Vancouver's Real Estate Market

[ForbiddenX]

My wife and I are starting to think about moving back to Vancouver. Currently just renting in TO.

We found an apartment listing that suites our needs, 2 bedroom (+ small office space) 1 bath, balcony for close to $500k. It's also really close to our family and friends. It's in a mid 90s building and was renovated and looks a lot like most modern apartments today.

Never thought I'd consider buying an apartment at this price but it seems perfect for us and would still be a decent size for when we have a kid.

Would it be much harder to close on a house while we are in TO? We're gonna be back for Christmas but doubt this would still be there.

[meme405]

Originally Posted by Hondaracer

Three harbour green PH listed at 58 mill:

3101 277 THURLOW STREET - For Sale | Blu Realty - Unique Property Marketing - Vancouver Real Estate

Looks like buddys from Dragons Den/Boston pizza?

unless the prestige of 3HG is just that crazy, the northwest PH of Trump has to go for at least this if not more, it's view is wayyyyy crazier and as big if not bigger

I love the ad.

Dryr - Check
Fridg - Check
Stve - Check

It's 58 million dollars, Fucking Micheal Caine better be waiting on me hand and foot...

[Tapioca]

Originally Posted by ForbiddenX

My wife and I are starting to think about moving back to Vancouver. Currently just renting in TO.

We found an apartment listing that suites our needs, 2 bedroom (+ small office space) 1 bath, balcony for close to $500k. It's also really close to our family and friends. It's in a mid 90s building and was renovated and looks a lot like most modern apartments today.

Never thought I'd consider buying an apartment at this price but it seems perfect for us and would still be a decent size for when we have a kid.

Would it be much harder to close on a house while we are in TO? We're gonna be back for Christmas but doubt this would still be there.

Is it a wood frame building? You might want to see if the building has been rainscreened.

You could probably buy the apartment sight unseen and work with a mortgage broker to secure your financing from Toronto, but the question is would you want to? Pictures don't tell the whole story.

Something that might work in your favour is that most 2-bedroom units now have 2-bathrooms and that is something the majority of buyers now want. This unit could sit longer on the market because of that.

[Mr.Money]

Originally Posted by meme405

I love the ad.

Dryr - Check
Fridg - Check
Stve - Check

It's 58 million dollars, Fucking Micheal Caine better be waiting on me hand and foot...

such a small looking place for 59 million dollars compared what you could get in Hollywood.

[Hondaracer]

Originally Posted by Mr.Money

such a small looking place for 59 million dollars compared what you could get in Hollywood.

no view and your share of smog all day is the trade off

[kr4l]

Originally Posted by Harvey Specter

Might be buying a 2 bedroom to add to my investments...

Good pricing. If only there was a sky train that ran there, I'd invest. Im putting a down at the city of lougheed

[ForbiddenX]

Originally Posted by Tapioca

Is it a wood frame building? You might want to see if the building has been rainscreened.

You could probably buy the apartment sight unseen and work with a mortgage broker to secure your financing from Toronto, but the question is would you want to? Pictures don't tell the whole story.

Something that might work in your favour is that most 2-bedroom units now have 2-bathrooms and that is something the majority of buyers now want. This unit could sit longer on the market because of that.

Yea I don't think I'd want to, we are going to try and see if the inlaws can book a viewing with the realtor to check it out for us.

I just realized it's in the same building that a childhood friend of mine has lived in, I'm going to check with him and see if his family knows what's been done and how the building is from their perspective.

It's been on the market for a little over 2 weeks now so maybe everyone is looking for the 2bed/bath. We don't mind if it's only 1 bath.

[6thGear.]

Originally Posted by ForbiddenX

My wife and I are starting to think about moving back to Vancouver. Currently just renting in TO.

We found an apartment listing that suites our needs, 2 bedroom (+ small office space) 1 bath, balcony for close to $500k. It's also really close to our family and friends. It's in a mid 90s building and was renovated and looks a lot like most modern apartments today.

