pity the fool

From the comments section:
"Pity the fool who bought this... Buying an asset which doubled in 3 years is nothing short of idocy..."(sic)

5164 Madeira Court
Asking price: $1,090,000
Selling price: $870,000
Previous selling price: $389,750 (2005)
Taxes: $5,240 (2007)
Days on the market: 36
Listing agent: Betsy Carstairs, Park Georgia Realty Ltd.

Even though this 1,972-square-foot house...sold for $220,000 under asking, the selling price was still $480,000 above what (was) paid for it about three years ago.

"Unlike financial markets, real estate is always a good investment," agent Carstairs says. What else is she going to say? The place has shed value in the week passed since it was sold.

...built in 1971, is in need of some (major) updating — brown carpets aren't for everyone — but it has attractive features...it's on a dead-end street... It is fitting that it is on a dead end street, it is a dead end investment.

The new owners are "excited about the idea of giving this '70s-style home a facelift," ...Carstairs says. "They can't wait to roll up their sleeves and work together to create the home of their dreams."

(italics mine)

Now, that is just crazy. They were asking 3 times what they paid for this house three years ago, and got double - without doing anything to the place. The new "owners" will need to put $100K into the place while it is dropping in value. Will it go back to 2005 value? Oh, yeah. Will it go back to 2003? Oh, yeah. How low will she go?

Just imagine paying $500/month in property taxes on top of the mortgage payments, new furnace and windows, new roof, new kitchen, new everything. This place has a great view, but is a bad deal, IMHO. The ones who bought it in 2005 hit the jackpot though...

sesame street

One of these things is not like the other one...



I read something that prompted me to look and see what is available in Beverly Hills, and found this 3 bedroom/3.5 bath beauty for $2,995,000. It is on a half acre (21,825 square feet), and basks in warmth and sunshine year-round. And, you might bump into Salma Hayek whilst looking over the asparagus and arugula at the Atelier Market.

So, maybe you can't get a Green Card, and need to settle for something in Vancouver. There is always V738247 in Shaughnessy for $2,888,000. On a 16,748 square foot lot, 3 bedrooms, with 2.5 baths, it basks in sunshine and relative warmth for about 100 days per year. And you might bump into David Emerson whilst having your BMW lubed.

...one of these things is not the same (although the prices are so close).

Things are still way out of whack here folks.

capitulation

I heard of Cameron Muir on CBC this AM, saying that Vancouver RE has corrected by 12% since March, and will correct another 18% over the next year. Wait a minute! Wasn't he saying earlier this year that price increases would moderate to 8% this year, and a bit lower the next? Now he is talking about a 30% correction. If we extrapolate the errors of the forecasts of the experts, we ought to see a 70% correction before this is done. Why does anyone even bother to interview these bobble heads? They have their heads so far up their arses... If it was me, I would be too embarrassed to get on the radio and make another prediction. And the interviewers... I would ask "well, you were so drastically wrong over the last 8 months, why should we give your statements any credence now?" Pulitzer must be weeping in his grave. Maybe rename it The Puh-leasitzer Prize, and award it to the most vapid "journalist".

I did my bi-monthly MLS search for all of East Vancouver today, and came up with 3 properties under $400K. That is a slight improvement over the one that I found last time. Pushing the maximum price up to $500K provides 35 properties - pretty much all of which are junk. The place that I wrote of on Oct. 10 has been "slashed" from $499K to $469K - not nearly enough.

The blurbs are not so over-the-top anymore; no real mention of heritage features such as original, cracked concrete walkways, and such. I found the place featured below ($419K), and thought the photographs to be simply weird.

Attention Builders or 1st time Buyers, cute 3 bedroom rancher on 41st/Earles in sought after Killarney area, renovate it to your hearts desire or build your new dream home, steps to all amenities, sunny south facing backyard/garage with lane. V727568

This wondrous house of character and fortitude comes with a door knocker and letter slot on a dove grey door!


