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Old 08-13-2015, 04:28 PM   #3826
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In the last couple of months 4 homes have sold in 3 days or less in my neighbourhood. I figured they were going to tear the one down two doors away because its only ~1600-1700 sq ft and the lot is 16,000. They have roofers up there now so I guess not.
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Old 08-13-2015, 08:01 PM   #3827
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If you believe Garth and Ross Kay, 46% of Vancouver's listings this year did not sell.
sounds like 40% of that are condos and not detached houses
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Old 08-13-2015, 08:42 PM   #3828
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There are definitely bidding wars on detached homes in certain municipalities such as Burnaby and Richmond.

Based on the sign tree outside of my building, there were 5 listings and all 5 had sold stickers within a few months.
both markets i know well are east van hastings sunrise and Fraser Heights in Surrey. in Fraser Heights every for sale sign has a sold sticker on it. Listings are up for like a week max in most cases lots for above asking.

in East Van though it's getting retarded. House directly across from my GFs moms place near kamloops/nanaimo decent house, corner lot, 'updated' finishings but nothing crazy listed at 890 sold for 1.15 in 2 days. Lots of other examples i've seen pop up and recently a friend of mine looked to purchase a tear down in roughly the same area, list was 825 friend was going to offer 890 and their realtor came back saying dont bother if it doesnt have a 1 in front.

In some of these cases if you're looking for a tear down in those prices, return on flipping a house would have to be listed for like 1.5-2 to break even, insane
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Old 08-13-2015, 08:58 PM   #3829
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From what I can see, tear down houses are selling like hot cakes for insane prices (~1.2 mil for standard lot in East Van/victoria area) but then the resulting new houses that builders try to flip for ~2 million are moving rather slowly. Wonder how long this can keep up before the average joe blow builder realizes there is not much money left from tear downs
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Old 08-14-2015, 12:11 AM   #3830
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If you believe Garth and Ross Kay, 46% of Vancouver's listings this year did not sell. While it doesn't jive with what I hear in the media, it does jive with what I see in Vancouver. Homes with a for sale sign for months and months. Often the sign just goes away... don't they usually leave a sold sign up until the new owners move in?

I'm a little skeptical about the number tho, there's no mention where Kay got that stat from.

All the media talks about are sales being up and prices being up. Would be interesting to see if the number of unsolds are up or down month to month. When it comes to local RE, you only seem to get the good news and not the overall market view. Even a simple sold vs listings would suffice.
i wouldn't believe any of them. media has been proven to be idiots, liars, and fools.

no transparency anywhere - regardless of the price (if avg. price in vancouver was $300K), i'd always be hesitant to buy due to lack of transparency vs. the US (zillow, trulia, etc.) - it would end up as a truly financial transaction (rent vs. buy cost).
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Old 08-16-2015, 11:23 PM   #3831
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Another article about the impact of foreign Chinese buyers.
Spoilered for length.

Chinese buyers making mark on Vancouver?s luxury housing - The Globe and Mail

Spoiler!
With respect to that article, our condo sold to someone with a mainland Chinese name. She's been in Vancouver for almost a decade, works a regular middling 9-5 job at the bank. Our condo sold for less than 0.5M. Similar situation with a number of other units in our former building prior to us moving out. It seems not all mainland Chinese are baller$
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Old 08-17-2015, 12:06 AM   #3832
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I know a guy who bought a house at 54th and Knight right behind the fire station. It is an older Vancouver special house and he paid $1,020,000 for it in early June. He was planning on demolishing it and building a new house on the lot but in early July, someone offered him $1,560,000 for the house as is. Of course he sold it and couldn't stop smiling all day since he made over $500k in a month for basically doing nothing
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Old 08-17-2015, 02:05 AM   #3833
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Old 08-17-2015, 07:11 AM   #3834
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Even duplexes have gone crazy. 7 months ago a new 2000sf duplex in the Norquay area (Kingsway/Nanaimo/Rupert/41st) went for just under $1M and this week a new 1500sf unit just went for $1.092M.
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Old 08-17-2015, 07:45 AM   #3835
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Old 08-17-2015, 11:14 AM   #3836
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Even duplexes have gone crazy. 7 months ago a new 2000sf duplex in the Norquay area (Kingsway/Nanaimo/Rupert/41st) went for just under $1M and this week a new 1500sf unit just went for $1.092M.
Been going to open houses with the wife and her brother for the past few weekends.
It's just nuts.
Every house/duplex that is under $1M, within reason, is being snatched up pretty damn quickly.
All asking prices are $100-150K above last year's assessments.
House/duplex is staged and open house showing on a Saturday/Sunday and bids are taken on the following Monday. Most winning bids are above asking price with little to no subjects.
A few times, the realtor selling told us to get our realtor to call them or else our bids wouldn't be accepted as being serious.

