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Old 10-05-2013, 10:35 AM   #1301
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4444...I think what he's saying is the 2800 makes sense TO THE OWNER as he takes his mortgage and his strata and prop tax and bundles it up to $2600, and he adds $200 because he's a property owner dammit and he's entitled to profit and makes a rental price of $2800.

Probably based on 5 or 10 % down too.
Exactly, he's doing a 'it costs me x, I'll charge y' - a cost plus approach.

Unfortunately he'll only be able to rent it for what the market will pay, and unless they get someone born yesterday, it will rent for $2k max (well, I wouldn't pay a penny more than $1800, but I'm about 10% cheap)
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Old 10-05-2013, 11:11 AM   #1302
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That is my fear...having to pay out for someone else to run my place into the ground.

This person could be looking at upwards of $1000 per month in subsidy.

$12,000 a year.
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Old 10-05-2013, 11:34 AM   #1303
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That is my fear...having to pay out for someone else to run my place into the ground.

This person could be looking at upwards of $1000 per month in subsidy.

$12,000 a year.
Welcome to the stupidity of Canadian real estate. My landlord has owned since new, 17 or so years, so I know his costs are waaaaaay lower than a new purchaser (hence how I could negotiate less than market rent - helps when ur a suit and tie and give him 12 cheques on the spot) - had he bought in the last 2 years, he'd be paying about $700 a month in expense, not including principal repayment, for me to live here, all whilst value has decrased.

I respect my landlord, buys at reasonable rates, plans to hold forever, effectively, and is ok getting less than market rate to keep a good, long term tenant - exactly my approach for my rental properties - I'll give up $100 a month to have good tenants that look after my houses for multiple years.

Anyone that buys today to rent out is a crackhead, or likes negative cash flow
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Old 10-05-2013, 03:05 PM   #1304
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^^I tried looking up what you could buy it for, but couldn't find a 1 bed in the building for sale.

There is a 2 bedroom just a tick under 1 million.

I've never actually lived in a new condo. I rented one once, but it was just a normal little one. Do people actually use the amenity rooms? Gym yes, I get that but like the media room. Do I actually sit there and watch a movie? Study room?

Seems a little too communal for my taste. I didn't live in a dorm for the same reason.

Do any of the condo dwellers here actually use the shit they pay for?
Don't quote me on this but from what I recall walking into the sales center, those units were going for about 530-550k for a 2 BR (or was it a 1BR?). About a 100k premium compared to a new unit at the Ora tower down the road. The sales guy tried to justify it based on prestige that you can tell your friends you are living waterfront, "Coal Harbour Richmond".
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Old 10-05-2013, 05:55 PM   #1305
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when you looked at the guy after he said "coal harbour richmond"...was his face like this?
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Old 10-05-2013, 09:24 PM   #1306
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Coal Harbour in Richmond, haaaave you met the new Yaletown in Whalley?
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Old 10-06-2013, 09:14 AM   #1307
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can't call it a harbour...if there's no harbour and it's a dike/swamp/marsh
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Old 10-06-2013, 09:44 AM   #1308
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speaking of Richmond... friend's newly built 2013 sfh in Richmond
land 15,000 sqft
5800 sqft
5 bed 6 bath
built by european/caucasian contractors
22 ft ceilings
premium built
dual kitchens

asking only 2.68 mil

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Old 10-06-2013, 10:06 AM   #1309
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It's both subtle, and understated.

Next time, could they take some High Def pictures to distort reality?
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Old 10-06-2013, 10:44 AM   #1310
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speaking of Richmond... friend's newly built 2013 sfh in Richmond
land 15,000 sqft
5800 sqft
5 bed 6 bath
built by european/caucasian contractors
22 ft ceilings
premium built
dual kitchens

asking only 2.68 mil
They seriously had to write that?

Does that mean every subcontractor who came through the house was also a caucasion of European descent? Or just the GC?

And, sorry... that place is pretty damn gaudy.
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Old 10-06-2013, 10:51 AM   #1311
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I thought that too, lol!

ITS COOL, MAN. IT WAS BUILT BY WHITE PEOPLE!
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Old 10-06-2013, 11:11 AM   #1312
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So it was built by white people...um, who designed it?
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Old 10-06-2013, 12:31 PM   #1313
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They seriously had to write that?

Does that mean every subcontractor who came through the house was also a caucasion of European descent? Or just the GC?

And, sorry... that place is pretty damn gaudy.
I had a meeting two weeks back with a large global contractor you would all know, you see there signs everywhere. It was a scope meeting to award a job to our company, they came out in the meeting and asked us what kind of tradesmen they could expect on the job if they awarded it to us and they weren't talking about qualifications they were talking about nationality. How do you even answer that question? I'm not going to say what contractor it was, we do work for them quite a bit.

They had just finished another similar project and they had a ton of Safety and quality issues with the other guys, they ended up using us and we were not the low bidder.
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Old 10-06-2013, 01:18 PM   #1314
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I had a meeting two weeks back with a large global contractor you would all know, you see there signs everywhere. It was a scope meeting to award a job to our company, they came out in the meeting and asked us what kind of tradesmen they could expect on the job if they awarded it to us and they weren't talking about qualifications they were talking about nationality. How do you even answer that question? I'm not going to say what contractor it was, we do work for them quite a bit.

