Westside Battle Tactics – “I guess the anticipated bidding war at $1.5M never occurred. The listing has been deleted and re-listed with a significant asking price increase… to $1.7M”


6356 Vine St, Vancouver Westside
2,325 sqft SFH built 1931; 33×125 lot
Ask price $1,689,000

“On May 10th, I noticed a nice new listing, character house asking a little over $1.5 million. It stood out considering a Kerrisdale location <$1.7 million. The address is 6356 Vine Street. Curious as to what I'd find, I went to the first open May 12th, when offers were to be accepted. It was a great location and the house was livable, albeit a bizarre floor plan inside. Interestingly, myself and the agent were the only people there.
I guess their anticipated bidding war never occurred- as I noticed today the listing has been deleted and re-listed (under MLS #V951586)… with a significant asking price increase… to $1.689 million. Good luck!"

harden at greaterfool.ca 22 May 2012 4:01pm

There are over 1000 SFHs for sale on the Westside.
– vreaa

25 responses to “Westside Battle Tactics – “I guess the anticipated bidding war at $1.5M never occurred. The listing has been deleted and re-listed with a significant asking price increase… to $1.7M”

  1. That or the Realtor screwed up and they were fired.

    With illiquid markets there is greater uncertainty of market price coupled with a growing frustration when “risk” becomes more a certainty than a mere probability.

  2. Renters Revenge

    I wouldn’t touch it for anything more than $300k.

  3. No real estate agent change. I can also confirm/clarify as follows:
    The current owners bought the house Feb 15/10 for $1.203 (asking price at that time was $1.098). The current owners then did kitchen and bathroom reno. The house was listed earlier this month at $1.598 (more than “a little over $5mill” to be accurate). Evidently there was no bidding war at a very quiet first open house, leading to removal of the listing only to be re-listed at $1.689. Something else struck me as odd – there was a little device in plain view on the floor of the basement suite and upon closer inspection it turned out to be a water sensor/alarm. At that point the new kitchen and bathroom seemed a bit like putting lipstick on a pig.

  4. Paul Streppel

    in retail, in order to move a product…. raise the price.

    How do I know this?

    At this stage of the game we’re all savvy consumers, many of us with College educations!!

  5. I met the owners of this place when I looked at a rental nearby last summer.

    There were two other bungalows/character houses on this block that sold for around $1.6/1.5 this winter, one of them (according to two sources) in a bidding war to local (South Asian) builders. However, there’s also a newer build on this block that has sat on the market for months now, and another newer build one block over that the (local, Caucasian) developer, who according to the realtor makes a habit of the teardown/build/live in one year/sell process, had trouble selling; I suspect the price was eventually substantially reduced .

    Maybe the pool of builders is wising up now.

    I also know of two other somewhat similar bungalows/character houses in Kerrisdale that were priced at 1.7 million (assessed land value I believe) when they were put on the market some weeks ago, then dropped within a few weeks to 1.59, and are still not selling.

    I think it’s significant all these properties are now lingering on the market. The 33′ “lot-value” places were supposedly still hot as of this winter.

  6. Thanks for all the further info, harden and epte.

  7. Well, speaking of BattleTactics & NewListings… What d’ya know… Or should that be, “Hoocoodanode!”…

    Translink cashflow problems necessitate an asset liquidation… [it must have something to do with the BikeLanes – doubtless it’s all the fault of those MetroSexual, athletic, lycra clad cyclist UrbanRenters eschewing public transit and forswearing children, suburban McMansions and LongHaul SUV commutes to their YaleTown MortgageBrokerages & WestSide RealtyFranchises?]…

    [G&M] – TransLink property sell-off plan startles region’s mayors

    “In municipal operations, you usually can’t fund operations by [selling assets] cannibalizing yourself,” – TransLink council chair Richard Walton, District of North Vancouver Mayor

    http://tinyurl.com/6p7jesj

    • Renters Revenge

      WTF?
      I guess the $4/crossing toll on the Golden Ears bridge isn’t enough to cover the $800M construction cost. Who woulda thunk.
      What a bunch of idiots.

