“Forget The Eights, Let’s Just Sell The Place.”

1706 West 59th Street, Vancouver [MLS V928779]
2344sqft SFH, 50×110 lot, built 1941
Listed 30 Jan 2012: Ask price $2,180,000
Price reduction 13 Mar 2012: $1,888,000
Price reduction 4 May 2012: $1,680,000
Price increase
[huh? -ed.] 28 May 2012: $1,790,000

Ah, yes, those crafty head-fake price rises into a weakening market, designed to befuddle buyers and rekindle price war panic like in the good old days of 2003-2011.
There are over 1000 SFH’s for sale on the West-side, and more arriving each day.
Has Elvis left the building?
– vreaa

32 responses to ““Forget The Eights, Let’s Just Sell The Place.”

  1. Isn’t that pretty much Marpole? Convenient to the airport.

    • I’m curious. What do you all think this 1941 beater will be worth when this bogus market returns to “normalcy”? I’m thinking $600,000. To me personally, even that’s overpriced. But I do acknowledge the glorious BPOE really does have some advantages over most other western Canadian cities, and that this particular neighbourhood is “desirable.”

      • It would take a lot of BC bud to think that $600k was normal and Marpole was nice. You people need to get out more.

      • Point being that a $600,000 price point would mean a whopping drop of 66%, whcih I feel is about right. Also note the punctuation around “desirable.”

  2. And look! It already has a laneway house in the back. Just needs a bit of fixin’.

  3. You forgot to mention “wheelchair accessible”…..handy considering you’ll still be paying it off when you’re ninety.

  4. http://www.bloomberg.com/news/2012-05-09/canada-housing-bubble-talk-dismissed.html

    Talked to the bank – they said they can loan me more than 600k to buy a 4-bedroom house (1980ish) in Surrey, and that’s not how bubble was created?

  5. When nothing is moving and nothing supporting prices underneath, it’s a loooong way down. 😯

  6. Buyer paid $1.7mil last summer.

    • Interesting. So what likely began as a quick flip with a $500,000 reward is now a get-out-without-losing -money desperation move. Ain’t bubbles grand?

    • Buyer come seller!

    • Anecdote from family members, dated 2006 but still relevant. They listed their condo for sale with a Realtor, no bites at $210K. They fired the Realtor, found another who raised the price to $220K and said he would guarantee a sale; he came “heavily recommended”. He sold the place within a week.

      Incompetence. Meted out unevenly.

      • “It ain’t ShowFriends it’s ShowBiz.”

        Although notoriously difficult to engage in either realm, a GoodAgent is always worth their ‘slice’.

    • So, with property taxes, city services, other utilities, transfer taxes, interest paid on the principle that will be…

      …a big loss. Even if they happen to get something close to the new $1,790,000 asking price.

      In other words, my steady-as-she-goes investing in a few choice mutual funds and bonds over the same period did a lot better, both proportionally and in absolute terms. And I could cash out this afternoon if I felt like it.

  7. Here’s another great one: 4875 SKYLINE DR, Canyon Heights, North Vancouver MLS# V952821

    Listed March 21 for $1,595,000
    Removed April 19
    Listed April 21 for $1,498,000
    Dropped May 4 to $1,458,000
    Removed May 23
    Listed May 28 for $1,750,000

    Good luck with that… And they have the nerve to say “Priced to sell fast.” in the description…

    • At least that one actually looks pretty nice inside and out:

      http://www.realtor.ca/PropertyDetails.aspx?PropertyID=11975038&PidKey=-141210541

      And it has a view of something other than West 59th.

      If I had $1.7 million to burn and a realtor holding a gun to my head, I’d take the N. Vancouver offering.

      Without the gun-toting realtor, I’d just invest it in something liquid. Even the nice N. Van. house is going to sink a few hundred grand before this thing is all over.

      • Apparently it is going to sink a few hundred grand before they sell it since at $300K less they had no offers. Also, note that they bought it for under a million last year so please, please tell the realtor to pull the trigger and keep your money!

      • The bigger they are the harder they fall, I presume. This bubble looks more and more like it will be epic when it finally bursts. I really don’t think anyone has any idea how bad it will really be. There is absolutely nothing holding it up…nothing but thin air under the burden of debts and a thin veneer of equity that will quickly vanish. The strength is not even there in the people who are doing the buying. They have no other resources in many cases. Nothing but the house itself, a line of credit and the belief in a secure job which itself may turn out to be a fleeting fantasy. This must be one of the biggest screw-jobs ever perpetrated on the unsuspecting home buyer and it just keeps getting uglier every single day.

