BC, economy, supply

The $6 Million tear-down

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68 Comments

What would you call a 20 year old 7300 Sq foot house with brand new hardwood floors and an indoor pool?

In Vancouver we call that a tear down.

Property records show that the 7,300-square-foot house was last sold in 2013 for just over $6 million — the assessment today is $7.44 million. According to the 2013 listing for the property, it boasted $350,000 in recent renovations including new hardwood floors, a water purification system and windows. The listing sheet shows the two-storey house on a corner lot has 19 rooms including seven bedrooms, a media room, office and 12-foot by Seven-foot walk-in closet off the master suite.

…Well, we certainly know how to keep bulldozer operators and city dump workers employed!

Read the full article here.

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[…] –Economic ghost town –Last chance to buy –First chance to Rolex –The inevitable drop? –The infinite job machine – […]

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trackback

[…] Whistler or bust? posted this list of reasons they think the top is in for the Vancouver real estate market. What do you think?  […]

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squeak

““Whispers of racism should never be used to silence a desperately needed dialogue on the necessary actions to create a sustainable, livable, and just city”, he (Andy Yan) says.” Sorry, Vancouver is NOT a livable and just city anymore, and has not been that for a good 10 years, at least. Any young person with a 1/2 of a brain would see there is nothing for them here if they want a somewhat decent life. Vancouver is not for working Canadians anymore, that train left a long time ago. Vancouver has been CREATED a unsustainable, unlivable and unjust city. And once that was accomplished, it will be almost impossible to turn that around. Livability will not happen within a todays young person’s most productive years, they will only waste their best years if they decide to “wait” for Vancouver to… Read more »

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gordholio

Whistler or bust: Great all-encompassing post. I’ll add one more reason: Sam Cooper at The Province. That guy is digging hard and has perhaps put his own well-being in danger to unearth the dirty/criminal stuff he’s been consistently putting out there for the past few months.

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wwww

How Chinese Used Insurance to Dodge Currency Controls

http://www.bloomberg.com/news/articles/2016-02-03/card-swiping-currency-dodgers-cut-off-by-china-s-insurance-curbs

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southseacompany

“History shows that home prices will eventually fall”, Vancouver Courier

http://www.vancourier.com/opinion/history-shows-that-home-prices-will-eventually-fall-1.2164945

“Consider that a professional making $400,000 a year could not possibly make mortgage payments on a typical $4 million west side home with his or her after-tax income. You know it is tough when the “one per cent” can no longer afford Vancouver home prices”

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southseacompany

“Without affordable housing, Vancouver risks becoming an economic ghost town”, Financial Post

http://business.financialpost.com/executive/careers/without-affordable-housing-vancouver-risks-becoming-an-economic-ghost-town?__lsa=467d-be4f

“The B.C. government recently announced the launch of a $100-million venture capital fund to accelerate local startups, and schools province-wide are introducing computer coding into the curriculum. Federally, technology and innovation are finally being embraced as economic drivers, as oil and resources lose their lustre. To wit, the total value of tech and innovation companies listed on the Toronto Stock Exchange is now greater than the aggregate value of the mining sector.”

“But there’s one enormous cloud looming on the horizon — housing affordability. It’s no secret that Vancouver housing is increasingly unaffordable. “

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southseacompany

“Traders see warning signs in the US bond market”, CNBC with video

http://www.cnbc.com/2016/02/02/traders-see-warning-signs-in-the-us-bond-market.html

“As bond yields tumble, some traders say that the flight to safety may be sending a rather ominous signal for the global economy.”

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southseacompany

“US interest rates collapse”, CNBC

http://www.cnbc.com/2016/02/03/the-trade-us-interest-rates-collapse.html

“Yields on the U.S. 10-year Treasury note declined sharply Wednesday after ISM service data showed signs of a weakening economy.”

“On the back of the disappointing data, the 10-year yield fell to a one-year low of 1.79 percent, causing the dollar to take a hit as well.”

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Yunak

What’s the problem here? There must be a lots of capable, creative and smart talent at the Richmond swimming pool, UBC, and Burnaby Crystal mall that can keep local economy running and tech sector blossoming. I bet most of them have housing problem solved so they just need to be given incentives and Silicon Vally salaries to show up at work…

http://www.theprovince.com/business/ryan+holmes+without+affordable+housing+vancouver+risks+becoming+economic+ghost+town/11696052/story.html

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Whistler or bust?

10 Reasons why am I calling a top now 1. Vancouver Real Estate has finally gone parabolic. It has gone from years of above average price increase to massive never before appreciation. No asset class that I am aware of has ever gone parabolic or hockey stick on a chart and not had a major crash. Not tulips, oil or tech stocks. This is textbook classic top – Greed has replaced Fear and it’s different this time for ______ and _______ has replaced rational thinking. 2. Panic buying and large price increase have spread to the distant suburbs such as Maple Ridge, Places where there is plenty of buildable land and lots of new inventory. Places are going multiple bids in average neighborhoods. People genuinely think if they do not buy now they will be priced out forever. 3. Real… Read more »

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a-non-mouse

2nd Bonus Reason: A few bears I know have finally capitulated and bought or are looking to buy.

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tedeastside

today in SoCal…
http://images.oyster.com/photos/santa-monica-and-the-beaches-venice-beach-skate-park-v38313-720.jpg

hows that vancouver bpoe weather lately

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YLTNboomerang

Whenever I read these linked articles I read the comments and my observation is that there is a lot of resentment growing against foreign investment in particular Chinese. I think it is now inevitable the Krusty has to react otherwise this could impact re-election. I know that anyone who says they are going to target and tax foreign owners gets my vote and I don’t know how this could be a bad policy stance as…foreign owners can’t vote.

