Local buyers drive up prices on east side

So the Canadian dollar is in the toilet now which means buying stuff here in some other currencies gets you a nice 25% discount compared to a year ago.

And yet who’s driving up prices on the east side of Vancouver? Local buyers according to some realtors.

“We had 20 people in the city who would have paid asking price and 10 who wrote offers and were willing to pay more,” said Rockel of Macdonald Realty Ltd.

She said no overseas buyers were involved in the final offers.

The big news was the property that got 31 offers:

Meanwhile, Vancouver realtors are still agog over the 31 offers that were received for a home at 3 East 60th Ave. in South Vancouver which was listed at $899,000 and went on sale 10 days ago.

“It was for sale on the Tuesday and by the Friday we took offers,” said Sebastien Albrecht, a realtor with Royal Lepage.

“I’ve seen multiple offers on properties — the most being 10 or 12 — I don’t think any of us have seen 31 before. It’s the talk of the town among realtors,” said Albrecht.

He said he couldn’t disclose the selling price because the property was in probate, which would have to be cleared before the sale could be finalized.

Not mentioned in that article is the fact that the asking price on that property was $30,000 under assessed, but still that’s a lot of bids.

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tedeastside
Member
tedeastside

prices are not rising on the east side

these were realtor plant sales..bought and sold by the same numbered company ..

or cherry picked rare cases

history
Guest
history

Advertisement in todays VCI headerpost brought to you by Air Canada: ‘Toronto is closer than you think’

And so is Wakefield Developments. Oh my, all that pain on Bowen island, creditors hung out to dry. That will get the next door huddled masses wondering how to pull a momentum miracle out of their as…es

88
Guest
88

When agents say it’s foreign buyers they are lying dirty used car salesman.

However, when they say it’s local buyers they are honest and forthright good citizens who helping to keep the public informed.

bullwhip29
Guest
bullwhip29
multiple msm outlets picked up the same story with a voracious appetite. that in and of itself makes the whole story somewhat suspect. lots of agents employ this strategy of listing at lowball price. you all know this is nothing new. this is reasonably well located lot west of main nr transit, parks etc listed for well under $1M. most importantly, it is bulldozer ready. also given that this was an estate sale, there is always the chance that there was some funny business going on. woundn’t be surprised if this was a prearranged insider sale with all the other hoopla surrounding it just being done for optics purposes. something like this happened to a relative of mine many years back. realtor sort of armtwisted my aunt into quickly selling at a bad price despite multiple offers seemingly being made.… Read more »
Tiger
Guest
Tiger

3 East 60th Ave. in South Vancouver

This house is looking for a caring new owner. Very little has changed since it’s original construction in 1964 so your opportunity is waiting. A fantastic building lot on the corner of 60th + Ontario, a new house could potentially have south-facing views, a laneway house, as well as an address on Ontario (all with city approval). With good bones intact, there is a tremendous opportunity to bring out it’s 1960s style for a potential buyer that has vision + isn’t afraid of significant work. A block from Sexsmith Primary School, two blocks to Langara Golf Course/Trails, a short walk to Langara college + in Churchill Secondary catchment the location is extremely desirable.OPEN HOUSE CANCELLED

http://www.rew.ca/properties/V1100636/3-east-60th-avenue-vancouver

https://www.youtube.com/watch?v=Dp_MFuJl0Tk

patriotz
Member

@3:”However, when they say it’s local buyers they are honest and forthright good citizens who helping to keep the public informed.”

No, when agents refer to specific properties (as in this story) they are honest, because the press and public can check the facts from the title.

When they don’t refer to specific properties, they are lying dirty used car salesman.

crabman
Guest
crabman

Add this “story” to the long list of efforts by the local media to keep the bubble going. A few years ago they were reporting on yellow helicopters full of foreign buyers swarming like locust. Now that people are starting to push back against foreign buyers, they’re printing anecdotes about locals doing all the bidding on a couple of properties on the east side. F@cking pathetic.

space889
Guest
space889

Interesting that BPOM that brings nothing but hate and racism gets upvoted so feverently…..and now he’s saying he’s brave enough to fight in a war and thirsty to kill Chinese people???

This is related to RE how?

This isn’t racism and hate speech?

space889
Guest
space889

Interesting these kind of RE pumping stories on VancouverSun don’t get blocked by the paywall like other type of stories…

This Claire Rockel lady has been very active in doing these kind of estate sales and making a huge load of $$$ for herself.

Paul Eviston (Evicton??) is another realtor that’s famous for under pricing to get bidding wars. I heard he’s also pretty rude to buyers who offer less than asking price on his listings.

space889
Guest
space889

Looks like our gas savings are disappearing pretty fast.

btw, international flights, cruises, etc have gone up in pricing in CAD$ terms if you are planning a vacation. I’m sure a lot of retail pricing will slowly start to creep up as current inventories are depleted.

