Exactly, he's doing a 'it costs me x, I'll charge y' - a cost plus approach.

Unfortunately he'll only be able to rent it for what the market will pay, and unless they get someone born yesterday, it will rent for $2k max (well, I wouldn't pay a penny more than $1800, but I'm about 10% cheap)

That is my fear...having to pay out for someone else to run my place into the ground.

This person could be looking at upwards of $1000 per month in subsidy.

$12,000 a year.

Welcome to the stupidity of Canadian real estate. My landlord has owned since new, 17 or so years, so I know his costs are waaaaaay lower than a new purchaser (hence how I could negotiate less than market rent - helps when ur a suit and tie and give him 12 cheques on the spot) - had he bought in the last 2 years, he'd be paying about $700 a month in expense, not including principal repayment, for me to live here, all whilst value has decrased.

I respect my landlord, buys at reasonable rates, plans to hold forever, effectively, and is ok getting less than market rate to keep a good, long term tenant - exactly my approach for my rental properties - I'll give up $100 a month to have good tenants that look after my houses for multiple years.

Anyone that buys today to rent out is a crackhead, or likes negative cash flow

Don't quote me on this but from what I recall walking into the sales center, those units were going for about 530-550k for a 2 BR (or was it a 1BR?). About a 100k premium compared to a new unit at the Ora tower down the road. The sales guy tried to justify it based on prestige that you can tell your friends you are living waterfront, "Coal Harbour Richmond".

when you looked at the guy after he said "coal harbour richmond"...was his face like this? :badpokerface:

Coal Harbour in Richmond, haaaave you met the new Yaletown in Whalley?

can't call it a harbour...if there's no harbour and it's a dike/swamp/marsh :troll:

speaking of Richmond... friend's newly built 2013 sfh in Richmond
land 15,000 sqft
5800 sqft
5 bed 6 bath
built by european/caucasian contractors
22 ft ceilings
premium built
dual kitchens

asking only 2.68 mil

http://i.imgur.com/h3Z5BxN.jpg

It's both subtle, and understated.

Next time, could they take some High Def pictures to distort reality?

They seriously had to write that? :lol

Does that mean every subcontractor who came through the house was also a caucasion of European descent? Or just the GC?

And, sorry... that place is pretty damn gaudy.

I thought that too, lol!

ITS COOL, MAN. IT WAS BUILT BY WHITE PEOPLE!

So it was built by white people...um, who designed it?

I had a meeting two weeks back with a large global contractor you would all know, you see there signs everywhere. It was a scope meeting to award a job to our company, they came out in the meeting and asked us what kind of tradesmen they could expect on the job if they awarded it to us and they weren't talking about qualifications they were talking about nationality. How do you even answer that question? I'm not going to say what contractor it was, we do work for them quite a bit.

They had just finished another similar project and they had a ton of Safety and quality issues with the other guys, they ended up using us and we were not the low bidder.

I'm just going to point out the pink elephant here. (On what some people believe) - it's stereotypical but hey, stereotypes have some ounce of truth in them.

Asians/punjabi (brown) have poor build quality.

White/European have higher build quality, don't cheap out on materials.

Or it's like what I heard in China, have a white person on your company = success.
So why wouldn't you want to buy a house made by a white person?

http://ohsinsider.com/wp-content/upl.../05/turban.jpg

Maybe they are just concerned about workers safety?

Yeah, we're like a lucky rabbits foot.

Its more for face.

For contracts, deals. Its a real thing.
Posted via RS Mobile

Yeah, a white guy to the negotiation table works wonders.

as long as it's a white rabbit :badpokerface:

A few years back we got a new roof done thru Sears.

$19,000 plus change.

It was a Indian boss with 7 Mexicans working for him that he jammed into his F350.

As part of the contract, a roofing inspector was to inspect once the job was done.

His report highlighting deficiencies ran 19 pages long. :badpokerface:

That is an amazing house......in van, you would get a really nice Vancouver special!!!

First mistake was calling Sears lol.
Sears likely outsources these things.

Sears does outsource; Home Depot and Rona do as well.

The vetting process is totally non-sensical, I would not suggest anyone use them.

I found your listing.

V1028095, 9620 PINEWELL CR, Richmond, British Columbia $ V7A2C8

Comparing it to other propertieS:

Yes, like dinosaur said, it is gaudy.

Almost all new builds over $1.5 mill, that feature 3 car garages are gaudy.

They basically have the same concept and "exude" good quality workmanship, at least, the parts that can be seen.

It appeals to a certain market...

Concept:
big open foyer
double kitchens
Sometimes, an in-law suite (not legal)
Big frontal lawn/paved tiles
Small backyard
Open second floor with railings, looking down the front or the back of the inside of the house
Lots of granite, sometimes marble... NO quartz.

Basically, it's for the buyer to show off...

In reality, all these houses basically look the same, with the same concept and same "craftsmanship", etc.

The difference is the location.

Now, I'm just giving out my opinions with some facts.

The seller is asking for $2.68.

Its location is not that good, but the seller had to buy 2 lots and combine it to make this house.

It is in the "east" side of Richmond.

He could have combined the 2 lots and split it into 3 lots and built 3 houses at the $900k range.

So, $2.68 is a relatively "average" price, if you could believe.

Compare it to the "west" side which is usually No. 3 Road and west.

A $2.68 million NEW house is usually only 3,700 sq. footage on a 7,000 to 10,000 sq. feet lot, in Richmond West.

So, the listing here, is priced right, but not sure if it can sell at this market.

Richmond has been appreciating much faster than Vancouver in the last few years.

----------------------

The main points I wanted to make are:

1- The new houses over $1.5 basically look the same using the same concept.
2- There are no architectural signifcance when you compare a similar house at a similar price point.
3- The only differences are the location, paint job outside, colour of tiles, etc.
4- It is actually priced right, believe it or not based on lot size, sq. footage inside, location, and the fact it is brand spanking new.
5- However, how long it takes to sell it is another different matter... There will be a lot of price markdowns or "re-listings"...
6- For $2.68 million, you could get a much better location in West Van in a much better neighbourhood, a slightly larger lot size, a house with architectural significance with obvious differences (you won't be buying a house that is the same as a neighbour's house)... Of course, it won't be brand-new, but it is probably renovated thoroughly.

AND

The buyer needs to have CASH.

Can't get mortgage insurance over 1 million, so it needs to be 20% down. So the buyer needs to present 1/2 million to buy.

Significantly lowers your buying pool.

BTW...excellent assessment!^^Placid.

And do we have enough realtors on the case? 4 from different companies. $10,000 in commission each...on a 2.68 million house. Ballin!