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Old 03-03-2016, 09:48 PM   #5201
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You can easily go get pre-qualified for a mortgage, it's not an absolute guarantee that the place you are going to choose but it's a good start. A no subject offer does not mean you have to have the money in cash, it means once they accept the offer, you are committed to buying it, and theoretically not being able to close could allow them to sue you.

However, in this market, if you make a no subject offer with a deposit and couldn't complete, they would take your deposit and then sell it to the next guy in a few days. It's silly but there is actually less risk in MAKING no subject offers when the market is this crazy.

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Old 03-03-2016, 09:49 PM   #5202
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lol @ people thinking they can ask for discounts on new construction at signing..
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Old 03-03-2016, 09:49 PM   #5203
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No subject to sale, ask for a longer completion date... Fair to assume/hope that your property will also be hot when you go to sell it, as long as you don't get too greedy and overprice yourself
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Old 03-03-2016, 10:40 PM   #5204
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Since the market is such that no subjects are the norm, how are people (normal, working class, that don't have an extra 3, 4, 500+k) able to compete for properties w/ a subject to sale? Or are they selling and just hoping something comes up before the possession date or willing to live somewhere temporarily?
Subject to sale is still rare sellers tend to agree to that condition if their home has difficulty attracting "cleaner" offers. In a seller's market it's a terrible way to secure a home since the buyer can be subject to a time clause to remove subjects if another buyer puts an offer in. It's better to buy first and sell in this case. You could even avoid getting bridge financing if the dates matched which also avoids multiple moves. 6 weeks is typical for possession as opposed to 10-12 weeks when I first started. Few sellers today will accept long closing dates which leads me to my next point below.

I think a lot of sale prices today are reflected in that sellers who sold their place aren't looking far enough ahead and are scrambling to find something, consequently putting in offers with absurd prices. My experience with handling multiple offers is that most of the prices tend to be close to each other and the top or top 2 offers are noticeably higher than the rest.

No financing subject in an offer typically means that the buyer doesn't require mortgage insurance (cmhc, genworth) because they have enough downpayment and are only subject to bank approval via bank appraisal of the subject property. Unless the buyer grossly went above and beyond in price bank approval should be expected.

As insane as the market is, you can still submit offers with conditions and come out on top. I just finished a deal last week with subjects and pricing was in line with sold comps. I'm sure many think its bullshit but it does help to have a feel of the activity going on.

Doing this for over 10yrs and this market frightens the hell out of me more than ever as nothing makes sense.
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Old 03-03-2016, 10:43 PM   #5205
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I have 3 friends who sold in the last 6 months and 2 out of 3 are currently living with parents or inlaws because they cannot get back in the market.
A realtor might have a better answer to this question.
Yeah, if you're selling in Vancouver and want to buy back in Vancouver, good luck.

For example:
I live at Marine & Cambie
Bought pre-sale @ $350k
Market value now is $450k
If I sold, there is no way I can buy back in this location.
The PTT alone or GST will push my costs up.

My money will do a lot better @ Burnaby Edmonds.
Same goes with houses.
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Old 03-04-2016, 06:04 AM   #5206
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I don't know why the hell your friends would've done that. Profit some money but move back with parents? Talk about being shameless.

The "hot" real estate market doesn't benefit anyone who has intention of staying here long-term. Once you sell, you are no better off because it's unlikely that you will get back into the area you lived. This leaves you with an option of just moving further away which, if you don't mind, all the power to you because that's the only way you will profit. Existing homeowners will simply be stuck with higher property taxes which our government is highly dependent upon.
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Old 03-04-2016, 09:04 AM   #5207
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I don't know why the hell your friends would've done that. Profit some money but move back with parents? Talk about being shameless.

