Next Stop, 2008 Prices

4549 W 12th Ave, Vancouver West-side
2,569 sqft SFH on a 33×122 lot; built 1933

[Previously featured here ‘Half The Width, Twice The Price’ 25 Apr 2012]

Price history:

1:
March 1997: Sold $457,500

2:
April 2008: For Sale at $1,679,000
May 2008: Price reduction $1,595,000
May 2008: Taken off market
June 2008: For Sale at $1,495,000
July 2008: Sold $1,430,000

3:
April 2012: For Sale at $1,975,000
Jun 2012: Price reduction $1,875,000
Taken off market
Aug 2012: For Sale at $1,775,000
Nov 2012: Price change $1,698,000

26 responses to “Next Stop, 2008 Prices

  1. I don’t know, the 1997 price seems realistic.

    • Factor in inflation, round off, $600K.
      66%-off!

      • UBCghettodweller

        I was just going to ask what “March 1997: Sold $457,500” would be in today’s dollars.

        I keep on forgetting that not everything has quadrupled or quintupled in price in a decade and a half.

        The housing market poisons everything else in Vancouver. Can’t wait to get my PhD and get out. I might be back when things cool off greatly. Although it looks like Calgary may have more Biotech and Agritech options compared to Vancouver, despite its greater proximity to Seattle and Silicon Valley.

      • Yes, 600K — maybe.

      • Dear UBCghettodweller,

        This article and the comment reminded me of your plight. I hope after graduation you can find what you’re looking for.

        http://www.vancitybuzz.com/2012/10/job-struggles-continue-for-our-university-grads-job-market-considerations/

        “Vancouver’s economy is based around natural resource extraction, tourism, and the trades – if you fancy something else, move to a different city…. Everyone in Vancouver is very interested in maintaining the status quo. They need university students to become welders, rent a shithole house for the price of New York City, and have three kids to support the ageing boomers. The NIMBYs won’t allow the construction of a bloody skytrain line or a bit more density on Broadway (destroys the “feel” of the neighborhood), meanwhile Singapore builds a new line every two years and reclaims land from the sea to expand its CBD. Don’t sign your lives into wage slavery, move to where the work is you are interested in. Vancouver is for elderly tourists from California and a parking lot for Asian money, not rising for young talent.” Comment by Spinnicer

    • The ‘rule of thumb’ for our neighbours to the south has been 2002 pricing. That is also with the caveat that those prices are ‘fair value’ and not subject to further discounts available in many markets. And, it precludes the banks that are holding back foreclosure inventory to keep prices higher than they naturally would be to clear, in a pure capitalist economy.

      • We could see 2002 pricing by the trough (real (meaning ‘2002 + inflation’)).
        That would constitute a “full round trip” for our mania.

      • I think that they meant ‘nominal’ 2002 pricing, not including inflation. Places like Detroit beat this prediction by a country mile…. And, there are signs that there might be more downside to come in many US markets due to a variety of factors.

    • According to the Bank of Canada Inflation Calculator that house should be worth $616,059.60 (as a charming character home), not $1.68 million (as a teardown)!
      http://www.bankofcanada.ca/rates/related/inflation-calculator/?page_moved=1

  2. Two thousand and late

  3. 4SlicesofCheese

    I wonder what the original owner in the 97 sale did with all that money, hmmmmm.

  4. As regards DramaticPotential… it’s never just the “next stop”… but rather… the EndOfTheLine… that truly transfixes our collective imagination.

  5. Real Estate Tsunami

    Cute as as button.
    Hurry, won’t last long.

  6. This owner still can get out alive. Realistically, he should list this home at around 1.55m and hopefully get 1.5m.

  7. It’s amazing, isn’t it?
    If a buyer bought at 1.5 and market bounced, he’d be as happy as a pig in mud.
    But if exactly that same buyer bought and the market plunged, it’s fairly safe to say he’d be dragging his butt around that house complaining about it’s many sub-optimal features, for the next ‘x’ years.
    Same buyer, same house, completely different outcomes dependent on market direction.
    See why everybody has been a speculator, and how wrong those claiming that most buyers are end-users who don’t care about price, have been?

  8. To further flesh out the above theme, see ‘whisperer’s’ post ‘A westside Vancouver home sells for more than 32% below assessed value’ [WFTVOTEOTRainforest 20 Nov 2012] about 2107 West 36th Avenue, a 3,351 sqft SFH on a 8,040 sqft lot, assessed at $1.993M, listed at $2.098M, sold for $1.35M (after 110 days on the market).

    • Real Estate Tsunami

      Should say “sells for less than 32% below assessed”? Not?

    • The writer meant “greater than 32% below”.

    • When the market was going up realturds kept on using previous sales values to push prices higher and higher. Now the self feeding down cycle has begun with people now referencing that 8000 sq/ft lots in Vancouver West are selling for 1.35M. That owner must be kicking themselves because last year that home would have been picked up by HAM for at least 20% above assessed value not now at 32% below assessed value. That’s over 50% and over $1,000,000 from the peak to NOW (the beginning) and the bottom is nowhere in sight, WOW!

  9. Point Grey standard lots at $1M:

    3814 10 Ave W, Vancouver Westside
    Old timer bungalow on 33×122 lot
    Ask price $1,179,000
    Sale price $1,055,000

    Yes, a busy street, and, yes, a tad over $1M, but, you get the picture.
    High inventory, and lots of product dropping in price.

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