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bestplaceonearth

miserable bears, this is your last chance to buy a town house or condo. you already missed the run up in SFH, don’t miss this chance to provide secured shelter to your wife and children. you have been warned.

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GreenSalad

BPoE would you run out and buy now? Be honest now……

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Yunak

Nothing to worry about shelters. Soon will be plenty of them around available to shelter wife and children for free. You better start to behave…

http://www.theprovince.com/news/abandoned+point+grey+homes+worth+combined+million+share+same+owner/11695936/story.html

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paulb

New
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Sold
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TI:7654

http://www.paulboenisch.com

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Manson

Is this idiotic site for losers still going!!??

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Chabar

Your mother ask me the same thing last night when I came over.

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space889

Is the owner even Chinese? How do we it’s not another Chip Wilson wannabe? And didn’t Chip Wilson combine 2 lots, torn down a house to build his 40K sq ft mansion? And then he bought a 3rd lot to ensure he will always get his view, and built a guest house on it? Where is the outrage over that? I mean a billionaire hogging 3 prime large lots in the city for personal use, and not a peep about it on this forum. But a likely case of foreigner buying a house, and tearing it down for a bigger one, suddenly it is all outrage? Geez…. You know what you people sound like? Those ahole little dictator strata council you people always complain about. Either you believe in personal freedom & property rights or you don’t. Local or foreign,… Read more »

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patriotz

“Either you believe in personal freedom & property rights or you don’t”

Sounds like something Ted Cruz would say. Well these things don’t mean the same to Ted Cruz and I, and it looks like they don’t mean the same to you and I.

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Shut It Down Already

Patriotz, you’re nitpicking again aren’t you? You know exactly what he means. There seems to be a pass granted to some people to do what they like with the land they own, others not so much.

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Bull! Bull! Bull!

Building harmony amidst racial discord in Richmond

http://www.richmond-news.com/news/building-harmony-amidst-racial-discord-in-richmond-1.2164114

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Chabar

They were people building harmony in Balkans in 90s and it didn’t end up well. It is hard to make a pie out of shit.

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Bull! Bull! Bull!

Rolex the latest luxury brand to set up shop in Vancouver

The store will take over the current location of the Shangri-La Hotel’s Xi Shi Lounge facing Alberni Street

http://www.vancouversun.com/Rolex+latest+luxury+brand+shop+Vancouver/11690484/story.html?__lsa=dcef-5758

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FEDup

That lounge is always empty so makes sense the hotel would lease that out.

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Bull! Bull! Bull!

130 years in the making: A brief history of Vancouver’s Chinatown

http://www.vancitybuzz.com/2016/02/vancouver-chinatown-history/

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Oracle

@shut it down:

Be careful, your people may one day be driven out of this country one day. It can happen.

Look whats happening to the migrants in Europe. They are being kicked out. Word of advice: Don’t make the indigenous population angry.

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wwwww

Or look at Singapore. It’s probably closer to Australia than China. The worlds first Chinese Satellite city.

http://www.operationworld.org/files/ow/maps/lginset/sing-LMAP-md.png

Once the Chinese took over the instituted a immigration policy to ensure that 70% or so citizens are Chinese, and a housing policy to ensure that all neighborhoods are majority Chinese. They say that they want all the neighborhoods to reflect the makeup of the state for racial harmony. It also has the benefit of ensuring they dominate every part of the city culturally and in elections.

In the end, Canadians will get the future they deserve. For better or worse.

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patriotz

“Once the Chinese took over ”

Singapore has been majority Chinese for its entire history as an independent country, for its entire history as a state of Malaysia before that (less than a decade), and for almost its entire history as a British colony. It was the British who made it majority Chinese. Descendants of Malay migrants greatly outnumber descendants of indigenous Malays for that matter.

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wwww

And who took over after the British left?

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Oracle

GT confusing his followers even more. Doesn’t even acknowledge that illegal Chinese money is causing record prices in Vancouver. Its the international students parents who are causing this.

After houses go up another million, then they will study that as there is ‘no data’. Fucking incredible. World is run by liars. Cheat to get ahead.

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Shut It Down Already

Garth actively disputes that foreign money is the cause for higher prices. And he’s correct. Nothing more complicated than the stupidity and greed of the locals needs to be invoked to explain the current situation.

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I\'m With Stupid V

I am a bear, but really what does this have to do with anything? People can do whatever they want with their property.

This sounds like a whole lot of NIMBYSM to me.

This quote killed me
“She said the home’s demolition and the presumably even-more-luxurious replacement “runs contrary to every single goal the city stands for,”

LOL this city stands exactly for this, always has been, it’s called capitalism.

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emmi

When their shenanigans take down your banking system, I think it crosses the line from personal business to larger societal problem. It’s not just money laundering. It’s subsidized money laundering.

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aggregator

Canada's new electronic travel authorization program

"As of March 15, 2016, certain foreign nationals travelling to Canada will require a new electronic travel authorization prior to boarding flights to Canada.  The new entry requirement may also affect foreign nationals that are already in Canada on work or study permits issued before August 1, 2015."

No more safe haven status for Vancouver as Canada tags HAM like cattle while the State Council cracks down on capital outflows.

In other news..

Hong Kong property sales plummet to lowest in 25 years and the worst is on the way

"Sales of homes fell to 2,025, down 50 per cent month-on-month and 68 per cent year-on-year, according to Land Registry."

Guess what? It's not different in Hong Kong.

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wwwww

The Fed Wants to Test How Banks Would Handle Negative Rates

http://www.bloomberg.com/news/articles/2016-02-02/rates-less-than-zero-is-bank-stress-fed-wants-to-test-in-2016

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