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fishguy15
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 10:29 am

But wait, I thought rents were tied to incomes? ;)
Is there really that much overbuilding? I'm not so sure...
There you go talking that fundamentals mumbo jumbo again. :wink:
 
eyesthebye
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 10:30 am

As of now, there is an available supply of rents due to overbuilding and proliferation of homes converting lower levels into suites... Can't add 50K/year to our population without having some pressure on our housing supply.
But wait, I thought rents were tied to incomes? ;)
Is there really that much overbuilding? I'm not so sure...
in some areas yes, in others no. I would expect to see rents falling in oversupplied downtown/west end, Kits, city hall/fairview - and rising in undersupplied Fraser, Main, Commercial Drive. But this is just a theory...
the cure for higher prices is moving to a destination with lower prices
 
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jesse1
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 10:37 am

Based on what some of my friends are getting, the west side looks horribly "undervalued" from a rental perspective. They're on "subsidy" courtesy Her Majesty's Royal Cohort of Speculator/Land Hoarders.

I'm grateful none of my hard-earned tax dollars are involved.
 
eyesthebye
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 10:52 am

Based on what some of my friends are getting, the west side looks horribly "undervalued" from a rental perspective. They're on "subsidy" courtesy Her Majesty's Royal Cohort of Speculator/Land Hoarders.

I'm grateful none of my hard-earned tax dollars are involved.
if you rent 700 sqft or under you're probably heavily subsidized.
Try renting 1500 sqft and see what you'll pay.
the cure for higher prices is moving to a destination with lower prices
 
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jesse1
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 11:33 am

Try renting 1500 sqft and see what you'll pay.
That's the thing, though. They're paying $2K/month for a 2-floor 4BR 10-year-old west of Oak. Owners not in town, want "hands-off" tenants who won't trash the place. Whatever the situation, however temporary, that's a "subsidy" for the tenants. An equivalent property is well north of $1MM.
 
eyesthebye
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 1:41 pm

Try renting 1500 sqft and see what you'll pay.
That's the thing, though. They're paying $2K/month for a 2-floor 4BR 10-year-old west of Oak. Owners not in town, want "hands-off" tenants who won't trash the place. Whatever the situation, however temporary, that's a "subsidy" for the tenants. An equivalent property is well north of $1MM.
owners probably aren't aware they can rent for about 3K/month. I guess this serves as a testament to just how wealthy
these land barons are...they can trade off 1K/month in potential rent for good tenants. Sooner or later these "subsidies" will disappear, one at a time.
the cure for higher prices is moving to a destination with lower prices
 
Fabien
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 2:55 pm


in some areas yes, in others no. I would expect to see rents falling in oversupplied downtown/west end, Kits, city hall/fairview - and rising in undersupplied Fraser, Main, Commercial Drive. But this is just a theory...
No chance imo. The opposite will be the case.

Downtown/west end, Kits, city hall/fairview have greater supply because of greater density, which in turn exists because they are more desirable areas - more people want to live there. Hardly any surpise there. All things being equal the majority would choose the former over the latter to live in.

Main St tries hard but is no Gastown, Yaletown or West End, and I for one dont particularly like the vibe of the place. I wouldnt entertain Main (and that's not even taking into account the painful number 3, surely the most overcrowded and miserable transit route in all Vancouver), wouldn't entertain Main, Commercial or Fraser over downtown or anything west but maybe thats just me.
 
vanreal
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Re: deal of the century or bidding war bait?

Tue Sep 06, 2011 8:15 pm


in some areas yes, in others no. I would expect to see rents falling in oversupplied downtown/west end, Kits, city hall/fairview - and rising in undersupplied Fraser, Main, Commercial Drive. But this is just a theory...
No chance imo. The opposite will be the case.

Downtown/west end, Kits, city hall/fairview have greater supply because of greater density, which in turn exists because they are more desirable areas - more people want to live there. Hardly any surpise there. All things being equal the majority would choose the former over the latter to live in.

Main St tries hard but is no Gastown, Yaletown or West End, and I for one dont particularly like the vibe of the place. I wouldnt entertain Main (and that's not even taking into account the painful number 3, surely the most overcrowded and miserable transit route in all Vancouver), wouldn't entertain Main, Commercial or Fraser over downtown or anything west but maybe thats just me.
Yeah I think that is just you. Everybody has their own preference. I think lots of people would prefer Main or Commercial over downtown or Kits because that is the vibe they are seeking.
 
HomelessinSD
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Re: deal of the century or bidding war bait?

Wed Sep 07, 2011 7:45 am

 
eyesthebye
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 10:36 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.

final sale price $1,350,000
the cure for higher prices is moving to a destination with lower prices
 
rofina
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 12:34 pm

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.

final sale price $1,350,000
All considered, thats not terrible in Vancouver terms. Its a much better "deal" than some of the other stuff being posted around here.
 
Fabien
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 1:28 pm

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.

final sale price $1,350,000
All considered, thats not terrible in Vancouver terms. Its a much better "deal" than some of the other stuff being posted around here.
The dying embers of a major boom. Doesnt seem like much upside at these top prices. Its looking like its over. Just take a look around, sale sign after sign and im seeing much more For Sale signs than solds amongst them.

This top has come and gone imo, bit of panic listings trying to cash in going on..just my opinion, could be wrong this time could be right!
 
eyesthebye
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 2:54 pm

dying embers?
I guess you missed my other post.
How many dying embers makes an inferno?

905 23RD AVE E MLS® V908323 $1,089,000
standard size lot, 1913 house.
Sold for $1,250,000 on 13-Sept

6591 VIVIAN ST MLS® V909273 $999,000
50x120 lot, old timer (tear down)
Sold for $1,148,000 on 13-Sept

4536 QUEBEC ST MLS® V908045 $1,389,000
59x121 lot, 1910 house
Sold for $1,640,400 on 9-Sept

2670 ADANAC ST MLS® V908030 $889,000
33x110 lot, 1929 house
Sold for $957,000 on 13-Sept

2723 5TH AVE W MLS® V907746 $1,089,000
33x120 lot, old timer (tear down)
Sold for $1,350,000 on 11-Sept

5737 PRINCE EDWARD ST MLS® V906737 $998,000
33x124 lot, 1910 house
Sold for $990,000 on 4-Sept
the cure for higher prices is moving to a destination with lower prices
 
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jesse1
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 3:00 pm

I don't see any dying embers here but I do see a lot of listings. That is not necessarily bearish but I expect flat pricing for certain dwelling classes (condos for example) for the rest of the year unless sales start picking up markedly.
 
eyesthebye
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Re: deal of the century or bidding war bait?

Thu Sep 15, 2011 6:37 pm

I don't see any dying embers here but I do see a lot of listings. That is not necessarily bearish but I expect flat pricing for certain dwelling classes (condos for example) for the rest of the year unless sales start picking up markedly.
listings don't equate into price declines unless the seller decides.

Here's more evidence that increases in listings are not bringing prices down:


2468 WILLIAM ST
MLS® V908481
$799,000
33x108 lot
2180sqft home built 1991
sold above asking on 12-Sept for $888K (anyone want to bet against an asian buyer?)

2623 DUNDAS ST
MLS® V907695
$759,900
33x122 lot
1873sqft old timer
sold above asking on 7-Sept for 770K

1295 28TH AVE E
MLS® V909023
$729,900
33x144 lot
1020sqft old timer
sold above asking on 13-Sept for 750K

it's very rare to have a home sold below asking...still.
the cure for higher prices is moving to a destination with lower prices
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