REAL ESTATE: The Weekly Drop – September 3, 2012 ( PART 2)

REAL ESTATE: The Weekly Drop – September 3, 2012 ( PART  2)

 

9 Comments Posted by on September 3, 2012
NOTE: I have also “cut and pasted these comemnts (below) and added them to each description for ease of comparison, and added my own comments below these in BLUE

 

 

#11 ) Address:22081 LAKE COUNTRY DR, Hope Kawkawa Lake, Hope and Region

March 21 H1201144 $129,900 $0 0%
May 31 H1201144 $119,999 $-9,901 -8%
July 11 H1201144 $109,900 $-20,000 -15%
August 04 H1201144 $104,900 $-25,000 -19%
August 28 H1201144 $99,999 $-29,901 -23%

Assessment: $109,000

No Picture

Super affordable lots available in Lake Country Estates. One of HOpe’s newest and best places to build a home. Walk down to the lake on the trail. Enjoy the scenic views. This lot has a west facing backyard. The lot slopes to the back so a walkout/daylight basement would be perfect. This lot is available to purchase or if you would like Stone Village Homes to build you something perfect for your needs that can be an option.

MY COMMENT:   Compare to #10 in the last posting…these appear to be adjacent lots

#10 ) Address:22080 LAKE COUNTRY DR, Hope Kawkawa Lake, Hope and Region

The prices have paralleled each other…likely owned by the developer or speculator. These will be good to follow to see what happen if one lot sells what will happen to the other

 


#12 ) Address:# 311 6820 RUMBLE ST, South Slope, Burnaby

May 30 V953032 $252,900 $0 0%
June 29 V953032 $234,900 $-18,000 -7%
July 13 V953032 $219,900 $-33,000 -13%
July 28 V953032 $209,900 $-43,000 -17%
August 11 V953032 $199,900 $-53,000 -21%
August 24 V953032 $194,900 $-58,000 -23%
August 26 V953032 removed
August 31 V968730 $194,900 $-58,000 -23%

Assessment: $235,900   

Great location !! Large 1 bedroom unit in “The Mansion” by Polygon. 5 min. walk to Edmonds skytrain station, a few blocks to Highgate Shopping Center and easy access to hiking trails and bike paths. Well run complex that has a live in caretaker, exercise room, hot tub. Complex allows for 1 cat or dog and some rentals. Units needs some TLC but has a great layout, fireplace and a large balcony.

#12 – this apartment had 13 sales last year averaging 1% below assessment.  This unit is currently listed 17% below assessment.  ”Units needs some TLC” is realtor speak for “This place is trash” in case it wasn’t obvious

MY COMMENT:   I wish that the age of  a building was posted…or a requirement..it can say so much. The design looks 1980’s early 1990’s. Another stucco job? = OUCH…almost guaranteed leaker.  Pet allowance and rental again = friction. Needs TLC? lol  the above comment is right…the place is likely trashed. Also, if prices keep dropping and they allow rentals…someone may scoop them up at fire sale prices , and turn it into a rental building one way or other.


#13 ) Address:3256 W KING EDWARD AV, MacKenzie Heights, Vancouver West

March 10 V936503 $3,880,000 $0 0%
March 22 V936503 $3,580,000 $-300,000 -8%
Open House: May 26
Open House: May 27
Open House: Jun 02
Open House: Jun 03
June 01 V936503 removed
June 11 V955839 $3,388,000 $-492,000 -13%
Open House: Jun 16
Open House: Jun 17
Open House: Jun 24
July 05 V955839 $3,288,000 $-592,000 -15%
Open House: Jul 08
Open House: Jul 15
Open House: Jul 22
Open House: Aug 05
August 29 V955839 $2,998,000 $-882,000 -23%

Assessment: Building Unfinished

Gorgeous & brand new custom built home in the most desirable Mackenzie Heights area, great floor plan, high ceiling, 4 levels with 6 spacious bedrooms plus 6.5 baths, dream gourmet kitchen & wok kitchen, granite countertops, high end appliances, wet bar, air conditioning, HRV system, steam baths, sauna. Home theatre and wine cellar. School catchment is Kitchener Elementary and PW Secondary, St. George’s & York House, UBC. Close to park, shopping center, transportation, etc. Don’t miss the chance! Motivated seller! Public open house every Sunday 2-4pm.

