Vancouver's Real Estate Market

[mikemhg]

Westopher is right, but you're more paying for the experience as opposed to the actual meal.

There are 2 things I know I'll always make better than a restaurant I'm visiting:

-Steaks
-BBQ Ribs

The latter I tend to avoid ordering as I'm almost always disappointed in relation to the ribs I smoke and make at home. The same goes for steak, which is why I rarely order it when out.

The whole steakhouse vibe is really just the experience at the end of the day. I wanna see a hot chick bring me out a big piece of meat and crack pepper all over it.

[JDMDreams]

^^ you don't want salt bae to chop your steak and feed with you with a knife?

Oooo just reading up on the silicon valley Bank that's happening now

[westopher]

Originally Posted by meme405

And a plumber can't imagine paying someone $100 to come snake a drain, but people pay him every day to do it.

Yes I can cook myself a steak, but when there is a group of 6-10 of us, I'd rather just go out than do all that work myself, and have to clean up afterwards and shit. If it was just me, yeah I probably would cook at home 95% of the time, but when I go out with a group, i'd rather pay my share to a restaurant than have to deal with the hassle of having that shit at my house.

As far as butchers go, Kea's meats in Burnaby is my go to. Been going there for 10+ years.

I'm not saying don't go out and eat, I'm saying don't order a shitty $50 steak from a shitty restaurant. It's more like someone paying a plumber to turn their tap on.
As for butchers, even some of the grocery stores have great butchers. Just don't buy the stuff that's wrapped on the styrofoam trays and you'll probably find good cuts even at save on and such.
Pete's and Windsor were both my top choices when I lived in Vancouver, but it is worth taking a trip to the north shore and loading up at two rivers if you can pair it in with some other activity across the bridge.

[Great68]

Originally Posted by mikemhg

Westopher is right, but you're more paying for the experience as opposed to the actual meal.

There are 2 things I know I'll always make better than a restaurant I'm visiting:

-Steaks
-BBQ Ribs

The latter I tend to avoid ordering as I'm almost always disappointed in relation to the ribs I smoke and make at home. The same goes for steak, which is why I rarely order it when out.

The whole steakhouse vibe is really just the experience at the end of the day. I wanna see a hot chick bring me out a big piece of meat and crack pepper all over it.

Oh yeah, ribs too. Have not found a BBQ restaurant that makes those better than me either. I remember when the PNE would have those BBQ pitmasters, and being all excited to try "Professional BBQ" (All the awards that they display on their rigs would say that I was in for a huge treat), and then being sorely disappointed.

[supafamous]

Originally Posted by westopher

Pete's and Windsor were both my top choices when I lived in Vancouver, but it is worth taking a trip to the north shore and loading up at two rivers if you can pair it in with some other activity across the bridge.

BTW: Two Rivers has re-opened their restaurant again so now you have an activity to pair with it. Their burgers, fries and hot dogs are fantastic. Even their ramen is pretty good.

[6thGear.]

Latest artist renderings for Oakridge Mall

https://dailyhive.com/vancouver/oakr...uver?auto=true

[Badhobz]

i wish it success but the writing is on the wall. classic mall retail is dead.

Nordstrom couldnt even hang, and most of the malls are just full of old people walking around doing jack shit but not buying anything.

Unless they can somehow change the tenant model around, i dont see them being successful. anything you need, you can just buy online and have it delivered to your door often significantly cheaper as they dont need a brick and mortar store.

[6thGear.]

I personally still like to walk the malls and buy stuff. Online purchase is still minimal for me. My wife is more online purchase for sure. As for Nordstrom, Vancouver was the only location in the green. All other Canadian locations were in the red since the beginning. I'd say it's a shame, but I've really only gone to Nordstrom, maybe 5 times.

[fivetwo]

https://www.realtor.ca/real-estate/2...avenue-burnaby

https://www.realtor.ca/real-estate/2...alsharelisting

[meme405]

Originally Posted by fivetwo

https://www.realtor.ca/real-estate/2...avenue-burnaby

https://www.realtor.ca/real-estate/2...alsharelisting

People are crazy.

Was looking at a house in BBY listed for like 1.15 a few weeks ago. Open house had like 100 people show up.

My realtor told me the guy got an offer for like 1.55, turned it down and said the minimum price to sell was 1.85.