A lovely, original fireplace (converted to gas!), with energy saving, candle-powered coach lights! These fine chattels are included in the purchase price!


Here is a close-up of one of the coach lights. The discerning value buyer will instantly recognize the antiquity of these features - as evidenced by the layers of dust. Sotheby's is interested!



There were 5 such pictures of the property. No over-view shot, no shots of any rooms, just fixations on mundane fixtures. Sad sellers.

I feel myself preferring (again) the fun of the housing crash over the over-all crash. It is easier to laugh.

$890,000.00

Thanks to R.Di for pointing out this travesty @2630 FRANKLIN ST, Hastings East, Vancouver East. v718488



$890,000.00?!!! WTF are these people smoking down on Franklin ST.? It reminds me of The Charge of The Light Brigade, or the Kamikaze Cult. No guts, no glory.

IT IS OVER! Shave your price by $600G's, and you might get a low-ball offer of $225K.

I have a mind to get a real estate license - just so that I could arrange to take your 75% off, low-ball offers to people like this. Any bored agents out there?

Actually, I wouldn't buy the place for an even $200K.

Any FTB better hurry to get in on this one to be a FB - as of October 15th, forget about that zero-down, 40 year amort., cash-back action, yer going to have to slap down 5% with a 35 year amortization. The handy Royal Bank mortgage calculator tells us that if you make accelerated weekly payments of $1,245.09 (a measly $4930.86/mo.), you can own this puppy outright in 27 years. It will take an annual income of about $200K to buy this place at these terms. Is here a surgeon in the house? A CEO of a middle corporation?

OK, I know that it is only really move-up buyers that are buying these places, but I am curious as to exactly from where someone would "move up" to this place. The Cecil Hotel?

I'm not normally subject to schadenfreude, but I feel a big, smug smirk coming over me.

bestial book ends

(click the pic for biggy)

I spotted these evil twins on Copley - just east of Nanaimo. Good grief! They look like raffle prizes from a monster truck show, or worse. Side-by-side slaps in the face.

I have noticed a "deteriorating" trend in the finishes on these now ubiquitous press board boxes. Gone are the heady days of Mandarin Orange, Venous Red, Fecal Brown, etc. stucco, the final push into oblivion is vinyl siding. I guess that maybe there was a deal on it before the carbon tax kicked in. Way to go on mitigating your carbon footprint folks! (and building hideous houses while you are at it) Way to go on maximizing your profits even further. It's just too bad for you that you are too late to the party. BEEP!

But who would buy such candy floss crap? Really ugly twins? What were these builders thinking? Or not? Do they not realise that the days of buying sight-unseen are over? The half-dead tree liability is a nice touch too. Shoulda been more careful with the excavator.

Vancouver is being left with a sad legacy of soul-less, cheaply built (but very expensive) buildings - from leaking, rotting, crumbling condos to this kind of offense. There ought to be a law.

sixes and nines...and eights

I've been at sixes and nines over the RE market for some time. But what about eights?

I came across this place (V712672) when checking the state of the market. The wish price is $888,888.00. Do you think they are marketing to the Chinese demographic - who have a thing about the number 8?

Rob Chipman talks about "sharp pricing"; I think that this place is sharply priced (though ridiculous). Would a Chinese buyer risk bidding $850K, or $799K? That would wreck the numerological perfection of the pricing, and wipe out any good luck and prosperity associated with the price.

What about over-bids? 'I'll give you $888,888.88'.

Maybe it will just sit until it is $444,444.00. But that might mean death. Hmm. Maybe this place will indicate the death of the boom.

fat ladies

I have been dying to use this picture (lifted from The Guardian - UK). Maybe it is nostalgia for a life I never knew, or only knew vicariously. Beats me. I just got back from my psychotherapist, and she doesn't have a clue either.

Well, really, I was going to do a post about the fat lady singing, or as it's turned out, real estate agents flipping.


