Real Estate Talks

486 W 26th Ave

Price sold: $10,000,000
Property Size: 10,129 SF
Property Type: Land
FSR: 2.5
2016 B.C. Assessment Value: $6,157,000
Date of Sale: 07/05/2017


One of the last properties for sale for the Cambie corridor project.

These guys din't win the BC 649, thats regular properties. These guys won the powerball

Yes, it's all about "location, location, location. 

The closer you get to the more desirable areas, good transit and a high "walk score", the higher the price of land suitable for major assembly. One old condo on a side street a block away from Burrard St. and Robson St. saw the suite owners walk away with 3 times current assessed value. Amazing!

740 east 50th ave
2032sqft detached built 1948
33x130 RS-1 lot
ask $1,398,000
sell $1,525,000 on 19-July after 8 days

Great Fraser Location on this extra deep 33' x 130' foot lot. Circa 1948 5 bdrm Bungalow is ready for your renovation ideas or build your dream home on this level lot 5 minutes from the amenities of Fraser. Walking distance to Langara College and Sunset Community Centre. Open Saturday July 15, 2017 from 2-4 p.m.

486 W 26th Ave

Price sold: $10,000,000
Property Size: 10,129 SF
Property Type: Land
FSR: 2.5
2016 B.C. Assessment Value: $6,157,000
Date of Sale: 07/05/2017


One of the last properties for sale for the Cambie corridor project.

These guys din't win the BC 649, thats regular properties. These guys won the powerball

Does the "Date of Sale" mean the signing date, subject removal date, or the completion date?

The BC Assessment website shows a sale date of April 3rd, 2017:

https://evaluebc.bcassessment.ca/Proper ... AwMTdTMg==

Unless I'm mistaken, that site shows completion dates

486 W 26th Ave

Price sold: $10,000,000
Property Size: 10,129 SF
Property Type: Land
FSR: 2.5
2016 B.C. Assessment Value: $6,157,000
Date of Sale: 07/05/2017


One of the last properties for sale for the Cambie corridor project.

These guys din't win the BC 649, thats regular properties. These guys won the powerball

Does the "Date of Sale" mean the signing date, subject removal date, or the completion date?

The BC Assessment website shows a sale date of April 3rd, 2017:

https://evaluebc.bcassessment.ca/Proper ... AwMTdTMg==

Unless I'm mistaken, that site shows completion dates

could be neither. the place we bought shows a totally incorrect date on BCassessment. It's so off that there is no way we could have put an offer on that date shown let alone an accepted/completed sale

486 W 26th Ave

Price sold: $10,000,000
Property Size: 10,129 SF
Property Type: Land
FSR: 2.5
2016 B.C. Assessment Value: $6,157,000
Date of Sale: 07/05/2017


One of the last properties for sale for the Cambie corridor project.

These guys din't win the BC 649, thats regular properties. These guys won the powerball

Does the "Date of Sale" mean the signing date, subject removal date, or the completion date?

The BC Assessment website shows a sale date of April 3rd, 2017:

https://evaluebc.bcassessment.ca/Proper ... AwMTdTMg==

Unless I'm mistaken, that site shows completion dates

could be neither. the place we bought shows a totally incorrect date on BCassessment. It's so off that there is no way we could have put an offer on that date shown let alone an accepted/completed sale

Thanks for the info.   I'm trying find some comparables and knowing the definition of that date makes a big difference.
Do you know when does a sale show up BC Assessment's website?  Is it always after a deal's completion date?

6160 Beatrice
1625sqft detached built 1948
33x120 RS-1 lot
Ask 1,388,000
Sell 1.438,000 on 20-July after 8 days

"Great home in a quiet & central location in Killarney area. Level lot, bright with large rooms. Close to Victoria Dr's shopping area, David Thompson Secondary School, Tecumseh Elementary School and parks. Open House Sat & Sun, July 15 & 16, from 2-4pm. Listed By: PROMINENT REAL ESTATE SERVICES"

https://www.rew.ca/properties/R2177179/ ... quitlam-bc

This is one of the town homes for sale by Coquitlium center. I don't have the sold listing, by one just sold for over $900,000

I know a guy who owns one, bought it new for $480,000 ish new in 2011.

Keep in mind this is a cookie cutter Polygon home.

This shocks me more then million dollar east van tear downs.