They had just finished another similar project and they had a ton of Safety and quality issues with the other guys, they ended up using us and we were not the low bidder.
I'm just going to point out the pink elephant here. (On what some people believe) - it's stereotypical but hey, stereotypes have some ounce of truth in them.

Asians/punjabi (brown) have poor build quality.

White/European have higher build quality, don't cheap out on materials.

Or it's like what I heard in China, have a white person on your company = success.
So why wouldn't you want to buy a house made by a white person?
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Old 10-06-2013, 04:01 PM   #1315
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Maybe they are just concerned about workers safety?
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Old 10-06-2013, 04:29 PM   #1316
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in China, have a white person on your company = success.
Yeah, we're like a lucky rabbits foot.
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Old 10-06-2013, 04:32 PM   #1317
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Its more for face.

For contracts, deals. Its a real thing.
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Old 10-06-2013, 04:34 PM   #1318
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Yeah, we're like a lucky rabbits foot.
Yeah, a white guy to the negotiation table works wonders.
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Old 10-06-2013, 06:35 PM   #1319
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Yeah, we're like a lucky rabbits foot.
as long as it's a white rabbit
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Old 10-06-2013, 06:44 PM   #1320
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Asians/punjabi (brown) have poor build quality.

White/European have higher build quality, don't cheap out on materials.
A few years back we got a new roof done thru Sears.

$19,000 plus change.

It was a Indian boss with 7 Mexicans working for him that he jammed into his F350.

As part of the contract, a roofing inspector was to inspect once the job was done.

His report highlighting deficiencies ran 19 pages long.
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Old 10-06-2013, 06:47 PM   #1321
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speaking of Richmond... friend's newly built 2013 sfh in Richmond
land 15,000 sqft
5800 sqft
5 bed 6 bath
built by european/caucasian contractors
22 ft ceilings
premium built
dual kitchens

asking only 2.68 mil

That is an amazing house......in van, you would get a really nice Vancouver special!!!
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Old 10-06-2013, 06:50 PM   #1322
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A few years back we got a new roof done thru Sears.

$19,000 plus change.

It was a Indian boss with 7 Mexicans working for him that he jammed into his F350.

As part of the contract, a roofing inspector was to inspect once the job was done.

His report highlighting deficiencies ran 19 pages long.
First mistake was calling Sears lol.
Sears likely outsources these things.
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Old 10-06-2013, 07:00 PM   #1323
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First mistake was calling Sears lol.
Sears likely outsources these things.
Sears does outsource; Home Depot and Rona do as well.

The vetting process is totally non-sensical, I would not suggest anyone use them.

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Old 10-06-2013, 09:38 PM   #1324
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speaking of Richmond... friend's newly built 2013 sfh in Richmond
land 15,000 sqft
5800 sqft
5 bed 6 bath
built by european/caucasian contractors
22 ft ceilings
premium built
dual kitchens

asking only 2.68 mil
I found your listing.

V1028095, 9620 PINEWELL CR, Richmond, British Columbia $ V7A2C8

Comparing it to other propertieS:

Yes, like dinosaur said, it is gaudy.

Almost all new builds over $1.5 mill, that feature 3 car garages are gaudy.

They basically have the same concept and "exude" good quality workmanship, at least, the parts that can be seen.

It appeals to a certain market...

Concept:
big open foyer
double kitchens
Sometimes, an in-law suite (not legal)
Big frontal lawn/paved tiles
Small backyard
Open second floor with railings, looking down the front or the back of the inside of the house
Lots of granite, sometimes marble... NO quartz.

Basically, it's for the buyer to show off...

In reality, all these houses basically look the same, with the same concept and same "craftsmanship", etc.

The difference is the location.

Now, I'm just giving out my opinions with some facts.

The seller is asking for $2.68.

Its location is not that good, but the seller had to buy 2 lots and combine it to make this house.

It is in the "east" side of Richmond.

He could have combined the 2 lots and split it into 3 lots and built 3 houses at the $900k range.

So, $2.68 is a relatively "average" price, if you could believe.

Compare it to the "west" side which is usually No. 3 Road and west.

A $2.68 million NEW house is usually only 3,700 sq. footage on a 7,000 to 10,000 sq. feet lot, in Richmond West.

So, the listing here, is priced right, but not sure if it can sell at this market.

Richmond has been appreciating much faster than Vancouver in the last few years.

----------------------

The main points I wanted to make are:

1- The new houses over $1.5 basically look the same using the same concept.
2- There are no architectural signifcance when you compare a similar house at a similar price point.
3- The only differences are the location, paint job outside, colour of tiles, etc.
4- It is actually priced right, believe it or not based on lot size, sq. footage inside, location, and the fact it is brand spanking new.
5- However, how long it takes to sell it is another different matter... There will be a lot of price markdowns or "re-listings"...
6- For $2.68 million, you could get a much better location in West Van in a much better neighbourhood, a slightly larger lot size, a house with architectural significance with obvious differences (you won't be buying a house that is the same as a neighbour's house)... Of course, it won't be brand-new, but it is probably renovated thoroughly.
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Old 10-06-2013, 10:11 PM   #1325
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AND

The buyer needs to have CASH.

Can't get mortgage insurance over 1 million, so it needs to be 20% down. So the buyer needs to present 1/2 million to buy.

Significantly lowers your buying pool.

BTW...excellent assessment!^^Placid.

And do we have enough realtors on the case? 4 from different companies. $10,000 in commission each...on a 2.68 million house. Ballin!
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