Reading the article, it seems like the $17M is just the minimum, and there are more issues.
And no way that guy is going to sell his place for $320K lol.

They better hope some developer buys the whole place otherwise they'll be selling for a loss.

Who says Vancouver isn't affordable, lol. <$350/sf

In all seriousness, any buyer would need to take market value, discount the cost of special assessment, and probably at least another 20% off the price to make it worth the trouble/hassle/risk. That's a tough pill for any seller to swallow. With that complex's history and size, it would need to be a pretty deep discount. Good chance that even the court ordered 17M won't bring the project to completion, good chance of future delays, additional costs, etc etc. Sounds like strata have been consultant jumping to try and save money each time a review is done, only to waste time and more money

When our former condo had the special assessment, we had an owner who had to sell due to family circumstances. Her unit was probably valued at 350-360k at the time assuming no assessment, and her share of the assessment was around 30k. She ended up selling at 300k, and we believe she contractually agreed to pay for the assessment as well.

I've often wondered what happens to 30+ year old buildings that have reached the end of their designed service life. Sure you could fix it up, remediate this, update that, but at some point the structure needs to go. I realistically can't see all owners of even a small building agreeing to demo and rebuild, let alone some of these places with 100+ units

How much that building even worth... The article said 30-40m to fix issues were proposed but was rejected by the court. Fucking lemon.

Yeah that listing is a complete joke. BCAV on that unit is $231k and every sale listed per BCAV (no 2016, 2015 only) are in the mid $200s which was pricing in the possibility, but not the certainty of a $75k+ special assessment. In my opinion a buy on that unit is low 200s but who knows, there is an idiot born every day.

You would need 80% of the units or in this case 200 units to force the remaining 50 units to sell, and at that level, the courts would need to approve the sale price. However, there is precedent with this approach yielding MUCH higher per unit prices than would be individually possible. In this case, there is already allowance for more density per the existing zoning but it would probably need to be rezoned highrise for there to be enough juice to make it worthwhile.

Mark

hey guys, whats the website to view current and previous listings like this?


https://pbs.twimg.com/media/CuC-oqTVIAAmt4x.jpg

There isn't any. You need to find a realtor and get them to set you up on an email.

answer not good enough...better start a new thread

Something smells fishy with that sale. 2 days on the market? Motivated seller spooked at falling prices? Insider deal?

That's from a realtor only site; to access it you need to be a realtor or make a realtor friend who'll be happy to send you recent sales.

Definitely a handy resource.

They can also access previous sale prices and history

Assessed value is $690,200.
Lot is 3875 ft.

I bet they were aiming for the moon but were also motivated sellers and took the first offer.
House next door sold for $770,000 back in January 2015.
Might even have sold it before it hit the market.

That may not be the actual list date. People list properties and if they don't sell within a certain time period, take it off and relist it. If you saw a property listed for a year, you'd probably low ball the shit out of them

Fuck does anyone on here know how far back the listings and data go on their private site?

I'd love access for a quick minute.

Or if someone knows someone who can download as much of it as possible and send it to me?

I'd love to fuck with the raw data of sales.

When you search individual addresses you can go back pretty far if I remember right.

I.e. Could look up when my parents bought their home back in like 89

Fuck well I just finished extracting and analyzing/summarizing over 60 years of a companies historical information. Would be an interesting exercise to do something similar with the RE info

I don't want to just randomly reach out to a realtor and ask them for this. Ideally I could have a look a the system and see if there is a way to quickly dump a bulk of their data out so I can just put it on my own computer and then sort through it myself. Got a couple buddies who have previously dealt in RE, time to see what I can get.

anyone know about foreclosure process other than owing bank multiple mortgage payments? like how long its owed, the process the bank goes through to sell, and the court date? i see a court date on the listing, what happens on that date?

Got an email from some developers about the new mortgage stress tests. This is one scenario they gave.

"A household income of $120,000 and a downpayment of $80,000, the maximum purchase price you would be approved for is $588,213 at a rate of 2.340% and a 25 year amortization. As of October 17th, with the same household income and downpayment, you would only be approved for $499,370.

That's quite a bit less buying power. Will this drive down prices or just make it harder to buy a place for the average person?

IMO it will depend on the price point.

Demand may increase for sub 500 strata units

In the short term, yes it will make it harder for the average first time buyer.

I imagine what you'll see here is that there may be some down payment top ups from family to help first time buyers.

In the long term, prices may fall, but that doesn't really help people who want to stop being renters and have a need to buy a home. It could take 4-5 years for all these changes to have their impact and create a new market equilibrium. That's 5 years less of equity+returns. And whatever effect these measures have on the lower end of the market, that detached home in Metro Vancouver will never become affordable to anyone under the age of 30.

Thanks, but I'm looking for info from sellers pov. Reason being a relative's property... well now distance relative's property is on foreclosure, possibly due to their shady son pulling some stunt. The parents at this point still is not in the loop of wtf is going on, or chooses not to believe the countless warnings other relatives has given them n continues to believe what their son is telling them. They're pretty SOL at this point I believe lol.

My understanding is Canada is not like the US, and is not that easy to foreclose.
That being said, they really should seek advice from a lawyer if it means possibly losing their house.

Lenders try to avoid foreclosure if possible. The title owner(s) should be speaking with their lender as to alternate options available to avoid losing the home altogether. How long has this been going on?

Depending on the amount of defaulted payments and circumstances the lender could stop proceedings if the outstanding balance PLUS legal fees and processing charges are paid to date.

the property was listed for sale back in early july, at that time my family though they were just selling the house. later on we learned that its cause they owe the bank money. how long has it been going on or how many payments were missed i dont know as like i said, distance relatives as the kid tried to pull a stunt on me before so ever since then i never spoke to that family anymore. at this point from what i've learn, the parents still dont know their house is being sold off as the parents r being deceived by their "supposedly" good son. what i want to know is the whole process of being foreclosed, starting from missing payments. from what i understand, the property is under the moms name, and the mom is only here a few days of the year, n im pretty sure theres got to be some documents the title holder needs to sign for this process to start? again mayne some shady stunt pulled by the son again lol.