Sunday, September 30, 2007

wait reduction - still waiting


I've been watching this place since July - not because I want to buy it, but because I think that it is a poster child for irrational, speculative exuberance, and I'm going to watch it go all the way down to $400 G's. I might even consider it at that price, though the banks will probably have tightened up credit to self-employed people by then, and I won't be able to get a mortgage - regardless of credit-worthiness or income.

I featured this place on September 12th, at which time it was listed for $825K. A reader wrote that it was no longer showing up on MLS, and wondered if it had been sold., Well, no, it was not sold, just had a new MLS#, and a price reduction of $26K. The MLS# back then was V648709, now it is V668870. Does that mean that there has been 20,000 new MLS#'s since July? Being that there are not 20K listings in Vancouver, it indicates to me that things are being re-listed to show fewer days on market.

It is also interesting that many "tear-downs" in the same area approach this new construction in asking price. Price compression all over the place...

I won't bother going through the "feature sheet", it is much the same as the original listing, though they did clean up the hastily written features (to make it more readable?). A new picture was added - which is still a bad picture, and they are still claiming that it is "heritage style". Whatever, and good luck with that.

I think that we have reached a stalemate, and Chipman's numbers are well towards a buyers' market. This will be the winter of discontent, I think.

10 comments:

Anonymous said...

Oh, Sol.

That's the beautiful house that you described earlier as having 'eye-brows' and a 'range-hood' for a porch.

Y'know what? It still hasn't improved in architectural significance.

Even at $400K, it would still be a rip, imho. I'd rather have bare land, and work from there.

solipsist said...

Even at $400K, it would still be a rip, imho. I'd rather have bare land, and work from there.

You are absolutely right..on all points.

At the "right" price though (say 250K), it would leave you with some money to remedy its hideousness (perhaps hack it up to be consistent with Modern), but in the end, all construction of the last five years or so is of suspect quality - IMHO.

solipsist said...

On second thought, this place is unredeemable.

Anonymous said...

"On second thought, this place is unredeemable."


Oh, no. You have to take into consideration the location; the Valhalla of everything that is good, righteous, and pure - this is Vancouver - The Best Place To Live With The Best Weather™ I know it's true, the bullz say so.

Don't give up, Sol. You too can own a mildewed box in soggy-town if you really put your mind to it.

I've formulated another plan, because I'm getting older and need sunlight - we will be heading for another location.

Frankly, I wouldn't buy the house with eye-brows because it makes no sense. At all.

Wu'kong said...

Wow -- you've reached the big time now that people are bothering to spam your blog!

Anonymous said...

Wu'kong said...
Wow -- you've reached the big time now that people are bothering to spam your blog!


Everybody gets bugged by spammers. This bog has had more than a few of them.

Spammers have become a fact of life.

solipsist said...

everything that is good, righteous, and pure

Oh glory! I'm welling up with new-found excitement. Chained by the throat for 40 years to a restless glob of slime mould.

There is something about those range hoods that reminds of Valhalla - once one gets past the attempt at French maison-en-pais-sur-l'herbe. That almost puts the eyebrows into context - raised high, and accompanied by a Gaulic shrug. What!? You don't want to pay la prix? Fine! I will just reduce it until you agree to my terms! Cochon!

This bog has had ...

I like that Freudian thing with the bog.

Gianni33 said...

anon said.. "this is Vancouver - The Best Place To Live With The Best Weather"

On that note... I just saw the weather report last night, rain is on the forecast for at LEAST until the 15th.

Cheers!

Gianni33 said...

Oops scratch that.. we might see the sun on Friday... maybe.

Anonymous said...

You people crack me up. I always get a good laugh from your very smart, witty remarks. Keep them coming. They help keep me from crying. And the RE bloggers kept on laughing as the RE market sunk like the Titanic.

S2