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-   -   Vancouver's Real Estate Market (https://www.revscene.net/forums/674709-vancouvers-real-estate-market.html)

Euro7r 02-17-2022 01:02 PM
Quote:
Originally Posted by JDMDreams (Post 9054937)
Nothing wrong with that, property has required dual income for a long time. Either you stretch with dual income or suck it up and buy something you can afford. First world problems. But most kids at home these days think they are too good to live in anything more than 5 years old until they realize that they can't afford anything :okay:
Forget about homes, even cars a few years old, people think it's "old". Or those that mod their leased cars...

Gerbs 02-17-2022 01:49 PM
Quote:
Originally Posted by TypeRNammer (Post 9054909)
Living at home with parents? If it's a home in East Van, maybe consider asking parents to build a laneway house to live in?

Only downside to that is you don't build up your own equity.
Ask them to drop $250K on a laneway, then kick them into the laneway. You move in the main house and also tell them the basement rental income is yours now. Profit!

Quote:
Originally Posted by JDMDreams (Post 9054937)
Nothing wrong with that, property has required dual income for a long time. Either you stretch with dual income or suck it up and buy something you can afford. First world problems. But most kids at home these days think they are too good to live in anything more than 5 years old until they realize that they can't afford anything :okay:
I noticed with units > 5 years old. The parents wouldn't help fund the place if it's an "old" condo. Same reason why a lot of people buy new cars instead of used. Parents won't pay for used because it'll break. So that thought process translates to condos and houses.

quasi 02-17-2022 01:57 PM
Quote:
Originally Posted by Euro7r (Post 9054943)
Forget about homes, even cars a few years old, people think it's "old". Or those that mod their leased cars...
Lol, my wife with her 10 year old car almost monthly it's I want a new car. My response is I want a Corvette, sometimes we can't have everything we want in life. Save up and buy your own car or drive it till the wheels fall off and we'll talk.

Hondaracer 02-17-2022 02:18 PM
Quote:
Originally Posted by Gerbs (Post 9054953)
Ask them to drop $250K on a laneway, then kick them into the laneway. You move in the main house and also tell them the basement rental income is yours now. Profit!



I noticed with units > 5 years old. The parents wouldn't help fund the place if it's an "old" condo. Same reason why a lot of people buy new cars instead of used. Parents won't pay for used because it'll break. So that thought process translates to condos and houses.
Lol..that’s a terrible way to look at it. They should buy in a new build with a crazy design like Vancouver house etc. and they can deal with all the growing pains a building like that brings VS a 5+ year old build that has settled in and had any major issues addressed.

That’s the equivalent of buying like a C230 Benz over a 3 year old Honda Civic and thinking your buying reliability

donk. 02-17-2022 03:25 PM
What's up with people mentioning don't buy together unless you plan on getting married....

Have none of you heard about that thing called divorce?

Furthermore, many people don't believe in marriage all together

whitev70r 02-17-2022 03:47 PM
^ Better if you are polyamorous ... lessens the mortgage load.

JDMDreams 02-17-2022 07:24 PM
It's the same thing as renting, how many single people can afford to rent the whole unit and pay like $1800 a month, most is room mates or couples who split.

$1800 a month plus type r payment + insurance and gas is like $3000 a month already :ahwow:

6thGear. 02-17-2022 07:42 PM
Quote:
Originally Posted by whitev70r (Post 9054900)
^ Try to get into an older building ... constructed around 2000 or so? 1 bedroom for about $400K and slowly build some equity? Disclosure, NOT a real estate agent so I know diddly.

For example $400K, 1bd 1 bath, ~500 sqft, in-suite laundry, $215/mth maintenance, Boundary and Kingsway, looks pretty new and modern
https://www.realtor.ca/real-estate/2...reet-vancouver

https://cdn.realtor.ca/listing/TS637...2651071_13.jpg
Accepted offer on this. Directed our client to this unit and lost out. Sold price not released yet

whitev70r 02-17-2022 08:14 PM
Curious what sold price ends up being. Is that avail to public or just to agents? Let us knw when that is avail.

