Vancouver indvidual property sales details

[jesse1]

that's right. Now that assessments are up 25% that means 25% less negotiation room for buyers. Even in late 2008 early 2009 sellers were loathed to accept anything less than their BC Assessment for their home

richmond 6091 azure assessed 852. asking 928 oct 24, reduce 900 oct28. sold 750 jan.

exceptio probat regulam in casibus non exceptis. I loathe exceptions.

[thinktom]

"thirdlittlepig"

Even in late 2008 early 2009 sellers were loathed to accept anything less than their BC Assessment for their home

This is EXACTLY what I'm nervous about. Those damn assessments... or should I say... proof from our wonderful Provincial Gov't that... 'this number is the bare minimum of what my home is worth'.

[gse36]

"thirdlittlepig"

Even in late 2008 early 2009 sellers were loathed to accept anything less than their BC Assessment for their home

This is EXACTLY what I'm nervous about. Those damn assessments... or should I say... proof from our wonderful Provincial Gov't that... 'this number is the bare minimum of what my home is worth'.

This "bare minimum" provides protection against housing crashes. Remember in 2008 the Prov Gov't froze assessments to 2007 levels.

[thinktom]

This "bare minimum" provides protection against housing crashes. Remember in 2008 the Prov Gov't froze assessments to 2007 levels.

Yes. It's always interesting, though, how people perceive this figure. "Oh, my house is worth 15% on top of the assessment". "Oh, chinese people always offer 15% below assessed value". There are all kinds of ridiculous claims that homeowners and purchasers bring into the equation.

By the way, that Sophia property that sold for $82k over had 3 offers. East side opens have been VERY busy so far.

[gse36]

East van is definately a hot spot so far. Another listing sold Killarney 50k over ask (1.15M sold 1.2M). House didn't look that pretty either.

[jesse1]

Unsubstantiated uncorroborated rumour is that E Van doing well because people want to increase revenue and E Van build types enable this to be done relatively easily through minor renovations.

Take that, supply side. Stake the market then figure out how to pay for it later. Noting a little drywall in the door jamb can't solve.

[hazuchan]

Unsubstantiated uncorroborated rumour is that E Van doing well because people want to increase revenue and E Van build types enable this to be done relatively easily through minor renovations.

Take that, supply side. Stake the market then figure out how to pay for it later.

Recently helped family member sell their "investment" SFH van spec in a coveted E.Van area. Everyone who came in to make offers had someone in construction assess how to add more suites, how to convert the garage into extra bedrooms etc. As well, the house ended taking longer to sell than expected (4 months longer).

[jesse1]

It's funny the value of the property is how easy it is to "suite up". Separate entrances, where to put the hot plates and drain basins. Many houses are writeoffs to make this happen, others are just close enough to elicit interest but when they see how tough it is to actually convert to a suite they don't bother. Then sell it to the next person who says the same thing. I always scratched my head, finally figured it was a way of generating more income if TSHTF. Maybe more S is hitting Fs these days so people are being more creative with the structure's "suitability" as it were.

[eyesthebye]

mid century modern or Vancouver special?
Looks like mainland Chinese still buying in East Van

2850 48TH AVE E
MLS® V924028
44x144 lot
2211sqft home built 1964
Asking $1,150,000
SOLD for $1,200,000 on 10-Jan after 7 days on the market

Exceptionally well maintained home that has had the same owners for forty-five years. Large 41 X 141 (5811 square foot) fenced lot with mountain and park views. Features five bedrooms and two full baths, with easy suite potential. Hardwood under the main floor carpets. Updating includes a one-year-old torch-on roof with a ten-year transferable guarantee, new hot water tank, and recently painted exterior. The kitchen was updated and a new furnace installed in 2001. The main-floor windows are double glazed or have storm windows. The solid concrete-block two-car garage has a two-year-old roof and automatic garage door opener. An additional, fenced concrete slab beside the garage accommodates two more cars, an RV or a boat

[eyesthebye]

this one is a puzzler - I don't see bidder war written all over this one, yet...


5467 ARGYLE ST
MLS® V923585
33x122 lot
981sqft bugalow old timer
Asking $788,000
SOLD for $851,000 on 5-Jan after 1 day on the market!

Most desirable Victoria & 41st Ave neighborhood. Very convenient and central location. Close to schools, shopping, transit and park. It is a lot value only. Rented for $1200/month + utilities to a couple. They are much more then the best tenant. They have stayed there for 17 years and would like to stay longer. Please bring your best offer. Looking for quick completion. All measurements are approximate, buyer to verify if important. Please DO NOT disturb tenant.

[thinktom]

East Van is less risk to renovate and flip (relatively speaking of course). $800k-ish house plus renos .

I know a contractor currently putting $800k into a house near UBC that will be listed in the spring. Sale price should be over $4 million. Big chunk o' change.

[vanpro]

mid century modern or Vancouver special?
Looks like mainland Chinese still buying in East Van

2850 48TH AVE E
MLS® V924028
44x144 lot
2211sqft home built 1964
Asking $1,150,000
SOLD for $1,200,000 on 10-Jan after 7 days on the market

Exceptionally well maintained home that has had the same owners for forty-five years. Large 41 X 141 (5811 square foot) fenced lot with mountain and park views. Features five bedrooms and two full baths, with easy suite potential. Hardwood under the main floor carpets. Updating includes a one-year-old torch-on roof with a ten-year transferable guarantee, new hot water tank, and recently painted exterior. The kitchen was updated and a new furnace installed in 2001. The main-floor windows are double glazed or have storm windows. The solid concrete-block two-car garage has a two-year-old roof and automatic garage door opener. An additional, fenced concrete slab beside the garage accommodates two more cars, an RV or a boat

This is one of a only a dozen or so sales of ALL types of homes (condo, SFH, townhouse) in ALL of Van East and Van West in a day - sales of SFH have plummeted to a trickle and listings of SFH in Van West and East and rest of Van are surging. Unsold inventory is climbing by 250 -300 per day for all of REBGV areas:

Vancouver East & West*
New Listings - 92
Back On Market Listings -1
Price Changes - 9
Sold Listings - 13

Vancouver All Areas*
New Listings - 258
Back On Market Listings - 9
Price Changes - 47
Sold Listings - 59

*Attached & Detached - Date: 01/11/2012 Time: 21:31 Pacific YatterMatters.com: Courtesy REBGV.

[jesse1]

vanpro, sales are likely to increase in the second half of January. While sales are weak I'm not sure it means much. When we get to April and sales are underperforming I think 2012 is going to be a down year for prices. Really we're watching molasses when it comes to market conditions, at least in terms of what I'm looking at.

[vanpro]

vanpro, sales are likely to increase in the second half of January. While sales are weak I'm not sure it means much. When we get to April and sales are underperforming I think 2012 is going to be a down year for prices. Really we're watching molasses when it comes to market conditions, at least in terms of what I'm looking at.

Compare same period to same period in prior years for last 10 years and then let me know what you think....

[jesse1]

I'm not disagreeing with you vanpro -- I think the listings growth and lower sales volumes are showing an increased chance of weakness going into the spring -- but this market has surprised to the upside before. None of the recent macro activity surprises me, it seems in-line with what one would expect in a low-inflation environment with slowing population growth and high prices!