The house next door to me sold for $450K to a real estate agent in April 2006. The buyer tried to flip it for $550K immediately, but ended up razing the place and building a McMonster. The McMonster sold for $799K in August '07. A real estate agent bought it from a real estate agent, and now the real estate agent is flipping it.

Gotta wonder why.

Is the agent finally seeing the writing on the wall? Finally? Be careful of the agent you choose, if that is the case.

Maybe the $2500/month rent income was not covering the oh-so-onerous mortgage payments...

It has not hit MLS yet, but I am so curious to know what the wishing price is. I doubt that it is sharp. I am even more curious to see if it sells, and for how little. I have a front row seat.

I'll keep you posted.

quelle choix

Oh my. I have $800k burning a whole in my pocket, and I have capitulated. The market can only go up - what with the Olympics, and all of this wet will surely cause the available land to shrink when it dries out.

So I decided to see what was in my range. Two caught my eye as possibilities.

This one (v649911) is great because it is right on Knight St., and that will make it easy to get to Richmond and the ferries, and the airport. That is important because I like to jet-set around the world, and take leisurely vacations in the Gulf Islands. I know that it is built well too, because it is older, and all the kinks will have been worked out already.



This one (v667863) caught my eye too. It's nice and close to the Trans Canada highway which will make it handy for my ski vacations in Whistler, and the wine-tasting tours in the Okanagan. The problem is that it is tucked away on a quiet street, and all that lovely landscaping is a bit of a bore. I'm kind of turned off by the well-written features sheet though. There must be something seriously wrong with the place with all that flowery writing, and the price, it's so low! And who wants three levels in their home? All those leaves on the trees indicate that it has been on the market since last fall at least. Obviously there is something wrong with it, or it would have sold with multiple offers in this smoking market.

Most people are as concerned about where they live as the home they live in. This lovely East Hastings property fulfills both requirements perfectly. Features include 3 bdrms up, mortgage helper suite below, 4 baths, a huge main level playroom, completely private & secure backyard w/ bountiful fruit trees. All this is set in a serene family neighbourhood w/ Templeton Community Centre just a block south w/ its pool, track & park. Schools abound. Only a block north you'll find locally-renowned Donald's Market, bakeries, green grocers, coffee shops, & restaurants. Plus only minutes to downtown or the #1. A truly wonderful combination of property, location & amenities.

It's a tough choice. They are the same price ($775k). Which would you take?

broader horizons

Mark K sent me an e-mail regarding a property in New West. I do stay focussed on Van. proper, but maybe that is narrow-minded of me. I'm kind of slow on the post building these days too.

Mark rightfully points out that this place is "close to all type of transportation" - namely, the SkyTrain screaming over your head every few minutes. I have a particular predilection for modern vinyl over the old-fashioned variety too.

They are having an open house every Saturday (until the damned place is sold!), but still admonish to act fast. Lots of Park too.

Nice.

Dude! I know this is New West not Vancouver but you HAVE to see this POS! "Close to all type of transportation." No Sh**t!

Thanks Mark

Beautiful updated 3 bdrm 2 full bath house on 5565 sq.ft lot, OPEN HOUSE EVERY SAT 2-4pm. The house has river view from dining rm, affordable price, 2 blks to skytrain. Close to all levels of schools and shopping. Brand new Washer & Dryer, also fridge & stove are 1 year old, freshly painted. Vinyl exterior, new drive way many updates. This house shows great. Beautiful garden with storage & work shop. Amazing yard & landscaping. An excellent for first time buyer. Quiet street with no thru road. Family oriented neighborhood. In thought after West end location in New Westminster. Super Central location. Close to all type of transportation. Come to the OPEN HOUSE. Act fast, must see to appreciate.

link

I can't help it - this blurb is so painful to read.

To wit;

1) 2 blks to skytrain

Is a blk a new unit of measurement of 12.5 feet?

2) fridge & stove are 1 year old, freshly painted

Why the hell would they paint one year old appliances?

3) In thought after West end location in New Westminster. Super Central location.

