This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
reallyreal2
Real Estate Talker
Posts: 732
Joined: Fri Jun 03, 2016 11:30 am
Contact:

Re: Vancouver indvidual property sales details

Mon Feb 20, 2017 10:27 am

I'm reading all these posts of people saying the market is tanking, or the market is going to the moon. 
Its funny because it reminds me of something my uncle told me once.  He was a really successful business man who has since retired and who made a lot of his money in grape farming and retail stores in the USA, and of course real estate.  (networth was over 15 million and he made approx. 100k a month in positive passive cash flow.  I read his finical stamtements because i didn't believe it)
So I asked him that day,  how the hell he made so much money.  His response shocked me.  It wasn't one real estate play, stock play or even what I was expecting hard work. He told me that he surrounded himself with the smartest people that worked for him and WHO HAD A POSITIVE ATTITUDE.  That wasn't the thing that really shocked me.  Any business man will tell you that.  The thing that shocked me and stuck with me since is that he said he's willing to take a risk.  An educated risk, but a risk never the less.  His most trusted employee was his accountant, according to my uncle this guy was one of the most brilliant man he ever met.  So I assumed this guy but be rich, but nope he worked his regular 9 to 5 job and made a great living but was never  wealthy.  Why?  He was to caught up in the numbers and worrying what others were doing and reading exaggerated news reports and never stepped up to the plate.  I think I was about 24 at the time, and I had just finished my accounting designation (CMA at the time).  My goal at the time was to find a job somewhere and make 150k a year as a CEO or CFO etc.  That one conversation changed my life.
Why am I telling you this?
We have 2 extremes on this site, the sky is falling and the real estate market is going to the moon.
It doesn't matter where the market goes, there is money to be made.  The market in Vancouver is going up.  Sales have already picking.  Prices are starting to move.  The reason sales have gone down is the media reports and smart investors trying to time the market hopeing that prices would fall.  I don't have a crystal ball, I've been around long enough to see that we are starting to level off or move up. Before people jump all over me and call me a shill, or pump and dumper or a real estate agent trying to prop up the market just know that I don't care.  
Personal story,  Back when I was 26ish I told a friend of mine (a doctor) that I was leaving finance and going into construction.  He laughed at me right in my face.  Didn't try to hide it.  If I had listen to him or people like him I wouldn't be where I am today.  Now the same guy asks me for advice. 
Harahomes, 

I don't believe anybody is saying the sky is falling, the bulls are saying it's going to keep going up from around these prices while the bears are saying it's going down in the short term before it resumes going up. But in the time frame of 10 to 15+ years, the market is headed up - this is agreed on by everyone.

Your uncle is a smart man, you need to take educated risks if you want to get ahead - no risk no reward is completely true. 
The risk is there for a lot of buyers in Vancouver, but lacking on the educated part. Nobody is valuating the Risks because it's assumed that these prices will keep going up, if prices are going to keep going up there is no risk. Is there a chance that it's going to keep going up? Of course there is, but what are the probabilities compared to the probabilities of prices going down, Should you chose to buy now and weather the storm if it goes down, what's the opportunity cost?. 
Where are the interest rates likely headed, Where is the dollar likely headed, is Chinas money going to keep flooding here at the same rate?

For the risk to be educated, these questions need to be accounted for and one must look at the underlying fundamental forces that are pushing this market up - are they going to be here for the long term? Who is going to support these prices at the fundamental level? These are all questions that one must put into account to truly valuate the risk involved. 

These are probability based, so you can chose not to valuate the risk and purchase anyways and look like a genius if prices keep going up. Just like in poker texas holdem, you can go all in with a pair of 5s and someone calls you with a pair of Aces, but you end up winning because a 5 comes out on the turn - did you make a bad play? yes, but did you get rewarded for it - yes. To drive the point home, on the example above, this is assuming the money between the players are similar. If the player with a pair of 5s had 10 times the money that of the player with a pair of Aces, the person with a pair of 5s made the right play in this case - why is it different than the initial case? Because the RISK is much less (only 10% of his money oppose to 100%) 