  8. Those “crafty head-fake price increases” don’t fool anyone anymore (well, maybe the sellers?). The only thing that is relevant (from a buyer’s perspective) is that there were no bites at $1.68M after sitting on the market for several months. The opportunity to strike while the iron was hot has come and gone now. They may as well take the thing off the market. Sure, this qualifies as a highly sought after West side address on paper, however, one may make one think otherwise after taking a quick drive through the neighborhood. Uhh, anyone care to go on a nice relaxing stroll down to 70th and Granville? Given that you are only minutes from Richmond, why not buy there instead? For $1.79M you get the same sized lot and a brand spanking new McMansion is thrown in for free.

  9. Unfortunatley for the buyers the so called “crafty head-fake price increases” have worked this past year and half on the North Shore as about 75% of the buyer’s agents are from out of the area, and have no clue what they are selling. These agents are coming from Richmond or the West Side, and have to use their GPS or ask the listing agent where their next appointment is. I swear they never look up history on mls.

    • I guess this is what happens when you get a little too big for your britches. All this hot money skipping from one hot spot to the next with reckless abandon. Playing with your money when you are drunk and happy is generally a terrible idea (as the big casino bosses in Vegas have known for generations). Whoo hoo, life as a high rollin’ RE mogul is simply fabulous! Perhaps the North Shore is the “It” locale du jour for reasons beyond my understanding, but that could change very quickly. Or are we all missing something here? Is it possible that someone over in Victoria has tipped off a select few that something big is in the works over on the North Shore like we witnessed in Richmond a few years back? Oh, to be a fly on the wall…

  10. The 1929 depression can be traced to an enormous die-off at a certain age (prime of life, late 20’s) from the 1918 global influenza. The bottom fell out of this co-hort within a matter of 6 weeks. Trace this forward to 1929, and the ‘buyers’ of stock disappeared en masse during the critical October/November period in 1929, and the rest is ‘history’. Dent looks into the demographic explanation for the depression of the 1930’s. As we should today.

    These days, we’re looking at a huge reduction in fertility rates that began with the introduction of Bill C150, 45 years ago. This bill shocked the shit out of a lot of people, especially on the West Coast. Fertility rates plummeted after the 9 month ‘pipeline’ emptied, after that, folks were living in a very different world..

    • exactly … canadians, unlike the southern neighbor (who probably rents national identity), are law-abiding … typically to a fault

  11. Thats the ‘south granville’ area, its actually a nice block with only 1/3 of the old character houses so far demolished with crappy monster houses replacing them. I know somebody who bought in that area when a house like that was ‘overpriced’ at 600k (90s mini boom ). It used to be full of families and retired professionals and now empty megahouses dot the area and the primary school is half full as no normal families with kids can afford to live there.

    • South Granville is north of 16th, then it’s Shaughnessy up to about 57th and then it’s Marpole. Yes, geographically it is south Granville but the neighbourhood is Marpole.

      • jaksun cho

        I meant that if you check out eg. Realty Link this is actually called south granville. I know right… its confusing as heck….

  12. to get a sense of what’s happening in Canada today, West Coast and Quebec in particular, you have housing toping in a grand fashion (urban BC), and average joe student’s protesting in Montreal. 45 years ago? yus, mom and dad putting one last kiddie in the oven (BC) and the Quiet revolution was getting much more louder. Sure, Montreal Expo 67 kept the lid on the French/English divide, but it was a mirage,… a cultural ‘bull trap’ for what was slithering in the grass… FLQ.

    Mark July 24, 2012 on your calendar. That is the day of the 45th anniversary when Pearson and his lieutenants (Trudeau among them), must react to DeGaulles ‘Vive le Quebec libre’ and they do.. eventually, not giving the old general an audience in Ottawa.

    How will this play out this time around? We shall see. Before that, I believe we have several important astrological anniversary’s and alignments in June that set the trap. June 3, Neptune retrograde; June 5, Venus/Sun occultation, June 24 Pluto/Uranus exact square; June 18, Uranus anniversary of the 1929 stock market crash @ 8 degrees Aries 16′

    lock and load yo favorite numbers… use the old ones if you dare. Maybe mix and match.. hey, yo might get lucky!

    • Don’t forget the transit of Venus. It means to buy a pre-sell condo on a transit route.

      Or something like that.

  13. The picture at the top doesn’t do that place justice – windows and doors are now plywooded over and no trespassing signs posted all over. It must be a terrible eyesore for the mcmansion owners across the street, if anyone actually lives there…

    • So, you are saying it’s become a kind of art piece symbolizing the cultural vacancy of the pursuit of fashion over shelter. I like that.

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