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06-10-2018, 12:50 PM
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#12101 | | RS controls my life!
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We have a TH in the area and its a growing area, lots of lowrise and (duplex townhomes) with 4 stories (rentable basements) selling fast. Most are done by Vicini (Contest who mostly builds Fountain tire and larger warehouses.)
6 units at Earle by 29th Skytrain sold in 2 weeks last I checked. Here's my comp charts for clients. These are 3 bedroom units which were 3 detached rezoned into 6 townhomes. 
I think $850/ft is a bit rich for ACORN - developer is really getting a steep premium. Most are getting $700-750/ft, but I get smaller 1-2 bedrooms in area is priced higher. Windsor Living is on Kingsway/Nanaimo but its' a concrete/AC highrise and justifiable at $1000/ft.
There is an interesting lockout unit at ACORN which is 2+1 bedroom but that is nearly $1M already, a glorified 2BR ground floor unit with cashflow $1000/month from the 1BR suite. Interesting thought.
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06-10-2018, 01:00 PM
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#12102 | | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
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Originally Posted by Liquid_o2  And as an aside... maybe someone can explain why people are willing to spend upwards of $1000 to $1200 / SF for a presale at Metrotown, Edmonds or New West... when they can purchase a re-sale (3 to 10 year old building) in a much better location of Vancouver at $800 to $1000?
Is it purely investment? | Real Estate as Investments ie. Capital Gains
For the last 2-3 years, presales have been amazing leveraged investment into frothy market.
20% of $300K in a Metrotown condo (that one other RSer has at Nelson - MET by Concord) was just $60K. That $60K in 4 years has generated nearly $350K in equity. Amazing return of ROI over 45% a year for 4 year period. (2013-2017 sold)
This gets even better for those who never took possession, essentially carried at ZERO cost of borrowing and simply assigned the contract. No PTT, no closing costs, legals, agent fees, etc. To get that same return in stock market, you'd have to leverage 5:1 your money. Margin, risks, all are the same, but people feel housing NEVER GOES DOWN  .
Primary residence? Even better - 100% Tax FREE. REAL ESTATE Cashflow Investment Month to month
The traditional model of buying R/E as rental units and generate rental income works well too, but buying at current prices to do so becomes increasingly hard.
That same unit at $300K with $240K mortgage now rents for $1800/month. Great.
If you're buying in at $600K and renting for $1800/month carrying a $450K mortgage (25% down)...maybe not.
In the long term, yield and price has to even out.
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In the meantime, I'm seeing presales in Abbotsford, Chilliwack, and 1BR starts at $299K  | |
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06-11-2018, 08:50 AM
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#12103 | | Rs has made me the woman i am today!
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__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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06-11-2018, 09:17 AM
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#12104 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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| Quote:
Originally Posted by Liquid_o2 And as an aside... maybe someone can explain why people are willing to spend upwards of $1000 to $1200 / SF for a presale at Metrotown, Edmonds or New West... when they can purchase a re-sale (3 to 10 year old building) in a much better location of Vancouver at $800 to $1000?
Is it purely investment? | With pre sale you don't pay everything up front. Only 10 to 20% (depends on the developer) through out the development so it gives people time to make more money. You can actually make a lot of money by selling pre sale units (in the past anyways). Basically you can make say 30% or more easily by doing this and you don't need a ton of money to do it. I assume now is harder since the gov is looking into the issue.
Also a lot of people (Chinese especially) loves new apartments. They rather pay a higher price for a brand new unit or close to new units. If you haven't notice a lot of new apartments come with a ton of amenity(huge work out rooms, yoga rooms, pools, bowling hall, karaoke etc etc) even though they will never use it.
The more I look into the more I want to move. Sell mine for 600k - commission and everything I still have 550k or more (real estate agent is a friend so getting a discount when selling and buying from her) add another 100 to 120k to get a 2bedroom in Coq which isn't so bad.
