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reallyreal2
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 11:03 am

2161 E20th.

Interesting sale.  42x122 lot.  64 year old house.  RS-1 lot.

Asking $1.688M.  Sold for $1.490M after 14 days.

Not sure why they sold so quickly after only 14 days on the market and for so much below asking.  

Thoughts?
 
eyesthebye2
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 11:21 am

1.5M is a good sellers price on that one.
It's a teardown...so land value only
See pic
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yzfr1
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 11:31 am

Yup, about $10,000 of peak to similar tear downs sold in 2016
 
reallyreal2
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 11:54 am

Were there many 42' teardowns to compare to?
 
tdma800
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 11:57 am

1.5M is a good sellers price on that one.
It's a teardown...so land value only
See pic
anyone knows there are so many like that
 
Jere
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 4:22 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
 
eyesthebye2
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 8:52 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
A median property in Vancouver is a condo. Why should you try to fit median income into upper tier property? Square peg...round hole
 
VanBullBear
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 8:59 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
Euphoria is one of the main ingredients of parabolic market movements and market tops. You seen it right here.
 
yzfr1
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 9:16 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
That's because you try to rationalize the market as A + B = C. Mathematically impossible. Your equation is:
60,000 annual income / 1,000,000 mortgage = not possible.
However your logic has a fallacy, there is a X  which are unknown tangibles. Wealth transfers from the most prosperous generation in history of time the baby boomers. All of the fiat money, quantitative easing, deficit spending has benefited to baby boomers directly. All borrowing money and creating a deficit dose is borrow the wealth from future generations. To make a long story short, baby boomers accumulated (the smart ones) crap loads of money, property ect ect ect. When they pass all of this wealth onto their kids that's the X factor.
Now unfortunately Hairy, Dick and Tom who did not have such fortunate parents. Real estate is expensive because of many factors, massive devaluation of money is a big factor. The way the stock market is propped up, how much money is being injected into the system is insane.
A renter 20 years ago, who made $10/hour can maybe put away few hundred a month if lucky. Few thousand a year x 20 years doesn't amount to much. A guy making $10 a hour 20 years ago who bought property and just scraped by. He can transfer real wealth to his kids. A property will in the long run be the best bet against inflation, you need to have the balls to ride out the cycles and also buy what you can afford. If the market turns you need to understand its better long run.

BACK ON POINT, people buying now have the X factor, inheritance money! Especially with so many Asians around, its a fact.

Like ETB stated. Who the heck says average Joe should be able to afford a Vancouver detached house. People who can afford these are the ones who have multi generational investments. The rich will stay rich, and poor will stay poor. The days of level playing field are over.
Stop thinking short term. Buy a apartment now, leave it for your kids. Maybe your kids or grand kids can get into a detached house someday through the accumulation of wealth.
It's sad how people are so short sighted.
 
eyesthebye2
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 10:10 pm

Its wealth that buys a detached property, not income. The further along the property ladder you are, the less relevant income to property price becomes. Thus, I would expect an income to price calculation to make the most sense for a first time buyer.
 
VanBullBear
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 10:44 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
That's because you try to rationalize the market as A + B = C. Mathematically impossible. Your equation is:
60,000 annual income / 1,000,000 mortgage = not possible.
However your logic has a fallacy, there is a X  which are unknown tangibles. Wealth transfers from the most prosperous generation in history of time the baby boomers. All of the fiat money, quantitative easing, deficit spending has benefited to baby boomers directly. All borrowing money and creating a deficit dose is borrow the wealth from future generations. To make a long story short, baby boomers accumulated (the smart ones) crap loads of money, property ect ect ect. When they pass all of this wealth onto their kids that's the X factor.
Now unfortunately Hairy, Dick and Tom who did not have such fortunate parents. Real estate is expensive because of many factors, massive devaluation of money is a big factor. The way the stock market is propped up, how much money is being injected into the system is insane.
A renter 20 years ago, who made $10/hour can maybe put away few hundred a month if lucky. Few thousand a year x 20 years doesn't amount to much. A guy making $10 a hour 20 years ago who bought property and just scraped by. He can transfer real wealth to his kids. A property will in the long run be the best bet against inflation, you need to have the balls to ride out the cycles and also buy what you can afford. If the market turns you need to understand its better long run.

BACK ON POINT, people buying now have the X factor, inheritance money! Especially with so many Asians around, its a fact.