What does "thought after" mean? I thought after I published that blurb, that it might not make sense - especially touting the West end as a Super Central location

Oh, I'm tired now.

east to west

I had occassion to go out to UBC today, and made my route along 16th Avenue. I did not see a lot of "For Sale" signs (west of Cambie), and the few that I did see, had "SOLD" plastered on them. That struck me as interesting - as I have been seeing an ever-increasing number of signs up east of Main St., and most just sit, and sit, even with "Price Reduced" as an incentive. It seems as if the low high-end on the West Side is still selling, while the lower stratum on the East Side, are not.

Intrigued by this, I did an MLS search of Arbutus, Dunbar and the University Lands. Arbutus has nothing under $1 million, Dunbar has 2 under $1 million (in the high 800K's), and the University Lands has none under $1.1 million.

This place in Arbutus (W. 22nd Ave.) is a cool $1.089 million. A 33x120 lot with a "tear-down"? (and the realtor cannot even be bothered to take a decent photo' for that kind of money...)



So, I thought I'd look for comparables on the East Side, and found this place. (at least the agent looked through his view-finder)



Dang near identical houses on more-or-less the same sized lot, but the second house is in East Van., in Killarney - one of the more "desirable" areas in East Van. The East Van. house is larger by 100 sq' to boot, but is priced at $535K - a bit less than half the price of the Arbutus house. How can travelling 40 blocks west make a shitey shotgun shack "worth" twice as much money?

Something else that I have taken note of, is that most of the blurbs from the East Side tell about how much the house can pull in with rent. This is further indication that this market is all about speculation - never mind "a great house in a great neighbourhood, great for raising your young family". So houses are just another commodity, and as such, are just as prone to boom and bust.

Incidentally, the Killarny blurb says Easily rentable for $1,700 or more for month. Yeah, right. I'd pay $1200 on a good day, but even at $1700 - you would not come close to positive cash flow.

What a disconnect.

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.

a crawl space of your own

We have been looking at rents on Craigslist, and talking about the disconnect. Rent vs Own calculators, vacancy rates, etc. Just be thankful you aren't in Whistler - where a crawl space rents for $650 a month. That's right - a crawl space!

(CBC) - A severe shortage of rental accommodations has forced some residents in the resort town of Whistler, B.C., to get down on their knees to find a home - literally.

Residents like Warren William have been living in crawl spaces under condo units, happy to have any place to call home. "You gotta duck in to get in," says Williams, "I have a four-foot-tall door."

Even such tiny quarters aren't cheap.

At $650 a month, including utilities, the crawl space where Williams lives is inside the Nordic Vistas townhouse development, and he considers the price a steal.

Cramped and crowded rental housing is common in the resort community, where real estate prices are among the highest in Canada. Every winter, thousands of young people in low-paying resort jobs struggle to find homes.

In 2002, a single home was shut down after it was found to contain nearly 80 beds, with 24 in the attic.

What's next? Cardboard box CONdo's at the Whistler dump?

I thought that Canada was a "First World" nation.

There is something hideously wrong here.

note - I lifted the pic above from another site and photoshopped it. No credit because I don't remember where, and it was most likely lifted from elsewhere anyway. If you sort of recognize the pic, thanks!

investor alert!

Investor alert! Looking for a great tax write-off? Think that you might need some capital losses to offset those smoking capital gains of the last few years?

Take a look at this one! It's really quite adorable, and is already tenanted at 1100 skins a month! There is no grub problem in the lawn, the skunks are taking care of that for you! Who needs nematodes?

