Vancouver's Real Estate Market

[donk.]

^

[bcrdukes]

Umm...

[chinook79]

Originally Posted by GS8

Condos (namely highrises) should only be used as bridge housing. Living in them long term, to put it bluntly, is gross.

Buy a unit to rent it out to some poor sucker. I mean most condos going up are likely rentals which replaced the apartments that stood for 50 years prior. Same living style, different architecture. Cramped corridors, few elevators (flights of stairs when both go out), tight layouts and God knows what kind of neighbours you have after spending $950k. Fancy prison quarters is what condos become. I'm so glad I don't work-from-home.

Space is good for mental health. Penthouse or street level, you're in the same building. Would you rather birds fly in your window or overhear a couple talking about how deep they want to go in the back alley? And....hear it too....

I'd take that you've never lived in a luxury condo?
I was fortunate enough to have lived in both luxury home (7 bd 6 bath, british property with private pool and heated driveway) and condo, and my preference is condo over house actually. It's nice to have all the rooms that I actually don't need, but with condo, I have less to deal with, cheaper to maintain and have all the conveniences.
Everyone is different, have their own preferences. Just because you don't prefer one lifestyle over another, doesn't mean you should label it a prison quarters. The only thing it does is that it shows how shallow minded you are.

[Gerbs]

Originally Posted by Ch28

The other things you need to factor in would be the long elevator wait, especially if you're on a high rise penthouse that's like 40 floors up. Carrying a whole bunch of groceries while waiting for the elevator really sucks ass.

Townhouse >>> condo in every single aspect, especially if you can get one with an attached garage

I'd argue that the wait is way better if you're in the penthouse unit. The elevator grabs you first on the way down. Then you have the luxury of stopping 30 to 40 floors on the way down and giving everyone a head nod as the elevator already has 2 to 3 people.

In addition, all the penthouse / upper suites have parking near the 2nd-floor elevator. So sometimes they also get priority in going back up. The penthouse in my previous unit had a maid/instacart to bring up the groceries lol.

Originally Posted by chinook79

I'd take that you've never lived in a luxury condo?
I was fortunate enough to have lived in both luxury home (7 bd 6 bath, british property with private pool and heated driveway) and condo, and my preference is condo over house actually. It's nice to have all the rooms that I actually don't need, but with condo, I have less to deal with, cheaper to maintain and have all the conveniences.
Everyone is different, have their own preferences. Just because you don't prefer one lifestyle over another, doesn't mean you should label it a prison quarters. The only thing it does is that it shows how shallow minded you are.

I agree, luxury condo living is pretty solid especially if you have a massive patio/balcony to host events. Can't imagine living with 7 bedrooms unless I pump out like 4 kids.

[JDMDreams]

^ 4 out of the 7 bedrooms in new builds are probably the rental units to pay for the house

[sonick]

Originally Posted by GS8

Condos (namely highrises) should only be used as bridge housing. Living in them long term, to put it bluntly, is gross.

Buy a unit to rent it out to some poor sucker. I mean most condos going up are likely rentals which replaced the apartments that stood for 50 years prior. Same living style, different architecture. Cramped corridors, few elevators (flights of stairs when both go out), tight layouts and God knows what kind of neighbours you have after spending $950k. Fancy prison quarters is what condos become. I'm so glad I don't work-from-home.

Space is good for mental health. Penthouse or street level, you're in the same building. Would you rather birds fly in your window or overhear a couple talking about how deep they want to go in the back alley? And....hear it too....

And here I thought we were doing decently well with our $200k+ dual income, no kids condo living but still unable to jump to detached SFH. Must be nice to have such a privileged outlook on housing expectations.

[Gerbs]

Originally Posted by sonick

And here I thought we were doing decently well with our $200k+ dual income, no kids condo living but still unable to jump to detached SFH. Must be nice to have such a privileged outlook on housing expectations.

If you don't wanna live in a "gross" condo , just don't be poor - GS8

[JDMDreams]

Yea Gs8

YouTube (Short URL)

[JDMStyo]

Telford is a great investment for those that got units IMO.
Concord Metrotown isn't cheap but it's luxury + balcony living could be a good new trend (heated + glassed off).

Tailor is GG mostly too with 1BR gone.
Alaska next door has sold most of the 1BR at $900/ft Brentwood by tracks on Alpha/Beta.

