Sunday, January 21, 2007

oh, the horror


CUTE & SOLID LITTLE STARTER. New roof, only 6 years old! New gutters, new electr ical. H/W flrs, W/B F/P, walk to everything! Perfect for renovations or builders ! 2264 FERNDALE ST, Hastings, Vancouver East MLS# V615112 $479,000.00

Assessed 2007 at $437,400

How can they? Cute and solid? Perfect for renovators? Maybe with a can of gas and a good insurance policy. I can't even see it being perfect for builders. It has weird lot dimensions (49x66) - what could you build on that?

Walk to everything? You would need to - you couldn't afford to own and operate a vehicle, or buy a bus pass after making the payments on this POS.

This place has been sitting there for sale since the peak of summer with no price reductions whatsoever. Is it an absentee land-lord with an absent-minded realtor? $41,600 over assessed value?

Or,

This place is just east of Boundary Rd. (Burnaby), and you truly can walk to just about everything (Metrotown, etc.), plus, it is right across the road from Central Park - which would make for a nice walk. The lot is more than twice the size, the house is much nicer looking, and the square footage is about the same, so don't tell me that the Ferndale house price is worth it because of lot value. You would get double the lot for an extra 60K.


MLS®: V617050 Finished Floor Area: 1214.0 sqft.
Property Type: House Lot Frontage: 59.0 ft.
Basement: None Lot Depth: 134 ft.
Bedrooms: 3 Age: 82
Bathrooms: (Full:2, Half:0)
$539K

Is Vancouver worth that much more? Am I out to lunch? Or is it them?

I can't take it any more.

15 comments:

the pope said...

This place has been sitting there for sale since the peak of summer

Is Vancouver worth that much more?

Evidently not.

What about this old favorite? Its been for sale since last March and they've actually dropped the asking price by $7k! Its only $462k! I can't believe no one has bought it yet!

The one that really confuses me is when a place has been on the market for over 90 days, nobodies buying it.. and they raise the asking price!?

What is that? Reverse psychology?

solipsist said...

This old charmer has been sitting there for a while too (two years).

Wifey and I looked at it when it was (only)329K, and by last summer it was up to 429K.

Maybe these people just want to see their houses on the internet, but can't be bothered to start their own web site or blog.

Oh, fleeting fame...

Your old favourite on E. 25th, and my old fave on Vanness are poster children for the madness. At least yours lopped off 7K.

I don't think either will ever sell until they become estate sales, or the sellers get themselves into rehab.

solipsist said...

The one that really confuses me is when a place has been on the market for over 90 days, nobodies buying it.. and they raise the asking price!?

The one on Vanness has been on the market for about 600 days.

I'm not so much confused, as FLABBERGASTED. I'm beginning to think that I am just plain stupid.

Uncertain Buyer said...

Here's a Beauty MLS®: 9159456
On a busy street and there is additional parking on the front lawn. All for a low $469,000, I shake my head.

solipsist said...

That is a beauty uncertain. Good lot size (compared to Van.).

I wonder if the dog and the Keri lotion come with the place - that might be a consideration.

That new toilet downstairs has a nice fuzzy cover on the seat lid too - it matches the one upstairs. That could lead to confusion, but the dog might guide you back to more familiar surroundings.

bc_cele said...

I think that the second house is overpriced, too. I suppose saying the first house (looks like a crack shack) is more over priced is like a guy who drinks 15 beers a day telling his buddy that he has a serious problem because he's drinking 20.

solipsist said...

I agree bc_cele. They are both over priced. I like your analogy though.

Saying that one is less over priced than the other is like saying a firing squad is quicker than hanging. The end result is the same. Gotta respect a firing squad though. The Ferndale sellers have bigger cojones.

first_time_buyer said...

Check this POS. Can you imagine it was initially priced at 389,900 and the current price is after 4 reductions of 10K each. And yes, it is in Surrey.

bc_cele said...

Solipsist,

I know I'm posting this a little late and in the wrong thread, but I was searching around trying to find the avearge mortgage in BC. Although, I haven't found the exact number, I did find an article that showed the average mortage approved by RBC in BC was 243K. mortgages

This article also shows that the average mortgage payment in Vancouver had risen to $2322 in July. payments. This, or course, does not account for any HELOCs. The thing to bear in mind is that your mortgage payment should only be around 25% of your gross income. So this would mean that the avearge mortgage should be taken on by someone making over 110K per year.

How much do you want to bet this isn't the case? More intersting, the RBC average suggests that the their average payment is around $1,400 mth which requires and income of ~$67K per year. So the question would be, where do all the rich people go if they aren't going to the largest bank?

malcolm said...

hmmm... walking to metrotown isn't my idea of a nice walk. this may be a little shack, but it is in fact in a good location with regards to walking to shops. it is a 5 minute walk to several butchers, and grocers on Hastings St., and about a 15 minute walk to Commercial Drive. walking in a park is nice, but i'd rather be able to walk to local amenities instead.

Warren said...

ftb said: Check this POS. Can you imagine it was initially priced at 389,900 and the current price is after 4 reductions of 10K each. And yes, it is in Surrey.

$349k now is not a great price, but I think the $100k "discount" vs. the Vancouver crapshacks, to be in Surrey is probably appropriate. Hey, "motivated sellers, bring your offers". My offer starts with a 1.

mohican said...

warren said: "My offer starts with a 1."

Mine too - I would pay $179k for that house. It would be cash flow positive and allow for some reasonable renovations ($20k).

patiently waiting said...

It seems that many East Van shack on the MLS are vacant and probably unguarded. I wonder if we'll see some homeless people take advantage of this.

Uncertain Buyer said...

Calgary has its fair share of vacant listings.LINK

condohype said...

"Cute and solid? Perfect for renovators? Maybe with a can of gas and a good insurance policy."

Hilarious.