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06-11-2018, 12:02 PM
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#12105 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
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Wasn't sure where to post this. I didn't even know this happened. Was only brought to my attention when a friend of mine shared a Facebook post from the UGM on his wall. https://www.theguardian.com/world/20...tons-vancouver Quote: |
The number of homeless in the city is continuing to grow at a pace of about five people a week, said Hunka. “We need more housing, more supports, and more compassion.”
| I do wonder what this area will be like as far as housing costs and services when the average RS'er is at the retirement age.
__________________ Quote:
Originally Posted by GS8 When I think about ewe, I touch myself | | |
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06-11-2018, 12:46 PM
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#12106 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
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^^ save up! when is retirement age sell my apartment/housing then move to Thailand and live like a king for a fraction of the price than what it would cost to live in Vancouver.
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06-11-2018, 01:29 PM
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#12107 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
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^ by then Thailand may be a high cost, high income country. You might have to move to Mozambique to get the same bang(kok) for your buck. Better brush up on your Portuguese.  | |
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06-11-2018, 02:10 PM
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#12108 | | I have named my kids VIC and VLS
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I think living in Thailand full time isn’t exactly what it’s cracked up to be.
Good family friend who’s loaded has 2 places there because he married a Thai woman, over the last 6-7 years he’s probably spent a total of 2.5-3 years of time there and now he’s considering selling both places because he says all he does is go there and drink/eat. Completely different lifestyle than living here and he said most of his buddies there (misty Australians in similar situations) feel the same.
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Dank memes cant melt steel beams
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06-11-2018, 02:45 PM
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#12109 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
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Sorta like Victoria. If you're a white guy it's nice to visit, but don't go there to live unless you're newly wed or nearly dead.
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06-11-2018, 03:12 PM
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#12110 | | Rs has made me the woman i am today!
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__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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06-11-2018, 05:05 PM
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#12111 | | I have named my kids VIC and VLS
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While you have to disclose it obviously if you could Reno it inexpensively it’s provably a good deal. I’m sure you could make money selling but the value would be in staying
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Dank memes cant melt steel beams
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06-11-2018, 05:32 PM
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#12112 | | i like gifs
Join Date: Dec 2001 Location: imgur
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| Quote:
Originally Posted by GS8 Wasn't sure where to post this. I didn't even know this happened. Was only brought to my attention when a friend of mine shared a Facebook post from the UGM on his wall. https://www.theguardian.com/world/20...tons-vancouver
I do wonder what this area will be like as far as housing costs and services when the average RS'er is at the retirement age. | Reading that story was pretty depressing
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06-11-2018, 08:20 PM
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#12113 | | Even when im right, revscene.net is still right!
Join Date: Feb 2005 Location: VEGAS
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06-11-2018, 08:55 PM
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#12114 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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Wow that looks awful.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-11-2018, 10:38 PM
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#12115 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2004 Location: Duncan, BC
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Originally Posted by DavidNguyen | Builds weird custom home, sells it one year later  | |
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06-12-2018, 12:20 AM
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#12116 | | I *heart* Revscene.net very Muchie
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It looks like a house I built in The Sims.
__________________ Quote:
Originally Posted by GS8 When I think about ewe, I touch myself | | |
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06-12-2018, 10:05 AM
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#12117 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Feb 2017
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Originally Posted by DavidNguyen | i drive by this fake castle all the time. looks like absolute garbage. thanks for sharing now i can confirm the inside is trash too!
it's got the roof top patio going for it tho!
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06-12-2018, 10:31 AM
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#12118 | | I have named my kids VIC and VLS
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The patio is pretty dope but flat roofs are very hard to do properly..
Uhg.. can’t believe that’s a 2017 build
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Dank memes cant melt steel beams
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06-12-2018, 10:49 AM
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#12119 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
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the designer just took everything from ikea and placed it into the house
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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06-12-2018, 01:49 PM
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#12120 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
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George is a new low rise development in Port Moody. I visited the sales centre on the weekend and it was pretty busy - mix of investors and locals.
