East Vancouver SFH Sold For $1.45M

2252 VENABLES Street Vancouver
3,030sqft SFH, built 1924, 33×122 lot
Sold $1,450,000

– hat-tip to ‘J.’, who sent this along to VREAA by e-mail, and who also adds:
“Bought for around 650K (my friends are neighbours, so have watched this unfold over the last couple of years), renovated and now sold for 1.35 million. [Actually, 1.45 million, according to commenter ‘reality check’. -ed.] The renovations are nice, but they’re not that nice, and they’re nothing special. There’s issues with the floorplan, too: the upstairs bedrooms have no bathroom, so if you need to pee in the middle of the night you have to go down the stairs, into the den, and through the kitchen. There’s no yard to speak off: just a patch of grass at the back. This used to be a sort of affordable (by recent Vancouver standards) part of town, as well.”

46 responses to “East Vancouver SFH Sold For $1.45M

  1. Postively bewildering. The buyers deserve their fate.

  2. reality check

    Sorry your info is wrong. It sold for 1.45 million. I went to the open and I have to say it was a fantastic renovation. Was it perfect no but then nothing is perfect. This area is near Commercial Drive which is fast becoming a very hot area of the city. As people are being pushed out of the west side, they are taking their money and moving to the east side, if they can afford it and if not then they are going further and further east.

    • Thanks for the info, will update the post.

    • I used to live a couple of blocks from there, and am glad I moved. It’s a mediocre neighbourhood at best. And Commercial Drive? I don’t get the hype. Sure, it has a few cool shops. It also has an increasingly downtown eastside ambiance.

      Houses like this will be selling for 400K at the bottom, renovated or not. I feel sorry for the poor souls who bought it, oh wait, no I don’t.

      • reality check

        sounds like sour grapes. I don’t live in the area but I know for sure that it is not going down hill at all as I have family that do. But once again that is why the west side is so expensive because everyone wants to live there. No one wants to move east

      • reality check said: “No one wants to move east”
        reality check said: “taking their money and moving to the east side”

        Riiight….

      • I see real estate pumpers on this site, like reality check, regularly calling “sour grapes”. In so doing they implicitly equate home ownership with happiness. Let’s clarify: when you choose to rent, or move, it doesn’t mean you’re bitter. In my case, I’m glad I did. That’s not sour grapes, its contentment.

        What IS disappointing to me and others is the collateral damage that the mania in real estate has caused, and will continue to cause post-implosion, to the town I grew up in.

      • “when you choose to rent, or move, it doesn’t mean you’re bitter”.

        I haven’t noted one happy renter on this blog site. I’m pretty sure the happy renter isn’t doing any of these things:
        -lamenting not buying when prices were cheaper
        -commenting on what a shithole Vancouver is
        -pulling up cheaper comparables from other cities
        -“threatening” to move their highly educated and skilled self out of Vancouver
        -tracking inventory data
        -posting every bit of negative news about real estate, the economy, the weather, etc. etc.

        A happy renter does not visit toxic sites like this one.

      • F1, I should have also cited you as one of the real estate pumpers who loves to call sour grapes. Sorry if you felt left out.

        That being said, if ever there were bitter words on this site, they’re the ones you just posted.

      • Basement Suite

        F1: “A happy renter does not visit toxic sites like this one.”

        Agreed we are not all happy renters here. There is a reason people are bitiching. There is a reason highly educated and skilled people are not only “threatening” but many actually leaving this shithole. It’s called stupidly high real estate prices that make home ownership impossible except for the most finanically irresponsible today, OR those who had already owned before the inflation. Yes home ownership is something many people do want, no we don’t all want to remain renters, you are right about that. Ergo, this is a problem I hope gets solved.

      • Anonymous UBC Professor

        On the “threatening to move their highly educated and skilled self out of Vancouver” note…

        Local anecdote: UBC Sauder School of Business is having a hard time finding a new Dean. Some high-level prospectives from the US have declined due to high cost of housing.

      • AnonUBCProf -> Good grief. If they don’t get the message from that piece of info, what’s it going to take. We suspect that Tom Davidoff knows precisely what’s going on, and we’d still like to see a widely publicized analysis from him.

  3. These pretzels are making me thirsty

    “Street view” this address at Google maps and see a row of really ugly houses. You could not pay me enough to live in one of those, let alone buy.

    $ 1.45 million..what a laughable travesty.. people need to have their head examined.

  4. Sour grapes? My god, reality check, are you freaking serious?

    Honestly, can you imagine being the buyer? Going to bed tonite as the non-stop rain continues to stream down from above, wondering what’s going to leak first and how long it’ll take for a break-in, knowing you’re in the middle of the most overpriced city in the world yet just paid nearly a million and half for this…this thing.

    • These pretzels are making me thirsty

      Sour grapes???