The "hot" real estate market doesn't benefit anyone who has intention of staying here long-term. Once you sell, you are no better off because it's unlikely that you will get back into the area you lived. This leaves you with an option of just moving further away which, if you don't mind, all the power to you because that's the only way you will profit. Existing homeowners will simply be stuck with higher property taxes which our government is highly dependent upon.
All started having kids lived in 800sq ft apartments. Started looking in coquitlam quickly realized it wasn't going to happen, found nice houses in poco for $799, out bid, out bid, out bid. Bidding 50-80k over asking price and not getting them. Now looking in maple ridge and same shit happening out there.
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Old 03-04-2016, 09:42 AM   #5208
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^ They need to start looking at townhouses instead of fully detached. Sure, townhouses are strata, but it's better to get back in than to live with parents and hope that prices fall enough in the future to buy the ideal property.
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Old 03-04-2016, 09:57 AM   #5209
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^ They need to start looking at townhouses instead of fully detached. Sure, townhouses are strata, but it's better to get back in than to live with parents and hope that prices fall enough in the future to buy the ideal property.
agreed
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Old 03-04-2016, 02:44 PM   #5210
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^ They need to start looking at townhouses instead of fully detached. Sure, townhouses are strata, but it's better to get back in than to live with parents and hope that prices fall enough in the future to buy the ideal property.
That or lower their standards in what they want out of a house. 850k in poco buys a pretty decent house
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Old 03-05-2016, 02:18 AM   #5211
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just wondering what your guys' opinion is on doing an inspection on a new condo unit? The unit in question was completed in 2015 and the owners have never lived in it. Since the market is hot, people are doing deals without subjects so wondering if this is a way to be in the best position to get the unit?

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Old 03-05-2016, 07:07 AM   #5212
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I wouldn't bother with an inspection on a condo unit, let alone one that is so new unless you like to throw money away.
All the inspector will do is go and test all the light switches and outlets and to make sure all the fans work.
They won't be cutting holes into the walls to check for water leakage around the windows and they won't be checking the moisture levels and mold in the air.
They won't be allowed onto the roof or be able to check the windows from the outside.
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Old 03-05-2016, 09:05 AM   #5213
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I'd say the only thing to look at is who the builder was. If it's a reputable builder at worst you'll probably be dealing with the minor issues everyone else has
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Old 03-05-2016, 05:01 PM   #5214
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just wondering what your guys' opinion is on doing an inspection on a new condo unit? The unit in question was completed in 2015 and the owners have never lived in it. Since the market is hot, people are doing deals without subjects so wondering if this is a way to be in the best position to get the unit?

TIA
My realtor basically told me the exact same thing SumAznGuy said. They will come in and check your appliances. I didn't bother with it. Make sure you have solid financing and you do a lot of your own due diligence for condos.
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Old 03-05-2016, 05:37 PM   #5215
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Some of the crazy is floating over to Victoria. My sister moved back to Victoria from Edmonton and bought a house.

In September she looked at a heritage style house in Fairfield with under 6ft high basement. Not great for a suite but maybe someone short could rent it.
It was 670k and sold for 650k at the time. Fast forward to this month and it is back on the market with the same pictures for 759k. Sold in a couple days for $820k
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Old 03-05-2016, 10:11 PM   #5216
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My moms a realtor in Victoria. 1/2 her clients are vancouverites making the mass exodus. As if there weren't enough empty homes in Vancouver already.
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Old 03-06-2016, 12:06 AM   #5217
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My moms a realtor in Victoria. 1/2 her clients are vancouverites making the mass exodus. As if there weren't enough empty homes in Vancouver already.
Yeah and now they're fucking up the housing market over here.
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Old 03-06-2016, 02:45 PM   #5218
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Vancouver home sells for more than $1M over asking price
Point Grey property received 11 offers and sold for just over $9M
CBC News Posted: Mar 04, 2016 1:10 PM PT Last Updated: Mar 05, 2016 10:56 AM PT


This Point Grey home sold for more than $1M over its asking price in February 2016. (MLS)

A Vancouver real estate agent says even she was shocked when a Point Grey home sold for more than $1 million over its asking price.

The house was listed mid-February for $7,888,000, and sold for $9,000,060 a week later, Bo Park of Sutton West Coast Realty told CBC News Friday.

