Wednesday, October 10, 2007

when is a deal not a deal?

I'm proffering a deal of the week that is relative. I write "relative" in the sense that there are no good deals around by my measure.

This house sits on a huge (for East Van.) 57'x115', 6581 sq. ft. lot. That could be subdivided, built on, and turned around for profit. The blurb claims the possibility to live on the main, while renting out the top floor and 4 basement "suites for a gross of $3k/month. Their arithmetic is a bit unsteady though - they claim that 4x$450 = $1900, so they might really be asking $749K for the place.

It is interesting that the house is built of "stone and brick", that is very uncommon here. You can indeed see a stone foundation, but the brick has disappeared behind some hideous plastic siding. The house is 3150 sq. feet, so it is big, and the numbers do kinda work - you could end up paying about $600/month to live on the main, while having a rooming house atmosphere in the rest. Too bad, because it might be a nice place to buy and restore, with a nice big yard for my kids. Not for $828K though.

The blurb (below) mentions a 150 sq' basement too - perfect for a little grow-op to augment the mortgage payments. While I'm on the topic of the blurb, it is a bit over-blown - nestled in quiet alcove, I found jarring. How do you nestle a 3150 sq' house anywhere? - let alone an alcove. And the mention that the house will stand for at least another 40 years is comforting - especially if one opts for a 40 year amortization.

ADDENDUM: I forgot to mention that the picture seems to be from last fall/winter, and the MLS# is 50,000 older than current, so this place has been on the market for quite a while. I wonder if it has some heritage designation or covenant prohibiting subdivision.

Price $828,000.00
Incredible 1910 brick & stone farmhouse w/panoramic views, nestled in quiet alcove & steps from ALRT Skytrain. Totally rebuilt inside the brick outer shell - new fibreglass roof, all new plumbing, electrical & wiring, studs, drywall, insulation, baths, kitchen, flrg, 2 hot water tanks, high efficiency furnace & wndws. Feels like a new home, must see inside to appreciate. Has front entry driveway usually mistaken for side lane, but is actually part of huge lot. Solid & has stood the test of time. Live on the main flr (9 ft ceils) & rent out top AND bsmt & get $3,000 in rent!! Work the numbers. Needs new deck, but can be worked into the price. Check out the antique walnut F/P & some of the original 5 ft high wainscotting/fir flrs, 3 bdrm (possible to convert to 4!!) main flr suite. Top floor separate 3 bdrm unit w/gable balcony; Basement 4 bdrm houses 4 students @ $450 each ($1900/mo). One of the biggest lot sizes in Renfrew Heights. This house will stand a minimum of another 40 years. Unfin bsmt 150 SF.

I've been deep in the doo lately - computer troubles have been overwhelming, and led to major data confusion. I have not yet totally worked it out, but will post as I am able. I'm juggling an incredible amount these days. Babby Solipsist is crawling around like a crazed hyena, The Missus is knee-deep in naps and nappies, business is booming, cyber reconfiguration has etched the blue screen of death into my being, and even though I am the administrator, I cannot figure out how to give myself universal privileges. I have not given up, just been overwhelmed. Blogging seems to be a challenge for many right now. Mercury retrograde perhaps?


Anonymous said...

Mercury retrograde perhaps OR real estate conspiracy theory?


solipsist said...

real estate conspiracy theory?

Care to expand on that?

Anonymous said...

Real estate conspiracy theory.

You mention that you have had computer troubles. Once in a while another RE bear blogger will say they are having or have had computer problems.

I think the RE industry has someone found their way into RE bear bloggers computers and is messing with them.

Why not? It sometimes seems on the RE industry websites that they are messing with the numbers so why not bloggers computers.


(completely tongue in cheek of course).

Anonymous said...

Many luxurious houses in VanWest are sublet to as much as 5-6 families all wanting a westside address to enroll their kids in prestigious school there. I recently read a complaint about a certain landlord who sublet his house to 10 tenants. If you want the links I can post them but you won't be able to read.