Westside – Price Drop To $2,890,000; With “Great Mortgage Helpers in Basement”

4411 W 11th; 4,696 sqft; 63×121 lot
Listed 9 Oct 2010 $2,980,000;
Price change 6 Dec 2010 $2,890,000
“4 bdrms up, great mortgage helpers in basement. Must see to be appreciated.”

10% downpayment ($289K); 4% rate; 25yr amortization
Monthly mortgage payments: $13,681.79

[Those 'mortgage helpers' could come in handy. Magical elves, one hopes. The whole concept of paying $3M for the privilege of running a rooming house in one's basement escapes me.  -ed.]

14 responses to “Westside – Price Drop To $2,890,000; With “Great Mortgage Helpers in Basement”

  1. Anyone spending $3M shouldn’t need mortgage helpers.

  2. The house is glaringly over-priced, even for an already over-priced neighborhood. What the real estate pages don’t you is that the rear-yard backs onto a commercial lane (the West Tenth/ Pt. Grey Village strip) where undoubtedly the sound of air-con units are a constant presence.

  3. Price drops are impossible. Where are all the Chinese?

  4. Shizzie von Shizwit

    yes, agree that anyone paying $3m for a house should have little interest in a mortgage helper.

    It’s like promising petro points with the purchase of a Lamborghini

  5. Crazy. This must be the only place in the world where a $3 Million house needs a mortgage helper.
    Bizarre in fact. can you imagine a Canuck’s player buying that and then coming home from the game to have to go fix the tenants plugged toilet.

    Sheesh..

  6. With an address of “4411″, that pretty much rules out any Chinese buyers. Good luck getting $2.9 million!

  7. Only two mortgage helpers? That’s soooo 2009. Three is the new two.

  8. Mortage Helper:

    a. unlicensed casino
    b. brothel
    c. grow-up
    d. University students
    e. a tunnel to China

  9. What makes you think they put 10% down? Were they first-time buyers?

    And 4% rate? Perhaps they took a variable mortgage?

    • The ten percent down is arbitrary. Regardless of size of down payment, any new owner would have $2.89M tied up in this shack.

      Sure, variable is an option. But with the lower rates would come exposure to the risk of unexpected rate hikes. Within the life of this mortgage, rates will very likely hit 6-8% again.

  10. This house is still for sale.
    And yes, it is a dump. The foundation is crumbling. The chimney looks like it’s going to fall off and the front steps are cracking.
    Inside, they’ve slapped up some paneling and rolled white paint over old wallpaper. The two basement suites are small, creepy and have eerie florescent lighting.

  11. No intelligent person would pay 3M for that. Housing prices are so silly these days – prices have completely lost touch with reality. Sellers just look at their house and go hmm..let’s just ask for another million, and then get it. I don’t care so much about prices. What I care about is that inept politicians and greedy specuvestors are keeping me from the housing to which I would be otherwise entitled. Disappointing.

  12. Ya’know that crazy as prices are in the west-side of Vancouver, it is nothing compared to China. Japan has a bubble from early seventies to the nineties – China may have one just as long if not longer (bigger everything in China compared to Japan).

    Housing prices in the west-side are a subset of events in China – Ottawa has no say even if it pretends it does so.

    We may be in for a ride for a while longer – that basement may soon be listed for a million!

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