#13 “Motivated seller!”.  A new build that has dropped $900K – bankruptcy is definitely good motivation

MY COMMENT:  Well this is a nice area. Unfinished…? = aka likely since March = someone was a Greater fool…and ran out of money. Way too over the top. I also do NOT like that new architectural feature of the fake stone work…..I will state that will be the new equivalent of the stucco problem aka “leaker”. My guess is this one will be “fire saled “due to its UNfinished state,   it would take a lot of experts to go over permits etc to make sure that the builder did not cut corners .


#14 ) Address:9265 TRUMAN RD, Halfmoon Bay, Sunshine Coast

October 07 V914596 $898,000 $0 0%
June 23 V914596 $797,000 $-101,000 -11%
September 01 V914596 $696,000 $-202,000 -22%

Assessment: $640,800

The living area on the main floor could have another bedroom as it has 2 dining areas. The lower level boasts a sunroom and would be a 3rd or 4th bedroom for guests as it has its own entry. The best part of this offering is the natural rock outcropping included in the licence of occupation for the dock, ramp and landing on the foreshore! This is a must see. Call listing agent for further details about the foreshore and moorage or to check out the virtual tour or video of the ocean front.

MY COMMENT: Another raised asking price but still not near assessment. What people shoud realize is that peak prices were likley reached last year (2011) , and one should start to aim below this number.

Also another term “Licence of Occupation”…what does that mean…again require extra due diligence.

 


#15 ) Address:7079 MARRINGTON RD, Quilchena, Richmond

May 03 V947038 $1,798,000 $0 0%
June 02 V947038 $1,598,000 $-200,000 -11%
Open House: Jun 16
August 01 V947038 $1,498,000 $-300,000 -17%
August 30 V947038 removed
September 02 V968879 $1,398,000 $-400,000 -22%

Assessment: $1,517,000

Outstanding value this gorgeous home backs right onto “QUILCHENA GOLF COURSE”, huge 5 bdrm, 4.5 baths plus den home offers park like living. Bright large kitchen with granite counters, as well as 2nd wok kitchen. Spacious family room, formal living/dining room with high ceilings and wood floors, generous sized entry, den and bedroom with ensuite on main, perfect family home. Huge master bdrm up, large walkin closet and ensuite with skylight, added air conditioning plus private deck for fabulous view of the greens. Newer boiler, home has been well maintained and is ready to move right in. More photos at realtor’s website.

MY COMMENT: A home like this is a good indicator of the market. seems decent…boiler replaced…perhaps a term of reference for an “average Richmond Home” say built with the last 20 years…a bit overpriced but not outrageous. What it finally sells for may be worth paying attention to.


#16 ) Address:16211 SUNSHINE COAST HY, Pender Harbour, Sunshine Coast

January 05 V923708 $2,475,000 $0 0%
March 24 V923708 $2,290,000 $-185,000 -7%
June 27 V923708 $1,999,000 $-476,000 -19%
September 01 V923708 $1,925,000 $-550,000 -22%

Assessment: $3,087,000

Rare and spectacular Ruby Lake, Sunshine Coast, 4.11 acres with 329′ of lake frontage. Improvements include a 7,178 sq ft unfinished three level Artisan log home and a finished 1500 sq ft four car garage Carriage house with a fully finished two bedroom self contained suite. The property has road access with due West exposure and dock, many services are in including a 600 amp service, heating systems, septic systems, most of the drywall in main home is up. Separate mechanical building, unfinished pool and too many features complete this package. Contact LS for addintional details. Buyer to verify all measurements.

#16 is over 30% below assessment
MY COMMENT: Again…a Ferry Ride….but WAAAYY overbuilt..aka 7000 sq ft ? 600 amp service and as the ad states, unfinished portions..ie a pool and in fact most of the home. A bit of sympathy..as it appears the owner put a lot of “heart and soul” into it, but simply could not finish it…a bit of a broken dream ? My guess is they will literally have to give this one way  well below cost to date.