Now, I know you may be thinking what a great deal this is, and may just skip some of the more rudimentary calculations (like; what will it cost me, and how much income do I need to support the purchase?), so I've done them for you (courtesy of canadamortgage.com) :

The Bottom Line

% Down Payment 5 %
Mortgage TERM : 5 Yr - 6.23%
Down Payment $ 28,950
First Mortgage Amount $ 550,050
Insurance Fee ( 3.25 % of mortgage ) $ 17,877
Total Mortgage Amount $ 567,927
Monthly Mortgage Payment $ 3,715
Monthly Property Taxes $ 212
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 3,927
Household Income Required $ 160,288

Well, maybe you'll call in the bulldozers and build some hideous 2500 square foot monster in inappropriate colours, with inappropriate materials and attention to detail, etc. That will cost you only $312,000 - odd dollars. You are going to have to sell that monster for very close to a million bucks just to make it worth your while. You might even break even. It will only cost you about $24K to carry it while the new "house" is being built.

So, what if you can sell it for $979k (that gives you a $100k buffer for commissions, permits, PTT, GST, cost over-runs, etc.)? Who will buy it?

Well, maybe someone who bought some piece of junk 20 years ago, and sold it for $489 K, and is trading up (as if). Here's their bottom line:

% Down Payment 50 %
Mortgage TERM : 5 Yr - 6.23%
Down Payment $ 489,500
First Mortgage Amount $ 489,500
Insurance Fee ( 0 % of mortgage ) $ 0
Total Mortgage Amount $ 489,500
Monthly Mortgage Payment $ 3,202
Monthly Property Taxes $ 212
Monthly Condo Fees $ 0
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 3,414
Household Income Required $ 128,026

That's not too bad I guess. Quite a bit above median wage, but who's asking for documentation? Let's just hope the market keeps rising.

Oh, and what's with the agents who can't take a level photo'?

EDIT:

I forgot to mention that the blurb said: Offer to be presented on July 26th 2007 if there is any. Phone first.

I won't go into the grammar, but today is the 26th, so you may have missed your chance. This place was probably snapped up by someone who sleeps with an oven.

better than a condo

Today I did something that I have not done for some time - I did an RE search of all of E. Vancouver for SFH $400k or less. I got 4 hits and thought cool. Well, maybe not.

All of the four were on lots of dubious size. One was a wreck perched on an alley down at the bottom of Commercial Drive, and while the lot is a fairly normal size, they expect a quarter million shiboobles for a 1/3 "undivided interest" in the lot - that your shack will share with two other shacks. I've seen this "undivided interest" before, and don't know what it is, but I will bet that it is not in any buyer's interest to get involved.

The one featured here is on a 26' x 63' lot, and is proclaimed as a great holding property.

Here's the blurb:

Fantastic opportunity. Come & look at this 2 bedroom starter home. Close to skyt rain. Much better than a condominium. Create your own little dream home here. Bu ilt-in alarm, 2 skylights, well looked after. Nice garden area, fully fenced for your kids & pets. Great holding property.

All this for $349k.

OK, so it's not very big (700 sq. feet). We know that the photographer did not take the shot from the middle of the room, but was dizzily perched on the arm of the sofa, and up against the wall. That's a teensy-tiny living room, but still bigger than what you would get in a CONdo for a like price. Is it just me, or does that doorway look kind of narrow? Like, about 2 1/2 feet narrow.

It would appear that the agent was still woozy from taking the living room shot when she took this drunken pic'. Maybe the angle is what makes the place look so big.

The feature list elicits questions.

Features: Security System
Embedded oven

Er, where is the oven embedded? Is it like one of those Van City mixer mortgages, but you have to sleep with the oven? Is it embedded in the back yard, where it fell from a passing aircraft? Is the embedded oven a feature of the security system - as in - no one can steal your oven? Is the stove floating around somewhere, moaning in it's disembodiment from the oven?

There is a good point though - it is better than a CONdo - 700 square feet, and a garden, and it's only forty five minutes to downtown by bus (actually, it's not far from the 29th Ave. skyt rain).

Maybe next week I'll do a search for $450k or less.

addendum:

I think I may have found out about the embedded oven.

Yes, it is a bit primitive, but there isn't much room for a kitchen in this converted double-wide. It comes with the over-bed sprinkler system to keep you safe.

Breakfast in bed every day, and, saves on heating bills.

the tenant

Well, that last post was a sleeper...