Like ETB stated. Who the heck says average Joe should be able to afford a Vancouver detached house. People who can afford these are the ones who have multi generational investments. The rich will stay rich, and poor will stay poor. The days of level playing field are over.
Stop thinking short term. Buy a apartment now, leave it for your kids. Maybe your kids or grand kids can get into a detached house someday through the accumulation of wealth.
It's sad how people are so short sighted.
Isn't that an awesome way to mathematically prove the market
A + B + Xfactor = Any Price
Where Xfactor can be any number due to the reasons above. Such irresponsible advice.
 
yzfr1
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Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 10:55 pm

There is intrinsic value, and then there is market value.

The price is not set nor is it governed by standard metrics. If that was the case every invested would be a billion air. People would look at PE ratios and balance sheets and stock prices would have a magic formula.

That same fallacy is directly applied into Vancouver RE. The notion that prices are "over priced" based on the fact that the average income can't come in and buy a detached house.

The price of the market is set by where ever support is found. As we can see realestate is trading at the multi million dollar range. Its a fact, people don't like the idea but that's the market.

People are trying to rationalize a market without a compete picture. The inheritance of wealth, foreign money.

My advice is buy something you can afford, not leverage a multi million dollar Vancouver detached. I find my advice sound and reasonable in today's landscape. Long term rental is not a wise choice for most.
 
VanLord
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Re: Vancouver indvidual property sales details

Fri Feb 24, 2017 7:48 am

My advice is buy something you can afford, not leverage a multi million dollar Vancouver detached. I find my advice sound and reasonable in today's landscape. Long term rental is not a wise choice for most.
Indeed you guys are right, I think eyes hit the nail on the head, wealth not income buys detached property.
The comment about Long term rental is true.  I have a couple, in their 50's, who have rented from me for almost 10 years now, both make decent money, likely close to 200k between the two of them, if they had bought 20-30 years ago they would be upper middle class with a nice net worth, but instead they are renters, I'm sure they put some amount of money away, and I think they both have some pension money, but in many ways they live paycheque to paycheque.  Likely the biggest mistake of their lives, and yes its a lot more expensive now, but as a young person there are still entry points into the market that can work, without mommy and daddy.
 
tdma800
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Re: Vancouver indvidual property sales details

Fri Feb 24, 2017 8:09 am

The proper way would be to buy the largest Vancouver house with suites or a Burnaby condo that has a suite(only Burnaby has those). It is normal and proper.   People depending on pensions are funny because that money is taxable.  Canadian tax laws allow one to rent out part of his or her own primary residence and still sell most of it tax free in the future.

Renting is tossing money away, and anyone who has actually handled rental property would know there is no real rent control in Vancouver. Rent can easily be increased by 30% if it is below the market rate, WITHOUT cycling the tenant.
 
Jere
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Re: Vancouver indvidual property sales details

Sun Feb 26, 2017 6:11 pm

It is interesting to see how people can still try to jump in the train after so long, and when mathematically it is not possible for the middle class to buy anymore.
This is a sign of an anomaly in the system, and all anomalies end u^being corrected over time. Some people out there will be very surprised sometime. The more the elastic will be pulled, the harder it will get back into people's face.

Vancouver is incomparable to New York or London. The demographic pressure, economy, geographical position and populations have really nothing to do with those metropoles. Easy money doesn't exist (in time at least), and even if some could manage to fatten during some years, the check will be steep...

Interesting opinion : http://feelvancouver.com/realestate.html
A median property in Vancouver is a condo. Why should you try to fit median income into upper tier property? Square peg...round hole
Sure, and how do you explain that : "The average rent for a one-bedroom apartment in Vancouver is the highest in the country. In February 2017, Vancouverites are on average paying CAD 1,900 for a one-bedroom condo" (http://feelvancouver.com/realestate.htm ... citaverage).

And buying a condo is almost equally as hard. Let's be serious for a bit : a median property, in a country of prosperity, should be more than a miserable chicken coop (sorry, condo). A sane and healthy economy should be ABLE to give to the middle working class access to a decent dwelling. I'm not saying it should be taken for granted, I'm saying that the economy and the market has that X factor in it (if you like to see it that way) that is distorting the big picture. Chinese money. Because BC (or Canada) has been selling its passports to foreigners.
Usually, again, the elastic ends up not feeling well... and things are being bought back to reality.

I'm no savant, but one thing is sure : BECAUSE there is that X, I will never be the buyer of either a villa for 2 million or an appartment for 1 million. I won't be the one fattening people who were just lucky to be in the market 10 or more years ago. It's casino to buy here now, and sure you can still be winning, but the X out there is way too imposing to be ignored. And he's the culprit of a market that is not sustainable as is.

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