301 2888 cambie street sold 1078k. 936sq. 3rd floor 7/14/2017
626 2888 cambie treet sold ~1.2M (exact price not known yet, but agent said near 1.2). 922sq. 6th floor (2 floors higher since no 4th) 7/31/2017
9% in 2 weeks?

Geyser is scary when he is right. As he pointed out, detached has been tame while condo has soared this year. To me, definite signs of affordability crisis.

See Steve ...

"CMHC Says Vancouver Real Estate Overheating Once Again

... Of course if you’ve been reading this blog this would come as no surprise. There’s been a clear divergence between the detached market and the condo market. Both appear to be going in opposite directions. The Vancouver detached market, although having a nice recovery in the spring, has failed to climb back to peak prices. The average sales price is down 8% year over year.


... On the other hand, you have the Vancouver condo market which could be reaching peak insanity, the sales to actives ratio recently exceed 200% for one bedroom units. Further, the average sales price is still climbing, up 14% year over year in June..."

http://vancitycondoguide.com/cmhc-says- ... erheating/

As a result, my former False Creek apartment is close to the price of a crack shed in Vancouver East. Where do you think it goes from here?

2705 East 57th ave
2107sqft detached built 1962
45x125 RS-1 lot
asking $1,699,888
sold $1,860,000 on 25-July after 7 days

4 Bdrm / 2 Bath home in prestigious, sought after Fraserview area on a quiet street close to the Fraser View Golf Course. This home is solid and pride of ownership shows. Original hardwood floors under carpet and updated bathrooms. Lower level has a separate entrance. Find a double detached garage in the back. RS-1 Zoning allowed for laneway house. Live now and build later. Assessed value is $1,870,900. Sneak Peak Thursday, July 20th (5pm to 7pm) and Open House Sunday, July 23rd (1pm to 4pm). Listed By: ROYAL LEPAGE WEST R.E.S.

Geyser is scary when he is right. As he pointed out, detached has been tame while condo has soared this year. To me, definite signs of affordability crisis.

See Steve ...

"CMHC Says Vancouver Real Estate Overheating Once Again

... Of course if you’ve been reading this blog this would come as no surprise. There’s been a clear divergence between the detached market and the condo market. Both appear to be going in opposite directions. The Vancouver detached market, although having a nice recovery in the spring, has failed to climb back to peak prices. The average sales price is down 8% year over year.


... On the other hand, you have the Vancouver condo market which could be reaching peak insanity, the sales to actives ratio recently exceed 200% for one bedroom units. Further, the average sales price is still climbing, up 14% year over year in June..."

http://vancitycondoguide.com/cmhc-says- ... erheating/

As a result, my former False Creek apartment is close to the price of a crack shed in Vancouver East. Where do you think it goes from here?

I highly doubt that a False Creek leasehold is anything close to an east Vancouver detached freehold. Even the Vancouver West apartment benchmark is 50% of East Van detached.
Let's add some clarity

in July 2017 a Vancouver West condo added 1.4% value  or $10,962. An East Vancouver detached added 1.8% value or $28,098.
So in same same month you've been boasting about how hot condo prices are, I've added $18,000 more wealth than you while listening to your drivel. Sound about right?

Geyser is scary when he is right. As he pointed out, detached has been tame while condo has soared this year. To me, definite signs of affordability crisis.

See Steve ...

"CMHC Says Vancouver Real Estate Overheating Once Again

... Of course if you’ve been reading this blog this would come as no surprise. There’s been a clear divergence between the detached market and the condo market. Both appear to be going in opposite directions. The Vancouver detached market, although having a nice recovery in the spring, has failed to climb back to peak prices. The average sales price is down 8% year over year.


... On the other hand, you have the Vancouver condo market which could be reaching peak insanity, the sales to actives ratio recently exceed 200% for one bedroom units. Further, the average sales price is still climbing, up 14% year over year in June..."

http://vancitycondoguide.com/cmhc-says- ... erheating/

As a result, my former False Creek apartment is close to the price of a crack shed in Vancouver East. Where do you think it goes from here?

I highly doubt that a False Creek leasehold is anything close to an east Vancouver detached freehold. Even the Vancouver West apartment benchmark is 50% of East Van detached.
Let's add some clarity

in July 2017 a Vancouver West condo added 1.4% value  or $10,962. An East Vancouver detached added 1.8% value or $28,098.
So in same same month you've been boasting about how hot condo prices are, I've added $18,000 more wealth than you while listening to your drivel. Sound about right?

