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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
In the last couple of months 4 homes have sold in 3 days or less in my neighbourhood. I figured they were going to tear the one down two doors away because its only ~1600-1700 sq ft and the lot is 16,000. They have roofers up there now so I guess not.
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If you drive like an asshole, you probably are one.
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Originally Posted by MG1
punkwax, I don't care what your friends say about you, you are gold!
There are definitely bidding wars on detached homes in certain municipalities such as Burnaby and Richmond.
Based on the sign tree outside of my building, there were 5 listings and all 5 had sold stickers within a few months.
both markets i know well are east van hastings sunrise and Fraser Heights in Surrey. in Fraser Heights every for sale sign has a sold sticker on it. Listings are up for like a week max in most cases lots for above asking.
in East Van though it's getting retarded. House directly across from my GFs moms place near kamloops/nanaimo decent house, corner lot, 'updated' finishings but nothing crazy listed at 890 sold for 1.15 in 2 days. Lots of other examples i've seen pop up and recently a friend of mine looked to purchase a tear down in roughly the same area, list was 825 friend was going to offer 890 and their realtor came back saying dont bother if it doesnt have a 1 in front.
In some of these cases if you're looking for a tear down in those prices, return on flipping a house would have to be listed for like 1.5-2 to break even, insane
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Dank memes cant melt steel beams
From what I can see, tear down houses are selling like hot cakes for insane prices (~1.2 mil for standard lot in East Van/victoria area) but then the resulting new houses that builders try to flip for ~2 million are moving rather slowly. Wonder how long this can keep up before the average joe blow builder realizes there is not much money left from tear downs
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Originally posted by Miss_Girly
Bring some RS people with you to help u GANG BANG the guy!!
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If you believe Garth and Ross Kay, 46% of Vancouver's listings this year did not sell. While it doesn't jive with what I hear in the media, it does jive with what I see in Vancouver. Homes with a for sale sign for months and months. Often the sign just goes away... don't they usually leave a sold sign up until the new owners move in?
I'm a little skeptical about the number tho, there's no mention where Kay got that stat from.
All the media talks about are sales being up and prices being up. Would be interesting to see if the number of unsolds are up or down month to month. When it comes to local RE, you only seem to get the good news and not the overall market view. Even a simple sold vs listings would suffice.
i wouldn't believe any of them. media has been proven to be idiots, liars, and fools.
no transparency anywhere - regardless of the price (if avg. price in vancouver was $300K), i'd always be hesitant to buy due to lack of transparency vs. the US (zillow, trulia, etc.) - it would end up as a truly financial transaction (rent vs. buy cost).
Chinese buyers making mark on Vancouver’s luxury housing
IAIN MARLOW - ASIA-PACIFIC CORRESPONDENT
VANCOUVER — The Globe and Mail
Published Tuesday, Aug. 11, 2015 6:00PM EDT
Last updated Tuesday, Aug. 11, 2015 6:12PM EDT
Buyers from China “dominate” the luxury segment of Vancouver’s red-hot housing market, according to new data from prominent B.C. real estate company Macdonald Realty Ltd., which says mainland Chinese buyers in 2014 accounted for 70 per cent of the firm’s transactions of high-end Vancouver homes over $3-million.
At the same time, however, Macdonald’s data show the influence of wealthy mainland Chinese buyers – a subject that stirs strong emotions here on the West Coast – declines in tandem with the price of the property. The firm said mainland Chinese buyers accounted for 21 per cent of the transactions last year in which homes sold for between $1-million and $3-million, and just 11 per cent of those in which the price tag dipped below $1-million.
The new data offer fresh granularity into Vancouver’s cosmopolitan housing market, where the average cost of a detached house has soared to $2.23-million, amid talk of a housing affordability crisis and rampant speculation about the possible role of buyers whose income is disconnected from the local labour market.
Although Vancouver has historically been shaped by immigration from Asia, particularly from Hong Kong in the years preceding the 1997 handover to China, there has been intense debate in Vancouver as house prices climbed in recent years. Many have said demand for high-end housing was boosted by tens of thousands of mainland Chinese millionaires arriving in Vancouver on provincial and federal immigrant-investor programs.