      I do really well financially and can easily afford at least 1.5 times that amount. Sold my house in Ontario last year and rent in Vancouver.

      Now if I was stupid enough to commit financial hara kiri by buying RE at this time in Vancouver, then I would not be financially as well and be what I am today. Does that make sense?

      Sell when people are greedy, buy when they are fearful (Don’t remember the exact quote but Warren Buffet said something very profound to this effect)

    • reality check

      you know what Gordo. It was a great house that was totally redone so it is practically brand new, there is nothing wrong with the area and if you don’t like the rain then get out of Dodge. You don’t have a clue about this property to why don’t you stick to something you do know about.

      • reality check -> We could take you to task regarding the validity of Gord’s opinion, but, that aside, would you care to take a look at the comment by Froogle Scott (below), who very definitely brings local knowledge to the value of this property?

      • Sure, it’s a great house – for $300,000.

        So reality check, why are *you* here? I’ve made my position, and my story, pretty clear on countless occasions. No hidden agenda. Will I buy when (not “if”) prices in the prime bubble zones crash 50% or more? Maybe. Maybe not. That would put this very, very average house at $700,000. It’s still a complete rip-off at that price.

        In the meantime, I’m here because I really really hate lies, deception, corrputed media, and bullsh*t. And I hate that our government on one hand says “don’t borrow,” yet on the other hand keeps this pig alive because doing so is crucial to its GDP. It’s nauseating, it’s tremendously hurtful to the great numbers of people, and it pisses me off.

        What about you? What do you “know about?” What’s your stake in keeping this impossible nightmare a reality for a few more days?

  5. Aldus Huxtable

    A friend of mine lives mere blocks away and every Friday, Saturday and Sunday nights has a woman who is clearly mentally ill tearing her hair physically out of the scalp sitting in his apartment doorway entrance of which no one he has contacted will do anything about.

    I can’t imagine paying over a million dollars to live in that neighborhood. When I lived a few blocks East off of the drive my vehicle was broken into on a weekly basis for the entire six months I was there.

    This is not a “million dollar neighborhood” – there’s a world outside and anyone buying into this version of it can’t seriously have experienced it.

  6. The house is in our neighbourhood, a few blocks away. It’s a 1920s Builder’s Special, on a standard lot. Essentially the same house (built from a plan, probably) as the house our friends on the next block own and have renovated over the past decade. Their renovation is also very nice. He’s got an accounting background, and is attuned to finances, real estate, and the costs and labour associated with renovating. He figures his place has a current market value of $900K to $950K. I’ve been following prices in our neighbourhood closely for a decade. This sale price makes no sense. It doesn’t even make ‘bubble sense’. I think someone overpaid by 500K/50%. Startling.

  7. “Commercial Dive” – definitely not a million $ neighborhood. Buyer just got suckered after stepping off the plane. He/she has no idea of value and will soon realize that the $3 million “knockdown” on the westside is a better buy. Nobody selling on the westside is stupid enough to throw away that kind of money on the eastside.

    • Open kitchen seems nice enough until it isn’t. Really in any other city this is mediocre at best, a prime example of prime east side “quality”.

  8. 4SliceofCheese

    Question for everyone.

    Obviously I am bearish but do you see the possibility of prices trending like San Francisco or NY. They are off peak but only about 10% If you extend to view 10 year timeline you can see they have had massive run ups, but haven’t been hit as hard as places like Miami and Vegas.

    http://tinyurl.com/7b4yldp

    http://tinyurl.com/6qspucj

    • I have read more than one commentator who said NYC’s turn is still to come.

    • Ralph Cramdown

      SF+SJ’s GDP is 2.5x BC’s. NYC metro is 6x BC’s. BC’s GDP is about the same size as Louisiana’s. Maybe the apt comparison is with offshore tax havens?

    • San Francisco BA is severely off peak. Certain neighbourhoods have held up better than others. I question whether we can compare Vancouver region as a whole to specific parts of San Francisco with a straight face.

      So if say Vancouver proper only sees a 6% drop from peak in nominal terms, that bodes horribly for the Greater Vancouver region to ring that comparison true.

    • the up/dn will tie out to credit issuance/uptake. big ramps and reversals are fueled by high debt/income. some affluent pockets, like the ones you may be looking at, may go flat or decline slowly over a longer period. recall that national dti has exceeded peak us bubble levels, that van is pulling up the avg and that van has an outsized fraction of income from RE itself. also, the us cycle isn’t complete despite some areas having become attractive. we have yet to deal with biggest part of what got us here – what the fed is doing to the bond market.
      -> survey the neighborhood dti

  9. Is soooo cheap. Compared to (insert larger established city with significantly more economic activity here, oh wait this is a “resort city” where economic activity isn’t necessary)

    I blame the immigants.