Then after a week of sitting at that price, the house is now updated to be listed for 1.95.

I hope nobody buys that shit for two years, what a cunt of an owner. This open bidding thing will fix some of this type of behaviour.

[van_driver]

$1,750,000 seems about right for the listing price if someone wants to buy the whole thing. Doesn't look like they have a mortgage on the property so who knows how motivated they are to actually sell

[quasi]

Nordstrom really wasn't a shock, it was like Winners but stupid expensive for what you're buying. As far as malls, besides jeans I really can and do order most things online, I hate shopping with a passion so online shopping has been great for me. Online almost always gives you the lower price as well sans the odd really good in store sale.

[supafamous]

Originally Posted by quasi

Nordstrom really wasn't a shock, it was like Winners but stupid expensive for what you're buying. As far as malls, besides jeans I really can and do order most things online, I hate shopping with a passion so online shopping has been great for me. Online almost always gives you the lower price as well sans the odd really good in store sale.

Why wasn't it a shock? Nordstrom's a profitable retailer that still pays a dividend and, while it's largely considered a "hold" by analyst it wasn't in trouble financially (annual revenue has mostly recovered to pre-COVID levels).

I haven't bought anything from Nordstrom in years but their Vancouver store was hugely popular - it was a top 3 store in their entire business and was printing money for them. It was the rest of their Canadian business that was causing them to lose money (Canada was 3% of their revenue).

[Badhobz]

Originally Posted by meme405

People are crazy.

Was looking at a house in BBY listed for like 1.15 a few weeks ago. Open house had like 100 people show up.

My realtor told me the guy got an offer for like 1.55, turned it down and said the minimum price to sell was 1.85.

Then after a week of sitting at that price, the house is now updated to be listed for 1.95.

I hope nobody buys that shit for two years, what a cunt of an owner. This open bidding thing will fix some of this type of behaviour.

This is exactly the same situation in Richmond. Suffice to say, until this stinking shit hole of a RE market cools down in Vancouver, we aren’t going to buy. There’s little to no inventory and a shit ton of these new HK/China fucks who are relocating back.

I dont want to do multiple bids with these guys as ill probably lose and in all honesty, these lousy shit homes aren’t worth it. They are all built like garbage, by some East Indian dude or a some Chinese dude who cut corners everywhere to achieve max profitability. While the outside looks “pretty” she wont be pretty for long. God i hate vancouvers stupid ass RE market.

If our old people were dead, id move outta this shit hole so fast it’ll make the wheels on my ratrolla spin.

[meme405]

There was a house in Nvan for sale, under the condition that the current occupant who was like a 85 year old widow, could remain in the house rent free until he basically died or had to be transferred to a care home.

I dont remember all the details, but it was a ridiculous situation to buy into, basically wishing this old coot would die so you could have the house.

And I get it, most people will be like "well thats a terrible way to think about it", imagine this, you have to pay to rent somewhere else, while this old dude lives in the house you are paying a mortgage on. Might be cool for 6 months or a year, but as your costs rack up, your gonna wish some covid on that bish.

Not to mention the other disaster of like maintenance and that guy damaging shit in the house.

When I bought my current place, the owner was allowed to remain while paying me a small sum of rent, there was a time cap on how long he was able to stay. This became a disaster when it came to getting the keys, and dealing with the damages on the walls and shit he left behind. In the end while it worked out (by worked out I mean I basically took it up the ass on the whole thing), I wouldn't recommend on people using this type of tactic for closing a deal.

[rb]

Paused my search as well. Prices in Port Moody/Coq are pretty much on par with Burnaby/Vancouver. I'm not spending the same amount for a longer commute to live out in this boring and crowded shithole. I've lived here all my life and it was a tradeoff, longer commute but less crowded and cheaper housing costs but thats not the case anymore

[Fafine]

Originally Posted by meme405

People are crazy.

Was looking at a house in BBY listed for like 1.15 a few weeks ago. Open house had like 100 people show up.

My realtor told me the guy got an offer for like 1.55, turned it down and said the minimum price to sell was 1.85.

Then after a week of sitting at that price, the house is now updated to be listed for 1.95.

I hope nobody buys that shit for two years, what a cunt of an owner. This open bidding thing will fix some of this type of behaviour.

