Is it me or is the Westside getting creamed?

[timber2012]

this isn't really a good sign. i remember in the 90's we saw a lot of these during the correction. question is whether we will see more of these.

case in point:
3743 W19th Ave
Paid 1.68M Aug 31, 2011. (looks like a mainlander)

Now asking 1.87M.
"Property under construction. HST on top. Current price includes land value & cost of demolish, architect design & drawings, permits application & foundation construction. Call listing agent for details. Please drive by."

So the guy is bailing out while the house is under construction. pretty risky. the price isn't a real bargain (HST ON TOP!!!!). land price is around 1.5-1.6M now. so the guy is trying to recover all his costs. as a buyer, i'd only consider this if it were a discount to his costs (permit, foundation construction, drawings, etc) -- otherwise i would just pay full price for my own custom home.

1.87+HST = 2.1M.

You're better off buying land at 1.55 in the area + permits + foundation + design. come in at 1.6-1.625M!

perhaps the guy is just fishing. or greedy.

When mainlanders are bailing on their own backyard - yikes.

What I find hilarious is he wants to make a profit from failing (paying too much for land, not finishing what he started, buying and selling at the wrong time). And in this bizarro city of ours he'll probably get rewarded for his efforts.

[tdma800]

this isn't really a good sign. i remember in the 90's we saw a lot of these during the correction. question is whether we will see more of these.

case in point:
3743 W19th Ave
Paid 1.68M Aug 31, 2011. (looks like a mainlander)

Now asking 1.87M.
"Property under construction. HST on top. Current price includes land value & cost of demolish, architect design & drawings, permits application & foundation construction. Call listing agent for details. Please drive by."

So the guy is bailing out while the house is under construction. pretty risky. the price isn't a real bargain (HST ON TOP!!!!). land price is around 1.5-1.6M now. so the guy is trying to recover all his costs. as a buyer, i'd only consider this if it were a discount to his costs (permit, foundation construction, drawings, etc) -- otherwise i would just pay full price for my own custom home.

1.87+HST = 2.1M.

You're better off buying land at 1.55 in the area + permits + foundation + design. come in at 1.6-1.625M!

perhaps the guy is just fishing. or greedy.

Lots of people sell land with permits included. it isnt a new concept.

[timber2012]

this isn't really a good sign. i remember in the 90's we saw a lot of these during the correction. question is whether we will see more of these.

case in point:
3743 W19th Ave
Paid 1.68M Aug 31, 2011. (looks like a mainlander)

Now asking 1.87M.
"Property under construction. HST on top. Current price includes land value & cost of demolish, architect design & drawings, permits application & foundation construction. Call listing agent for details. Please drive by."

So the guy is bailing out while the house is under construction. pretty risky. the price isn't a real bargain (HST ON TOP!!!!). land price is around 1.5-1.6M now. so the guy is trying to recover all his costs. as a buyer, i'd only consider this if it were a discount to his costs (permit, foundation construction, drawings, etc) -- otherwise i would just pay full price for my own custom home.

1.87+HST = 2.1M.

You're better off buying land at 1.55 in the area + permits + foundation + design. come in at 1.6-1.625M!

perhaps the guy is just fishing. or greedy.

Lots of people sell land with permits included. it isnt a new concept.

Most builders on the westside finish the house - LOL

He must have not got the memo from his friendly neighbourhood realtor that real estate only goes up!

[timber2012]

For warren12's benefit again:

7375 West Blvd sold for $1.438M. Originally listed for $1.588M. That's a $150K haircut.

I'll keep them coming for you warren.

[Warren12]

Call me when people are taking $100k+ haircuts on re-selling. Asking prices can be anything your realtor dreams up.

[timber2012]

Call me when people are taking $100k+ haircuts on re-selling. Asking prices can be anything your realtor dreams up.

oh - I must have you missed you making that point in ETB's post about how hot the eastside is.

it is what it is - westside slumping.

Want a soother?

[jesse1]

Some deep "discounts"... a $150K discount... discount off what, exactly?
Channelling my great uncle who lived through the Great Depression

[timber2012]

733 w62nd - $1.538M reduced to $1.488M - (50)

4623 W16th - sold for $1.475M - originally listed at $1.799M. That's a cool $324K off the original list.

[timber2012]

212 W48th, reduced from original listing of $1.83M to $1.585M.

[gse36]

1585 isn't a bad price. thats a 1996 built 2410sq house. in a decent location ...

1585 is also the assessed value.

[timber2012]

5849 Cartier - originally listed for $2.880M - sold for $2.420M - discount of $460K.

If I know how to read tax information correctly - assessed at $2.560M.


Couple of price reductions:

3955 Blenheim - from $1.880M to $1.780M. Originally listed for $1.988M.

3632 W14th - from 2.398M to 2.298M. Originally listed for $2.588M.

$100K each for their most recent reduction.

[jesse1]

Flesh wound

[timber2012]

Oh yah - of course.

But the purpose of this thread was to discuss the westside prices coming down off of asking - which I have noticed quite a bit. It wasn't until warren12 whined about not having examples and then whined about the examples not being good enough that it morphed into this this. I never claimed anything other than I've noticed a lot of under asking sells, lots of reductions and not as strong a market out there.

[jesse1]

timber, mark this. In a few months we're going to get a Realtor get in front of a reporter and rant. It will go something like this

Reporter "Joe is the Realtor selling this westside house, fully staged with all the upgrades, great schools, but with one problem."
Joe "Nobody's buying."
Reporter [throws up infographic] "In the past year sales on the west side of Vancouver have plummeted, down 40% from last year, the lowest in 10 years."
Joe "It's tough out there, certainly the days of sales over asking price are long behind us. I tell buyers and sellers it's a different market now."
Reporter "Cameron Moor agrees with this assessment but doesn't think there's much reason to panic."
Moor "Despite recent slowdowns in activity the fundamentals of Vancouver remain strong. Immigrants continue to move to the province and interest rates are at record lows. While there is no rush to buy right now, these markets can move quickly and if you wait too long you might miss the trough... We're estimating prices bottom sometime in the fall and when China's economy rebounds after the Europe crisis blows over we'll see a resurgence of demand."
Reporter "But tell that to Joe who isn't getting much traffic at all through his listing."
Joe "We had a couple last week come through but since then it's been pretty quiet."
Reporter "Asked if he thought the seller would consider a price reduction..."
Joe "We will be reviewing all options... One thing is odd about the market, sales were horrible in late 2008 but what few buyers bought then ended up with prices 20% below current values and made a killing. To prospective buyers sitting on the sidelines, I wouldn't want them to make that same mistake again. Prices are definitely soft, interest rates are at record lows, affordability hasn't been better in a while. I just don't get why people aren't kicking the tires.
Reporter "Woodward Bernstein, Channel 11 News, Vancouver."

[timber2012]

Where are the helicopters full of rich foreigners?

2951 W 40th - sold for $1.49M - originally listed for $1.7M - that's a 12% discount.

3768 W 1st - price decrease from $3.38M to $3.099M. That's a 8% decrease.

663 W21 - price decrease from $1.988M to $1.780M. That's a 10% decrease.

I think those in the westside have to ask themselves if they truly want to sell. The buyers aren't there for any property at any price anymore. Maybe they are all using the PLS? LOL