Dan Scarrow, a Macdonald vice-president who runs the firm’s Shanghai office, says buyers from China are having a clear impact on house prices – but only in the luxury market, and not on broader real estate prices, which have risen for other reasons. That creates a conundrum for those who are blaming foreign buyers alone for Vancouver’s affordability crisis, he says, but also contradicts those in the real estate industry who are trying to play down or entirely discount the role Chinese buyers play in the market.
“It’s absolutely had an impact on the top end, on the luxury market. But when you look at the rest of the market, [mainland Chinese buyers are] only participating at an 11-per-cent rate,” Mr. Scarrow says.
“What it’s resulted in is unaffordability in the luxury segment. Those are the people in society who need the least amount of help. The unaffordability issue at the entry level – it’s a function almost entirely of a lack of supply and low interest rates.”
The data emerged from an analysis of 1,500 real estate transactions from Macdonald’s three main Vancouver offices over the course of 2014, Mr. Scarrow said. Apartments and attached houses accounted for 962 – or 62 per cent – of the 1,500 properties, while the remainder were detached houses. Almost all of the properties above $2-million were detached houses, Mr. Scarrow said, and the firm isolated buyers with ties to mainland Chinese by their names – which differ in spelling from Cantonese names from Hong Kong and those from Taiwan. The firm said these buyers “likely are Canadian citizens or have status as immigrants,” and mentioned that a “critical mass of around 50,000 high-net-worth mainland families” will continue to bring in money from Hong Kong and China to “invest in local real estate” over the coming years. Mr. Scarrow – whose mother Lynn Hsu is the president of Macdonald and immigrated from Taiwan in 1979 – says he is confident in the accuracy and analysis of their data, and suggests that though it is imperfect, it is likely indicative of the broader real estate market as a whole.
Macdonald said that, last year, using a different methodology, 33.5 per cent of the 531 detached homes they sold in Vancouver in 2013 went to buyers from mainland China, who also happened to buy more expensive houses, on average, than other clients. That data generated a lot of debate in Vancouver partly because it is so rare in Canada to get such a detailed glimpse at the origin of real estate buyers in any one market: Vancouver, the province and the federal government do not collect objective data on foreign real estate purchases, unlike other jurisdictions globally – leaving Vancouver industry watchers arguing over the scope of the phenomenon and scrambling for whatever random data they can find.
Sotheby’s previously issued a report in 2013 that said roughly 40 per cent of its Vancouver luxury sales went to buyers from mainland China, and one local urban planner, Andrew Yan, even looked at electricity use in Vancouver, finding that nearly one-quarter of condo units in Vancouver’s downtown Coal Harbour neighbourhood appeared to be empty – owned by investors, but not occupied or rented out. The lack of official data, however, has left many reliant on the local real estate industry sources for statistics, and many real estate industry players and developers have played down the phenomenon of foreign buyers, or raised accusations of racism – which some critics say is to avoid the possibility of any sort of additional scrutiny, regulation or new taxes.
Mr. Scarrow says one reason for the current high prices is that the supply of single family houses in Vancouver – a city that is also hemmed in by the sea and mountains – has been unchanged for at least 20 years. He says Chinese buyers have simply helped push house prices in formerly middle- and upper-middle class areas – such as most of Vancouver’s west side – firmly into luxury territory on par with traditionally tony neighbourhoods such as Shaughnessy.
But Mr. Scarrow, who presented the data as part of a presentation to the CFA Society titled “Vancouver Real Estate: The China Effect,” says the impact of Chinese investment over the past decade in Vancouver proper has not had a significant impact on properties below $1-million – and is not responsible for a situation in which young families are forced to look further afield for more affordable properties in suburbs such as Burnaby.
Mr. Scarrow says a broader transition is happening in Vancouver, one similar to other big cities – such as London – where most families have had to adjust their notions of home ownership away from the likelihood of being able to afford a detached, traditional house.