___

What a difference from 2-3 months ago during the winter dreary months.
With rates still so slow the race for detached is full on from the posts above.
It isn't just the $2.5M and under any more either as evident of this sale on 41st.

https://vancouversun.com/bsiness/rea...housing-market

B.C. real estate: Bidding wars again hitting high-end housing market

One recent sale went more than $1.6 million over the asking price, while another went $700,000 higher.
Author of the article:
Joanne Lee-Young
Publishing date:
Feb 24, 2021 • 2 days ago • 3 minute read • comment bubbleJoin the conversation
House at on West 41st Avenue in Vancouver was up for sale, asking $3.98 million. It sold for $5.66 million.
House at on West 41st Avenue in Vancouver was up for sale, asking $3.98 million. It sold for $5.66 million. Photo by Arlen Redekop /PNG
Article content

When the COVID-19 real estate boom started, multiple offers and over-asking sale prices were mostly happening for detached homes in the $1.5 million to $2 million range in parts of East Vancouver and North Vancouver, and lower-prices houses in the Fraser Valley.

Now, there are signs of this moving into more expensive housing. In particular, there were two eye-popping sales in mid-February, one that went for over $700,000 the asking price, and the other for more than $1.6 million higher than the asking price.
B.C. real estate: Bidding wars again hitting high-end housing market

In a fast-escalating market with heated demand and multiple offers, it can be challenging for sellers and real estate agents to determine an asking price by relying on a property’s assessment or recent sales of a similar property. This can lead to sale prices that are hundreds of thousands of dollars over the asking price.

For example, at the beginning of the real estate boom between 2014 to 2018, a home in Shaughnessy sold for $2 million over the asking price of $5.99 million in March 2015. Later, in June 2015, there was a sale of a home in West Vancouver that caught attention for selling for $1.1 million over the asking price of $2.98 million. These were one-off sales, but they help set a higher comparable price or margin for next sales.
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Real estate agents say “cheap money” or very low interest rates are spurring sales and prices. Existing homeowners are refinancing at low rates and taking that cash to make another property investment. First time buyers or those with less home equity also benefit from low interest rates, but they are at a disadvantage when it comes to competing for sales that involve multiple and over asking price offers because they have to bid in smaller increments and take fewer risks such as forgoing a house inspection before the sale closes.

Vancouver real estate agent Muzda Stenner described the recent scene at a West Vancouver detached home on Queens Avenue that was on sale for $2.877 million.

“It was almost like a garage sale (with) cars lined up on the street,” said Stenner. “Even with COVID, and people wearing masks, it was a full house, and people were trying to get in.”

The home is assessed at $2.69 million. She helped her client bid “$3 million, with subjects” to buy the home. “And it was like, ‘no, no, no.’ I had one of the lowest bids.”

With some 19 other offers, the home went under contract in mid-February to be sold for $3.6 million or $723,000 over the asking price.

“It had great potential, but it was a very small house,” said Stenner of the 3,000-square-foot, two-storey home on a 12,000-square foot lot with ocean views that was built in 1957.

On the West side, a 4,000-square-foot, five bedroom, rancher-style home on West 41st Avenue just west of Granville Street went under contract in mid-February to be sold for $5.66 million.
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The property, which is assessed at $3.95 million got one offer at the asking price of $3.98 million, but three other offers that were all above that, according to the listing agent, Sarina Han. The sale price was $1.68 million over the asking price.

Han said the property has RS-3 zoning, which allows for a single-family home in keeping with the design and density of the surrounding area, even though it is on busy 41st Street near a major intersection at Granville Street.

The condo market, which has been described as more balanced in pricing because there is more supply of listings and because more buyers were seeking larger homes with outdoor space to cope with the pandemic, is also seeing some of this frenzied activity, according to some real estate agents.

Ian Watt said he was juggling two multiple offer situations for potential condo buyers one recent evening. One condo they were interested in got five offers and the other had 14 of them. It was a one-bedroom, 965-square-foot condo in Kits that was asking $899,999, but sold for $1.107 million or $207,001 over asking price.

“I lost out with my buyers because someone totally overpaid,” said Watt.

[PiuYi]

“I lost out with my buyers because someone totally overpaid,” said Watt.

when even the realtors who earn commission based on price use the word "overpaid", you know things are out of control...

[twitchyzero]

uh realtors arent just listing, they have to find the right home for buyers too

they would also want a balanced market

[JDMDreams]

“It had great potential, but it was a very small house,” said Stenner of the 3,000-square-foot, two-storey home on a 12,000-square foot lot with ocean views that was built in 1957

Not sure where you grew up but sounds like a mansion and a very desirable giant lot.