    • “In the ’70s and ’80s it was location, location, location. In the ’90s through mid-’2000s, it was timing, timing, timing. And from here forward, it’s transit, transit, transit.” -B.Rennie, May 17, 2012

  8. Remember that character home on Balsam st about 2 months ago? Listed for 1.49 and sold for like 1.7. Well this house is within blocks of this Vine st one. Timing is everything. 2 months ago we still had morons thinking this spring was the usual thing. No, no, no. This spring is the real swing. The owner shouldn’t of raised the price because now buyers will see the greed in this owner. Unless you’re in kits, van west is pretty much dead.

  9. Re: those bungalows I mentioned two minutes ago above (“I know two other somewhat similar bungalows/character houses in Kerrisdale that were priced at 1.7 million [assessed land value I believe] when they were put on the market some weeks ago, then dropped within a few weeks to 1.59, and are still not selling”) — just saw one of these places has now been reduced to 1.49. When I get a chance I’ll check the other one.

  10. crystal clear to me buyers now are holding out for a tank plus tear-down, house-wrecker block party …
    … ha-ha!

    … woo-hoo!

  11. Ya I think until it becomes the same price or lower than Sanfrancisco. House prices should keep falling to that level at least. Or at least to Seattle levels. I can buy a beautiful newish house in Marin county/Mill valley. near the golden gate bridge for under well under $750,000. It hardly ever rains you can ski and surf from your door step. Vancouver is a nice city but San Fran has more to offer I think, much more vibrant and the climate can not be beat.

    • I used to live in San Francisco. I think it’s superior to Vancouver along just about every metric (natural beauty, weather, career opportunities, educational institutions, global significance, food…). It is of course an expensive city (second only to Manhattan in the USA if I’m not mistaken), but the fact that it’s so much cheaper than Vancouver is pretty conclusive proof to me of Vancouver’s massive overvaluation.

      • Oh, and it has very limited land just like Vancouver, so that’s that ol’ chestnut blow out of the water.

  12. This practice of raising the price is pretty widespread.

    http://vancouverpricedrop.wordpress.com/2012/05/18/the-weekly-flip-flop-may-18-2012/
    http://vancouverpricedrop.wordpress.com/2012/05/11/the-weekly-flip-flop-may-11-2012/

    Here is a recent example, V937282 in Richmond. Listed for $1.888M in March then lowered to $1.83M on May 5th and $1.55M on May 12th. Open houses on May 19th and 20th and then today raised to $1.79M

  13. the kitchen reno screams “local Indian speculator”
    Perhaps not all those high $ sales on the westside are HAM.

    • WHich kitchen reno? The one at 6356 Vine Street? As I mentioned, I met those owners. Not South Asian, but Asian.

      • And I also mentioned that a number of other houses on the same block or nearby were bought/built by local speculators, Caucasian and South Asian.

      • yes 6356 Vince.
        Perhaps the contractor was Indian. I’ve seen these “cheesy, cheap” materials used by Indian builders all over the east side

  14. Another van west price adjustment in desirable location (MLS# V948499). First listed May 6th at $1.599, now $1.499. Cold feet?

  15. MLS listing V931033 @ 1.6 M has been baffling me for the past eight months. It’s in much better condition than other Van West places listed at the same price. Original list was 1.8 or 1.9 M in fall 2011, back on the market Spring 2012. Is it that the four thousand block of 41st is too evil?
    By far the most hilarious listing in Van West right now is 4093 West 39th listed for a whopping 6.1M. The original house was torn down in 2010 (sold for 1.2M if I remember?) and replaced with a monster house.. For 6.1M I would expect more than cheap cedar headges and a view of a school parking lot- but maybe my expectations are too high 😉

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