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


Moderator: admin

 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 11:32 am

Assessments are way too high now.
BCAssement went bonkers this year...theyre out to lunch.

None of the sales I posted the market is still headed down. Its basically flat market at a flat time of year
 
tuk
Newbie
Posts: 4
Joined: Tue Feb 07, 2017 10:17 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 11:51 am

6973 Rupert sold on Mar 30, 2015 for $1,368,888, so up less than 20% in almost 2 years, not bad but price appreciation numbers tossed around indicate that this should be much more. I suspect that the market is not flat but declining quite rapidly. We won't really know until sales pick up and we have a decent number of real comparative sale prices over the last three years.
 
reallyreal2
Real Estate Talker
Posts: 732
Joined: Fri Jun 03, 2016 11:30 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 1:48 pm

Asking prices doesn't mean anything.

Half the time, it is a re-list where the house was asking $1.9, then down to $1.75, then $1.6M... then pulled from the market, then relisted at $1.35M and when it sells for $1.4M, ETB can't wait to run to his computer to post an overask sale - always failing to leave out the important detail that the house sold for under it's original asking price.
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 4:31 pm

Im not posting over ask sales for that purpose.
Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression.
Sure, there arent many detached buyers - but owners know that it the market is controlled by sellers, not buyers. Dont like the price? Move to Langley. No offers? Take it off the market for 6 months.
 
VanBullBear
Real Estate Talker
Posts: 90
Joined: Tue Dec 22, 2015 2:21 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 5:38 pm

Im not posting over ask sales for that purpose.
Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression.
Sure, there arent many detached buyers - but owners know that it the market is controlled by sellers, not buyers. Dont like the price? Move to Langley. No offers? Take it off the market for 6 months.
you sure love posting them over ask prices.
Sometimes you say things that makes me wonder if this is real life... am i dreaming that you just claimed that sellers are in control on a market where there are falling prices?
how is it that sellers are in control of the market? If prices are going down as the stats have indicated (on either average or benchmark graph of the rebgv) that means the buyers are choosing not to pay the current price thus sellers are FORCED to decrease prices, should they insist on selling, until they find a buyer that is willing to pay. 
You can't argue that sellers can just take the listing off the market because by the same token, buyers do not HAVE to buy, they can chose to hold on to their cash and not be in debt. In fact in this market it's better to have $1.5 million cash vs owning a $1.5 million east van home that will be worth less in a few months. 
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 5:49 pm

Im not posting over ask sales for that purpose.
Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression.
Sure, there arent many detached buyers - but owners know that it the market is controlled by sellers, not buyers. Dont like the price? Move to Langley. No offers? Take it off the market for 6 months.
Its certain that this is reality and things are on a new normal.  Of course the providers set the conditions and it is true that people can remove their listings anytime they want. Its better to have your money in an asset such as a west or east vancouver home rather than something that will be deflated later.
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 5:50 pm

Assessments are way too high now.
BCAssement went bonkers this year...theyre out to lunch.

None of the sales I posted the market is still headed down. Its basically flat market at a flat time of year
The amount being requested has all the world bearing on it. More than two thirds of the situations, when a place goes above what was asked, intelligent people know that it is not dropping
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 7:06 pm

Assessments are way too high now.
BCAssement went bonkers this year...theyre out to lunch.

None of the sales I posted the market is still headed down. Its basically flat market at a flat time of year
The amount being requested has all the world bearing on it. More than two thirds of the situations, when a place goes above what was asked, intelligent people know that it is not dropping
Translation:
If the psychology of the market is negative, how does a buyer convince themslves to pay above asking price? Clearly there are some astute buyers that know this Vancouver detached market.
I'm not convinced the market is that bad with over asking price sales
 
VanBullBear
Real Estate Talker
Posts: 90
Joined: Tue Dec 22, 2015 2:21 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 7:18 pm

Assessments are way too high now.
BCAssement went bonkers this year...theyre out to lunch.

None of the sales I posted the market is still headed down. Its basically flat market at a flat time of year
The amount being requested has all the world bearing on it. More than two thirds of the situations, when a place goes above what was asked, intelligent people know that it is not dropping
Translation:
If the psychology of the market is negative, how does a buyer convince themslves to pay above asking price? Clearly there are some astute buyers that know this Vancouver detached market.
I'm not convinced the market is that bad with over asking price sales
wow... i'm quite speechless
List a standard detached in east Van for 500k, I bet you will get over asking price. If it sells for 1 million we must be on an up-trend! that's DOUBLE ASKING PRICE!
that's some realtor logic right there.
 
eyesthebye2
Real Estate Talker
Posts: 1207
Joined: Sun Jul 27, 2014 6:41 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 7:58 pm

Did you see those houses buddy? And those were above asking prices of 1.3 1.4 and 1.69M - not 500k
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 8:01 pm

Assessments are way too high now.
BCAssement went bonkers this year...theyre out to lunch.

