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thinktom
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Kits Home Sells For Epic Dollars.

Wed Feb 24, 2016 4:21 pm

Greetings from South Korea.

This house in Kits went for a pretty massive price. Really? $4M now for a reno'd 33??

" Kitsilano real estate records were broken on Tuesday after a home sold for $735,000 over the asking price of $3.5 million.

The house at 3555 West 1st Avenue was built in 1912, is 3,400 square feet and sits on a standard 33 x 120 foot lot without a view. The selling price of $4.23 million is about $1.6 million above the lot’s assessed property value.

Vancouver house / Shutterstock
SEE ALSO: Opinion: Changes in B.C.'s Property Transfer Tax a tax relief for some, but not all
A standard lot selling that far over its asking price is a new record for the area, according to Brandan Price, the real estate agent who sold the house.


“For it to go over $4 million is remarkable. I had five offers,” Price tells Vancity Buzz. “These were local buyers just looking to make a shift who wanted to move into this area.”

“They were willing to sacrifice lot size to move into this area.”

The home had been renovated back in 2010, “down to the studs,” says Price, which is unusual for houses in the area."
 
jimtan
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Re: Kits Home Sells For Epic Dollars.

Wed Feb 24, 2016 9:25 pm

Can it go up indefinitely?

"Hong Kong Mansion Sells for $107 Million, Less Than Expected"

http://www.bloomberg.com/news/articles/ ... n-the-peak

"Hong Kong Developers Under Pressure to Cut Prices Amid Slowdown"

http://www.bloomberg.com/news/articles/ ... d-slowdown

Can Vancouver maintain momentum when HK RE is 30% cheaper?
 
Demonizer
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Re: Kits Home Sells For Epic Dollars.

Thu Feb 25, 2016 8:40 am

where did they get the money from? everyone loves to ask this question
 
reallyreal
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Re: Kits Home Sells For Epic Dollars.

Fri Feb 26, 2016 9:50 am

Take a wild guess
 
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jesse1
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Re: Kits Home Sells For Epic Dollars.

Sat Feb 27, 2016 1:36 am

Let me guess: rich foreigner? Who else could it possibly be?
There is no shame in overpaying
 
Austin
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Re: Kits Home Sells For Epic Dollars.

Sat Feb 27, 2016 10:42 pm

The home had been renovated back in 2010, “down to the studs,” says Price, which is unusual for houses in the area."

Uhm, ok. Do we care? That house is 95% land value.
Redistribute consumption, not income.
 
Austin
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Re: Kits Home Sells For Epic Dollars.

Sat Feb 27, 2016 10:44 pm

3555 West 1st
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Redistribute consumption, not income.
 
tdma800
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Re: Kits Home Sells For Epic Dollars.

Mon Feb 29, 2016 6:42 pm

HK isnt cheaper
 
Fabien
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Re: Kits Home Sells For Epic Dollars.

Tue Mar 01, 2016 6:56 am

Let me guess: rich foreigner? Who else could it possibly be?
And there you have it, seven years on Jesse is still (in code of course) trying to pin the blame on us, the middle class, gorging on cheap credit.

Yes folks it's primarily us, strolling out to the banks and walking out with loans of 1-4$million. That easy.

Jesse yes, we do buy stuff, but it aint one or the other, black and white. Hint: It's a bit more complicated than that..
 
eyesthebye2
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Re: Kits Home Sells For Epic Dollars.

Tue Mar 01, 2016 12:36 pm

The "cheap credit" rationalization is a myth. Control for variables...credit is just as cheap in Alberta Sask Que Man and the Maritimes. So why are prices only skyrocketing in Vancouver and Toronto?
Use that piece of meat between your ears if you believe it's cheap credit.

Let me guess: rich foreigner? Who else could it possibly be?
And there you have it, seven years on Jesse is still (in code of course) trying to pin the blame on us, the middle class, gorging on cheap credit.

Yes folks it's primarily us, strolling out to the banks and walking out with loans of 1-4$million. That easy.

Jesse yes, we do buy stuff, but it aint one or the other, black and white. Hint: It's a bit more complicated than that..
 
tdma800
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Re: Kits Home Sells For Epic Dollars.

Wed Mar 02, 2016 4:03 pm

demand and supply!
 
tdma800
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Re: Kits Home Sells For Epic Dollars.

Wed Mar 02, 2016 4:03 pm

demand and supply!
 
JasonBugra
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Re: Kits Home Sells For Epic Dollars.

Wed Mar 02, 2016 8:09 pm

Do consider the fact that people do not essentially pay $4,000,000 out of their pocket. Lot of these buyers sell their old homes, for say 2-3 million, and the rest of the balance they take out a mortgage. Potentially a lot of this type of cash flow is acquired from generations of handed down wealth. I wonder the same how people afford so much, but lots of them are just taking out small % of mortgage of the actual cost.
 
Austin
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Re: Kits Home Sells For Epic Dollars.

Thu Mar 03, 2016 6:45 am

I'd say there is a 70% chance it's someone from Mainland china.
Redistribute consumption, not income.
 
rofina
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Re: Kits Home Sells For Epic Dollars.

Thu Mar 03, 2016 8:16 am

Let me guess: rich foreigner? Who else could it possibly be?

Jesse,

Our household income over the last two years is in the $100,000 - $150,000 range. If you think that its still local buyers and credit conditions leading to this, point me to an institution, lender, anyone, that will entertain lending me over $800,000.

We have no debt; no car payments, no credit cards, no loans, nothing.
Investment portfolio, cash in bank, TFSA, and RRSP's.

I will sell all that, and document this on the local blogs, if you point me in a direction where I can secure the type of money to play around in the local SFH market.

EDIT: Thats embarrassing; we do have $190,000 of debt in the form of a mortgage - all this mortgages are not debt talk must have gotten to me.

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