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eyesthebye
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deal of the century or bidding war bait?

Wed Aug 31, 2011 10:34 am

just listed today. Any thoughts on eventual selling price?

2723 5TH AVE W
MLS® V907746
$1,089,000
lot size 33x120
Zoning RT8
house size 1700sqft
Explore the restoration potential that abounds in this pre-1930 raised bungalow. There is rich patina to the fir floors that have been protected for many years by wall to wall carpeting. High ceilings that are found in most of the house were cosmetically lowered in the living room and formal dining room (a 1970's trend). The two bedroom seem to have been untouched and have all original casements, hardware and high baseboards. This semi-corner lot allows an inordinate amount of sunlight in the main living areas, especially when compared to other homes. Downstairs is a bright 2 bedroom self contained basement suite with 8 foot ceilings. Prime Kitsilano location with RT8 zoning and may make a good lane way housing candidate.
the cure for higher prices is moving to a destination with lower prices
 
vanreal
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 12:01 pm

This property doesn't come up on a MLS search.
 
eyesthebye
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 12:17 pm

This property doesn't come up on a MLS search.

give it about 3 days - it was just posted to system today
the cure for higher prices is moving to a destination with lower prices
 
ppan
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 1:47 pm

For that money, I will probabily build a mansion in Surrey with a swimming pool than enjoy the beauty of "pre-1930 raised bungalow". :)
 
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jesse1
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 1:58 pm

ETB, keep us appraised! I hope it's picked up by someone who can do a good job with it.
 
HomelessinSD
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 3:20 pm

Google map'ed it. Nice area, new house across the street (on huge lot) and re-done houses all up and down 5th Ave around it. It'll go quickly and for big bucks.
 
curious
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 7:53 pm

Golden location and great lot. Will fly over asking.
 
unicas
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Re: deal of the century or bidding war bait?

Wed Aug 31, 2011 10:39 pm

Vancouver West VS Beverly Hills ?

One of the world's most coveted address is a bargain compared to Vancouver. it is just plain sickening.

http://idx.themls.com/rglinert/includes ... 0&addr=426 S LA PEER DR
 
thirdlittlepig
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 4:53 am

For that money, I will probabily build a mansion in Surrey with a swimming pool than enjoy the beauty of "pre-1930 raised bungalow". :)
For that money you can buy a 35 acre farm with home and room for your horses in beautiful Armstrong or Vernon, no freeway traffic, just enjoy the good life in God's country, with enough money left over to put in your swimming pool.
 
curious
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 8:25 am

Unicas, checked out that Beverly Hills bungalow on Zillow:
http://www.zillow.com/homedetails/426-S ... 3040_zpid/

Zestimate shows that for $899K it is overpriced and the value is $100K less.

Interesting, assessment shows that its land value is only $64K and improvements are $24K.

http://maps.assessor.lacounty.gov/mappi ... 4332010031

Seems, in US, they calculate values and property taxes very differently that we in Canada.
 
gse36
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 10:39 am

assessment may be low due to proposition 13.

but you'd think it should still be updated. not sure. but in California your assessment (and hence roughly your property taxes) are set when you buy the house. when you sell , new owner will pay based on new assessed value. so longer you live in the house, the better deal you get haha.

(i.e. current owner pays $500 ppty tax when new owner would pay $5000)
 
vanpro
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 12:44 pm

Better yet and about same ask price as ETB's example in the OP, this beautiful 4 bedroom, 2,166 sq.ft. on 4,800 sq.ft.lot (about 1/3 larger than ETB's example) Spanish villa in Beverly Hills is only asking $1.1M and still CAN'T SELL after 4 months on the market!!! (Note: this is considerably down (-20%) from it's $1.37M sale price in 2005)

http://www.zillow.com/homedetails/442-S ... 3106_zpid/

But who would want to live in Beverly Hills, right? :roll:

The pictures maybe hard to make out due to the blinding sunshine and ever blue skys of Southern California. But who would want to live in such perfectly temperate, sunny climate with tropical vegetation all year round. BORING, right! (HEAVY SARCASM)

Especially compared to the rain-soaked bleakness most of the year in crack-shack heaven, Vancouver:lol:

What would comparable house in Van West be asking? $2.5M?

When, in recorded history, has Vancouver EVER been as expensive, never mind twice or more expensive than Beverly Hills or other likewise comparable?

Who still thinks that Vancouver homes prices are rational and sustainable?
 
rofina
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 3:45 pm

Better yet and about same ask price as ETB's example in the OP, this beautiful 4 bedroom, 2,166 sq.ft. on 4,800 sq.ft.lot (about 1/3 larger than ETB's example) Spanish villa in Beverly Hills is only asking $1.1M and still CAN'T SELL after 4 months on the market!!! (Note: this is considerably down (-20%) from it's $1.37M sale price in 2005)

http://www.zillow.com/homedetails/442-S ... 3106_zpid/

But who would want to live in Beverly Hills, right? :roll:

The pictures maybe hard to make out due to the blinding sunshine and ever blue skys of Southern California. But who would want to live in such perfectly temperate, sunny climate with tropical vegetation all year round. BORING, right! (HEAVY SARCASM)

Especially compared to the rain-soaked bleakness most of the year in crack-shack heaven, Vancouver:lol:

What would comparable house in Van West be asking? $2.5M?

When, in recorded history, has Vancouver EVER been as expensive, never mind twice or more expensive than Beverly Hills or other likewise comparable?

Who still thinks that Vancouver homes prices are rational and sustainable?
Rational, absolutely without a doubt not.

Sustainable? Well thats another argument on its own. Who really thought that we would be sitting in 2011 more expensive than ever, with only about 8 months of price declines in the entire decade. Pretty epic bull run. But really at this point the price levels are comedic, would it surprise me if prices DOUBLED from here? Not really, it already takes 96% of disposable income to carry a bungalow. Why not 100%, 120%, or even 150%? Are those numbers any more laughable than 96%?
My point is, the irrationality is already so extreme that it would now be foolish to completely rule out ANY scenario.

The whole bull/bear thing is dead in my mind when it comes to Van RE, bears are on the losing side period. There is only a single ace left in the entire bear deck of cards, and thats a crash of 50%+. Lets face it, a correction of 20% or even 25% is a wash when your average bungalow is priced at over a million dollars. Even at 50% off most homes would be over $500,000, perhaps I'm considerably poorer than most Vancouverites but to me thats still no pocket change.
 
curious
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 4:06 pm

Spanish villa in Beverly Hills is only asking $1.1M and still CAN'T SELL after 4 months on the market!!!
Seems, Beverly Hills is a bargain compared to Vancouver West Side.
What's wrong with rich folks? Why they keep paying such prices for Vancouver bungalows instead of buying Beverly Hills? Are they stupid or what?
 
tdma800
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Re: deal of the century or bidding war bait?

Thu Sep 01, 2011 7:05 pm

Spanish villa in Beverly Hills is only asking $1.1M and still CAN'T SELL after 4 months on the market!!!
Seems, Beverly Hills is a bargain compared to Vancouver West Side.
What's wrong with rich folks? Why they keep paying such prices for Vancouver bungalows instead of buying Beverly Hills? Are they stupid or what?
Maybe its because the people with money that buy here don't want to live there.
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