I believe you're a renter like me, the hidden advantage of renting right now is that we are NOT taking on that risk. Risk has a dollar value, it's just not obvious to most.
It's funny how people confuse skill with luck.  
harahomes will be singing a different tune when they can't move their cookie cutter house because the market is flooded with poor attempts at quality builds.
Already in Burnaby all I am seeing is a pile up of poorly built new homes that are dying to be purchased - but nobody is biting.  Inventory piling up and sooner or later, prices will come down.  Nobody is buying anymore.  RE is done.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Mon Feb 20, 2017 10:31 am

anyone that actually lives in metro vancouver knows that(if homes were kitchen cabinets) that they are literally flying off the shelves and there is little left, since there are many warranted high star builds up.  To the moon!
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Tue Feb 21, 2017 7:38 pm

2764 Parker Street
1938sqft detached built 1949
3640sqft RS-1 lot
Asking $1,398,000
Sold $1,570,000 on 20-Feb-2017
Completely renovated with contemporary flair and quality workmanship and materials. Open modern floor plan, big windows and skylight bring in an abundance of natural light. Living room/dining room has views of the mountains. Spacious kitchen has Ceaserstone countertops, Samsung appliances, five burner gas stove and eating area. Opens to large sunny southern exposed deck with gas bbq hookups, perfect for entertaining or having the kids play. Upstairs offers 2 bedrooms with a 3rd bedroom option downstairs. Other features include wide plank oak flooring, designer LED lighting, and spa inspired bathrooms. Deluxe 2 bedroom suite, high ceilings with own laundry. Attached oversized garage, perfect for vehicle, work area and storage
Attachments
photo_server (3).jpg
photo_server (3).jpg (81.43 KiB) Viewed 2326 times
 
yzfr1
Real Estate Talker
Posts: 286
Joined: Tue Mar 19, 2013 8:35 pm
Contact:

Re: Vancouver indvidual property sales details

Tue Feb 21, 2017 7:51 pm

Total Value $1,310,000
Assessed as of July 1st, 2016
Land $1,235,000
Buildings $75,000
Previous Year Value $980,900
Land $931,000
Buildings $49,900

sold for $260,000 above assessed. From the photo I think they must have did some renovation before selling.
 
rofina
Real Estate Talker
Posts: 1552
Joined: Fri Feb 06, 2009 6:39 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 8:57 am

Hearing anecdotes of a pick up in SFH. Condos still white hot. Listings ridiculously low, just crossed 8000. 

Other than ETB's cherry picks, are ask prices starting to get hit more often?

Was this another 2012 blip?
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 9:48 am

Hearing anecdotes of a pick up in SFH. Condos still white hot. Listings ridiculously low, just crossed 8000. 

Other than ETB's cherry picks, are ask prices starting to get hit more often?

Was this another 2012 blip?
Its about equal...above ask, ask and below.
Ill post a couple of below asking when I get time today
 
Harahomes
Real Estate Talker
Posts: 96
Joined: Fri Apr 22, 2016 7:36 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 2:32 pm

I called this.  People where sitting on their hands because negative media and hopes that the market was failing.
In the last 3 weeks I have seen it pick up.  Prices are above peak levels, at peak levels or just below peak levels.  If the products good its selling. 
I could be wrong lets see what happens.
Also lets see what really real says, he's always go something positive to say
 
reallyreal2
Real Estate Talker
Posts: 732
Joined: Fri Jun 03, 2016 11:30 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 4:39 pm

I called this.  People where sitting on their hands because negative media and hopes that the market was failing.
In the last 3 weeks I have seen it pick up.  Prices are above peak levels, at peak levels or just below peak levels.  If the products good its selling. 
I could be wrong lets see what happens.
Also lets see what really real says, he's always go something positive to say
Not sure what you are talking about?  
If things are selling for above peak prices, why are all these Burnaby homes sitting there asking less than peak prices.   8)

Everything I see suggests a slowdown of the decline - but prices go up to peak prices?  LOL - sure.  Show me a 60x120 foot lot teardown in North Burnaby that sells for $2M (peak price) and I'll agree that we are back at peak.  Otherwise, it's wishful thinking.
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 6:06 pm

I called this.  People where sitting on their hands because negative media and hopes that the market was failing.
In the last 3 weeks I have seen it pick up.  Prices are above peak levels, at peak levels or just below peak levels.  If the products good its selling. 
I could be wrong lets see what happens.
Also lets see what really real says, he's always go something positive to say
Not sure what you are talking about?  
If things are selling for above peak prices, why are all these Burnaby homes sitting there asking less than peak prices.   8)

Everything I see suggests a slowdown of the decline - but prices go up to peak prices?  LOL - sure.  Show me a 60x120 foot lot teardown in North Burnaby that sells for $2M (peak price) and I'll agree that we are back at peak.  Otherwise, it's wishful thinking.