Van-City Slumlords is a new blog taking on specuvestors(?) who are trying for ridiculous amounts of rent. The blogger is choked. Understandably.

I don't have much trouble with my tenancy. I have lived in the house for 7 1/2 years, and have had only 2 rent increases (in line with the RTA). Management changed a couple of years ago, and the accountant now collecting the rent tried to raise it by about 13% last winter. I told him that he had a choice between not raising the rent, and keeping us, or having to make some hefty modernizations, and good luck that the new tenants don't turn it into a grow-op. He didn't raise the rent.

I am lucky though, I have been here quite a while, so the rent was reasonable in the first place. I am glad that he didn't call my bluff though, because by all accounts, trying to rent right now is a nightmare. Amateur LL's trying to cover ridiculous mortgages with ridiculous rents on ridiculous hamster cages with ridiculous terms, and other pieces of like shite. I definitely would not buy anything. I would leave town - much as I do really like it here.

I really think that with the squeezing of tenants to cover just a part of the mortgage, the game is well nigh over. Idiots may be "happy" enough to drop 70% of take-home pay on their own abode, but there is no way on earth that people are going to pay that kind of money to rent a hell-hole. The buck stops with the tenant. That is the margin.

Check this blog out (link in sidebar). It's full of vitriol and foul language, but is a good measure of what is going to happen. At least that's what I think. The blog has video, and links that show that this is not just a local phenomenon either.

Let them eat cake indeed.

price compression

freako has spoken of price compression coming before the crumble, and I offer below, evidence of that in spades.

I looked at houses in Van. East, and Van. West in roughly the same price range. It's pretty ridiculous as far as I'm concerned.

$825,000.00
1021 ODLUM DR., East Vancouver

A newly renovated home in an easy going neighbourhood with quick
access downtown .The exterior features new vinyl siding and double glazed
windows. Main floor ha s living room with electric fireplace and bay window. The
kitchen is updatedwith new Maple cabinets, tile floor, countertops and new SS
appl. Main offers two full baths completely updated with soaker tubs. Wood
laminate floors thru-out, new drywall,new baseboards and crown mouldings.some
updated elec and plumb. Four bdrms p lus recrm or playroom up with 2pce bath.
Bsmt is all set for the in-laws, sep entry 4bdrms plus 1.5 baths (soaker tub),
laminate wood flooring and new SS appliances. Shared laundry. Fenced yard,
parking off lane. Close to schools. City skyline views

MLS®: V623596
Finished Floor Area: 2570.0 sqft.
Property Type: House
Lot Frontage: 33.0 ft.
Lot Depth: 95 ft.
Basement: Full
Bedrooms: 8 Age: 76
Bathrooms:
(Full:3, Half:2)

They call this a two story with basement. I call bullshite. Newly renovated is good (if you don't mind paying extra for someone else's tastes), but there are not granite countertops. The lot is pretty small too. And what the heck would the "in-laws" do with four bedrooms? Have a couple more kids?

Good luck with that.

$809,000.00
3306 PARKER ST., East Vancouver

Corner brand new 2.5 levels 2212 sqft custom built home with
unobstructed N moun tain view. 6 bdrm & rec room in basement. Downstairs
could be separate suites. H /W stairs, granite F/P, entrance hallway &
counter tops in kitchen & bathrooms. Stainless steel kitchen appliances.
2-5-10 new home warranty.

MLS®: V608622 Finished Floor Area: 2212.0
sqft.
Property Type: House
Lot Frontage: 33.0 ft.
Lot Depth: 112 ft.
Basement: Crawl
Bedrooms: 6 Age: 00
Bathrooms: (Full:5,
Half:0)

Just a short distance away, this custom-built home is offered for 16K less than the oddball on Odlum (above). It has one less bedroom, but has 5 full bathrooms. It also has a new home warranty. Unfortunately, it was custom-built to someone else's tastes. It does not have a basement either, but they call it 2 1/2 story because it has a crawlspace. I call that false advertising.