"As a result, my former False Creek apartment is close to the price of a crack shed in Vancouver East. "

He actually lost another $10,962 last month alone in potential value since he hasn't owned that for over a year.

I highly doubt that a False Creek leasehold is anything close to an east Vancouver detached freehold. Even the Vancouver West apartment benchmark is 50% of East Van detached.
Let's add some clarity

in July 2017 a Vancouver West condo added 1.4% value  or $10,962. An East Vancouver detached added 1.8% value or $28,098.
So in same same month you've been boasting about how hot condo prices are, I've added $18,000 more wealth than you while listening to your drivel. Sound about right?

I'm sorry my dear. Geyser seems to actually know what he's talking about. My former property, not leasehold, is now about $1.4 m. Better units in the next building are about $1300 psf and up. For a 1,200 sf apartment, that's >$1.5 m.

You only need to look at the chart provided by Steve, to grasp the situation. Suggest you do just that. The difference between my former property and a crack shed has been slashed in half compared to last year.

My question is what's next? Will detached prices form a ceiling on affordability, or will apartment prices push detached prices upwards? What about the possibility that prime condo/townhouses will out-perform sub-prime detached? Could my junky False Creek apartment eventually cost more than most Van East houses?

That's the point that Geyser is making. LOCATION LOCATION LOCATION!

For those interested, I'm better off with my one-bed Cambie condo because I bought at this time...

http://www.rebgv.org/home-price-index?r ... 2015-06-01

Supply and Demand. 

I'm sorry my dear. Geyser seems to actually know what he's talking about. My former property, not leasehold, is now about $1.4 m

My property is not a benchmark either, but I used benchmark to point out how east detached are clearly outclassing west condo by a 250% dollar figure last month.
Keep on toking Jimbob

I'm sorry my dear. Geyser seems to actually know what he's talking about. My former property, not leasehold, is now about $1.4 m

My property is not a benchmark either, but I used benchmark to point out how east detached are clearly outclassing west condo by a 250% dollar figure last month.
Keep on toking Jimbob

Time for me to jog ETB2's failing memory again.

As I have repeatedly told you, UBC Professor Tsur Somerville is an expert on our local real estate market, a market which you obviously don't understand.

The market is currently playing out just as Tsur predicted. You may recall that he suggested a bear market can be expected to result in condo prices outperforming detached prices. Surprise!

You also appear unaware of the importance of "location, location, location". It's generally considered to be THE main predictor of real estate price appreciation.

Here is an old post of mine, it may help you understand what's been happening in recent months:

10 months ago

I see a deal on detached I'll double down. No fricking way I'm going to pass on a decent discount if what youre saying is true.

People with experience know that even a smaller amount up or down of 15 to 25% makes a big giant amount of a difference whether its a house or apartment, and specially for a borderline person that was considering an expensive apartment to move up to a house.  The 25% and the suite can easily make up the difference

Geyser replied:
You appear blissfully ignorant of the prices of "expensive" apartments in prime locations. I can only assume that your idea of "expensive" is a little different to that of most people's. Perhaps you live in a neighbourhood where the nicest apartments are three-story stucco boxes. 

Take a bus to Downtown, it'll be worth the ride, you'll be shocked at what they've been building here in the last few decades. Sure there are plenty of tiny shoeboxes for young singles, but look at what other more established people are living in. Many of us older folks traded our suburban houses for the lifestyle offered by Downtown living. It's true that a nice condo can cost a lot more per square foot than a house but, if you prize location, views, security and convenience it's well  worth the extra money.

In case you don't have a bus pass, let me help educate you. Go to the following website and note that despite our current shortage of listings, there are still numerous "luxury" condos available priced between $2 million for the smaller ones, all the way up to $13 million for larger suites.

http://www.mikegrahame.com/vancouver-luxury-condos


Also keep in mind that, in 2015, Vancouver’s $55-million condo sale was the biggest residential real estate deal in Canadian history. He could have chosen 10 nice Westside houses for the same money as his "expensive" condo, but I doubt he would have considered that an "upgrade". : [img=15x17]http://www.realestatetalks.com/images/s ... on_lol.gif[/img]