"I've been doing this for close to 25 years and I've never seen anything like it," Park said.

"Just before we listed [the house] two agents approached the sellers offering $7.6 million with deposit cheques in hand, so we thought we'd try for $7.8."

Eleven offers were submitted on the property, which had been with the same owner for over 30 years.

"[It was] more like a teardown," Park said.

In the end, the house was purchased by a young couple with two children, who, Park says, had been looking for the perfect Point Grey plot for over a year.

"What's unique about this property is the view is spectacular, you can see from downtown all the way to Horseshoe Bay."

She said as far as she knows, the buyers plan to rent out the house for a year or two while they go through permit applications to build a new one.

Offers over asking the norm

Park said that the situation is equally crazy at the entry level of the market, noting that she was recently the buyer's agent on a one-bedroom condo in Kitsilano.

It was listed for $429,000, received eight offers, and Park's clients signed for $495,000.

"You know you have to go above asking in this market right now," she said. "I absolutely feel bad for buyers.

"Nowadays, all I can say, is it's whatever people are willing to pay."
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Old 03-06-2016, 03:47 PM   #5219
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For that kind of difference in view that is a BARGAIN roughly 16% increase.
Seriously I gotta start calling you Dimpo if you think this a 16% lift is a big deal.
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Old 03-06-2016, 05:20 PM   #5220
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That's what the media doesn't get..relative to the value of these properties, the "over asking" amount is irreverent.

East Van houses going for 500-600k over asking at 1.2/1.5 list is a wayyyy bigger deal than these point grey places. The media is just playing to the simpleton who thinks this is in some way outrageous.
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Old 03-06-2016, 05:44 PM   #5221
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The one bedroom condo in the article is a bit rediculous.
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Old 03-06-2016, 05:57 PM   #5222
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For that kind of difference in view that is a BARGAIN roughly 16% increase.
Seriously I gotta start calling you Dimpo if you think this a 16% lift is a big deal.
Are you diesel test?
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Westopher is correct.
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Old 03-07-2016, 10:48 AM   #5223
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Local media have nothing better to do but to talk about real estate.

What's crazy is the multi-offer condo market.
I've been out with buyers shopping in the Brentwood area for a 1 bed.
Placed 2 offers and all SOLD over asking.
We decided to go no subject + over asking on one of them that had 2 parking and we still didn't get it.

Given the supply of apartments we have in the city, 1 bed condos are getting multi-offers! Considering the amount of new projects coming up all over. I don't get it. People have lost it.

I'm talking about 8 year old, 625 SF 1 bed and den. These things are going for nearly $400,000!!!
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Old 03-07-2016, 11:18 AM   #5224
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^

I've lived in Brentwood for over 8 years and now with a young family in tow, on balance, I'm glad to be leaving. It was a great area in my 20s, but now, it's going to be a constant construction zone for the next 10 years. I could never afford a detached home north of Lougheed, so there's no incentive to stay here, Whole Foods notwithstanding. There's way too much supply coming online over the next 10 years, even though most of the new stuff that is coming is less than 600 square feet. Good luck to your clients - I'm sure they'll find something soon. They could always buy into the Marquis Grande and pay a special assessment for new windows if they want to avoid a bidding war.
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Old 03-07-2016, 12:08 PM   #5225
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Local media have nothing better to do but to talk about real estate.

What's crazy is the multi-offer condo market.
I've been out with buyers shopping in the Brentwood area for a 1 bed.
Placed 2 offers and all SOLD over asking.
We decided to go no subject + over asking on one of them that had 2 parking and we still didn't get it.

Given the supply of apartments we have in the city, 1 bed condos are getting multi-offers! Considering the amount of new projects coming up all over. I don't get it. People have lost it.

I'm talking about 8 year old, 625 SF 1 bed and den. These things are going for nearly $400,000!!!
Most new 1bed apartments are now 500sq ft or less. So that's why a 625sq ft is going for 400k. Older apartments tend to be bigger so some ppl might like that.
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