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Geyser
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Re: Vancouver indvidual property sales details

Tue Oct 11, 2016 2:18 pm

premium locations:

1906 in yaletown park 2 (909 mainland). 
546sq sold 618k (asking 619k) = $1130/sq. oct 5. no air conditioning. view of water through 2 distant buildings (not a very good view). 9 years old
SAME UNIT (i.e. 1906 909 mainland) sold 530k april 2016. Up 17% in 5 months. 
(2106 sold 538k in feb)
.. high price to pay to live in a south facing oven condo!

on detached side

2883 w29th sold 4125k March 2016. 2 year old modern home on 33x130 with decent view (can see city/montains)
2918 w32nd sold 4080k sept 2016. 1 year old craftsman on 33x130 no view
(based on this, w32nd should have sold much less)

6625 labernum sold 3998k. 1989 house ~4000sq on 6500sq lot. july 12, 2016
1948 w44th sold 4030k. 1988 house ~4000sq on 6725sq lot (not sure a lot of asian will go for the '44'). sept 27 2016
(pretty in line)

With condos pushing 600k for 1 bed shoeboxes, it makes these 1.2M houses seem cheaper (given they did not appreciate 17% the past half year). if this remains, i expect upward pressure will be placed on the houses. 

Someone with a 2 bed condo ($1M) and a growing family can basically swap over to a vancouver detached with a mortgage helper at par.
Of course there are those who own more than 1 condos as investment who can sell and trade 2 condos for a detached.
Reality check!
It looks like that Greater Fool managed to catch the very top of the market.

http://vancitycondoguide.com
"Downtown Vancouver condo prices have dropped 5% since June. This was determined using the boards benchmark. Even using median sales price shows a 7% decrease."
 
tiga
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Re: Vancouver indvidual property sales details

Tue Oct 11, 2016 3:08 pm

Reality check!
It looks like that Greater Fool managed to catch the very top of the market.

http://vancitycondoguide.com
"Downtown Vancouver condo prices have dropped 5% since June. This was determined using the boards benchmark. Even using median sales price shows a 7% decrease."
weird I am looking at the september2016 REBGV stats report and the home price index/benchmark:

Van West up 7.5% past 6 months
down 1.9% past 3 months
down 1.3% past month
 
ccyk
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 12:41 am

3635 w 20th
listed 2598k sold 2350k on oct 7

3306 w 14th
listed 2550k sold 2150k on oct 7

5650 mackenzie
listed 2588k sold 2260k on oct 5

3879 sw marine dr
listed 2298.8k sold 2320k on oct 5

808 w 66th
listed 1980k sold 1750k on sep 25
 
tiga
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 8:44 am

3635 w 20th
listed 2598k sold 2350k on oct 7

3306 w 14th
listed 2550k sold 2150k on oct 7

5650 mackenzie
listed 2588k sold 2260k on oct 5

3879 sw marine dr
listed 2298.8k sold 2320k on oct 5

808 w 66th
listed 1980k sold 1750k on sep 25
not sure what appropriate comps are for those earlier this year. but none of those are very desired properties (in the grand scheme of things)
w20th is only 1 house away from the alley of the commercial businesses on dunbar
w14t
h is on corner of blenheim. its relatively busy
mackenzie is near the hospice, and 41st, and backs onto some sort of multi family. also no back lane
swmarine drive very busy
w66th is marpole very weird lot 40x89.
 
tiga
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 9:12 am

4055 w39th 10.8M asking sold 9.5M...  Sept15th. big cut. but that is pretty normal for big new builds
6k house on 9k lot in dunbar.

tho price is pretty high. last sale was last year in dunbar. 6k on 9k.  for 6M.....

even last month similar house new build in shaughnessy (4688 selkirk) sold 9.4M. thats a better area than dunbar. 

in july, similar spec in south granville sold $8M
 
tiga
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 9:46 am

fairview 503 1590 w8th
1149sq ft condo. built in 1992
sold 1179.

these are the type of people who can easily buy houses
esp considering the maint fee on that thing is 500$

built in 90's. probably will be prone to leaking and pipe replacement (high velocity recirc) , and other repairs soon.

another one

7 - 1350 w 14th
2400sq ft sold $2375k. for 1997 old condo
$1200 maint fee.
can probably buy a westside 3M house for similar money considering the maint fee.

with prices like these, no wonder that oakridge land was swooped up so fast
 
Geyser
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 1:51 pm

Reality check!
It looks like that Greater Fool managed to catch the very top of the market.

http://vancitycondoguide.com
"Downtown Vancouver condo prices have dropped 5% since June. This was determined using the boards benchmark. Even using median sales price shows a 7% decrease."
weird I am looking at the september2016 REBGV stats report and the home price index/benchmark:

Van West up 7.5% past 6 months
down 1.9% past 3 months
down 1.3% past month
"weird I am looking at the september2016 REBGV stats report and the home price index/benchmark:"

It's not that weird when you realize that the HPI Benchmark numbers are backward looking averages over several months. The market didn't turn until February and only started to crash around July. The impact might still not show on the benchmark for another month or two.