6thGear. 02-17-2022 08:18 PM
Quote:
Originally Posted by whitev70r (Post 9054996)
Curious what sold price ends up being. Is that avail to public or just to agents? Let us knw when that is avail.
Just on agents only app called homespotter. Sometimes listing agent will say if asked but only after possession. Releasing information like that is also breaching client confidentiality but of course there's always realtors that don't care

SumAznGuy 02-18-2022 06:53 AM
Quote:
Originally Posted by 6thGear. (Post 9054997)
Just on agents only app called homespotter. Sometimes listing agent will say if asked but only after possession. Releasing information like that is also breaching client confidentiality but of course there's always realtors that don't care
White V70R, go to Zealty.com, sign up with an email and they will post the sold price after a couple of days.

whitev70r 02-18-2022 06:57 AM
Quote:
Originally Posted by SumAznGuy (Post 9055036)
White V70R, go to Zealty.com, sign up with an email and they will post the sold price after a couple of days.
^ I visited Zealty.com and got a godaddy kind of page asking if I want to buy domain name ... are you sure it is that?

SumAznGuy 02-18-2022 07:00 AM
Quote:
Originally Posted by whitev70r (Post 9055037)
^ I visited Zealty.com and got a godaddy kind of page asking if I want to buy domain name ... are you sure it is that?
Opps, Zealty.ca sorry

SumAznGuy 02-18-2022 07:06 AM
Took a quick look on Zealty and ad is still up so the info hasn't gone through yet.

But the thing that I found most interesting is the number of units for sale next door.
6 year old building, everything is around $1200 per sq ft for the comparibles.
I def can't wait to see how much that "500" sq ft unit sells for.
There is a Million dollar unit that is $854 per sq ft.

Hakkaboy 02-18-2022 07:26 AM
Holy crap, a dump of a townhouse like this sold for $1M???

This probably would've be lucky to get $600K back when I was shopping in 2019...

https://www.zealty.ca/mls-R2641228/6...E-Richmond-BC/

Actually, there was a slightly bigger unit that sold for $724K in May 2021

whitev70r 02-18-2022 07:29 AM
Yah, that $400K list for '500 sqft' unit could be slightly too good to be true. One of those units where realtor employ the price it low tactic to get attention and get the highest bid. List at $400K, sale at $460K ... then circulate flyers to entice other owners to sell ... a unit just sold for 15% over asking price.

Gerbs 02-18-2022 07:59 AM
Quote:
Originally Posted by JDMDreams (Post 9054990)
It's the same thing as renting, how many single people can afford to rent the whole unit and pay like $1800 a month, most is room mates or couples who split.

$1800 a month plus type r payment + insurance and gas is like $3000 a month already :ahwow:
I'm at $3,400 a month on housing ($2,300) and car expenses ($1,100 total, $630 of that is financing). Dancing around two jobs to be able to still save/invest lol.

Quote:
Originally Posted by 6thGear. (Post 9054993)
Accepted offer on this. Directed our client to this unit and lost out. Sold price not released yet
That unit is really loud with all the cars coming out of the parkade. Especially the peeps bombing down Boundary, Ormidale, or Vanness to get into the parkade. You hear all the popopop.

SumAznGuy 02-18-2022 08:03 AM
Quote:
Originally Posted by whitev70r (Post 9055044)
Yah, that $400K list for '500 sqft' unit could be slightly too good to be true. One of those units where realtor employ the price it low tactic to get attention and get the highest bid. List at $400K, sale at $460K ... then circulate flyers to entice other owners to sell ... a unit just sold for 15% over asking price.
Yeah, that's why I never look at the listing price.
For me, the assessed value is a good place to start, and then add X or XX% on top of that.

In this case, $400-$450K is a good starter unit but a better rental unit and I can see lots of investor types looking into the unit.
It's near the skytrain, though you are in the middle between Joyce station and Patterson.

Hondaracer 02-18-2022 08:21 AM
I’d buy that place today if I could get it for 399 lol

SumAznGuy 02-18-2022 08:31 AM
Quote:
Originally Posted by Hondaracer (Post 9055057)
I’d buy that place today if I could get it for 399 lol
So would most other people.

6thGear. 02-18-2022 12:53 PM
Quote:
Originally Posted by whitev70r (Post 9054996)
Curious what sold price ends up being. Is that avail to public or just to agents? Let us knw when that is avail.
Sold $530k

SumAznGuy 02-18-2022 12:57 PM
Quote:
Originally Posted by 6thGear. (Post 9055099)
Sold $530k
That's insane but not surprised.

Thanks for following up.

whitev70r 02-18-2022 01:29 PM
^ wow ... as predicted, advertise it low, get lots of eye balls, then let the highest bid win.

That is kind of insane .. not sure I'd go in at that price point for that unit.

Gerbs 02-18-2022 03:07 PM
$530K in Joyce :awwyeah:

Alpine 02-18-2022 03:24 PM
Almost $1300/psf for a 1bd/studio @ joyce... that's insane... must've just barely fit into someone's budget with the criteria of a newish 1bd/studio in Vancouver.


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