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tapioca
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I still see SOLD signs

Wed Jan 28, 2015 7:31 am

house behind us sold in 10 days.

I see no sign of the market cooling for SFH in the heights/capitol hill area.

For apartments/townhouses though, it is still flat...values haven't increased much if at all.
 
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WhipMaster
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Re: I still see SOLD signs

Wed Jan 28, 2015 10:01 am

hahaha...if you said that ten years ago there would be scores of malcontents screeching at you. They would be mocking you and sniggling about how they were so smart and how they were gonna buy when there was "blood in the streets". Where'd they all go??? :shock:

Even today, right now, the market is on fawking fire! :lol:

Hoo~Cudda~Not~Fawkin~Node~ed? :P

Haw! Haw! Haw! :lol:
Hoo~Cudda~Not~Nod~ed????? :-)
 
tapioca
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Re: I still see SOLD signs

Wed Jan 28, 2015 11:05 am

yup, I remember!

I wonder what they all did in the end?

I know a lot of people still renting in their 30s/40s with good jobs and families. Nothing wrong with that, as long as the landlord doesn't sell your house from under you (this has happened to 3 families I know in the past year).
 
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WhipMaster
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Re: I still see SOLD signs

Wed Jan 28, 2015 3:56 pm

Yep, life goes on one way or another. :D
There are not too many for sale signs around, but for those that are around, almost every one of them have "SOLD", plastered on them.
Yes one might speculate that the Buyers are all on drugs but really, they aren't stupid. They are buying for a reason, and have been for the past 12 years or more. So the neo~Basht'rds can stand on the sidelines and squawkulate about how the Buyers today are gonna get massacred if the market turns the other way, but if you have $2 or $3 million in cash, where else would you put it?
Would you put it in the bank?.....hell no,
Would you buy stocks?.....hell no,
Would you travel around the world?.......hell no,
We are talking about trying to maintain purchasing power.....ie storing wealth.

Fawk the "opportunity costs" argument that most of those idiots rely on, it's all pie in the sky nonsense that only confuses those with "souper intelligence and wrist assessment skills". :lol:
Hoo~Cudda~Not~Nod~ed????? :-)
 
rofina
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Re: I still see SOLD signs

Wed Jan 28, 2015 5:50 pm

There is all of … 0 houses for sale in our target area in our budget. Usually there is about 5. Granted, its early.

However, sales are up on 2014 and 2013, listings are similar on both years. Strong opening to the year so far no doubt!

It definitely helps that rates are where they are, got pre approved for 2.8% @ Scotia.
 
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WhipMaster
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Re: I still see SOLD signs

Wed Jan 28, 2015 5:53 pm

It doesn't seem like anyone buying or selling cares that oil prices go bye~bye and jobs will be affected.
You would think that it would be slower... :?
Hoo~Cudda~Not~Nod~ed????? :-)
 
Geyser
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Re: I still see SOLD signs

Wed Jan 28, 2015 7:58 pm

Meanwhile, just a short distance away:
Coast’s largest builder files for bankruptcy | Real Estate | Business in Vancouver

Sechelt-based Wakefield Construction Ltd., the largest real estate developer and contractor on B.C.’s Sunshine Coast, has filed for bankruptcy owing 435 unsecured creditors more than $6 million.

Wakefield’s failure sent shockwaves across the bucolic coastal community where its failure affects scores of local contractors and suppliers.

“They ruled the world up here,” said Sechelt realtor Susanne Jorgenson,” “I don’t know how they could have failed.”

Wakefield, which also has offices in Vancouver and West Vancouver, filed for creditor protection on January 9. The same day, a bankruptcy hearing was held, according to insolvency consultants Boale, Wood & Company of Vancouver.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tapioca
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Re: I still see SOLD signs

Thu Jan 29, 2015 7:22 am

Rofina, where are you targeting if you don't mind my asking?
 
rofina
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Re: I still see SOLD signs

Thu Jan 29, 2015 6:00 pm

Rofina, where are you targeting if you don't mind my asking?
Your hood. North Burnaby, and a little wider. Would venture little further east, and further to the south too.

Looking for a teardown - at least at current prices. Albeit, one that is liveable for now.

The biggest issue I'm finding is to do with the size of homes. There seems to be a trend of monster homes across the region. This obviously skews the price to the upside, but also destroys the stock of smaller homes.

Looking around, plenty of homes in the 1.2-1.4 range with 2 incomes suites. Not something I'm interested in, and a way out of budget.
 
westcoastfella
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Re: I still see SOLD signs

Thu Jan 29, 2015 8:29 pm

Rofina, where are you targeting if you don't mind my asking?
Your hood. North Burnaby, and a little wider. Would venture little further east, and further to the south too.

