Vancouver Off-Topic / Current Events The 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. | | |
12-10-2019, 07:31 PM
|
#15076 | RS has made me the bitter person i am today!
Join Date: Apr 2001 Location: Vancouver
Posts: 4,773
Thanked 2,925 Times in 762 Posts
Failed 367 Times in 95 Posts
| Quote:
Originally Posted by Slifer Damn, how much is that house Acura604 if you don't mind me asking? | listed for $1,399,000
got it for $1,292,500
|
| |
12-10-2019, 07:33 PM
|
#15077 | I came, I saw, I conquered.
Join Date: Mar 2005 Location: Vancouver
Posts: 1,881
Thanked 585 Times in 176 Posts
Failed 88 Times in 33 Posts
|
Where is it located?
|
| |
12-11-2019, 04:31 PM
|
#15078 | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,845
Thanked 2,805 Times in 787 Posts
Failed 47 Times in 35 Posts
|
Don't forget GST!
|
| |
12-11-2019, 06:01 PM
|
#15079 | RS has made me the bitter person i am today!
Join Date: Apr 2001 Location: Vancouver
Posts: 4,773
Thanked 2,925 Times in 762 Posts
Failed 367 Times in 95 Posts
| Quote:
Originally Posted by Eff-1 Don't forget GST! | got it included into the price.
also.. negotiated realtors commissions..
my realtor gave me back $5k, and the sellers realtor gave me back $2500.
|
| |
12-11-2019, 06:24 PM
|
#15080 | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,573
Thanked 3,775 Times in 1,344 Posts
Failed 83 Times in 42 Posts
| Quote:
Originally Posted by Acura604 got it included into the price.
also.. negotiated realtors commissions..
my realtor gave me back $5k, and the sellers realtor gave me back $2500. | Damm, I should have got you to negotiate for me I paid just slightly under ask and nobody kicking me anything back.
__________________
“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa |
| |
12-14-2019, 12:13 AM
|
#15081 | Where's my RS Christmas Lobster?!
Join Date: Jul 2004 Location: vancouver
Posts: 898
Thanked 200 Times in 44 Posts
Failed 28 Times in 9 Posts
|
.
Last edited by xxxrsxxx; 12-16-2019 at 04:57 PM.
|
| |
12-14-2019, 12:46 PM
|
#15082 | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,996
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
| Quote:
Originally Posted by Slifer Where is it located? | Surrey
|
| |
12-16-2019, 11:01 AM
|
#15083 | NEWBIE ACCOUNT!
Join Date: Feb 2015 Location: Vancouver
Posts: 14
Thanked 3 Times in 1 Post
Failed 5 Times in 1 Post
|
Including GST into the price of a brand new home is my new fav tactic when it comes to writing offers for new builds. Considering an average price of a brand new single detached home is around 2 mil in east van and the fact that you have bargaining power over the listing price, you might as well throw in GST so you don't have to budget GST into the closing costs. Just get the builder to pay for it if they really want to close the deal since brand new homes aren't flying off the shelf these days.
In the grand scheme of the builder's construction business (if they're building a lot of homes in the lower mainland), I think it should be peanuts on their end to absorb the GST considering the average cost of construction for a residential home is around 600k now?
|
| |
12-20-2019, 12:53 AM
|
#15084 | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
|
Does anyone know where 4444 went? He was constantly warning us of a crash and to move out of vancouver to "better" cities. Quote:
Originally Posted by 4444
All those trying to make money in real estate, buying with 5% down are the ones that will lose when prices go down, you are looking for your dream home and have time on your hands. even if prices do slowly continue to rise, so what, you can buy in a year at 1 or 2% more in value... given you're not scrambling to get your down payment together, that shouldn't matter to you. | My friend did exactly what 4444 said you shouldnt do in 2014. His dt condo has doubled up with a measly 5% downpayment since then.
This dude was ruthless and active during the beginning days of this thread. I'm not going to lie I actually believed him for awhile but now wish I've gotten into the real estate ladder sooner.