None of the sales I posted the market is still headed down. Its basically flat market at a flat time of year
The amount being requested has all the world bearing on it. More than two thirds of the situations, when a place goes above what was asked, intelligent people know that it is not dropping
Translation:
If the psychology of the market is negative, how does a buyer convince themslves to pay above asking price? Clearly there are some astute buyers that know this Vancouver detached market.
I'm not convinced the market is that bad with over asking price sales
Lol the other person admitted its over asking price and going up
 
yzfr1
Real Estate Talker
Posts: 286
Joined: Tue Mar 19, 2013 8:35 pm
Contact:

Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 9:31 pm

With the foreign buyers tax in place, empty home tax and all the doom and gloom in the news. Needless to say everyone has heard and felt the doom and gloom sentiment of a bubble in Vancouver. Yet people are still buying million dollar homes. Sure some may say there a few idiots.... but really think carefully. How many idiots have 1+ million in cash and are able to qualify for a huge mortgage.  

It's still a sellers market, very very low inventory and there is no desperation for owners to sell at this moment. Vancouver East is not a new development where everyone has purchased at the same time and everyone has a mortgage.

If this was Langley in a new development where everyone who bought at the same time, and all have a mortgage. If unemployment skyrocketed then maybe there is a real chance of a price crash because then people would need to sell and would be desperate.

Detached homes over 1 million mark, give me a break. Any given neighborhood in Vancouver you can point to, most titles will be clear. It would take allot for a fire sale to happen to where it could crash the prices. People have so much equity they would hold out for a long long time and let sales go to zero. The people who are forced to sell will be the minority. END of story.

Whats going to happen is the market will stall and move sideways even with single digit losses over the next few years.
 
reallyreal2
Real Estate Talker
Posts: 732
Joined: Fri Jun 03, 2016 11:30 am
Contact:

Re: Vancouver indvidual property sales details

Thu Feb 09, 2017 7:15 am

It used to be that sellers would never accept under assessed value.  Then it was they would never accept what their neighbour got.  Then it was they would never accept less than they paid.

These guys keep moving the goalposts so they can pretend that the market is still up.

All those houses ETB has posted - deep down he knows that they would have sold for $300K more in May of last year.  Now he is just grasping at straws praying his retirement savings doesn't go up in smoke.
 
reallyreal2
Real Estate Talker
Posts: 732
Joined: Fri Jun 03, 2016 11:30 am
Contact:

Re: Vancouver indvidual property sales details

Thu Feb 09, 2017 7:19 am

Im not posting over ask sales for that purpose.
Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression.
Sure, there arent many detached buyers - but owners know that it the market is controlled by sellers, not buyers. Dont like the price? Move to Langley. No offers? Take it off the market for 6 months.
I know - because markets fall of cliffs.  It is a straight line from $1.5M to $1.2M.
Chinese money is gone.  Now it is up to the locals with their $50K salary to support a purchase of $1.5M.  You do realize how stupid that sounds right?.... and yes, they have equity in previous purchasees or their mom and dad have equity - you know because Vancouver is the only city in the world where mom and dad have equity and help out kids.    Sorry to say your sense of logic only gets you up one step on the staircase... long way to go to get to the second floor LOL

FYI - all those sales you posted have comparables showing them as down 20% from peak.  The sellers DID get desperate - otherwise they would have held out for what their neighbours got LOL
 
tdma800
Real Estate Talker
Posts: 2977
Joined: Wed Jan 23, 2008 9:12 am
Contact:

Re: Vancouver indvidual property sales details

Thu Feb 09, 2017 7:51 am

Im not posting over ask sales for that purpose.
Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression.
Sure, there arent many detached buyers - but owners know that it the market is controlled by sellers, not buyers. Dont like the price? Move to Langley. No offers? Take it off the market for 6 months.
The business of homes moves like some molasses at this time of the year.  A chart would be one of the most wavy drawings imaginable. Foreign money is all over in droves. They will make a rise.  Wages dont mean that much except for people going for a high ration payment.   Vancouver is one of the only places around where people have the intergerational payments known. People such as you with access to information that others in other provinces are fighting in court to get, write accurately, unlike other dingdongs. The highest is yet to come

Who is online

Users browsing this forum: Bing [Bot] and 40 guests