“It translates to a transition Vancouver is making from a suburban city to an international city,” Mr. Scarrow says. “A generation ago, most people would say that being in that white picket fence environment was the dream. Now, being close to the cultural heart of the city is the dream. People are more willing to accept apartment living, even if they move on to different state[s] in their life.”
With respect to that article, our condo sold to someone with a mainland Chinese name. She's been in Vancouver for almost a decade, works a regular middling 9-5 job at the bank. Our condo sold for less than 0.5M. Similar situation with a number of other units in our former building prior to us moving out. It seems not all mainland Chinese are baller$
I know a guy who bought a house at 54th and Knight right behind the fire station. It is an older Vancouver special house and he paid $1,020,000 for it in early June. He was planning on demolishing it and building a new house on the lot but in early July, someone offered him $1,560,000 for the house as is. Of course he sold it and couldn't stop smiling all day since he made over $500k in a month for basically doing nothing
Even duplexes have gone crazy. 7 months ago a new 2000sf duplex in the Norquay area (Kingsway/Nanaimo/Rupert/41st) went for just under $1M and this week a new 1500sf unit just went for $1.092M.
Even duplexes have gone crazy. 7 months ago a new 2000sf duplex in the Norquay area (Kingsway/Nanaimo/Rupert/41st) went for just under $1M and this week a new 1500sf unit just went for $1.092M.
Been going to open houses with the wife and her brother for the past few weekends.
It's just nuts.
Every house/duplex that is under $1M, within reason, is being snatched up pretty damn quickly.
All asking prices are $100-150K above last year's assessments.
House/duplex is staged and open house showing on a Saturday/Sunday and bids are taken on the following Monday. Most winning bids are above asking price with little to no subjects.
A few times, the realtor selling told us to get our realtor to call them or else our bids wouldn't be accepted as being serious.
I'm not liking this one bit. There is no time for subjects or home inspections.
Basically, you go in and look around and give them an offer. Your finances need to be in order and you need to know what your maximum is and hope that that is high enough to win the bid.
And if you end up buying a junker or something with hidden damage, you are SOL.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.
Went to an open house on Saturday, house was listed at 899, even before looking around the realtor snarled at me that there was already 10 offers on the table up to $950 so if i didn't have 975 don't waste her time.
Sold sicker was up sunday
Went to an open house on Saturday, house was listed at 899, even before looking around the realtor snarled at me that there was already 10 offers on the table up to $950 so if i didn't have 975 don't waste her time.
Sold sicker was up sunday
What is the addy of that house?
I'm curious to see what the 2014 assessment was.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.
When I look at the assessment for 1789 Kent street north, then no it's not relevant.
Like I said, I am curious.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.
im just curious. would any of you guys ever move to mission or see homes there as an investment? or that area will always b the same? *i kno anythinh can happen but jus curioud
And in a downturn not make money for 4 years, just your expenses to watch. Haha. They have it pretty good here in Vancouver the last few years, ill give you that.
Not really, 8 short months and you can have your license to make a 6+ figure salary!
i would say that little course is effectively no barrier to entry.
not all realtors make 6 figures. don't get me wrong, i think they're the slimiest of the slimiest (worse than used car salesmen), but its a back stabbing grimy existence (from what i hear from ppl in the industry).
in a downturn, they take on other jobs, mostly uneducated / no experience needed jobs (sales) - real estate isn't really a profession, as in you can come and go as you please in and out of it
I've had an experience with a super sleaze ball realtor. That's why I think if you're a decent and caring person that looks out for the client's best interest, you would do well as a realtor as there's not too many of those around.
80/20 rules applies for realtors, before anyone thinks about getting in now for quick cash
could happen, chances are it won't
You've been preaching this rhetoric for the past 3 years and we're approaching 4 years. Meanwhile, the last few posts in this thread are about people complaining how real estate in THIS city is constantly going over asking price with examples of homeowners and their agents making quick cash.
When are you gonna realize the financial doom train is not stopping in Vancouver?
and for you selling your house... well, NO ONE can ever time anything, EVER, and really, sounds like you were the one trying to predict a housing crash and got burned, maybe that's why you're so bitter.
4444 needs to self reflect on his own advice. This is from page 4 of this thread back in 2012.
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