Vancouver's Real Estate Market

[donk.]

How does a property have a lineup around the corner and not sell over asking?

Sounds to me like a scummy/lazy realtor with only "one time" that viewings are available, to get a lineup happening. Or issues with property not disclosed on the listing

[Hehe]

Originally Posted by 68style

Your friend Chris would also like to make a similar investment

If you are ever up for it, let me know.

[Badhobz]

Originally Posted by donk.

How does a property have a lineup around the corner and not sell over asking?

Sounds to me like a scummy/lazy realtor with only "one time" that viewings are available, to get a lineup happening. Or issues with property not disclosed on the listing

Because it’s small, corner lot, limited parking and kinda expensive. Nobody wants to pay more than assessment which is around 3.1

[Eff-1]

Originally Posted by supafamous

https://www.zealty.ca/mls-R2748319/7...-Vancouver-BC/

1.969m for a 1750sf duplex in the Fraser/King Ed area - that looks like a well designed and well made home but that's pretty ambitious pricing for this market. Will be interesting to see what it actually sells for.

With that said, I'm going to point out that I don't understand the current obsession with Fisher & Paykel appliances for new builds b/c their products are shit from a performance standpoint. My house came with F&P and while they look and feel nice they suck ass when it comes to performance. We got rid of our two tier dishwasher a few months in b/c of how it'd never clean our dishes properly (replaced with a Bosch which we love) and we have the same 36" range shown in this duplex and it SUCKS. The oven can't reach the high temperatures, the burners can't go low enough, the ignition system is fickle, and the thing lacks so many basic features for anyone who likes to cook. I'd replace it but it'd run me $10k minimum for an induction range. Either give me a high end Samsung kit or get me into the actual higher end brands like Miele or Bosch (or even Wolf etc).

No issues at all with our 3 year old F&P cooktop and oven. Gas cooktop works as well as expected. Biggest complaint with the oven is the long time to preheat, but apparently it's designed that way to use less power according to the rep we spoke to.

We have the double dishdrawers and it cleans everything totally fine as long as you don't use the eco mode. We do a lot of dishes and always run it on Fast mode to get the baby bottles clean quickly. Cleaning performance is great generally. Just have to pay attention to how you load it. If you load it too full, then some dishes can get missed. Plastic parts can be tough to dry but jetdry helps a lot. We've had a couple issues but everything was covered under 2 year warranty.

Honestly I'd go F&P again before I'd ever consider Samsung. Heard too many bad stories when it comes to reliability.

[bcrdukes]

Samsung appliances

[Hehe]

Originally Posted by Manic!

Downside of commercial is that it has not appreciated like residential has. Commercial rents and values have not kept pace with residential.

This is because the value of commercials is usually not derived from speculation but the actual rent that's being collected.

Nevertheless, in market like YVR, this is not entirely true either. Many CRE in YVR are being sold with 1-2% cap rate, which is unthinkable if the asset isn't appreciating like mad. There are a lot of very safe ways that would get you guaranteed 1-2% annually.

But the attractive point in CRE, IMHO and I can be biased af, is the relatively simpleness and huge potential for long-term investors. At least when interest is low.

Thus, I think now is a great time to be doing research and get prepared. My prediction is that 2023 will be when the shit hits the fans, and there'd be a lot of buying opportunities next year.

[JDMDreams]

If you have that budget how come you're not looking at belcarra, west wood plateau or West Van? They have some pretty big mansions with very nice driveways. I sure wouldn't want to buy a place where one snow storm, flood, tsunami and you're done.

[Badhobz]

Because it’s not Richmond. Richmond is Richmond. The food is here (we don’t cook, we eat out like 99% of our meals.) It’s quiet, it’s safe, I don’t have to deal with no stinking bears or mountains or north shore bridges. Fuck all the places above. What a pain in the ass to drive from anmore to Richmond or downtown. We looked at a few houses up in British properties and the wife would likely die driving up and down those crazy twisty roads and hills. Same with Vancouver east / west (don’t like 4000sqft lots, and being stuck like human centipede to your neighbours) or b town. Only the government road area in b town is acceptable but still not as good as Richmond cuz we gotta drive there just to get a proper meal. If we had to move away from all that we would choose the cottage life and move to Langley where she can have her damn farm.