Last edited by Ludepower; 12-20-2019 at 12:58 AM.
|
| |
12-20-2019, 08:08 AM
|
#15085 | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,339
Thanked 3,985 Times in 1,537 Posts
Failed 35 Times in 27 Posts
|
He would still be preaching. I’d say we’re still at risk of a worldwide crash if anything. If you noticed the pricing, things were starting to fall until interest rates dropped hard. The market is stabilizing.... but we’re at record low interest rates again. If we only had a crystal ball ☹️
__________________
Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
|
| |
12-20-2019, 08:35 AM
|
#15086 | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
Posts: 10,567
Thanked 5,004 Times in 1,845 Posts
Failed 185 Times in 100 Posts
|
I think there was another real estate thread a few years before this one (2009-2010?), you'll probably find comments by me in there saying "It's gotta crash, and that's when I'll buy".
I'm glad I didn't listen to myself, or I'd still be waiting. And now Hindsight's 20/20, I look back and wish I got in with the Zero down 40 year amortizations back in '08, when houses were a lot cheaper.
I thought anyone doing that was taking crazy risk. I just started my new job/career out of school with no substantial savings really in the bank yet just couldn't fathom taking that on. If only I had a time machine.
__________________
1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
|
| |
12-20-2019, 10:21 AM
|
#15087 | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
|
Just because things turned out this way, it doesn't mean that 4444's risk management was wrong. Equity markets roughly doubled since 2014 (SP500 in CAD return) so as long as you were invested in something, you probably wouldn't be in terrible spot right now either. Granted, buying a home gives retail investors tremendous amount of financial leverage that you otherwise wouldn't have access too. And if i remember correctly, 4444 had a lot of real estate exposure himself too; he just didn't agree with people overstretching themselves to become a homeowner or to buy multiple investment properties.
|
| |
12-20-2019, 11:24 AM
|
#15088 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,574
Thanked 14,966 Times in 5,970 Posts
Failed 2,061 Times in 690 Posts
|
The thing is, that thinking is for savvy investors, people with enough money to effectively diversify.
A lot of people now are in a similar position our parents, and in some cases, their parents got into, where your home, the place you bought to sleep in at night, turned out to be the best investment you ever made.
__________________
Dank memes cant melt steel beams
|
| |
12-20-2019, 11:43 AM
|
#15089 | To me, there is the Internet and there is RS
Join Date: Apr 2007 Location: Okanagan
Posts: 16,672
Thanked 9,365 Times in 4,073 Posts
Failed 427 Times in 225 Posts
|
It's a risk either way. If things drop then those who bought in as early as they could get screwed and those who wait benefit. If things don't drop then those who bought in as early as they could benefit and those who waited are screwed.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed] Quote:
Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | |
| |
12-20-2019, 12:03 PM
|
#15090 | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
| Quote:
Originally Posted by Hondaracer The thing is, that thinking is for savvy investors, people with enough money to effectively diversify.
A lot of people now are in a similar position our parents, and in some cases, their parents got into, where your home, the place you bought to sleep in at night, turned out to be the best investment you ever made. | I don't disagree with you what you wrote and its already been mentioned multiple times about other psychological benefits to being a homeowner that explains some of the disproportionate risk appetite in real estate. But if you recall at the hottest peak of the market, there were definitely some excessive risk-taking, often times for pure greed, and while it would've paid off in the end this time, on a risk-adjusted basis, its debatable whether that's a strategy that you would want to repeat multiple times. In the end, buying a property that you can comfortably afford without trying to time the market is probably the sweet spot.
|
| |
12-20-2019, 01:10 PM
|
#15091 | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
| Quote:
Originally Posted by GGnoRE Just because things turned out this way, it doesn't mean that 4444's risk management was wrong. Equity markets roughly doubled since 2014 (SP500 in CAD return) so as long as you were invested in something, you probably wouldn't be in terrible spot right now either. Granted, buying a home gives retail investors tremendous amount of financial leverage that you otherwise wouldn't have access too. And if i remember correctly, 4444 had a lot of real estate exposure himself too; he just didn't agree with people overstretching themselves to become a homeowner or to buy multiple investment properties. | 4444 had a Garth Turner like attitude by constantly spamming fear for first time buyers like myself.
