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Geyser
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Re: Is it me or is the Westside getting creamed?

Thu Aug 25, 2016 2:33 pm

That's because the realtors were too busy trying to find sellers. Now they're to busy trying to find buyers. :lol:
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
reallyreal2
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Re: Is it me or is the Westside getting creamed?

Fri Sep 02, 2016 7:00 pm

I have already noticed some sales that were way off of asking prices.

Nothing to see here.
 
reallyreal2
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Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 11:38 am

Annnnnnnnnnnnnnd it begins....

4137 W 13th Avenue - 33x122 sold for $2.9M ... purchased in March 2016 for $3.218M.  That's a loss of 318K in 6 short months for those of you scoring at home.  Nevermind the PPT of $60K on purchase and $77K on sale.  

As usual - the realtor always wins.
 
Geyser
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Joined: Tue Jun 05, 2012 5:26 pm
Location: In a van down by the river

Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 1:07 pm

reallyreal2 wrote:
Annnnnnnnnnnnnnd it begins....

4137 W 13th Avenue - 33x122 sold for $2.9M ... purchased in March 2016 for $3.218M.  That's a loss of 318K in 6 short months for those of you scoring at home.  Nevermind the PPT of $60K on purchase and $77K on sale.  

As usual - the realtor always wins.

Ouch!  :shock:
The truth is that the selling prices started falling in February, the slide is just getting much faster now as the crowd wakes up to what's happening.
 
yzfr1
Real Estate Talker
Posts: 274
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Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 1:40 pm

The fact that it was able to be sold for 2.9 million says allot... with all of the screwes being tightened with foreign buyers tax / empty home tax ect.. ect.

There are still people willing to pay. One mans loss is another mans oppertunity. The more people dramatize the impending crash, the more the word gets out and the more the gouverment reins in. It only solidifies the housing market... those who can remain belong and can afford to be here while removing the over leveraged buyers.

Will see what happens in 6 months to a year. The bears are celebrating prematurely.
 
reallyreal2
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Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 2:01 pm

yzfr1 wrote:
The fact that it was able to be sold for 2.9 million says allot... with all of the screwes being tightened with foreign buyers tax / empty home tax ect.. ect.

There are still people willing to pay. One mans loss is another mans oppertunity. The more people dramatize the impending crash, the more the word gets out and the more the gouverment reins in. It only solidifies the housing market... those who can remain belong and can afford to be here while removing the over leveraged buyers.

Will see what happens in 6 months to a year. The bears are celebrating prematurely.

I'm not a bear.  But seriously... people classified as bears are told they are wrong for years on end every day.  If anybody can celebrate when some dummy loses money speculating on real estate - I think the bears can enjoy.
Wherever they are.
 
tiga
Real Estate Talker
Posts: 53
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Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 2:10 pm

yzfr1 wrote:
The fact that it was able to be sold for 2.9 million says allot... with all of the screwes being tightened with foreign buyers tax / empty home tax ect.. ect.

There are still people willing to pay. One mans loss is another mans oppertunity. The more people dramatize the impending crash, the more the word gets out and the more the gouverment reins in. It only solidifies the housing market... those who can remain belong and can afford to be here while removing the over leveraged buyers.

Will see what happens in 6 months to a year. The bears are celebrating prematurely.

That house was pretty much land value. had a limited view. 4000sq lot. for $3M. surprised it even went to 3.2M.  . the ones wiht nicer view were going 3.6-3.7 earlier in 2016. land value.

I think the true test will be in the spring (i.e. comparing same market cycle). Spring is typically a normal market cycle. Fall/winter usually slower and usually some properties sell for less (except last fall/winter where sales still continued to be strong).
 
reallyreal2
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Posts: 687
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Re: Is it me or is the Westside getting creamed?

Fri Oct 21, 2016 2:23 pm

tiga wrote:
yzfr1 wrote:
The fact that it was able to be sold for 2.9 million says allot... with all of the screwes being tightened with foreign buyers tax / empty home tax ect.. ect.

There are still people willing to pay. One mans loss is another mans oppertunity. The more people dramatize the impending crash, the more the word gets out and the more the gouverment reins in. It only solidifies the housing market... those who can remain belong and can afford to be here while removing the over leveraged buyers.

Will see what happens in 6 months to a year. The bears are celebrating prematurely.

That house was pretty much land value. had a limited view. 4000sq lot. for $3M. surprised it even went to 3.2M.  . the ones wiht nicer view were going 3.6-3.7 earlier in 2016. land value.

I think the true test will be in the spring (i.e. comparing same market cycle). Spring is typically a normal market cycle. Fall/winter usually slower and usually some properties sell for less (except last fall/winter where sales still continued to be strong).

Comparing Oct/15 to Oct/16, REBGV is on pace to have 56% of the sales that occurred in the same month last year.  OUCHHH!!!!
would hate to be a realtor.

I count about 450 sales to date in October.  That gets us to 675 assuming not much changes.

October 2013 sales in REBGV - 1,067 (37% decrease)
October 2014 sales in REBGV - 1,271 (47% decrease)
October 2015 sales in REBGV - 1,549 (56% decrease)

Let me say this again - I'd hate to be a realtor. LOL
 
yzfr1
Real Estate Talker
Posts: 274
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Re: Is it me or is the Westside getting creamed?