- 1 beds, 657 sf, $490K
- 2 beds, 935 sf, $650K
- 2 beds and den, 969 sf, $680K
- 3 beds, 1098 sf, $770K
- 3 bed tandem garage townhouses, 1260 sf, ~$850K
- 3 bed double garage townhouses, 1330 sf, ~ $920K
3% assignment fee
3 blocks from Skytrain and south of proposed developments. Given what units in the Tri Cities are selling for right now, they're not a bad deal.
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06-12-2018, 01:57 PM
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#12121 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
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Originally Posted by Tapioca George is a new low rise development in Port Moody. I visited the sales centre on the weekend and it was pretty busy - mix of investors and locals.
- 1 beds, 657 sf, $490K
- 2 beds, 935 sf, $650K
- 2 beds and den, 969 sf, $680K
- 3 beds, 1098 sf, $770K
- 3 bed tandem garage townhouses, 1260 sf, ~$850K
- 3 bed double garage townhouses, 1330 sf, ~ $920K
3% assignment fee
3 blocks from Skytrain and south of proposed developments. Given what units in the Tri Cities are selling for right now, they're not a bad deal. | Where exactly is this? I had a quick look at the website, and there is absolutely zero mention of the location of the future complex.  | |
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06-12-2018, 02:04 PM
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#12122 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
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Originally Posted by Traum Where exactly is this? I had a quick look at the website, and there is absolutely zero mention of the location of the future complex. | St. George Street between Buller and Williams. It's an older neighbourhood with old detached homes and rental apartments.
Craft breweries, water, Skytrain, and a pizza place that's a hit with Instagrammers do a lot to raise a profile of a neighbourhood.
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06-12-2018, 02:06 PM
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#12123 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
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Originally Posted by Tapioca George is a new low rise development in Port Moody. I visited the sales centre on the weekend and it was pretty busy - mix of investors and locals.
- 1 beds, 657 sf, $490K
- 2 beds, 935 sf, $650K
- 2 beds and den, 969 sf, $680K
- 3 beds, 1098 sf, $770K
- 3 bed tandem garage townhouses, 1260 sf, ~$850K
- 3 bed double garage townhouses, 1330 sf, ~ $920K
3% assignment fee
3 blocks from Skytrain and south of proposed developments. Given what units in the Tri Cities are selling for right now, they're not a bad deal. | I wouldn't say is a good deal considering is a low raise. I saw a few 2bedroom apartment around Coq center for around 620k to 700k that's within 2 to 5 years old. I would take a high raise anytime over a low raise due to sound profing.
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06-12-2018, 02:28 PM
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#12124 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,046
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Originally Posted by Mr.HappySilp I wouldn't say is a good deal considering is a low raise. I saw a few 2bedroom apartment around Coq center for around 620k to 700k that's within 2 to 5 years old. I would take a high raise anytime over a low raise due to sound profing. | I'd say that is a matter of personal preference. Given the choice, I'd a low rise over a high rise any day of the week. The elevator ride and population density alone are already strong enough reasons for me to choose low over high rise.
Unfortunately, nowadays it seems like large scale low rise complexes don't get build that often anymore. Makes perfect sense -- cuz the developer makes a much bigger killing from having more floors.
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06-12-2018, 02:41 PM
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#12125 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,599
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Originally Posted by Tapioca George is a new low rise development in Port Moody. I visited the sales centre on the weekend and it was pretty busy - mix of investors and locals.
- 1 beds, 657 sf, $490K
- 2 beds, 935 sf, $650K
- 2 beds and den, 969 sf, $680K
- 3 beds, 1098 sf, $770K
- 3 bed tandem garage townhouses, 1260 sf, ~$850K
- 3 bed double garage townhouses, 1330 sf, ~ $920K
3% assignment fee
3 blocks from Skytrain and south of proposed developments. Given what units in the Tri Cities are selling for right now, they're not a bad deal. | Just walked in - it was a complete ZOO at 2pm on a Tuesday.
Not taking offers yet - apparently units will be sold on a lottery system.
I haven't been to a presale in a long time but it's hard to be excited about buying under those conditions...
-Mark
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