Looking for a teardown - at least at current prices. Albeit, one that is liveable for now.

The biggest issue I'm finding is to do with the size of homes. There seems to be a trend of monster homes across the region. This obviously skews the price to the upside, but also destroys the stock of smaller homes.

Looking around, plenty of homes in the 1.2-1.4 range with 2 incomes suites. Not something I'm interested in, and a way out of budget.
By the time you buy a teardown at today's prices and rebuild it, you're probably going to be into 1.2-1.4 range anyway... or are you just thinking of renovating the existing structure?

There are still a good number of smaller homes in NoBu, 1800-2200 sf on standard lots built in the 50's and 60's - it is what we bought last year, and when we were looking we saw 5 or 6 of them. But, not as many for sale now (if any), and going at a premium, as you are finding. Our realtor sent us one recent sale: MLS# V1099780, 2100 sf on standard lot went for 900K in 4 days a few weeks ago.
 
rofina
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Re: I still see SOLD signs

Thu Jan 29, 2015 8:50 pm

Rofina, where are you targeting if you don't mind my asking?
Your hood. North Burnaby, and a little wider. Would venture little further east, and further to the south too.

Looking for a teardown - at least at current prices. Albeit, one that is liveable for now.

The biggest issue I'm finding is to do with the size of homes. There seems to be a trend of monster homes across the region. This obviously skews the price to the upside, but also destroys the stock of smaller homes.

Looking around, plenty of homes in the 1.2-1.4 range with 2 incomes suites. Not something I'm interested in, and a way out of budget.
By the time you buy a teardown at today's prices and rebuild it, you're probably going to be into 1.2-1.4 range anyway... or are you just thinking of renovating the existing structure?

There are still a good number of smaller homes in NoBu, 1800-2200 sf on standard lots built in the 50's and 60's - it is what we bought last year, and when we were looking we saw 5 or 6 of them. But, not as many for sale now (if any), and going at a premium, as you are finding. Our realtor sent us one recent sale: MLS# V1099780, 2100 sf on standard lot went for 900K in 4 days a few weeks ago.
Indeed, 900k seems to be around the sweet spot. Unfortunately, thats a little rich for us when accounting for renos and carrying costs. Not really into being cash poor, but house rich.

Plan to renovate, and keep existing structure. Barring any foundation issues, most "teardowns" shouldn't really be teardowns.
 
tapioca
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Re: I still see SOLD signs

Fri Jan 30, 2015 8:11 am

good to know, and good luck. Buying a tear down is how we got into this neighbourhood.

PS. I hope you succeed :D

The one behind is a tear-down - went for $850k!

crazy.
 
Fabien
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Re: I still see SOLD signs

Fri Jan 30, 2015 9:48 am

A few years ago North Burnaby would have been on my list as a place to buy detached for living in. However now I'm afraid it is completely ruled out. One of last places I'd go for. Just a gut thing.

Sure there are one or two pockets I'd still consider, but when you have to start narrowing an area down like that or going too far out..well there are better options than being a suburb of Production Way - especially for a million bucks!

Reason? Way too many small condos being built purchased by too many investors. And lots more to come - which in turn will be gobbled up by lemming investors.

Imo this overbuild of tiny suburban condos are a recipe for disaster down the line when the 'new shine' wears off. See too many potential problems ahead - medium long term.
 
westcoastfella
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Re: I still see SOLD signs

Fri Jan 30, 2015 10:53 am

A few years ago North Burnaby would have been on my list as a place to buy detached for living in. However now I'm afraid it is completely ruled out. One of last places I'd go for. Just a gut thing.

Sure there are one or two pockets I'd still consider, but when you have to start narrowing an area down like that or going too far out..well there are better options than being a suburb of Production Way - especially for a million bucks!

Reason? Way too many small condos being built purchased by too many investors. And lots more to come - which in turn will be gobbled up by lemming investors.

Imo this overbuild of tiny suburban condos are a recipe for disaster down the line when the 'new shine' wears off. See too many potential problems ahead - medium long term.
Production Way? I don't think our definitions of "North Burnaby" are the same. I would certainly not spend $1M on a house near Production Way either... you're basically in Coquitlam by then.
 
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WhipMaster
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Re: I still see SOLD signs

Fri Jan 30, 2015 11:16 am

RofinoCasino:
Plan to renovate, and keep existing structure. Barring any foundation issues, most "teardowns" shouldn't really be teardowns.


hope youyou know that the stock market is gonna get Fawkmarketed . It's one thing to have a house that goes down in value, but it's entirely another thing to have too much debt and have the house fall in value. Better sell some of your paper equities and have less debt. But you probably know all this cuz of your superior risk assessment ability. :lol:
Hoo~Cudda~Not~Nod~ed????? :-)

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