#17 ) Address:# 69 14550 MORRIS VALLEY RD, Lake Erock, Mission

February 18 F1203321 $109,000 $0 0%
March 14 F1203321 $99,000 $-10,000 -9%
July 11 F1203321 $89,000 $-20,000 -18%
August 28 F1203321 $85,000 $-24,000 -22%

Assessment: $111,000

 

#17 – this apartment had 2 sales averaging 4% above assessment.  This unit is currently listed 24% below assessment and the realtor couldn’t come up with a description despite it being listed for 6 months

MY COMMENT: no description….I would get a new realtor. Why would I even bother showing interest unless I have the bare minimum of info ie ONE BEDROOM or TWO.? Etc.  Always  interesting is that these units seem within  the price range for a roof over the head….a good starter home…but prices continue to drop ie little interest by buyers.


#18 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.

MY COMMENT: Looks like one of those cabins that have been in the family for decades…ie a little getaway shack that dad or grandpa built .  However, again, it is a ferry ride, and do people want to invest $150,000+ for a weekend getaway anymore? My opinion of the demograhic is NO…


#19 ) Address:3976 ROBIN PL, Oxford Heights, Port Coquitlam

February 10 V930974 $479,000 $0 0%
July 13 V930974 $399,900 $-79,100 -17%
August 29 V930974 $374,900 $-104,100 -22%

Assessment: No Assessment

Build your custom dream home in Oxford Heights. One of Port Coquitlam’s best neighbourhoods. Lot 4 lots subdivision. Next to creek and very private and quiet location. Ready to build March 1, 2012. HST not included.

MY COMMENT: IMHO, I would not buy a bare lot….the aim is to build a home correct? If I like the neighbourhood, I would wait for a completed home for sale in the area,perhaps a VERY MOTIVATED buyer… let the builders speculate with purchasing the lot and building etc..


#20 ) Address:7737 KITE ST, Mission BC, Mission

June 16 F1215536 $189,900 $0 0%
July 14 F1215536 $160,000 $-29,900 -16%
August 31 F1215536 $149,000 $-40,900 -22%

Assessment: $205,000

BETTER THAN DARK CHOCOLATE is this half duplex that is close to schools! Newer deck system out back, just needs a covering. The backyard is shaded by mature trees, and there’s a storage shed with ladder-accessed loft level – cool! The home is a 2 storey plus full basement. Work is needed throughout, bring along that work-ethic your parents told you about. The main floor has the kitchen, living and dining rooms, and access to the sundeck. Upstairs are 3 bedrooms, with a 2 piece ensuite in the master bedroom. A full bathroom is on this level, as well. The basement has the laundry, full bath, recroom and another bedroom. Access from this level to the backyard. A great value, and good way to get your start and build your equity!

#20 is an awful looking half duplex that managed to be made to look even worse by the horrid description… “BETTER THAN DARK CHOCOLATE”, “there’s a storage shed with ladder-accessed loft level – cool!”, “Work is needed throughout, bring along that work-ethic your parents told you about.”, “good way to get your start and build your equity!”.  Apparently this obnoxious description is not unique to this listing for the realtor.  Other doozies from his listings include “Better than hot buttered corn on the cob!”, “Better than fruit salad with chocolate ice cream and drizzled with chocolate sauce!”, “Like a perfectly done medium-rare ribeye steak!”, “Sizzling Skillets!”, “Better than chocolate cupcakes!”, “Just like UPS, this Brown can deliver!”, “BETTER THAN CRISPY BACON”….  Ok, I guess this is the guys schtick

MY COMMENT:  Yeah I know I seem like  I have bias toward out of town Real Estate ….but……This unit is a half duplex…which believe it or not is a base-line strata. As such ( this was explained to me by a realtor)all the outside land is commonn property….ie the owner of the other unit has the right to walk over your so called “other side” of the property etc…you don’t really own it. However, most parties do respect this unofficial half, or tit for tat wars would start. This unit appears to be amongst other similar units but at first glance it looks like  a bit of  a slum area……social housing…a bit on the rough side.Call it instinct, but I would pass…

 

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