I'm not liking this one bit. There is no time for subjects or home inspections.
Basically, you go in and look around and give them an offer. Your finances need to be in order and you need to know what your maximum is and hope that that is high enough to win the bid.
And if you end up buying a junker or something with hidden damage, you are SOL.

Just for shits and giggles, I am posting this here.
1785 East Kent Avenue, Vancouver, BC, House For Sale | REW.ca
The open house is this coming weekend.
Let's see what this POS sells for.
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Old 08-17-2015, 12:38 PM   #3837
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Went to an open house on Saturday, house was listed at 899, even before looking around the realtor snarled at me that there was already 10 offers on the table up to $950 so if i didn't have 975 don't waste her time.
Sold sicker was up sunday
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Old 08-17-2015, 01:28 PM   #3838
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Went to an open house on Saturday, house was listed at 899, even before looking around the realtor snarled at me that there was already 10 offers on the table up to $950 so if i didn't have 975 don't waste her time.
Sold sicker was up sunday
What is the addy of that house?

I'm curious to see what the 2014 assessment was.
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Old 08-17-2015, 01:32 PM   #3839
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Assessment is irrelevant.
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Old 08-17-2015, 01:44 PM   #3840
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Assessment is irrelevant.
When I look at the assessment for 1789 Kent street north, then no it's not relevant.

Like I said, I am curious.
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Old 08-17-2015, 01:47 PM   #3841
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My Mom knows this ballin' friend who sold her home in the Altamont area of West Van.

Purchase price in 2013: $4.0 million. 6567 square foot home.

The home was sold in August for $4.88 million.

She rents a townhouse now until she buys another house.

Here's the link to the home's pictures:

Lions Gate Properties : Nick Nikjou & Sammy Amiralaei

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Old 08-17-2015, 06:34 PM   #3842
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Man I really missed the boat not becoming a real estate agent out of high school.... Most overpaid profession in the world me thinks
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Old 08-17-2015, 06:43 PM   #3843
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im just curious. would any of you guys ever move to mission or see homes there as an investment? or that area will always b the same? *i kno anythinh can happen but jus curioud
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Old 08-17-2015, 09:24 PM   #3844
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Man I really missed the boat not becoming a real estate agent out of high school.... Most overpaid profession in the world me thinks
Not really, 8 short months and you can have your license to make a 6+ figure salary!
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Old 08-17-2015, 09:34 PM   #3845
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And in a downturn not make money for 4 years, just your expenses to watch. Haha. They have it pretty good here in Vancouver the last few years, ill give you that.
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Old 08-18-2015, 12:15 AM   #3846
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Not really, 8 short months and you can have your license to make a 6+ figure salary!
i would say that little course is effectively no barrier to entry.

not all realtors make 6 figures. don't get me wrong, i think they're the slimiest of the slimiest (worse than used car salesmen), but its a back stabbing grimy existence (from what i hear from ppl in the industry).

in a downturn, they take on other jobs, mostly uneducated / no experience needed jobs (sales) - real estate isn't really a profession, as in you can come and go as you please in and out of it
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Old 08-18-2015, 01:51 AM   #3847
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I've had an experience with a super sleaze ball realtor. That's why I think if you're a decent and caring person that looks out for the client's best interest, you would do well as a realtor as there's not too many of those around.
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Old 08-18-2015, 02:43 AM   #3848
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80/20 rules applies for realtors, before anyone thinks about getting in now for quick cash

could happen, chances are it won't
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Old 08-18-2015, 06:25 AM   #3849
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80/20 rules applies for realtors, before anyone thinks about getting in now for quick cash

could happen, chances are it won't
You've been preaching this rhetoric for the past 3 years and we're approaching 4 years. Meanwhile, the last few posts in this thread are about people complaining how real estate in THIS city is constantly going over asking price with examples of homeowners and their agents making quick cash.

When are you gonna realize the financial doom train is not stopping in Vancouver?
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Old 08-18-2015, 06:45 AM   #3850
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and for you selling your house... well, NO ONE can ever time anything, EVER, and really, sounds like you were the one trying to predict a housing crash and got burned, maybe that's why you're so bitter.
4444 needs to self reflect on his own advice. This is from page 4 of this thread back in 2012.
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