[supafamous]

https://www.zealty.ca/mls-R2749398/4...-Vancouver-BC/

$1.3m for this oddball. Very little of the design makes sense.

[68style]

Wow! They've done an admirable job inside with what they've been given... I do not understand going for a backyard in this situation...

Whole thing just reeks of "I'm going to have a house in Vancouver proper no matter what!" energy tho lol... and having a rental suite in that?? Interesting choices.

[Badhobz]

how do you get your car in this weird garage!? cant image you can even fit a normal sized car.

[westopher]

I kinda dig the "make it work" ideology of it. Just not for the price.

[lowside67]

Originally Posted by Hehe

But the attractive point in CRE, IMHO and I can be biased af, is the relatively simpleness and huge potential for long-term investors. At least when interest is low.

At this point in the game, you could construct a portfolio with a small number of commercial bonds which would basically be guaranteed to return over 5% annually, and importantly, in a tax efficient way since a lot of the return comes as capital gain instead of interest income (GIC) or rental income (commercial real estate), both of which are taxed twice as much. It takes a half hour to set up and nothing ever again until the bonds mature.

When you consider that real estate is hard to sell, uncertain in value, costly to borrow against, and a pain in the ass - tenants/maintenance/etc, I don't see the appeal for a 3% cap rate.

If you have enough money that you want to diversify into all the asset classes, then fine, but I really think people have insane rose colored real estate glasses in Vancouver and ignore some of the easy opportunities because "real estate always goes up". People think I hate real estate - I definitely don't, we own a house and it's the most significant asset we own by far. I'm not giving that up, I just feel that's enough in the real estate bucket until you have at least 50% of your net worth in NON real estate and preferably more.

-Mark (this is not advice, don't do this, I'm crazy, and probably can't be trusted)

[hud 91gt]

That’s a weird ass house, but honestly it’s not awful for the price. Rather that then a condo the same size.

[westopher]

Originally Posted by Badhobz

how do you get your car in this weird garage!? cant image you can even fit a normal sized car.

Maybe not your 30 foot long Lexus eldorado but it's perfect for the e30.

[68style]

For $1.3 you could get a big lot and nice house in Ladner or Tsawwassen pretty easily...

Yes it's not East Van... but it's also not an alley in East Van with green chain link fencing and a fucked up layout lol... and a garage you can't work on your car in with no driveway.

I'd take the trade if it were me.

[JDMDreams]

You can build a pretty big laneway in that yard lol nice and square too

[snowball]

That house IS a laneway... lol

Not worth the risk if you ever plan to resell and you don't have enough money to rebuild to a nicer place. This place looks like a trailer.

[westopher]

I'll just take the nice condo or townhouse. Owning my own wall isn't enough for me.

[Badhobz]

If you say welcome to my "house" and you showed me this, id laugh out loud pretty hard


Much rather buy this in ladner
https://www.rew.ca/properties/480256...erty_click=map

[westopher]

We can't all be shopping at Hermes and Krispy Kreme on the weekends hobz.
Some of us gotta go to the boardroom and P49

[Badhobz]

i get that

im not completely out of touch with reality (yet). I just think for the same money you can buy an older place in New West, or Ladner and you'd be MUCH MUCH more comfortable. yes commute is a bit longer but (queue HEHE here) add in an TESLA MODEL 3 "the people's choice" car and you'll be saving money, driving HOV lane, and saving the environment.

[westopher]

Yeah I agree, that I don't see any value in that compared to literally any other option. Other than the Tesla part. I'll pay 1.3 million not to own one of those.

[AzNightmare]

Originally Posted by supafamous

https://www2.gov.bc.ca/assets/gov/ho...forms/rtb7.pdf

Fill this out and deliver it to them 3 months in advance.

I forgot to follow up on this.
If I'm increasing rent, I give them the forms and then what's after?

How long do they have to make a decision to sign it or agree with it?

[Great68]

Originally Posted by Eff-1

Biggest complaint with the oven is the long time to preheat, but apparently it's designed that way to use less power according to the rep we spoke to.

Ok, my engineer spidey senses are tingling at this one. That's just sales BS to cover an undersized electric heating element...