Sat Oct 22, 2016 9:58 pm

Are you joking? realtors in Vancouver have been feasting on the biggest and longest buffet in human history. Average commission rate of $16,000 per house of 1 mil with little to no staging or marketing or real work. Houses flying off the shelves...

who knows how many hundreds of thousands these guys have made. Some of them have earned enough to work at McDonalds for the rest of their life and still be set. Pending they dint develop a cocaine habit and high class prostitutes. The smarts ones made their money and can handle the slow down... its the small time hot shots that earned a few sales and upgrade their life style to Hampton's that are screwed.

Doesn't take long to get a realtors license... you don't have much invested. Not like getting a degree in engineering and then no jobs. its basically a license like crossfit trainer or something you can get in a cereal box. Then can do something tomorrow unrelated
 
tdma800
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Joined: Wed Jan 23, 2008 9:12 am

Re: Is it me or is the Westside getting creamed?

Mon Oct 24, 2016 9:39 am

Realestate commissions in Vancouver are half of those in most of the US and it takes quite a bit of time to get, and you are required to be of good reputation.
 
reallyreal2
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Joined: Fri Jun 03, 2016 11:30 am

Re: Is it me or is the Westside getting creamed?

Fri Oct 28, 2016 10:39 am

Land value is an excellent comparison between properties.  Today we had an example of falling off a cliff:

4383 W 15th.  Asking $2.998M most recently.  Sold for $2.5M.  33x122 land value sale.   :shock:

Just as recently has June 2016, they were asking $3.25M.

I could show a bunch of comparibles in the area... actually, let's do that:

4108 W12 sold for $3.03M in June/16
3755 W13 sold for $3M in Jan/16
4213 W14 sold for $2.88M in Feb/16
4328 W15 sold for $3.1M in Apr/16
3843 W15 sold for $3.2M in Jan/16

if you ask a realtor ... they would tell  you that the market has never been stronger...LOL

what happened to "to the moon!"????  hahahahaha
 
VanBullBear
Real Estate Talker
Posts: 70
Joined: Tue Dec 22, 2015 2:21 pm

Re: Is it me or is the Westside getting creamed?

Fri Oct 28, 2016 5:25 pm

reallyreal2 wrote:
Land value is an excellent comparison between properties.  Today we had an example of falling off a cliff:

4383 W 15th.  Asking $2.998M most recently.  Sold for $2.5M.  33x122 land value sale.   :shock:

Just as recently has June 2016, they were asking $3.25M.

I could show a bunch of comparibles in the area... actually, let's do that:

4108 W12 sold for $3.03M in June/16
3755 W13 sold for $3M in Jan/16
4213 W14 sold for $2.88M in Feb/16
4328 W15 sold for $3.1M in Apr/16
3843 W15 sold for $3.2M in Jan/16

if you ask a realtor ... they would tell  you that the market has never been stronger...LOL

what happened to "to the moon!"????  hahahahaha

Some uneducated people think that things are different here and that prices go up forever. Also some people who think they are on the know are dripping with stupidity.  :lol: :lol: :lol:
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am

Re: Is it me or is the Westside getting creamed?

Fri Oct 28, 2016 10:08 pm

yzfr1 wrote:
The fact that it was able to be sold for 2.9 million says allot... with all of the screwes being tightened with foreign buyers tax / empty home tax ect.. ect.

There are still people willing to pay. One mans loss is another mans oppertunity. The more people dramatize the impending crash, the more the word gets out and the more the gouverment reins in. It only solidifies the housing market... those who can remain belong and can afford to be here while removing the over leveraged buyers.

Will see what happens in 6 months to a year. The bears are celebrating prematurely.

people in the know realize that things do increase for all time and its a new normal. things are different.
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Is it me or is the Westside getting creamed?

Tue Nov 01, 2016 1:16 pm

VanBullBear wrote:
reallyreal2 wrote:
Land value is an excellent comparison between properties.  Today we had an example of falling off a cliff:

4383 W 15th.  Asking $2.998M most recently.  Sold for $2.5M.  33x122 land value sale.   :shock:

Just as recently has June 2016, they were asking $3.25M.

I could show a bunch of comparibles in the area... actually, let's do that:

4108 W12 sold for $3.03M in June/16
3755 W13 sold for $3M in Jan/16
4213 W14 sold for $2.88M in Feb/16
4328 W15 sold for $3.1M in Apr/16
3843 W15 sold for $3.2M in Jan/16

if you ask a realtor ... they would tell  you that the market has never been stronger...LOL

what happened to "to the moon!"????  hahahahaha

Some uneducated people think that things are different here and that prices go up forever. Also some people who think they are on the know are dripping with stupidity.  :lol: :lol: :lol:

I'd hate to be one of those smart "developers" that bought for $600K more than the next guy.  Oh well - not my problem unless the government decides to bail them out.
 
reallyreal2
Real Estate Talker
Posts: 687
Joined: Fri Jun 03, 2016 11:30 am

Re: Is it me or is the Westside getting creamed?

Tue Nov 22, 2016 1:22 pm

2862 W22nd.  Very nice home on a 39x122 lot.  Asking $2.875m and sold for $2.838m.

Best comparables:

2871 W20th.  Lot.  41x122.  Asking $2.688m and sold for $2.9m.  July 20, 2016
2845 W23rd. Lot 39x122.  Asking $2.899m and sold for $3.188m.  May 9, 2016

I'd hate to be those people that bought land only and  this guy paid less and got quite a nice house on top of the land.  

And some people continue to think it's all roses out there.

LOL

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