The 5%... 30k downpayment my friend purchase on a 375k DT condo is worth 800k. That's 400k (1000%) hes up. Better than any returns on stock investment.
This wasnt the mindset when buying his first home. Just wanted to start building his roots and paying someone else's mortgage.
|
| |
12-20-2019, 02:03 PM
|
#15092 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,549
Thanked 32,163 Times in 7,478 Posts
Failed 211 Times in 159 Posts
|
It’s not a return though unless you sell it and leave the market, or have a second one. It’s money saved if you were to wait and purchase and gives you a massive line of credit if you need it, but it’s not like it’s of any value if you don’t get creative with it.
__________________
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. | |
| |
12-20-2019, 03:09 PM
|
#15093 | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
| Quote:
Originally Posted by Ludepower 4444 had a Garth Turner like attitude by constantly spamming fear for first time buyers like myself.
The 5%... 30k downpayment my friend purchase on a 375k DT condo is worth 800k. That's 400k (1000%) hes up. Better than any returns on stock investment.
This wasnt the mindset when buying his first home. Just wanted to start building his roots and paying someone else's mortgage. | I hear you Lude. If 375K purchase price on 5% downpayment was reasonably within your friend's financial means, then your friend did the right thing at that time by pulling the trigger instead of trying to time the market by waiting for a 'crash'. But if your financial solvency is predicated on your real estate assets continuing to appreciate, which usually only applies to marginal speculators and not first-timers like your friend, then it is still a big gamble and a single outcome path doesn't really demonstrate that it was a prudent investment decision.
|
| |
12-20-2019, 04:09 PM
|
#15094 | I contribute to threads in the offtopic forum
Join Date: Nov 2006 Location: Vancouver
Posts: 2,945
Thanked 1,123 Times in 533 Posts
Failed 71 Times in 38 Posts
|
It's hindsight. Hell, the market could've tank and your friend lose his entire equity in it too.
Just because it hasn't happened or happened yet, doesn't mean anyone is specifically wrong. The poster before is right, it's only yours when you sell it and have the money in the bank.
|
| |
12-20-2019, 07:42 PM
|
#15095 | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
|
It is money in the bank though. Even the bank says so by letting you take out a big HELOC from your gains.
He can sell his DT condo in a heartbeat and rent and invest the 400k into the stock market. He can leverage his place and upgrade into a bigger home or stay put and HELOC a second rental property. Or move out of BC and buy a home cash money and be mortgage free.
All these options are available to him, our parents and many others who bought early.
What you guys call papers gains are problems I would love to have.
|
| |
12-20-2019, 08:16 PM
|
#15096 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,574
Thanked 14,966 Times in 5,970 Posts
Failed 2,061 Times in 690 Posts
|
It’s equity. And a roof over your head. This is going back to the basics of this thread but it’s a tangible asset. I still know of people who think the stock market is a fools game etc. Investments aren’t secure.
I think if you owned prior to 2017 or so you will be fine going forward. It’s likely your asset will never be worth less than it was when you purchased. Just looking at basic supply and demand and how sparcley populated the greater Vancouver area is compared to most cities I think it’s a pretty safe bet to think values will only go up and people will always want to live here not withstanding “the big one” and even then maybe when Richmond is gone Vancouver will be worth even more?
Everything in hindsight
__________________
Dank memes cant melt steel beams
|
| |
12-20-2019, 09:12 PM
|
#15097 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,549
Thanked 32,163 Times in 7,478 Posts
Failed 211 Times in 159 Posts
| Quote:
Originally Posted by Ludepower It is money in the bank though. Even the bank says so by letting you take out a big HELOC from your gains.
He can sell his DT condo in a heartbeat and rent and invest the 400k into the stock market. He can leverage his place and upgrade into a bigger home or stay put and HELOC a second rental property. Or move out of BC and buy a home cash money and be mortgage free.