Never thought I'd consider buying an apartment at this price but it seems perfect for us and would still be a decent size for when we have a kid.

Would it be much harder to close on a house while we are in TO? We're gonna be back for Christmas but doubt this would still be there.

Have an inspector who can check the building for you. Last thing you want is to buy it and a few months later everyone needs to chip in thousands for a leaking roof/etc.

[westopher]

Originally Posted by meme405

I love the ad.

Dryr - Check
Fridg - Check
Stve - Check

It's 58 million dollars, Fucking Micheal Caine better be waiting on me hand and foot...

That appears to literally be the worst deal in the history of real estate. What sets that shit away from the 15 or even 10 million dollar PH's?

[Hondaracer]

8000+ sq ft
Three harbour green

About it seemingly.

Thought the Shangrila PH went for like 28 within the last few years so it does seem quite high

[MarkyMark]

I wonder what it went for brand new

[meme405]

Originally Posted by MarkyMark

I wonder what it went for brand new

I dont know about brand new.

But it's valued at 22 ish million.

And sold for almost 18 million in 2014.

All in all 58 million is a bit of a stretch (Or you know about 30 million worth of a stretch).

E-value:

https://evaluebc.bcassessment.ca/Pro...AwMDBGUzFGQg==

[boostfever]

Maybe 58 mil includes the 15% foreign tax..

[SumAznGuy]

Originally Posted by 6thGear.

Have an inspector who can check the building for you. Last thing you want is to buy it and a few months later everyone needs to chip in thousands for a leaking roof/etc.

Skip the home inspector if you are looking at a condo. All they will do is check to see if the electrical plugs work, fans work, and if the doors work.
They won't cut open the walls to check for issues that you see on Holmes on Homes.
The strata will not give them access to the roof or access outside to check the caulking around the windows.

As a potential buyer, ask your realtor to get access to the building's depreciation report. Since it is now the rainy season, any issues in the unit will be show up. Look for water around the base of the windows. See if the drywall is soft or moist and if there is any pooling water on the window ledge.

Not to mention, home inspectors are not insured so even if they claim the condo is fine and a few months down the road, something happens, the owner is still on the hook for all costs of repairs.

[blkgsr]

home inspectors are a joke for the most part. especially in a condo where they won't have access to all the major systems

[ForbiddenX]

Thanks for the info everyone. The in-laws went to the open house this weekend and said the unit itself was nice and would be the perfect size for my wife and I. They know what we like and have seen our current place in TO. That said, their reservations were with the building itself. Like everyone said, since it's old, the future repairs might end up being problematic.

Also going to be taking it a little slower and see if there are any developments that interest us when we visit during Christmas season.

[6thGear.]

Originally Posted by SumAznGuy

Skip the home inspector if you are looking at a condo. All they will do is check to see if the electrical plugs work, fans work, and if the doors work.
They won't cut open the walls to check for issues that you see on Holmes on Homes.
The strata will not give them access to the roof or access outside to check the caulking around the windows.

As a potential buyer, ask your realtor to get access to the building's depreciation report. Since it is now the rainy season, any issues in the unit will be show up. Look for water around the base of the windows. See if the drywall is soft or moist and if there is any pooling water on the window ledge.

Not to mention, home inspectors are not insured so even if they claim the condo is fine and a few months down the road, something happens, the owner is still on the hook for all costs of repairs.

