eyesthebye at RE Talks, 6 Jan 2011, 6:37pm -
“Real estate regrets, got any? I have a few, but let’s get specific.
I wasn’t ready to buy at the time but I would have jumped all over these two.
Regret #1
1606 East 15th ave
Just off Commercial Drive on the hill at E. 15th ave sat a stunning old arts and crafts. Stained glass, fantastic stonework, incredible view of the north shore and a park right across the road. The house sits on a dead end street to minimize traffic.
Now here’s the good part…it sat on an oversize lot with the vacant portion being a corner lot. Asking price circa 2003 – I believe it was 679K but I could be mistaken.
Fast forward to today. On the previous vacant corner now sits a nicely done heritage style duplex. Assessed value of each duplex is 632K each (or about 800K market value each unit). The old arts and crafts has an assessed at 978K and the home should easily be one of the most valuable in East Vancouver. Conservative value 1.3M
Total of all = 2.9 Million
Regret #2
2316 Gravely
circa 2005 this “fixer upper” was available for 369K. It’s a finely build 1912 arts and crafts close to Commercial Drive.
Amazingly, it sat on the market for many months. My pleading with my spouse to buy the home met with nothing but negativity. When it was finally bought my heart sank.
Fast forward to today. The home was nearly gutted and redone to it’s original splendor. I drive by every now and again to appreciate what might have been. Assessed value is 1,060,000 and market value is likely in the 1.4M range. Yes gang, I am no longer with the lass who put up the road blocks to buy this grand old home.“
I wonder. Will we hear in five years the invert story? with conclusions like:
We suspect we will.
Bubbles apply lots of pressures on society, not least of all on relationships.
This is the mentality that gets people to buy now or be priced out forever. I a significant part of the population were Vulcans
when it comes to money and finance only!
The good old days! Gone for a generation.
Bubbles do put lots of pressure on relationships, create uncertainty and force erratic and irrational economic behaviour. It is why they are bad.
Here is an example of the prices being lowered, based on emails I got from a realtor. October 10 2010 asking price was $495,000 today asking price is $475,000 this is a price drop of 4.2% of the original asking price.
Oct 18 2010:
TRAFALGAR SQUARE
#405- 2015 Trafalgar Street
689 sf
1 bedroom + den
1 bath
1 parking
1 storage locker
OFFERED AT $495,900
V855185
Jan 07 2011, The 1 bed + den has all of sudden become a 2 bedroom and it costs less than the 1 bedroom.
TRAFALGAR SQUARE
#405- 2015 Trafalgar Street
Kitsilano, Vancouver BC
689 sf
2 bedroom
1 bath
1 parking
1 storage locker
OFFERED AT $475,000
V862115
Huh? The Realtor didn’t get the memo that asking prices go UP after New Year’s…