Large Abandoned Richmond SFH Construction Site For Sale – “Assessed value is $2,300,000. Asking $1,888,888 for quick sale.”

photo-21

“Ad posted in Richmond News Feb 15.
10111 Sidaway Road, Richmond
4 Acre Estate Property, located in area of multi million dollar mansions and is adjacent to Mylora Golf Course.
The property was under construction in 2011 but construction was stopped.
House plans currently include a permit to build a 16,000 square foot house, but buyer can change the plans and build on the Engineer approved foundation that is on site.
Value of foundation is in excess of $300,000 and the assessed value of the property is $2,300,000.
Asking firm price of $1,888,888 for quick sale.
Call 604-abc-defgh.”

– posted by ‘Real Estate Tsunami’ at VREAA 18 Feb 2013 7:41pm

Filed under ‘Misallocation of Resources’; the central tragedy of a speculative mania.
– vreaa

36 responses to “Large Abandoned Richmond SFH Construction Site For Sale – “Assessed value is $2,300,000. Asking $1,888,888 for quick sale.”

  1. Rich man with calculator

    Mylora listed at 6,495,000
    http://sothebysrealty.ca/en/property/british-columbia/estrie-real-estate/richmond/20854/

    and Sells for $5,500,000
    http://www.specializedassets.ca/properties/mylora-golf-course-sidaway-operation

    or about $150,000/golf course acre

    the concrete foundation down the road is worth $300,000. And Factoring the land is worthless than a groomed golf course, let’s say, 125,000/acre…. 4 * 125,000 = Half a Million

    Land (500,000) + Concrete foundation (300,000) = $800,000

    The abandoned Sidaway property is approx. $1 million overpriced.

  2. http://www.bcbusiness.ca/real-estate/real-estate-market-reality

    Headline: Shocking news headlines predicting the bubble will burst in B.C.’s real estate market only tell one side of the story

  3. You did a “Submit Stories” button. Here’s one to feature:
    From http://canucks.nhl.com/club/news.htm?id=656373

    Local Mega Realtor Phil Moore won the Canucks 50/50 draw netting almost $147,000 (his half).

    “The last quarter of real estate was the toughest in 24 years, there were periods where we spent more than we made,” explained Moore. “The majority of the winnings will go to pay bills,”

    Note that he donated $25,000 of the winnings to the Canuck’s Charity so Good on him! Still… that quote is quite telling.

  4. Speaking of assets that may be falling and sellers trying to lure buyers:

    http://www.nytimes.com/2013/02/21/greathomesanddestinations/real-estate-in-canada.html?hpw

    I’ve just written the NYTimes to tell them to check out VREAA and VCI, so they know what’s really up….

  5. Maybe I could convert it to 500 sq foot apartments maybe then get a return on investment

  6. I remember travelling through eastern Egypt after the intafada started rising up, the coastline on the Red Sea was littered with half-finished resorts. I’d be surprised if anyone takes this without big discount on the existing structure. But I’ve been surprised before!

    • Yes, The Egyptian Sainai looks like a wasteland of empty buildings and partially completed concrete block structures with nothing but rebar showing all the way up to the Israeli border. It has been that way for years. They leave them partially constructed to get around local laws and plenty were pure spec investments meant to draw in buyers. The builders do the minimum amount of work to meet registration requirements on the land and then let them sit in the sun. Not that it matters much. There is no snow or rain to disturb the buildings. They could sit there for centuries with barely a visible change.

      • I’ve heard, don’t know for sure – just a taxi driver’s story, that if there is no permanent roof, re-bar exposed, you don’t have to pay tax on the structure.

    • Egads, Dr. J/Farmer!… Was that really you I espied at the CamelBazaar?

      [NoteToEd: They certainly do get around, those two… I wonder if they’re Morocco bound, too?]

  7. value of the foundation is only as much as the concrete & rebar cost, and some of the sand it’s sitting on top. and it’s probably not much since there’s no basement.

    • Plus, it looks like it was sitting there for awhile. So there’s going to be a cost to remove the partial framing from the top to start over… or to remove the entire foundation and start from scratch if the new owner wants a completely different house/footprint.

      In reality, the foundation/hole-in-the-ground seems like more of a liability to me.

    • I think the way your average vulture looks at it, you offer the value of the raw land MINUS the cost of demolishing and hauling that foundation. Even if you’re planning on keeping it, you sure aren’t going to pay for it.

      Oh, and that golf course that it’s being compared to is in the ALR.

  8. You should probably file it under “Shamelessly Courting Asian Buyers.” Or “Crazy 8s.”

  9. Looks like our own smaller scale version of the Queen of Versaille mansion in Florida. You know what happened there…, this is definitely a tell-tale sign.

  10. This is a candidate for Crack Shack or Mansion!

  11. Maybe turn it into a paintball centre?

  12. “Sheng is part of a generation of middle class that Chinese media has dubbed “fang nu,” or housing slaves, a reference to the lifetime of work needed to pay off their debts. They’re taking on mortgages even as the government maintains property curbs to damp prices that have almost tripled since China embarked in 1998 on a drive to increase private home ownership.”
    http://www.bloomberg.com/news/2013-02-19/china-housing-slaves-helping-property-rebound-mortgages.html

  13. The framing looks like it’s all molded….if someone buys this and just slap on some drywall, I think it’s going to kill the health of whoever ends up living there. Unfortunately I don’t think there are actually laws against doing that kind of thing??

    Also, why do you think it is Asian? Personally I think it’s more grand european mansion/palace style.

    • > Also, why do you think it is Asian? Personally I think it’s more grand european mansion/palace style.

      That tends to be the kitschy style of the nouveau riche Asian homesteader.

  14. Real Estate Tsunami

    To me, it looks like a sad wooden sculpture titled:
    Real Estate Crash.

    • So they’ll preserve it as is as a monument and reminder to future generations of the horrors of war, er, the horrors of over-inflated asset bubbles?

  15. anonymous poster #888

    Wall Street Pit blog is discussing the Canadian real estate bubble and mentions the VREAA blog!

    “There is no question though, that the bust is on…Housing sales in British Columbia have slowed to zip. Alas, the experts always find some pawns. This, from the Vancouver Real Estate Anecdote website, posted February 3, 2013: “I just opened an account with National Bank to trade [Bulletin Board] stocks….I know its super risky, but I need the money to buy a condo.”

    http://wallstreetpit.com/98885-time-to-go-short-here-come-those-experts-again/

  16. What a piece of shit! Most people in Europe would not believe that this is supposed to be a future house. Total joke…
    Sadly, this is standard in Canada.

  17. I like what they’ve done with the place!

  18. This property has been removed from the mls. Maybe it sold?

    • Real Estate Tsunami

      It was on MLS, but is now being advertised like a private sale in the Richmond News.

    • They don’t like the attention they are getting. Some of these R/E blogs are getting to be so popular with the public and the industry that any scrutiny by their followers is now met with a vanishing act. Remember the sisters from the other day who pulled their profiles from Facebook and Linkedin?

      Here today; gone tomorrow.

  19. Personally, I think a price of $888,888 will be more auspicious – all eights without the one.

  20. i.see.debt.people

    🙂 … or $ 888 without the comma to clutter it.

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