Trusting the HPI Benchmark numbers to show you what is currently happening in the market is like driving your car by looking in your rear view mirror, it might be okay on a straight road but it doesn't work so well when you hit a sudden bend.
 
reallyreal2
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 2:17 pm

2985 E 2nd Ave - 37 years old - 33 x 124 - 2,627 sq ft.  Sold for $1.398M - Vancouver Special

Let's look at some other Vancouver Specials selling earlier in the year.

2672 Napier St. - 33 years old - 33 x 110 - 2,170 sq ft.  Sold  for $1.66M on June 6 - Vancouver Special ... in other words today's sale was for 262K less or 16% if you prefer.

3385 E 6th Ave - 36 years old - 33 x 122 - 2,600 sq ft.  Sold for $1.568 on April 20 - Vancouver Special....  in other words today's sale was for 170K less or 11% if you prefer.

3160 E 6th Ave - 47 years old - 33 x 122 - 2,638 sq ft.  Sold for $1.550 on April 11 - Vancouver Special.... in other words today's sale was for 152K less or 10% if you prefer.

2177 Slocan St. - 40 years old - 33 x 122 - 2,400 sq ft.  Sold for $1.545 on Aug 30.  Vancouver Special... in other words today's sale was for 147K less or 10% if you prefer.

Yet there are some that think that the market continues to hum along.

I would have hated to be one of those buyers purchasing only a few month ago when I could have got a superior product for hundreds of thousands of dollars less.  
 
oli
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 3:41 pm

2985 E 2nd Ave - 37 years old - 33 x 124 - 2,627 sq ft.  Sold for $1.398M - Vancouver Special

Let's look at some other Vancouver Specials selling earlier in the year.

2672 Napier St. - 33 years old - 33 x 110 - 2,170 sq ft.  Sold  for $1.66M on June 6 - Vancouver Special ... in other words today's sale was for 262K less or 16% if you prefer.

3385 E 6th Ave - 36 years old - 33 x 122 - 2,600 sq ft.  Sold for $1.568 on April 20 - Vancouver Special....  in other words today's sale was for 170K less or 11% if you prefer.

3160 E 6th Ave - 47 years old - 33 x 122 - 2,638 sq ft.  Sold for $1.550 on April 11 - Vancouver Special.... in other words today's sale was for 152K less or 10% if you prefer.

2177 Slocan St. - 40 years old - 33 x 122 - 2,400 sq ft.  Sold for $1.545 on Aug 30.  Vancouver Special... in other words today's sale was for 147K less or 10% if you prefer.

Yet there are some that think that the market continues to hum along.

I would have hated to be one of those buyers purchasing only a few month ago when I could have got a superior product for hundreds of thousands of dollars less.  
Thanks, this is very helpful.  Do any bulls have any counter examples of places selling HIGHER than similar comparables a few months ago?  
 
reallyreal2
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 3:46 pm

I am sure there are.

It's not all doom and gloom.  just isn't all roses like realtors would have you believe.

I have a couple on FB and it's like they love spewing propaganda - bunch of scheisters.
 
westcoastfella
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 5:29 pm

2985 E 2nd Ave - 37 years old - 33 x 124 - 2,627 sq ft.  Sold for $1.398M - Vancouver Special

Let's look at some other Vancouver Specials selling earlier in the year.

2672 Napier St. - 33 years old - 33 x 110 - 2,170 sq ft.  Sold  for $1.66M on June 6 - Vancouver Special ... in other words today's sale was for 262K less or 16% if you prefer.

3385 E 6th Ave - 36 years old - 33 x 122 - 2,600 sq ft.  Sold for $1.568 on April 20 - Vancouver Special....  in other words today's sale was for 170K less or 11% if you prefer.

