Vancouver indvidual property sales details

[timber2012]

The best comparable is 1160 E28th. 33x110 lot. Vancouver Special. Sold for $883K in June 2012. So by waiting two months, a purchaser not only saved two months of interest and property taxes, they saved $5K on the price.

I'd say the bear did not bad if a Vancouver Special in the area is their dream home.

The comparable was 1% Realty. So really the seller could have expected to get another $20K+ if they had received maximum exposure on the house on E28th. Maybe some of our resident realtors will show a 1% realty home to their buying clients but many won't.

but someone offeered 100K above asking!!!!!
This isn't supposed to happen in a falling market...or maybe
the market isn't falling. Waddayathink? Are the stats deceiving you and vanpro?

Asking isn't relevant. You need two buyers to want the property. There were at least two that saw that this property was going for marginally less than the last comparable sale. I think it's more telling that they were both disciplined enough to not pay more than the last comparable.

[gse36]

Just for an idea of what can happen in terms of volatility... since it appears a lot people here aren't old enough to have lived through multiple cycles (or at least haven't paid attention to them). Look at 1997-2000. This one caught my eye.

8720 Cullen Cr. Nice house in richmond 1986 built (2300ish sq, 61x173 large lot, in prime area -- broadmoor)

in 1997, it was sking $529000. (peak of last market was actually in 1993/1994).
1998 488k, 478, 460, 419k, 399k
2000 375k, 351.7k
2000 oct sold $290k.
thats a 45% drop. not even peak to trough. nothing wrong with the house.

the original owner paid $325k in 1991. so they didn't take that much of a loss.

build bought it in 2012 april for $1.52M. now asking $1.69M. realtor told me seller is very motivated! (says so in listing too)

not sure what dramatic events happened during 1997 to 2000 to cause this though.

affordability was not an issue. anybody can remember how much grads during 1997-1999 made (read: $60-75k in many fresh grad technology jobs), and how many jobs there were (read: booming internet startups, streets paved in gold, $20k signing bonuses, millionaires in stock options), and what mortgage rates were (7-8% for 5 year).
even if you take low end income 60k, and high end mortgage rate 8%. with a 5% downpayment ($15k on this $290k house), a new grad and a partner (assuming 36k income - low end) (96k total income) could afford this house.

in plain english. in 1999-2000, a new grad and partner making $96k gross, can afford a 10-11 year old 2300sq ft house on 10,000sq lot in a prime location in richmond with $15k down.

doubt we will ever return there, but, worse has happened in the past -- in less sobering times.

[timber2012]

Surely we were running out of land at that time too.... no?

[eyesthebye]

Surely we were running out of land at that time too.... no?

running out does not have the same consequences as ran out.
Why do you think any downturn in the detached market is short-lived? It doesn't take many buyers coming back to buoy the market since there isn't that much too choose from.
Buyers do take breaks, but not for long.

[eyesthebye]

what an odd market we have.
listings rising and scant sales...yet, if there is
one sale/day it's usually a strong one.
Case in point. Two sales posted today.
What do bears need to do to get a break...sheeesh

4514 PRINCE ALBERT ST
MLS® V969124
33x116 loy
1956sqft house built 1975
Asking $788,000
SOLD for $878,000 on 10-Sept-2012 after 7 days on the market

Step Inside this Solidly Built, Lovely Floorplan, 4 Bedroom 2,330SQFT "Vancouver Special" on a Fabulous, Sunny, Lane way Lot in the Best Part of Hot "Fraser" Neighbourhood. 3 Beds, 2 Baths Up & 1 Bed, 1 Full Bath Down(Easily Suitable). Enjoy a Beautiful Sun Flooded Garden for Growing Food in Your Private Backyard, & Work on Your Vehicle in the Attached Garage under a Huge Sunny Sundeck Off the Back Kitchen & Eating Area. Great for BBQ's & Family Parties! Solid Hardwood in Bedrooms, 2 Large Cozy Living/Family Rooms W' Wood Fireplaces, on Quiet Street, But 1 Block to Fraser Shops &Transit,Schools & Churches! Great "Holding Prop", or Build New W' Mountain Views! RS-1 3,684 SQFT Lot. Roof & Windows New in 2008. Wow!

The best comparable is 1160 E28th. 33x110 lot. Vancouver Special. Sold for $883K in June 2012. So by waiting two months, a purchaser not only saved two months of interest and property taxes, they saved $5K on the price.

I'd say the bear did not bad if a Vancouver Special in the area is their dream home.

The comparable was 1% Realty. So really the seller could have expected to get another $20K+ if they had received maximum exposure on the house on E28th. Maybe some of our resident realtors will show a 1% realty home to their buying clients but many won't.

so what you're saying is that in spite of the rising inventory and poor sales data since June, the buyer of 4514 Prince Albert did not do any better than your direct comparable sold in June?
Heck, the seller even tried to give the buyer a discount by asking 100K less...and they still paid same as the comparable.

