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unicas
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4826 DRUMMOND Drive

Mon Dec 19, 2011 9:40 pm

This property was listed for $19.9 million. I wonder how much was it sold for.

Julia Lau, the realtor claimed on her site she has sold over 100 properties worth 130 million in 2011. Wow

who is the luck guy she is dating?

http://www.julialau.ca/
 
gse36
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 7:42 am

sold for 14.7M.

land is 1.346 acres, house 13000 sq
 
thirdlittlepig
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 8:02 am

Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
 
gse36
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 8:42 am

Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
owners are still making a killing though. house sold
1995 5.6M
2006 5.9M
2011 14.7M
 
Amalia
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:00 am

What could be a reason of no gain between 1995 and 2006? - In 2006, this property was sold almost for the same price as in 1995.
 
vanpro
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:03 am

What could be a reason of no gain between 1995 and 2006? - In 2006, this property was sold almost for the same price as in 1995.
1995 was the previous peak after early 1990's run-up in prices, then prices dropped (yes, that can and has happened in Vancouver) and stayed low for approx. 7-8 years.....
 
thirdlittlepig
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:11 am

In those sixteen years, no expenses for renovations or improvements? or just deferred maintenance?
Maybe they made a killing, or maybe it will be worth $10M in a few years.

Ha,ha, I just read the "earthquake proof" claim (on a different home same street). Ask an engineer whose expertise is in earthquake preparations for buildings. There is no such thing as "earthquake proof". The best hope is to increase the chance of the people surviving long enough to get out. The building cannot be guaranteed to survive.
 
gse36
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:25 am

In those sixteen years, no expenses for renovations or improvements? or just deferred maintenance?
Maybe they made a killing, or maybe it will be worth $10M in a few years.
house didn't look significantly upgraded. very 90's looking still
 
eyesthebye
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:46 am

Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
ha ha
nice spin TLP - this home is assessed at 9.6 Million. So it's either a haircut of 25% or an inflated boom sale at 50% over assessed.
the cure for higher prices is moving to a destination with lower prices
 
thirdlittlepig
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 9:56 am

Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
ha ha
nice spin TLP - this home is assessed at 9.6 Million. So it's either a haircut of 25% or an inflated boom sale at 50% over assessed.
That's why all these numbers are relatively fluid and meaningless. You spin one way, I spin the other. Where she lands, nobody knows. A house is only worth what one person is willing to pay at that particular moment. Times change. Listed prices *and* assessed values are not necessarily an indication of actual real value, or even future value.
 
eyesthebye
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 10:26 am

Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
ha ha
nice spin TLP - this home is assessed at 9.6 Million. So it's either a haircut of 25% or an inflated boom sale at 50% over assessed.
That's why all these numbers are relatively fluid and meaningless. You spin one way, I spin the other. Where she lands, nobody knows. A house is only worth what one person is willing to pay at that particular moment. Times change. Listed prices *and* assessed values are not necessarily an indication of actual real value, or even future value.
I'm not spinning - the home did sell for 50% over assessed. These are hard numbers.
I can put a price tag for sale of my shitbox for 2.5Million and sell for just 1Million. Does this mean the market is tanking?
Reality check time TLP
the cure for higher prices is moving to a destination with lower prices
 
thirdlittlepig
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 10:48 am

If you are not spinning, then why claim I am spinning. It really did sell for 25% less than listed. By your usual one sided logic I spin, you don't.
Try a reality check yourself. The assessed value is for tax purposes and has little to do with sales price. And it is based on a guestimate that is already almost six months old. There are two other pricey homes on that street which haven't sold, so no one knows what they are worth till someone lays some money down. Assessments change, and it is an arm of the government which has an interest in maintaining the illusion that property values are higher than they actually are and increasing faster than they actually are. So why use it as a basis for comparing a selling price?
 
eyesthebye
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Re: 4826 DRUMMOND Drive

Tue Dec 20, 2011 11:36 am

If you are not spinning, then why claim I am spinning. It really did sell for 25% less than listed. By your usual one sided logic I spin, you don't.
Try a reality check yourself. The assessed value is for tax purposes and has little to do with sales price. And it is based on a guestimate that is already almost six months old. There are two other pricey homes on that street which haven't sold, so no one knows what they are worth till someone lays some money down. Assessments change, and it is an arm of the government which has an interest in maintaining the illusion that property values are higher than they actually are and increasing faster than they actually are. So why use it as a basis for comparing a selling price?
it's not the hard number (25%) that you spun - it's the text around it..."wow. $5M haircut", "expectations optimistic", etc. This is why your post is spin and mine is not. You're framing this as a distress sale. It is not.

again,
Wow. $5M haircut. or 25%, either way the sellers original expectations were a little optomistic. I'd be very interested to see what would happen in this current market if more sellers took a 25% haircut across the board.
the cure for higher prices is moving to a destination with lower prices
 
thirdlittlepig
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Re: 4826 DRUMMOND Drive

Wed Dec 21, 2011 9:55 am

Now you are spinning my comments, why don't you stick to spinning your own.
How does "haircut" or "optomistic expectation" get translated into "distressed sale", which I did not at all say or intend to say.

And, you have some inside information that this is not a distressed sale?
Carrying this property for five years, real estate commission, property transfer tax , property taxes, upkeep, probably cost a couple of mill .
So maybe distressed, or maybe not.
After the sale, then I'm pretty sure they were less distressed than before, and thrilled that the buyer did not go for one of the several other overpriced mansions in the area.
 
red_lantern
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Re: 4826 DRUMMOND Drive

Wed Dec 21, 2011 11:14 pm

It was purchased by a rich asian investor I am assuming, he or she probably didn't care how much it was they just wanted the property but if they try to sell it in a few years if the asians aren't gonna buy it it will sit empty or unsold or will have to sell for much less than what they paid for it. If asians ain't buying the market will tank prices will reduce in order to sell and us white folk can get in on the action once again! Halleluia~~

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