All these options are available to him, our parents and many others who bought early.
What you guys call papers gains are problems I would love to have. | I’m not disagreeing with most of what you said, but the upgrade part is the worst of it.
Ok so he sells his 400k purchase for 700k and has 300k in the bank. Now he has a 300k down payment to upgrade to a 1m place that would have been 600k when he bought his 400k place effectively costing him 150k more than if he were to have purchased that originally. My numbers are an approximation based on a 50k original down payment but you get the idea. It’s a negative proposition for those upgrading. The big winners are those who are downgrading.
As I said, in most instances those who were first time home buyers that got into the entry level market, the increase in value is a negative other than using it as leverage to invest elsewhere.
As usual, the younger generation that wants to live in a city with job prospects to actually afford this, gets fucked by the increases while the older generation profits. There has to be a breaking point as the generation behind us has no chance.
__________________
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. | |
| |
12-21-2019, 08:17 AM
|
#15098 | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
Thanked 4,042 Times in 1,232 Posts
Failed 129 Times in 79 Posts
| Quote:
Originally Posted by westopher \As usual, the younger generation that wants to live in a city with job prospects to actually afford this, gets fucked by the increases while the older generation profits. There has to be a breaking point as the generation behind us has no chance. | The only saving grace is that on average, the older generation has accumulated so much wealth that even by virtue of owning an average house, they are likely to leave something to their kids.
This does no favours to those who that's not true, and it's particularly tough in Western culture where it is not often that wealth is passed down until death. (ie if my parents pass away in their 80s and I am already 60, then the money is pretty incremental at that point whereas if I got less money when I was 40, that would make a bigger difference).
-Mark
__________________ I'm old now - boring street cars and sweet race cars. |
| |
12-21-2019, 09:02 AM
|
#15099 | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
| Quote:
Originally Posted by westopher I’m not disagreeing with most of what you said, but the upgrade part is the worst of it.
Ok so he sells his 400k purchase for 700k and has 300k in the bank. Now he has a 300k down payment to upgrade to a 1m place that would have been 600k when he bought his 400k place effectively costing him 150k more than if he were to have purchased that originally. My numbers are an approximation based on a 50k original down payment but you get the idea. It’s a negative proposition for those upgrading. The big winners are those who are downgrading.
As I said, in most instances those who were first time home buyers that got into the entry level market, the increase in value is a negative other than using it as leverage to invest elsewhere.
As usual, the younger generation that wants to live in a city with job prospects to actually afford this, gets fucked by the increases while the older generation profits. There has to be a breaking point as the generation behind us has no chance. | Fair point how your still stuck in the rat race if you need a bigger place.
I still fail to see the alternatives. He was only able to afford a 1 bedroom with 30k down and that quickly appreciated to 400k.
That 400k is his new downpayment towards a townhouse. How else would he have been able to climb the property ladder. The equity hes built doesnt disappear. Assuming real estate doesnt crash (highly unlikely in a desirable city like vancouver) he can sell and cash out anytime he wants.
The renter in the same timeline now has a massive hill to climb with runaway real estate prices if he/she were to finally enter the market.
|
| |
12-21-2019, 09:30 AM
|
#15100 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,549
Thanked 32,163 Times in 7,478 Posts
Failed 211 Times in 159 Posts
|
I’m not suggesting alternatives. I think purchasing was a great move for him, and myself alike at that time.
I’m just saying that to think of it as an investment is a bit of a cloudy view. It’s a place to live, and should be treated as such as until you have two of them, that’s really what it should be viewed as.
400k with a 700k mortgage is a shittier proposition than 50k with a 600k mortgage when you want to talk about money in to your bank account and money out.
Again, I’m not saying it’s the wrong move, I’m not saying there’s a better alternative. I’m saying the value increase in real estate is still financially damaging people that believe it’s helping them.
I’m saying the same thing over and over again I know, just trying to clarify my opinions on the matter.
__________________
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. |
Last edited by westopher; 12-21-2019 at 09:36 AM.
|
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | All times are GMT -8. The time now is 02:58 AM. |