@space989
Guest
@space989

On this blog, even if the dollar hits 50 cents, you post prices will go up will mean down votes.

Also, gregor Robert said yesterday that we are expecting 1 million people in the next decade or two. On this blog, mentioning foreign buyers are a myth will get you upvoted. I guess all families are going to start having 5 kids each.

Hello
Guest
Hello

Damn. Looks like another year will go by before I buy.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@crabman

that’s right crabman, when they say it’s foreign money they are lying, when they say it’s local money they are lying.

when will they admit the truth, that it’s subterranean lizard people who are buying up all our houses?!?

VanRant
Member
VanRant

@ Hello

It depends on if the Chinese government can successfully shut down the exodus of hot money that are escaping from China. If they are successful, Vancouver real estate could crash in the next 6 months and you can buy your house next year.

UBC in crisis mode
Guest
UBC in crisis mode

If you keep dropping price $1 million at a time, you are going to sell the property for sure.

5988 Newton Wynd, UBC.

New asking: $7,990,000
Old asking: $8,990,000

Assessed: $5,678.600 (a 18000 ft2 lot)

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1096811&rowc=7&rowp=6&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=2000000&MXPRC=90000000&SCTP=RS

Royce McCutcheon
Member
Royce McCutcheon

Yeah, a Realtor-quoting article from the Sun, even if it agrees with what I have seen anecdotally in terms of two professional income local families driving prices just East of Main, is a crap source and should be treated as such.

Better public education regarding incentives and bias in media is sorely needed, maybe even more than financial literacy training.

Hello
Guest
Hello

@VanRant

Are they actively trying something different?

nufio
Guest
nufio

there is a chrome plugin to bypass these JS paywalls btw.

Dave
Member

crabman, there is no media conspiracy to pump real estate prices. The same media is happy to pump stories about Vancouver being unaffordable.

The media is pretty much useless nowadays. I don’t think the media is very effective at collating information, interpreting it and explaining it to their viewers. The people who present our media and interpret it, are not the best and brightest we have in society. The media is simply a business and their main job today is ‘infotainment’. If they can paint a story as being controversial by leaving out some important facts, they’ll do that. They will play whatever side of a story that will drive interest. I think people are coming to this realization slowly and more and more people are tuning it out.

oneangryslav2
Guest
oneangryslav2

I agree with Dave. The bottom line is the bottom line; there is absolutely no incentive, independent of the profit-motive, for the for-profit media to inform. None. And if you were a shareholder, you’d take profits over information any time.

@#17
Guest
@#17

Hello Says: “Are they actively trying something different?”
If they succeed, China will sit on the world’s throne. Alas, corruption is so ingrained! The $4 trillion illicit outflow is gone. They probably can negotiate with France and Australia for the return of half of the sale proceeds of “Villa Fontaine Saint Georges” and “Craig-y-Mor”. Owner (Bo) of the Villa is jailed for life, and Owner of “Craig-y-Mor” (an Australian citizen according to Wikipedia) is under house arrest in China per Boxun.com.

Most of the missing money and the relatives of jailed culprits are out of international jurisdiction.

bullwhip29
Guest
bullwhip29

@ #19, 20
not a conspiracy or an attempt to be controversial or edgy, just business as usual. RE developers and the industry as a whole pay big % of the bills, so it is given that msm reciprocates by running bullish stories. ditto for the banks and other financial institutions. outfits like the vanc sun are basically multi-page advertisements disguised as newspapers.

crabman
Guest
crabman

The media in this town is absolutely pumping RE – every chance they get. I’ve lived in several different cities, and Vancouver is by far the worst. I can’t believe just how many bogus stories they’ve run in the past few years:

– Fake Chinese buyers in yellow helicopters.
– Condo lineups filled with non-buyers who answered ads on craigslist.
– MAC Marketing employees posing as daughters of rich Chinese buyers.

And now that there is some heat over foreign ownership, they’re telling us that it’s all locals in a buying frenzy. None of these stories were newsworthy and none of them were scrutinized.

I agree that their main motivation is advertising revenues. And in this town, a huge chunk of those revenues come from the RE industry. It’s not a “conspiracy” as much as it’s simply catering to the advertisers.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

>The media in this town is absolutely pumping RE – every chance they get.

you are misinterpreting “pumping” with reporting reality, which is an amazing run up in prices.

>I’ve lived in several different cities, and Vancouver is by far the worst.

we have the ‘worst’ reporting because we’ve had the most run up in prices from the several different cities you’ve lived in.

>And now that there is some heat over foreign ownership, they’re telling us that it’s all locals in a buying frenzy.

the media is afraid that we will regulate fake foreign buyers?

patriotz
Member

@24: “you are misinterpreting “pumping” with reporting reality, which is an amazing run up in prices.”

That’s like saying Don Cherry simply reports hockey scores.

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