3641 West 14th Ave (at Alma); 2,496 sqft; 33×122 ft lot; Built 1974
Ask Price: $1,799,800
Listed 1 June 2010, Days on market >100, MLS V834521
.
1419 West 56th Ave; 2,923 sqft; 50×122 ft lot; Built 1947
Ask Price: $1,698,000
Listed 25 Feb 2010, Days on market >196, MLS 812329
.
4857 Trafalgar St; 2,450 sqft; 50×119 ft lot; Built 1952
Ask Price: $1,738,000
Listed 21 Apr 2010, Days on market >141, MLS 825551
Vancouver Real Estate Anecdote Archive 
Greed swallows fools….whole.
This is a DEPRESSION already for many.
These homes are worth about 1/10th of offering price.
This City is full of caffeinated, lazy, shiftless fools that think money grows from HELOCS and Second Mortgages.
Maroons.
Just wait til’ Harper wants YOU to pay the bill.
No, wait ’til Harper gets us to pay the bill.
So, some deadbeat, slacker without a care in the world, not a penny to his/her name goes on an insane buying binge, lives the dream like an A list high roller for a few years courtesy of Bank of Cda platinum VISA only to wind up with nothing at the end of the day (and stiffs you on the bill in the process).
Maybe we are the fools?
For those missing the point “4” is very bad luck in Chinese superstition. “4” means death and “1” means day. So “14” is death day. That’s not going to attract many buyers to 3641 14th St. The other addresses have 4s in them too.
I knew a white guy who lived at 4444 14th St. They bought it for a real bargain.
Another example of the foolishness of Vancouverites when it comes to RE.
I agree with the comment above, these units are worth no more than a 10th of the asking price. The awakening will be very rude…
I can’t wait to win the lottery and buy one of these fine specimens! You know, we are the laughingstock of the world at this point….fools, they say.
It is nothing short of extraordinary that Vancouver has escaped the bubble that has popped spectacularly in far bigger populated cities i.e. London/New York/Paris.
Vancouver whilst is a very nice city is not in any non partisan persons view one of the Worlds Axis points yet its RE is almost on a par with the worlds financial centres. How can this be ? Where is the money in Vancouver generated from……….if you think the foreign investors/new immigrants will keep buying then you are in fools paradise. The first whiff their investment is under threat they will stay put or more likely rent until the storm is over. In addition the new arrivals who already have invested here will pull their money without a second thought and have a fire sale if their domestic market starts to sag & money is needed back home.
Average earnings in Vancouver are a good bit lower than some of the cities where there already is an implosion of the RE market . When the typical first time buyer needs to obtain 5 x income the game is up – just look south or to Europe. A correction of 20% is a nap with the nadir of the impending bubble popping touching 40-50% for “motivated” sellers.
Only a misguided optimist or a blind fool will attempt logic to justify this ridiculous position – get out now if you can & if at first you don’t sell reduce the price & don’t stop reducing until sold.
People that have not sold by now, will have to chop fast and hard. I have one friend who is on the inside and he says the raise in rates is just starting on the bank end, not investment end. Regis will be choked with the new basement suite rules that are now carved in stone at CRA and a lot of people that lived in these hovels won’t be able to refi their own home.
So many boomers decided that saving was for suckers, or frankly, most didn’t make enough money to save AND love in Vancouver….so we spent, eh?
Now, the Government will be faced with armies of broken, 60 year old boomers, and their angry kids, who thought the old coot would die and sell the dump for a mill.
Ain’t life grand?
This bout is gonna wipe out the WWF ratings as people line up for the biggest smack down this town has ever seen Vancouver “It’s different here” RE vs. Reality.” Realtors jumping into the ring are gonna get hit with big ‘ole metal chairs as listing grow whiskers. Mortgage brokers gonna jump off the ropes and off the bridges. And just like the WWF the outcome is fixed. Reality always Wins.
There are some telling posts here about empty homes in Vancouver. They are everywhere. I started doing a weekly drive through on the West Side. This week, it was Point Grey and I was shocked at the number of FOR SALE signs, and the 30 foot fronted lots are starting to look like postage stamps.
The listings are exploding.
This will end very poorly.
People seem to forget the huge retracement we had in the early 80’s.
This will be a lot worse.
Great post.
Love the comments, too…. 🙂
Vancouver real estate really is in an alternative orbit around Reality, isn’t it….?
Looks like these sellers have been inhaling too much of that pungent smoke in the air. Maybe they’re all counting on developers buying these properties and replacing them with multi-family properties.
Even if the asking price each dropped by 50%, they’d be way beyond the reach of the majority of sane people.
Change comes in on little cat’s paws and surprises people. Now the Market has turned and people will start to bail. Some folks did the el dumbo and closed on a second deal, thinking they could drop the first dump in a nonce. WRONG. I know one chowderhead that turned down 4 deals because they were 5 K off the mark, and now – nada. He will never sell for what he said no to, only weeks ago. The Interest rate hike was a shot across the bows to all the people schnooks that have ARMS.
IF you have NOT sold now – you won’t. Not at August levels, anyway.
The Market will be catatonic until it breaks bad – and lower, fast.
Just watch the next few weeks.
Vancouver is the most bubble infested RE market in NA, and it is O V E R. Done like DINNER.
“They are everywhere. I started doing a weekly drive through on the West Side. This week, it was Point Grey and I was shocked at the number of FOR SALE signs, and the 30 foot fronted lots are starting to look like postage stamps.
The listings are exploding.”
——-
Link a picture of this please – would like to see.
1/10th the asking price? I wish. That would one heck of a deal. I’d buy a couple myself.
I’m as bearish as many here but let’s not sound foolish as some of the bulls. 1/10th of the asking price? C’mon.
Decent lot and area on these listings…. I’d say 500K seem reasonable.
Re: MLS 825551
“Great investment property, or renovation, hold and rent or build your dream home later! ”
WTF? 1.7 million dollars and they have this description on the listing? OK, I’m low-balling my 500K price now. 🙂