Vancouver's Real Estate Market

[superdennis]

LOL, There's a 1 bed unit out in Brentwood on Madison

Asking $328,000
We offer $350,000
Their counter was $450,000...

New Coast Realty is wasting my time...

[Tapioca]

Originally Posted by rb

called about two places in the past hour.

First place, 448K in Burnaby - 2bed, 2bathin a 2011 built building. 744 sq ft. 2 offers over asking and both rejected by seller. They want more.

Second place, 379k in Burnaby near Brentwood, 1bed, 1den, 622 sq ft. Sold for 420k in 3 days.

..... ffs

Pretty typical. Units in One Madison Avenue are going at least 30K over asking. If anybody is interested in knowing about the buildings in the area, send me a PM. I've lived in one for 8 years.

A townhouse in the Marquis Grande sold for 100K over asking (it was featured in last Friday's Globe and Mail).

Brentwood is great if you live in a detached house, but everything is being rezoned and will remain a construction zone for the next decade.

[iwantaskyline]

Originally Posted by superdennis

LOL, There's a 1 bed unit out in Brentwood on Madison

Asking $328,000
We offer $350,000
Their counter was $450,000...

New Coast Realty is wasting my time...

Thats just INSANE...brentwood 1bdr 450K

[ed99]

Originally Posted by superdennis

LOL, There's a 1 bed unit out in Brentwood on Madison

Asking $328,000
We offer $350,000
Their counter was $450,000...

New Coast Realty is wasting my time...

Brentwood condo prices are going up. 1bed 1 bath high rise is going for at least $425k and up and 2bed 2bath is going for $550k and up for 5yr and older. If you want new and move in ready, you are looking to pay even more. All of a sudden there is a crazy demand in that location.

[Nlkko]

Madison area is actually really nice. View is great because there's nothing else around. Yet.

[twitchyzero]

welcome back hypa

wow even bby/new west condos are wanting above asking? I thought supply is outpacing demand for apartments in that neck of the woods...construction every 2nd block.

[m4k4v4li]

Originally Posted by unit

nothing wrong with average returns, at 6% if you minimize taxes, you could double your principal investment in 12 years, triple it in 19, and quadruple it in 24.
sure real estate (detached housing, not condos) has been beating that in the last 10 years, but that's in one of the biggest RE booms in history vs average market returns.

wt abt TVM + inflation + opportunity cost + MERs (maybe compounded) assuming your're always in the money also

[m4k4v4li]

(censored by admin)

[unit]

Originally Posted by m4k4v4li

wt abt TVM + inflation + opportunity cost + MERs (maybe compounded) assuming your're always in the money also

inflation is in every market, tvm and opportunity cost is also everywhere, and you don't have to be an above average investor to avoid MERs. mutual fund ETFs and market ETFs are no secret.

why am i even responding to this? i thought hypa already laid you to rest

[buhdeh]

425k for a 1BR in Brentwood lol. Yeah, I don't think I'll be moving back to Vancouver. You can probably buy the same age/size condo in CORE downtown Toronto for less than that.

[Hondaracer]

Toronto prices are -nothing- compared to Vans.

I see all the people I know in TO bitching about house prices there, one of them posted a house, not a condo, not a duplex, a detached house 10 min from the downtown core, it was a fucking dump but it was like 530k lol...

Replied that if that was in van ill cut you a check today.

[fliptuner]

Originally Posted by twitchyzero

welcome back hypa

wow even bby/new west condos are wanting above asking? I thought supply is outpacing demand for apartments in that neck of the woods...construction every 2nd block.

The market is moving so fast that even multi-family dwellings are getting over asking pretty much everywhere West of Abbotsford. Hell, even in PoCo, townhouses are +30% up in the last 3 months.

[Tapioca]

Madison area is actually really nice. View is great because there's nothing else around. Yet.

Onni owns the block between Madison and Gilmore. The City of Burnaby is moving ahead with approving a comprehensive community plan for the development of that block. The views enjoyed along Madison Avenue will disappear over the next 10 years.

Originally Posted by fliptuner

The market is moving so fast that even multi-family dwellings are getting over asking pretty much everywhere West of Abbotsford. Hell, even in PoCo, townhouses are +30% up in the last 3 months.

Some recent sales of townhouses in the Tri-Cities.

Example one:
1980s townhouse on Shaughnessy was listed at 520K. Sold for 597K.