[timber2012]

The best comparable is 1160 E28th. 33x110 lot. Vancouver Special. Sold for $883K in June 2012. So by waiting two months, a purchaser not only saved two months of interest and property taxes, they saved $5K on the price.

I'd say the bear did not bad if a Vancouver Special in the area is their dream home.

The comparable was 1% Realty. So really the seller could have expected to get another $20K+ if they had received maximum exposure on the house on E28th. Maybe some of our resident realtors will show a 1% realty home to their buying clients but many won't.

so what you're saying is that in spite of the rising inventory and poor sales data since June, the buyer of 4514 Prince Albert did not do any better than your direct comparable sold in June?
Heck, the seller even tried to give the buyer a discount by asking 100K less...and they still paid same as the comparable.

$5K less.

[timber2012]

Even in late 2008 early 2009 sellers were loathed to accept anything less than their BC Assessment for their home

This is EXACTLY what I'm nervous about. Those damn assessments... or should I say... proof from our wonderful Provincial Gov't that... 'this number is the bare minimum of what my home is worth'.

LOL - yep assessments will prop up the market.

Just today:

224 Sixth Ave in New West - assessed at $890K - sold for $825K

7920 Shackleton Dr in Richmond - assessed at $1.01M - sold for $765K

I'll keep you posted on how your myths are doing. What's the next straw the pumpers will grasp?

[timber2012]

Surely we were running out of land at that time too.... no?

running out does not have the same consequences as ran out.
Why do you think any downturn in the detached market is short-lived? It doesn't take many buyers coming back to buoy the market since there isn't that much too choose from.
Buyers do take breaks, but not for long.

Maybe because interest rates kept going down and down and down.

All the cards have been played now. Interest rates can't go lower. Mortgage rules were loosened. The mood was borrow borrow borrow.

All gone now. They've tightened mortgage rules. Rates can only go up. People are nervous.

Real estate is not a speed boat. It's a ship. Takes a long time to slow down and turn. The bounce in 2008/09 was driven by decreasing rates (to unprecedented lows) and access to credit. Like I said, all the jokers have been played and many are sitting on their Jack High hand with bluffing as their only hope.

[eyesthebye]

if you see a reasonably priced listing now is your time to drop in an offer at 100K lower than asking.
I've seen quite a few distress sales lately that have come in 10s of thousands below asking.
For those sitting on the fence...time to jump - you've been given notice.

[timber2012]

if you see a reasonably priced listing now is your time to drop in an offer at 100K lower than asking.
I've seen quite a few distress sales lately that have come in 10s of thousands below asking.
For those sitting on the fence...time to jump - you've been given notice.

What makes you think things will improve so soon?

[HAM]

if you see a reasonably priced listing now is your time to drop in an offer at 100K lower than asking.
I've seen quite a few distress sales lately that have come in 10s of thousands below asking.
For those sitting on the fence...time to jump - you've been given notice.

Try 500k for Van west. ETB, you better get listed soon. Like you described yourself in recent comments about being a real investor. A real investor knows how to harvest gains. Oh wait, you bought your home to raise your family right? See you're nervous now. You only bought because you were speculating. Boy oh boy you are in big trouble. You are lost and confused.

[gse36]

if you see a reasonably priced listing now is your time to drop in an offer at 100K lower than asking.
I've seen quite a few distress sales lately that have come in 10s of thousands below asking.
For those sitting on the fence...time to jump - you've been given notice.

What makes you think things will improve so soon?

news flash:
- vancouver is running out of land
- everybody wants a detached
- prices are sticky on the way down
- there is a lot of pent up demand
- the moment prices go down a little bit, everybody jumps back in to buy buy buy
- real estate always goes up
- huran wealth report implies a lot of mainlanders want to leave china with their suitcases of cash
etc

[Geyser]

news flash:
- vancouver is running out of land
- everybody wants a detached
- prices are sticky on the way down
- there is a lot of pent up demand
- the moment prices go down a little bit, everybody jumps back in to buy buy buy
- real estate always goes up
- huran wealth report implies a lot of mainlanders want to leave china with their suitcases of cash
etc

Yeah, that's right! And the only reason none of those things stopped previous Vancouver price collapses was because we didn't have the Huran report! It's different this time!

[timber2012]

What makes you think things will improve so soon?

news flash:
- vancouver is running out of land
- everybody wants a detached
- prices are sticky on the way down
- there is a lot of pent up demand
- the moment prices go down a little bit, everybody jumps back in to buy buy buy
- real estate always goes up
- huran wealth report implies a lot of mainlanders want to leave china with their suitcases of cash
etc

Oh yes - totally forgot. Doesn't explain why everything went down over the past few months. Nor why we are over 19K listings.

[eyesthebye]

if you see a reasonably priced listing now is your time to drop in an offer at 100K lower than asking.
I've seen quite a few distress sales lately that have come in 10s of thousands below asking.
For those sitting on the fence...time to jump - you've been given notice.

What makes you think things will improve so soon?

recent history.