And the realtor would only say the other party over paid cuz they didn't win the bid

[westopher]

If that realtor would have been representing the people that hit the bid it would read something like
“Helped my buyers do what was necessary to get their dream home in a hot market! See how I can get you into your dream home today!” As he fans himself off camera with a handful of money.

[Gerbs]

^
That's so true haha. Some of them are so far gone from reality. When they say that it kind of discounts the buyers strong purchasing budget + lack of subjects they were willing to take on.

[Manic!]

I have been dealing with my insurance broker for almost 2 months trying to renew insurance on a rental house I have. Latest problem they have a trampoline. It had to be removed before I could renew the insurance. I go online and find https://www.squareoneinsurance.com Spent 20 minutes including an 11 minute phone call (5 minutes on hold) because of some issue and bam!!!! I had insurance. Best part it was $800 compared to the $2300 my insurance broker wanted to charge me.

[lilaznviper]

might get a quote from them to check how much my insurance will be. currently paying 1.3k for the year on a rental condo unit i have.

[Eff-1]

Originally Posted by Manic!

I have been dealing with my insurance broker for almost 2 months trying to renew insurance on a rental house I have. Latest problem they have a trampoline. It had to be removed before I could renew the insurance. I go online and find https://www.squareoneinsurance.com Spent 20 minutes including an 11 minute phone call (5 minutes on hold) because of some issue and bam!!!! I had insurance. Best part it was $800 compared to the $2300 my insurance broker wanted to charge me.

Keep in mind, online insurance quotes come with a bit of a risk. They expect you read all the fine print and understand what you're buying. If you have to claim something later that is declined, the fact you were able to purchase the policy isn't going to be a guarantee they'll cover you.

This is true for all forms of online insurance (travel, health, etc).

Not to say online insurance isn't better in a lot of ways. Just make sure you read your fine print to learn the exclusions. That's why brokers are sometimes a better route because they are supposed to worry about those things for you.

[donk.]

And in person insurance does not come with a risk?

Brokers know as much as you do, next time you get insurance, ask them 3 specific questions in regards to coverage, then count the minutes it takes them to find the clause within the clause of the other clause for the answer

[Hondaracer]

As I’ve said before I recommend “HIP” the home insurance people who are basically a finders service

Even after using them I’m not entirely sure how they get paid/make money as they did all the leg work for my latest policy and even went back and forth with multiple providers on questions and changes before we settled with one.

Insurance is tough to gauge because virtually all of them have negative reviews. The main complaint almost -always- seems to be “I missed a Payment and they cancelled my policy so fuck then” bla bla bla lol

[Eff-1]

Originally Posted by donk.

And in person insurance does not come with a risk?

Brokers know as much as you do, next time you get insurance, ask them 3 specific questions in regards to coverage, then count the minutes it takes them to find the clause within the clause of the other clause for the answer

Then find a better broker.

A broker knows way more than I do. Insurance documents are confusing and not easy to follow. My broker knows how to read them and explains it all to me fully so I know what coverage I'm getting and what I'm paying for. She'll give me options at different prices and I choose what's best. And if I have an issue with the insurance company, she goes to bat for me. Obviously brokers are not all perfect. YMMV.

[bcrdukes]

If we knew as much as brokers, why do they even exist?

[Hondaracer]

Was watching this house as I walk by it from time to time, 125 Boundary. Literally the last houses in Vancouver, another step in you’re in Burnaby lol. Views of north shore and Coliseum/PNE. Inside was pretty nice like a 10 year old reno





View from the corner:



Listed at 1.79
Sold at 1.86

7 days on the market

[Teriyaki]

Originally Posted by Eff-1

Then find a better broker.

A broker knows way more than I do. Insurance documents are confusing and not easy to follow. My broker knows how to read them and explains it all to me fully so I know what coverage I'm getting and what I'm paying for. She'll give me options at different prices and I choose what's best. And if I have an issue with the insurance company, she goes to bat for me. Obviously brokers are not all perfect. YMMV.

This. I think its very similar to how you should find a realtor. Don't get someone to do it because they're your uncles, second sister in law that concidentally has a half-decent face but they can barely put two words together because "family friend".

[is350]

.

[twitchyzero]

days inn on kingsway at vic dr bought by CoV as shelter
opens november for 65 individuals

https://www.citynews1130.com/2021/03...otel-homeless/