There's 2 types of inspectors. Certified Home Inspector (CHI) and Certified Property Inspector (CPI). For the most part you're right on the fact the CHI can only inspect the unit however the CPI is able to inspect both the unit and the building (assuming they're doing their job). Secondly no inspector will open up walls and so forth, imagine you're the seller and you have some random stranger cutting up holes and damaging your property. How would you feel about that? I'd imagine you or any seller would be furious. Don't forget Holmes on Homes at the end of the day is still Hollywood glamour. Thirdly the checking of outlets they should be plugging in a Ground Fault Interrupter checker (I think that's what is called). It's to see if the proper current is flowing and if there was an overflow of electricity that the breaker would trip so ono one electrocutes themselves. Checking the doors..I have not idea what that's all about lol. As for looking for water around the frames you should be looking at the top of the window for any discoloration or rust spots. Last time I checked rain falls down not up. Lastly all inspectors do carry insurance. It's called Errors and Omissions. It's actually required prior to licencing. If you hired someone who didn't carry insurance you may have been duped. Finding a good inspector is equivalent to finding an honest mechanic. It's hard and you never know what you're getting. Best is to ask what they can inspect before hiring one and being at the property and watching them work.

For the record I'm not an inspector LOL.

[SumAznGuy]

Originally Posted by 6thGear.

There's 2 types of inspectors. Certified Home Inspector (CHI) and Certified Property Inspector (CPI). For the most part you're right on the fact the CHI can only inspect the unit however the CPI is able to inspect both the unit and the building (assuming they're doing their job). Secondly no inspector will open up walls and so forth, imagine you're the seller and you have some random stranger cutting up holes and damaging your property. How would you feel about that? I'd imagine you or any seller would be furious. Don't forget Holmes on Homes at the end of the day is still Hollywood glamour. Thirdly the checking of outlets they should be plugging in a Ground Fault Interrupter checker (I think that's what is called). It's to see if the proper current is flowing and if there was an overflow of electricity that the breaker would trip so ono one electrocutes themselves. Checking the doors..I have not idea what that's all about lol. As for looking for water around the frames you should be looking at the top of the window for any discoloration or rust spots. Last time I checked rain falls down not up. Lastly all inspectors do carry insurance. It's called Errors and Omissions. It's actually required prior to licencing. If you hired someone who didn't carry insurance you may have been duped. Finding a good inspector is equivalent to finding an honest mechanic. It's hard and you never know what you're getting. Best is to ask what they can inspect before hiring one and being at the property and watching them work.

For the record I'm not an inspector LOL.

We are talking about condo's. Even CPI's won't have access to all the places that potential buyers will want inspected.
Like I said, they won't be cutting holes into walks to see what is going on behind the walls, especially around windows.
I'm glad you are not an inspector because yes, rain down fall down hence why you look at the walls under the windows.
And the insurance they have will not pay out if the inspector has done all they can do and later on there is a water leak problem in another unit and everyone has to pony up.

The best bet is look at the history of the building, old strata meeting minutes to see if anyone has complained about water issues, and the depreciation report. Pay attention to what has been serviced and what will need servicing.
Hot water tanks have a life span.

[Harvey Specter]

Who in there right mind would pay $2million to live right beside YVR and a runway?

https://www.realtor.ca/Residential/S...olumbia-V7B1H8

[Z3guy]

^ Asian people. Most Asians are actually are kool with living close to airports.

[UFO]

Burkeville is actually quite a desirable area. Quaint and very tightknit community feel. Airport proximity not withstanding.

[Hondaracer]

didnt even realize there was a neighborhood in that little pocket..

[hud 91gt]

I bought some Weber's in that area in the summer. Never knew that place existed, and I work out of the airport. Neat area though, I liked it.

[Nlkko]

That's a beautiful house though.

[Mr.Money]

Originally Posted by meme405

I dont know about brand new.

But it's valued at 22 ish million.

And sold for almost 18 million in 2014.

All in all 58 million is a bit of a stretch (Or you know about 30 million worth of a stretch).

E-value:

https://evaluebc.bcassessment.ca/Pro...AwMDBGUzFGQg==

even 18 million is highly outrageous knowing what 2 million can normally buy you without being in a High Demand overpriced housing market...the yearly land tax on that also is gonna be sucking you dry unless you're fully ready.