A group of about 20 concerned west side residents have started posting a photo collection of vacant abandoned homes in Vancouver.
For some of these homes the term ‘beautiful’ is a bit of a stretch, but it’s interesting to see the growing resentment of abandoned and vacant properties in a town with high house prices.
There’s an article in the Province about that site as well:
The blog is “a documentation of what happens when Vancouver real estate enters the global real estate market,” but there may be factors other than absentee owners that contribute to the rubble-strewn yards and the decaying homes it showcases, Yan said.
As aging baby boomers begin downsizing to condos in other parts of the city “perhaps a good number” of their single-family homes are sitting empty between real estate deals, Yan said.
Still, this phenomenon could be the “edge of the new normal,” as Vancouver becomes a “resort city” where people from around the world invest their money in home ownership.
Regardless of why they are emptying, these neighbourhoods were centred around public schools and built for families, Yan said.
Read the full article here and visit the site here: Beautiful Empty Homes of Vancouver.
There are 3 sales day left in September 2012.
That’s 3 more chances to have a day when we see sales over 100.
Do you know how many days we’ve seen sales go over 100 so far this month?
There has only been one day this month where sales went over 100.
Here’s the last couple of Septembers for historical comparison:
2010: 11 days with triple digit sales
2011: 14 days with triple digit sales
2012: 1 day of triple digit sales (max possible 4)
Thanks to VHB for the stats and PaulB for the numbers.
Yesterday we heard from a Vancouver Realtor about why condos aren’t selling.
And now there’s this article in the Vancouver Sun Buyers on the Sidelines as Market Slows.
Its all about the market slowdown – we’re now seeing the lowest number of sales since 2000 in Vancouver.
Nice houses that are priced right are selling within days, some in bidding wars. But anything priced too high or considered undesirable is apt to sit idle in this market, which is, according to the Real Estate Board of Greater Vancouver, witnessing the lowest total sales for the region since July, 2000. The Board reported 2,098 property sales in July, a drop of 11.2 per cent compared to June. It’s a drop of 18.4 per cent compared to July, 2011.
There are many anecdotal stories around the Lower Mainland about houses that have sat on the market for months, priced too high for the more price-conscious market. A six-year-old West Vancouver home on a 21,000-square-foot lot overlooking Capilano Golf & Country Club was originally listed at $3.695-million three months ago. The owners have reduced the price by $400,000 and it still hasn’t sold.
“There is a lot of product but it’s not selling for the price that people expected or hoped for,” says real estate finance expert Tsur Somerville, who is director of the University of B.C.’s Centre for Urban Economics and Real Estate. “People aren’t buying at the prices that are being set.”
Well here’s a funny thing about ‘the right price’ in a correcting market: it keeps changing.
I live in a BC market that is several years into it’s correction and I can tell you that the places that are selling are moving only at prices that are lower than the ‘right price’ a year ago and far lower than the ‘right price’ several years ago.
It looks like the number of detached home sales in a number of lower mainland areas are coming in very low for June this year.
It’s useful to look at what sales looked like in June 2012 compared with the last many years.
Fortunately Inventory posted a bunch of month-end stats showing exactly that this weekend.
Here’s Richmond, which saw an all-time low number of sales of detached homes:
Continue reading Detached home sales collapse in June