Example two:
2012 townouse in Burke Mountain was listed at 539K. Sold for 610K.

Example three:
2013 townhouse in Burke Mountain was listed at 525K. Sold for 575K.

Example four:
1990s townhouse in Westwood Plateau was listed at 649K. Sold for 749K.

Example five:
1980s townhouse off Mariner Way was listed for 614K. Sold for 700K.

[fliptuner]

We recently checked out a few places in the ~600k range, thinking ~700k would probably do it - all sold close to 800k. For people looking for homes, it's not worth the stretch and even for investors, there's no meat left on the bone - it's ridiculous.

[jing]

Any commentary on the Highgate/Edmonds area? King's Crossing will be in phase 3 of presale soon. Seen a handful of low/hi-rise units at least 10 years old priced in the high 200s low 300s. Not even sure if that's a realistic price or not given all this talk of ridiculous over asking selling prices. Historical selling prices of the area from the past year however seem to hover around -5 to 10% around assessed value.

[Tapioca]

Originally Posted by jing

Any commentary on the Highgate/Edmonds area? King's Crossing will be in phase 3 of presale soon. Seen a handful of low/hi-rise units at least 10 years old priced in the high 200s low 300s. Not even sure if that's a realistic price or not given all this talk of ridiculous over asking selling prices. Historical selling prices of the area from the past year however seem to hover around -5 to 10% around assessed value.

I think it's safe to say that anything in Burnaby is pretty "hot", though historically, Edmonds has been home to lower-income seniors and a significant refugee population (e.g. Somalians).

I think you'll begin to see what's happening to Metrotown in Middlegate/Edmonds over the next decade. There are lots of low-rise apartments that were built in the 1970s and 1980s that are ripe to be bought out (if they haven't been already). The City of Burnaby seems to have no problem with approving the rezoning of older rental stock for new, luxury investor-owned buildings. It's grittier than Metrotown or Brentwood (because of the rental housing and the refugee population), but if you want to live in Burnaby, it's probably the last affordable part of that town. I would expect homes to be going above asking (because what isn't these days), but it doesn't matter if you pay above asking as long as it's the right home for you and it's within your budget.

[dat_steve]

i used to pick up in edmonds lolol seems like a quiet enough place

[Tapioca]

Originally Posted by fliptuner

We recently checked out a few places in the ~600k range, thinking ~700k would probably do it - all sold close to 800k. For people looking for homes, it's not worth the stretch and even for investors, there's no meat left on the bone - it's ridiculous.

Check out this gem in Klahanie, Port Moody:

36 100 Klahanie Drive - r2048841 : Port Moody Townhouses, Port Moody Townhomes : Portmoodytownhouse.com

1400 square foot townhouse for 850K. It's been staged very well, I'll admit, but for the square footage and the layout, it's ridiculous. It's a cookie-cutter Polygon rowhome, after all. But, with the way the market is going these days, someone will buy it. Klahanie is probably one of the best communities outside of Vancouver/Burnaby/Richmond.

[fliptuner]

Klahanie has been a great place to invest for the last few years, especially with the evergreen line and wce close by. Unfortunately, for our commute, accessibility to hwy1 is better in south poco.

[jerche]

I haven't really kept up with the real estate market but my parents' place got poached by New Coast Realty and they sounded confident that they can sell the house for more than the asking price by over 300-400k. My parents are pretty conservative people and they thought it's ludicrous. They're skeptical and rightfully so.

Is this as ludicrous as it sounds? Is the demand that crazy? Would they be able to make a return and buy a similar place elsewhere? They want to stay in Vancouver. Right now they're situated around Argyle close to Marine Dr area in South Vancouver.

[fliptuner]

What's the current asking price? House/lot sqft? Age? Busy street? Br/ba?

[SumAznGuy]

$400K above asking is easy when asking price is $500K below market.
If asking is $2M for a tear down, then $400K above is asking near impossible.

[jerche]

They have no plans to sell. They just got approached. Moved in about 4-5 years ago. Place is about 20 years old 3 floor house with newly renovated basement suite. The assessed is $1.45M this year if I remember correctly. It is in quiet neighborhood. They said they can get them $1.85-2M.

[Hondaracer]

1.8 sounds pretty high for what you're describing..but maybe not.

Even selling at 1.8, if they are comfortable in the house/area they most likely won't find a similar situation close by and keep money in their pockets from the sale. Unless of course they are willing to downsize.

[Gumby]

I second Hondaracer's post.