Bon Chance avec ce maison aussi.


$848,000.00
1012 W 57TH AV., Vancouver West

Lot value only! 57th and Oak. 10,106 square feet lot in a
park-like setting. House has no power! Sold as is where is.

MLS®:
V622677 Finished Floor Area: 2640.0 sqft.
Property Type: House
Lot
Frontage: 65.0 ft.
Lot Depth: 153 EFF
Basement: Part
Bedrooms: 3
Age: 56

Look at this! A ten thousand square foot lot for just 20K more than that shack on Odlum... In Van. West, no less. There is no power, so it was probably a grow-op, but 50K ought to take care of the re-fit to make it habitable. This place looks like a "good deal".



$838,000.00
7899 MONTCALM ST., Marpole Spent over $100,000 - extensively renovated brand new roof, vinyl windows, new k itchens and bathrooms all with granite counters. Upgraded electrical and plumbin g. Master bedroom with ensuite, 3 bedrooms Up, new 4-bedroom basement suite. Close to school and shopping.

MLS®: V629861 Finished Floor Area: 2250.0 sqft.
Property Type: House
Lot Frontage: 33.0 ft.
Lot Depth: 122 ft.
Basement: Fully Finished
Bedrooms: 7 Age: 49

Big deal. You spent 100K putting in granite counter tops, and you still have less than half the lot as that above. It's got revenue potential though, and it is in Van. West for "only" 13K more than the dump on Odlum. You can explain that by the slighty larger lot size though. And in case you didn't know, Everyone in the world wants to live in Vancouver, and everybody in Vancouver wants to live near The Drive. People will pay a lot for that "Bohemian" lifestyle. Who wants to live on the stodgy west side?


$834,000.00
7622 FRENCH ST,Marpole

AMAZING VALUE on Vancouver Westside! Located in Churchill High
School district, this cute bungalow features recent renovation throughout &
a 2 bdrm mortgage hel per. Huge potential for 1st-time-buyers, investors &
builders-big 6,900 sf lot. Definitely not to be missed! *Ask re: plans for 4,000
sf new home!* First showing, Agents Open Thurs Feb 15, 10-12 pm.

MLS®:
V630005 Finished Floor Area: 1906.0 sqft.
Property Type: House
Lot
Frontage: 82.0 ft.
Lot Depth: 117 ft.
Basement: Full
Bedrooms: 4
Age: 65
Bathrooms: (Full:2, Half:0)

I don't know, this looks to be a better deal than the one above. It's a more attractive house on a lot that is twice the size.

So what the heck is going on here? The city is unhinged from "fundamentals" when compared to other places, and there is a further unhinging between the West and East sides.

By the way, you can still buy hovels west of Main for less than 600K.

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.

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.

living in Squalor

I received this link today from antz.

He saw this posting by Amelia over at Real Estate Talks

oh my lord! Look at what you can "get" for $289,000 of your hard earned dollars!!! (is this madness, or am I just out to lunch?) This is a tear down!
Am I wrong? No wonder there is a homeless situation in the lower mainland.
At these prices, we're all going to be out on our arses.

Here's what $289k begs to be dropped on in Squalor. Er, Squamish. At first blush you might think a nice little cabin to live in while I build my dream home.



But a closer look reveals that it actually needs some work first.



Really, it needs a bit more than that. What the heck is this? Did someone fall off The Chief and crash through the roof?



Are there any skeletons in any of the closets? Worse? Perhaps it's toxic with mine runoff?

It is a 50'x120' lot, but it is a brutal commute from Vancouver, and it's Squamish.

Couldn't the vendors at least have the decency to torch the place and sell it as a vacant lot?

I've never thought too much about Squamish, other than it's a bit of a shame with all the pollution and such, but Lady Luck over at RET seems to loathe the place. Full of crack-heads, rednecks and bikers, and the new and naive real estate refugees from Vancouver. Apparently a lot of absentee landlords too, and a council full of city slickers - bent on cheesy development.