West Vancouver – “A lot of these crazy sales were done with the Buyer’s realtor coming from over town, and not knowing our local market. That is partially why we have seen some down right stupid sales over the past 18 months. It has finally slowed up. Did these people always have a plan to flip, or is it money laundering, or a change in monetary circumstances, who knows? But I smell a change.”

“West Vancouver has definitely seen the ripple effect over the past two years. The demographics in West Vancouver are changing rapidly. The bridge kept the West Vancouver real estate market (reasonably) a best kept secret, but no longer, the flood gates are open with approx. 70% of our sales coming from Asian buyers, and add in another 15% from Iran. It has been hard for the locals with such a big shift in such a short time. Real estate prices in some of the main target areas such as Ambleside, Dundarave, Queens, and the British Properties have increased as much as 50% in the last two years. A lot of the locals have sold out, with people moving to other B.C. locations, down sizers going to strata, and some just going to rentals. Sustainable? I don’t think so, but we shall see. I have never seen so many new spec. builds on go, and the number of lot value purchases that are soon to be pulled down. I don’t think any of these small time builders have thought out demographics, and how many new builds there will be coming to the market with only one group of buyers that would buy them.
Interesting when this major West Vancouver leg up started in the late summer of 2010 we really got saved as the listing count in West Vancouver was at an all time high for single family (577) matching 1998. I thought, as well most of my colleagues thought the West Vancouver market was set for a big decline, but in August 2010 (generally a slow seasonal local market time) some big sales started to occur. I think this was started as the West Vancouver market place seemed like such a better buy compared to the West Side, and people finally figured out some of West Van’s best kept secrets. Shhhh…… can’t talk about how quiet (45,000 people, and not going to move up much), safe, proximity to downtown, lot sizing, views, and price in comparison to the West Side it is. Sales were crazy in 2011, and our inventory dropped to under 400, and prices just went straight up. A lot of these crazy sales were done with the Buyer’s realtor coming from over town, and not knowing our local market. Lol…Can you imagine your Realtor showing you properties that he has no idea where he/her is, and having to use gps, and ask the Listing Agent where his/her next showing appointment is. How could you possibly assist the Buyer, and that is partially why we have seen some down right stupid sales over the past year, and a half. We have had two countries (China, Iran) where people having been trying to move money into property in a safe haven.
It has finally slowed up. For how long who knows, but we are due for a pause. The sales have really slowed up the last two weeks of March, and the listing count is moving up(426). Interesting how many of our listings were purchased in the last two years. Did these people always have a plan to flip, or is it money laundering, or a change in monetary circumstances, who knows, but I smell a change.”

nsguy at RETalks 3 Apr 2012 9:05am

25 responses to “West Vancouver – “A lot of these crazy sales were done with the Buyer’s realtor coming from over town, and not knowing our local market. That is partially why we have seen some down right stupid sales over the past 18 months. It has finally slowed up. Did these people always have a plan to flip, or is it money laundering, or a change in monetary circumstances, who knows? But I smell a change.”

  1. Isn’t Iran in Asia?

  2. Demographics? Why would West Van be immune to the speculative mania that has swept the Lower Mainland? Substantial profits to not concern themselves with how communities, cities and regions are transformed in a real estate bubble. How else are people expected to make an honest living in a resort town? With some listings boasting eight digit stickers prices, why wouldn’t a speculator want to cash in on that mania.

  3. Basement Suite

    Raise mortgage rates.
    (Hey Ray, this is for you.)

  4. …”is it money laundering[?]”…*

    [Xinhua] – China probes 7 ministerial-level officials for corruption in 2011

    …”Prosecutors nationwide investigated a total of 2,524 officials above the county head-level, with 198 at the prefectural level and seven at the provincial or ministerial level, said Cao Jianming, China’s procurator-general, while delivering a work report at the annual session of the National People’s Congress…. In a separate report to the parliamentary session Sunday, China’s chief justice Wang Shengjun said courts nationwide convicted 29,000 people for embezzlement, bribery and malfeasance last year, “further deepening the anti-corruption drive.”…

    http://tinyurl.com/7ru9owp

    *2011 Convictions ScoreCard: China: 29,000 Canada/BC: 0

  5. Renters Revenge

    • *It’s only fair… Economic Historian’s aside… How many DearReaders recall the ‘other’ Ricardo’s seminal contribution to the DismalScience (pre NeoClassical VooDoo economic theory, there was “BaBaLu!”).

      **When the ‘screens are dead’ and the ‘space of flows’ is dormant, some of us should, clearly, try to find more productive things to do with our holiday mornings. Guilty. TeeHee.

      • Renters Revenge

        Ha! Nice one.
        (This is the space I was tempted to post Soulja Boy’s Outerspace Flow video to.)

    • If this isn’t a call to arms to keep out the socialist hordes I don’t know what is.

      “More just it is, doubtless, if it come to force, that a less number compel a greater to retain their liberty, than a greater number, for the pleasure of their own baseness, compel a less most injuriously to be their fellow slaves.”
      – Milton

      • SocialistHordes!? No problem.

        “Let them eat Pasties.”*

        Today’s last…. and our Quote O’ TheDay… again, thanks be to the ‘other’ Cameron (who, by the way, is actually taking pointers from our VeryOwn ‘Hot’ and ‘Pasty’ Electioneer, PM Stevie – just google, “ministers told to focus on minorities in key seats”]…

        “I love a hot pasty”. – David Cameron PM

        [UK Telegraph] – David Cameron remembers his last pasty: The Prime Minister attempts to justify the ‘pasty tax’

        http://tinyurl.com/6rbozzz

        *Favourite treat of Britain’s VanquishedWorkingClasses and now subject to UK VAT @ 20%… and the moral of the story is, why discuss child poverty, burgeoning inequality, homelessness, declining real incomes, library closures, school privitisation, aircraft carriers without aircraft* (*sound familiar?), national strikes, ‘attitude’ problems amongst the ThinBlueLine or WhatHaveYou… when you’ve got a looming PastyCrisis to deal with?

    • Renters Revenge:
      Very interesting clip, thanks:
      “For property owners, during boom times, it’s been possible to clawback a lifetime’s taxes in just three years (via property price appreciation).”

  6. Could someone check the deets for this property below, there was a prudential sign up last Friday that said “open house cancelled” and yesterday the sign and post are both down. Maybe it sold, maybe not ? There is some interesting price history too, 900k in 2008 and now 1.7m.

    4012 BAYRIDGE Ave, West Vancouver, British Columbia
    MLS#: V887369

  7. Pingback: West Vancouver – “A lot of these crazy sales were done with the … | Steve Latham – Vancouver's Best Realtor – Phone 604-220-9695

  8. Paul Streppel

    Personally, i think the speculative rampage the last year has got a lot to do with Jupiter’s placement in Taurus. Jupiter’s key word is Expand. It gives benefits, but it can be taken to extremes. Taurus rules the 2nd house of money, possessions and values. Put the two together and here we are. After about a year wandering in Taurus, Jupiter moves into Gemini June 11, where it will greet the Sun, which moved into Gemini May 20. Jupiter is in its detriment in Gemini. Perhaps by then, being out of debt would be a prudent thing to consider.

  9. @Loon

    You aren’t going to believe this when I tell you. The house sold for 1.9 mill in April and was previously sold in July 2011 for 1.5 mil. What the hell is going on here …

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