I'm not sure if we're above peak, but hara is correct - lots of detached sales now at solid selling price
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 6:12 pm

Couple of under ask sales coming

446 east 10th ave
1861sqft detached built 1910
33x124 RT-5 lot
Asking $1,599,000
Sold $1,501,000 on 7-Feb-2017 after 8 days
Prime Mt Pleasant location on a beautiful tree lined street. The main floor features a large eat-in kitchen & spacious living & dining room area. There are 3 BRs with two bathrooms, main bath in process of renovation. The upper floor has 2 spacious bedrooms with 1.5 baths & a large eat-in kitchen. Bonus: Patio doors to a large sundeck. There is an unfinished basement area awaiting your ideas. RT-5 zoned. Great location to Soma & future Skytrain. Sneak Peek Feb 2, 5:30-7pm. Open House, Feb 4, 2-4pm. Listed By: SUTTON GRP-WEST COAST (BRDWY)
Attachments
photo_server (4).jpg
photo_server (4).jpg (6.27 KiB) Viewed 2194 times
Last edited by eyesthebye2 on Wed Feb 22, 2017 9:19 pm, edited 1 time in total.
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 6:21 pm

2115 Harrison Drive
2110sqft detached built 1953
50x122 RS-1 lot
Asking $1,825,000
Sold $1,600,000 on 10-Jan after 95 days
Fraserview, livable home with 10 year old roof. Newer kitchen on a view lot. Hold now or build your dream home. Call today!! Listed By: MULTIPLE REALTY LTD.
Attachments
photo_server (5).jpg
photo_server (5).jpg (126.52 KiB) Viewed 2190 times
 
2000sqft
Real Estate Talker
Posts: 40
Joined: Fri Jan 20, 2017 8:17 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 6:43 pm

1.6 and you get to live across from a senior home and smell stinky sewage every week
To the moon and beyond!...at $2000 per sq ft
 
VanBullBear
Real Estate Talker
Posts: 90
Joined: Tue Dec 22, 2015 2:21 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 22, 2017 9:10 pm

I called this.  People where sitting on their hands because negative media and hopes that the market was failing.
In the last 3 weeks I have seen it pick up.  Prices are above peak levels, at peak levels or just below peak levels.  If the products good its selling. 
I could be wrong lets see what happens.
Also lets see what really real says, he's always go something positive to say
Not sure what you are talking about?  
If things are selling for above peak prices, why are all these Burnaby homes sitting there asking less than peak prices.   8)

Everything I see suggests a slowdown of the decline - but prices go up to peak prices?  LOL - sure.  Show me a 60x120 foot lot teardown in North Burnaby that sells for $2M (peak price) and I'll agree that we are back at peak.  Otherwise, it's wishful thinking.
They are thirsty for any sign of an uptick. 
Searching for any hint of hope, a couple of houses sell over asking price and we are back to peak levels.  :lol:

I'm surprised tdma hasn't posted yet. Maybe he took my advice and is out there trying to make friends. :lol: 
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 8:13 am

I called this.  People where sitting on their hands because negative media and hopes that the market was failing.
In the last 3 weeks I have seen it pick up.  Prices are above peak levels, at peak levels or just below peak levels.  If the products good its selling. 
I could be wrong lets see what happens.
Also lets see what really real says, he's always go something positive to say
Not sure what you are talking about?  
If things are selling for above peak prices, why are all these Burnaby homes sitting there asking less than peak prices.   8)

Everything I see suggests a slowdown of the decline - but prices go up to peak prices?  LOL - sure.  Show me a 60x120 foot lot teardown in North Burnaby that sells for $2M (peak price) and I'll agree that we are back at peak.  Otherwise, it's wishful thinking.

I'm not sure if we're above peak, but hara is correct - lots of detached sales now at solid selling price
coming into summer can't go anywhere but up! to the moon!
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Thu Feb 23, 2017 8:14 am

2115 Harrison Drive
2110sqft detached built 1953
50x122 RS-1 lot
Asking $1,825,000
Sold $1,600,000 on 10-Jan after 95 days
Fraserview, livable home with 10 year old roof. Newer kitchen on a view lot. Hold now or build your dream home. Call today!! Listed By: MULTIPLE REALTY LTD.
the other person is jealous that he/she/it cant afford it lol

Who is online

Users browsing this forum: Bing [Bot] and 1 guest