Saturday, December 09, 2006

old is new, but getting old again

I posted about this house back on October 30th here.

I first looked at this place V613952 (and walked away in disgust) back in summer '05. It was listed at $349k. I saw it re-listed fall '06 for $449k. Now it is $429k.

It was ludicrously priced last year, as this place is a POS. The blurb claims renovations, but I am dubious about the quality of those. Likely just some paint over mould. Maybe they took the garbage to the dump, and cleaned the leaking toilet.

They may actually sell this place some day for $200k. I'll be following it down as one of the poster children for the crap that people are trying to get rich from.


Uncertain Buyer said...
This comment has been removed by the author.
Uncertain Buyer said...

They're just waiting for some buyer with a lot of money who will tear it down and build new.

Maybe some young couple, with aspirations of wealth, will buy it, make it liveable, and hope it will double in price in two years.

"Housing Never Goes Down!"

Except in History, and currently in the USA.......but they are dumber than us Canadians. So what is happening in the US will not happen here because we are smarter with our money and all make 6 figure salaries.

the pope said...

It looks like it was built out of soggy cardboard and landscaped with mould.

That view of the skytrain is pretty tempting though.

solipsist said...

Thanks for posting uncertain.

This place is not going to sell. If they really wanted to get rid of it, they would be smart to list it for $350K - while everything else is still high. It would make it look like a smokin' deal, and they might get some interest.

I just cannot fathom why they kept cranking up the price in step with the market when they were not getting any bites over a year ago. They could probably get $350k today, and since they were willing to take that last year, why not now?

Not only is the place a dump, the area is rather dodgy (a couple of blocks from the Joyce Station), and the view out the front window is of the Skytrain tracks.

Prices have begun a reversal. As Tulip Mania says so often - tick, tock

solipsist said...

Thanks for posting Your Eminence The Pope.

I like your assessment. Landscaped with mould. Pure gold, that is.

patiently waiting said...

The only thing nice about the picture is the cats. At least you know the rodent population is under control.

solipsist said...

Thanks for posting patient waiter.

The cats are nice, and will probably be abandoned there if the place ever sells.

Funny that they don't mention that in the blurb, it is one of the few bright spots to this property.

Tulip Mania said...

It may not be such a bad deal. If the basement were to be sub-divided into 3 separate suites,it could be cash flow positive.

And let's not forget RE is a long term investment.

In 30 years from now it could sell for more than what it will sell for next spring.

exvancouverite said...

It has CD1 zoning.

Not being familiar with zoning laws, don't know if that's a good or bad thing.

Maybe it could be a holding property to wait for the whole block to be levelled for light industrial use.

It just doesn't look fit as a long term investment for family life.

Feral cats might make it, though.

solipsist said...

exvan - the zoning might account for something, but I don't know that the area will turn to light industrial. It might, however, go to condo's with retail below, but that could be ten years away.

The future of Vancouver is very nebulous I think. We need to bottom out, and then see how long it takes to go crazy again. I guess it depends on peoples' attention spans and memory.

Anonymous said...

Get it before you are priced out forever!

Honest real estate agent~

Rob Chipman said...

Blog surfing here, saw your tag on "History of Houe Prices" and found this post. FWIW this place sold for $425,000 in January '07.

Patagonia said...

Wow, just goes to show you how desperate people are to have a house--at any price.