lol. poor new owner will need to spend that 80k savings in repairing the shitty workmanship in the short-term.

Sold $3.26m

Dang... someone just throws out a condo's worth of extra cash on top of ask... ain't no thang

Where do you find such a quick listing? My paragon login etc doesn’t have it

Holy fuck

Maybe Bonka bought it :fuckyea:

Wow. I was quite wrong re: appetite for high end properties in that neighbourhood.

Crazy to think how that's all you get in Vancouver for 3+ million. I can fathom paying 10k monthly just for the mortgage....

I'm pretty sure at that level they will have significant down payment if not cash deal. I highly doubt it's 80% loan on a $3m house or you are barely scraping the down payment together

Call and ask
Realtors love talking about how much their listing oversold for

Showed up on my hotsheet this afternoon. Paragon broker side is real time. Probably lag on the client portal.


Nah. Enough trouble paying my measly mortgage :cry:


Correct. Considering how quickly the status updated most likely clean offer. Solds don't get posted until both brokerages compile the paperwork and is sent to the board for processing.

$2m-$3m for a property is nothing for people in Vancouver...

^ Yah.... no.

The unfortunate thing is that lots of people out there still remain wedded to the notion that they're supposed to be in the game of detached home ownership in the City of Vancouver.

Detached home ownership in the City of Vancouver is only for a specific echelon of households now... and yes, for them, $2M to $3M is nothing. Many of these households are on RS, RedFlagDeals, etc. and are younger/less "foreign" than people out there think.

A millennial household that we're friends with just had their offer accepted on a $4M house in Quilchena. That's who's in the game now.

What kind of income are they pulling in?

^Exactly.

In my industry, I'm quite privy to the salary amounts people carry in some of the largest employers in the city.

The salaries to support such ownership costs are simply not there. Any anecdotal stories are purely that, anecdotal.

I believe much of it (if millennials) is parent/family money, which is generally a small percentage of the population.

People are underestimating how many numbered shadow LLCs are being put together with multiple investors simply to use this residential market for investment growth purposes, I would say that's probably the primary issue here in terms of costs, pure speculation. Why invest in the market when you can get some people together (including foreign investors) and see +40% returns in the span of a year in real-estate? It's insane.

I can't remember, but you are a realtor, right?

If so, what kind of clients do you have where 2-3m is nothing? Speaking about the ones buying for the purposes of making it a legit principal residence.

Must be either dual income high earners, or the typical, doctors lawyers etc etc...

For 2-3m to be nothing is pretty tough, i'm guesstimating a 250-300k household income?

I used to be interested in this stuff as well, can't speak for him but in my experience:

-senior couple in their 70s that sold their home as part of a land assembly and bought a new home for $2.5m in Coquitlam - took a $200k mortgage
-Couple in their 50s sold their land assembly Shaughnessy home and moved to Coquitlam as well, $2.4m cash. Wife is a teacher.
-Couple divorced, sold their Westside home, bought it in 2009 for $1.8m, sold for triple, husband bought $2.5m cash condo downtown. He's a doctor as well.
-$2m cash purchase few years ago in Renfrew Heights, Chinese guy who owned clothing factory, it was his 20th property here

just a few examples from my experience

So my family GP makes like 145k I think last time I looked

Say her Husband is also a doctor and makes a little more than she does, 200k

345k dual household income is pretty substantial, and I doubt they would be looking at 3-4m homes lol..

You’re talking about business owners, CEO, etc. When you’re getting into these prices, not just two people with “good jobs”

I agree with this for 2 reasons:

Personally, if I think about everyone I know that owns a detached home: they either bought it 5 - 7 years ago OR they are a beneficiary of family money that helped them get into the market.

Also - Looking at the strata where I currently live, there is a very high number of units that are owned by numbered or what look like shell companies. I'm sure our strata is not unique in that.

If you don’t have a million sitting around, for a 2-3 million dollar home to “make sense” you, your wife, and your kid that lives at home should all be doctors.
A 2000000 mortgage puts your housing costs at about 13k/month so say you have 1000000 down for a 3 million dollar home.
300k a year salary puts your take home (for one person) and around 16k/month.
Leaves you with 3k a month as a doctor lol. Enough to eat at cactus club once a week and pay for your f80.

Bingo. We're talking about people who send their kids to private schools. These are the households that are buying these properties.

^

So bought land when it was cheap, bought land when it was cheap, doctor who bought land when it was cheaper and an uber-rich foreigner. Those are hardly normal people.

I have a very good friend who he and his wife make 750k. They rent as they don’t want to be house poor. Lol.

Edit: I shall add, their expectations are high, but so they should be. 2 million is easily doable for them, but your living in a rundown place(if you want to live in Vancouver). Realistically they will buy waterfront on the island for the same coin, in a “nice” place to live.