

Can you then afford a SFD home there?

Think about it!

gokou3
Guest
gokou3

Groundhog,

For US house hunting, I would go further south, say Everett. Blaine’s economy is tied to Lower Mainlands. When the loonie drops back to 80c and Canada’s RE collapsed, Blaine’s economy will probably fare pretty badly too. I remember that’s exactly what happened last time the CAD dropped below 70c.

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