  10. Does anybody out there know anything about the buyers (generic info, of course)?
    Given the discussion above, more about what appears to be an ‘anecdotal case’ would be appreciated.

    • All hearsay, but I do live on this block, so reasonably reliable hearsay… family of four with another on the way, moving from the West side. I’m sure the price seemed reasonable compared to where they’re moving from, but is almost twice what we could get for our 1920’s house on the same block. Granted, the renovation is fantastic!

      Despite what many of the commenters here – who have clearly never spent any time in this neighbourhood – seem to think, this is an amazing neighbourhood (although there are many vancouver specials and ugly pink boxes that could stand to be torn down). It’s close enough to the Drive to be an easy saunter, and also close enough to a very up and coming strip of Hastings street. I wouldn’t consider living anywhere else.

  11. Basement Suite

    Another East Vancouver POS going for way north of a million. Can’t wait for the crash, the harder these dumps fall the harder I’ll seriosuly laugh, hope I get to see this address go up for sale again after the crash, wonder what they’ll get for it. El Ninja said 400k, even that seems too high to me to live in a craphole in the ghetto–oh sorry, I mean character home in trendy Commercial Drive. 😀

  12. Pingback: Tale Of Two Characters – Van East and Frank Lloyd Wright | Vancouver Real Estate Anecdote Archive

  13. 2252 is 5 blocks from The Drive, now a slick street of wavering restaurants. That would be a short walk but not quick one to the centre.
    About 20 minutes to First and Commercial, the heart of the Drive.
    It is just off Nanaimo Street, and a block south of Templeton High School with “traffic problems” See one-ways, traffic circles and the Nanaimo Heavy Container Truck traffic.
    The first house in the area to go for a million was 2216 Victoria Drivel

  14. Just catching up with this thread– in regards to the quality of the renovation (nice, but not 1.45 million dollars worth of great), here’s a counter-example, from close to Kingsway and Fraser (which is, in case you’re keeping track, the new Mt. Pleasant as the bohemian elements flee the neighbourhood ahead of the condo developers): http://buyahomevancouver.com/mylistings.html/details-23101534 The reno is, I think, gorgeous and much more stylish than the Venables house; it’s also much closer to downtown, and so on. It was listed at just under a million and sold for 1.1. What this tells me is that the Venables house, nice reno or not, was seriously overvalued.

  15. And btw, here’s the original pre-reno listing for the house– it was priced at 599K a couple of years ago: http://www.pauleviston.com/Properties.php/Details/788

  16. “I do agree that there are much better parts of the Drive.”

    Not to belabour the point, but this isn’t even the Drive. It’s Nanaimo and Hastings. Calling it part of the Drive is really stretching it.

  17. 8 Years Later :)

    Just stumbled upon this thread. A lot of laughable comments with hindsight:

    “Houses like this will be selling for 400K at the bottom, renovated or not. I feel sorry for the poor souls who bought it, oh wait, no I don’t.”

    “Another East Vancouver POS going for way north of a million. Can’t wait for the crash, the harder these dumps fall the harder I’ll seriosuly laugh, hope I get to see this address go up for sale again after the crash, wonder what they’ll get for it. El Ninja said 400k, even that seems too high to me to live in a craphole in the ghetto–oh sorry, I mean character home in trendy Commercial Drive.”

  18. There was a marketing brochure turd delivered to our East Van home for a godawful townhouse development way the hell out off the Dollarton Hwy – a shit location with a walk score of 30 – “Seymour Village”. A mil $ and up to be stuck in the boonies in a townhouse.
    Why would they deliver this junk mail in East Van?
    “8 reasons to love Seymour Village”
    1. “Amazing neighbours with welcoming residents”.
    Who don’t exist because this shithole isn’t even finished.
    2. “Single-family vibes”
    It’s a townhouse.
    3. “Architecture”
    Not. And a dysfunctional kitchen.
    4. “It’s all here”
    Driving. Driving. And driving. One of the worst drives anywhere – the dreaded Ironworkers Bridge. Scary.
    5. “Pure North Shore Living”
    Awful.
    6. “Secretly close to downtown”
    Horrible by vehicle. An eternity in the loser cruiser.
    7. “Residents only park”
    Claustrophobia.
    8. “Best Value”
    So much $ for a townhouse in the boonies.

  19. And the picture of a deer on the back flap – the developers/marketers dream customer – a deer stuck in the headlights.

  20. 3334 E 27th – new house listing – looks brain damaged from the front. Horrendous inside. Nice picture of a bicycle by the stupid stagers. Decent location. Best scraped.

  21. 3487 Normandy – a stunning exemplar of a repugnant new-build. Staging is on point too. $400K over assessed. Poison. An awful unhappy piece of spec. Massively undesirable.

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