Just curious what did similar houses in the neighborhood sell for in the last 6 months? And what's the prices of the similar homes being listed for currently?

[JDMDreams]

I think prices will start to recover this summer given what's happening now, rates seems to have peaked out, lack of supply, China, Hong Kong coming back, wages still high, no land supply, materials cost high, property tax high. Don't forget the number of housing starts have tanked since the rates so there's not gonna be a magic supply of houses in the next few years. Gov will continue to open the floodgates to legal and illegal immigrants. There's only 3 options, rent, buy or homeless.

Only place where we have land is if we move North or East or get rid of the farms in Richmond which I don't see happening. It's not like cov will fill in false creek to build.

If you're just selling and buying at the same time, it seems like an ok time to do it, buy high sell high, sell low buy low, everything is relative if you do with within the same period and not have a long gap in-between.

[meme405]

Originally Posted by Fafine

Just curious what did similar houses in the neighborhood sell for in the last 6 months? And what's the prices of the similar homes being listed for currently?

The place was basically being sold for land value. Assessed was ~1.7. Dont know about comparables.

The point wasnt about the value or the person getting a deal or whatever. The point was this stupid game of listing something super low to get people to come to the open house and get a bidding war is dumb. If you have a value in mind set it near there. Playing this game of hopefully 19 offers and then getting a few to ratchet way up because they play each other is retarded.

Again going back to my recent purchase, I was blind bidding, and the opposing realtor claimed there was two other parties with offers, and she kept chiding my realtor to make the offer higher. In the end they accepted when I finally said I'm not going any higher, accept or not, otherwise dont respond.

I do think there was another bidder, but who knows where they were at, I do think moving towards open bidding would be a positive change and end some of the stupidity going on in our RE market.

[6thGear.]

Blind bidding = good for seller
Open bidding = good for buyers

In this day and age, unless you're desperate to sell at a loss/under ask, every seller will want top dollar when listing. Anyone who bought in 5+ years ago has enjoyed record setting property appreciation, so really, selling below asking right now is still netting a nice chunk for owners, maybe minus 5% less than in the past, but nonetheless still a profit, albeit a lesser one. Everyone is greedy, plain and simple.

[Great68]

^my former next door neighbor told me he turned down slightly higher offers from what he described as"offshore buyers" to sell to the two locals in there currently.

Not sure if he really cared about helping locals, or just racist haha

[Harvey Specter]

Originally Posted by JDMDreams

I think prices will start to recover this summer given what's happening now, rates seems to have peaked out, lack of supply, China, Hong Kong coming back, wages still high, no land supply, materials cost high, property tax high. Don't forget the number of housing starts have tanked since the rates so there's not gonna be a magic supply of houses in the next few years. Gov will continue to open the floodgates to legal and illegal immigrants. There's only 3 options, rent, buy or homeless.

Only place where we have land is if we move North or East or get rid of the farms in Richmond which I don't see happening. It's not like cov will fill in false creek to build.

If you're just selling and buying at the same time, it seems like an ok time to do it, buy high sell high, sell low buy low, everything is relative if you do with within the same period and not have a long gap in-between.

They'll be another rate hike this year and it usually takes the markets 12 months to feel the full effects of a rate hike so we have a ways to go until our RE market feels the true impact. Also the job market will be slowing in the coming months which will further impact our RE market.

I think we could be entering a dead cat bounce scenario over spring before the next drop.

[6thGear.]

Originally Posted by Great68

^my former next door neighbor told me he turned down slightly higher offers from what he described as"offshore buyers" to sell to the two locals in there currently.

Not sure if he really cared about helping locals, or just racist haha

Few factors, is that offshore money here? Perhaps closing date was too far away? Your neighbor is probably the 1% that will take less, but the masses and that includes RS members, will want top dollar. When the time comes, that's when it matters. I had a seller last year wait 6 months to get what he wanted, even though I brought in 2 very competitive offers in the first 2 months.

[Great68]

My sister and brother in law just had an offer on a condo in Steveston accepted. While they got it for slightly under ask at the 850k mark, and had full subjects they did say that they had no time to be pussy footing around and take their time, as they lost out on another unit they wanted to bid on. FOMO is still a thing.

[quasi]

My wife was telling me today that someone she works with who is single income is going to have to sell her townhouse with her mortgage reknewal coming up and the costs moving forward being too much.