3160 E 6th Ave - 47 years old - 33 x 122 - 2,638 sq ft.  Sold for $1.550 on April 11 - Vancouver Special.... in other words today's sale was for 152K less or 10% if you prefer.

2177 Slocan St. - 40 years old - 33 x 122 - 2,400 sq ft.  Sold for $1.545 on Aug 30.  Vancouver Special... in other words today's sale was for 147K less or 10% if you prefer.

Yet there are some that think that the market continues to hum along.

I would have hated to be one of those buyers purchasing only a few month ago when I could have got a superior product for hundreds of thousands of dollars less.  
2985 E 2nd Ave - an alley away from busy 1st avenue, I'm not sure if your other comparables compare to that location...  I personally wouldn't touch anything within 2 blocks of 1st ave for the traffic noise.  Doesn't stuff within a stone's throw of 1st generally sell for quite a bit less?
 
reallyreal2
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Re: Vancouver indvidual property sales details

Wed Oct 12, 2016 5:37 pm

2985 E 2nd Ave - 37 years old - 33 x 124 - 2,627 sq ft.  Sold for $1.398M - Vancouver Special

Let's look at some other Vancouver Specials selling earlier in the year.

2672 Napier St. - 33 years old - 33 x 110 - 2,170 sq ft.  Sold  for $1.66M on June 6 - Vancouver Special ... in other words today's sale was for 262K less or 16% if you prefer.

3385 E 6th Ave - 36 years old - 33 x 122 - 2,600 sq ft.  Sold for $1.568 on April 20 - Vancouver Special....  in other words today's sale was for 170K less or 11% if you prefer.

3160 E 6th Ave - 47 years old - 33 x 122 - 2,638 sq ft.  Sold for $1.550 on April 11 - Vancouver Special.... in other words today's sale was for 152K less or 10% if you prefer.

2177 Slocan St. - 40 years old - 33 x 122 - 2,400 sq ft.  Sold for $1.545 on Aug 30.  Vancouver Special... in other words today's sale was for 147K less or 10% if you prefer.

Yet there are some that think that the market continues to hum along.

I would have hated to be one of those buyers purchasing only a few month ago when I could have got a superior product for hundreds of thousands of dollars less.  
2985 E 2nd Ave - an alley away from busy 1st avenue, I'm not sure if your other comparables compare to that location...  I personally wouldn't touch anything within 2 blocks of 1st ave for the traffic noise.  Doesn't stuff within a stone's throw of 1st generally sell for quite a bit less?
I think it is far enough away - but agreed, the location isn't the best. That said - larger sq ft than most of the other locations i compared to and six figures less price. Not sure its location is THAT bad.

I could probably dig up example of houses a similar distance to 1st selling at less of a discount than this one had - but it ain't my day job.
 
Geyser
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Re: Vancouver indvidual property sales details

Thu Oct 13, 2016 9:36 am

It's also worth remembering that the date of sale and the actual closing date can be months apart. Some sales reported in October are likely to have been made in July or August but will be seized upon by some as evidence of "today's" strong prices. 
 
tiga
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Re: Vancouver indvidual property sales details

Thu Oct 13, 2016 9:41 am

It's also worth remembering that the date of sale and the actual closing date can be months apart. Some sales reported in October are likely to have been made in July or August but will be seized upon by some as evidence of "today's" strong prices. 
That is why there is the "sales date". The "sales date" is the date of accepted offer. It is reported shortly after subjects are removed, and that is when the realtors see them in MLS. So the "sales date" is an accurate indication of what somebody was willing to pay at that certain date. The sale of "October 7" happened "October 7". (i.e. a week ago).
 
Geyser
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Re: Vancouver indvidual property sales details

Thu Oct 13, 2016 10:05 am

It's also worth remembering that the date of sale and the actual closing date can be months apart. Some sales reported in October are likely to have been made in July or August but will be seized upon by some as evidence of "today's" strong prices. 
That is why there is the "sales date". The "sales date" is the date of accepted offer. It is reported shortly after subjects are removed, and that is when the realtors see them in MLS. So the "sales date" is an accurate indication of what somebody was willing to pay at that certain date. The sale of "October 7" happened "October 7". (i.e. a week ago).
So are you saying that all subjects are always removed within days of the original price agreement?  I'm sure that is sometimes the case, particularly in a hot market, but when there is only one buyer the removal of any final subjects could be weeks or months later. It is those exceptionally delayed transactions which I am suggesting can be trotted out as "proof" of stable prices.

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