Wednesday, October 5, 2011

Bear Mountain: single family homes built on speculation

Currently there are 51 SFH homes for sale on Bear Mountain (BM). In the month of September two homes sold so we have about two years of inventory up there. Why are there so many homes for sale? Pretty simple really: people built or bought on speculation to make a quick buck. You don’t see homes for sale very often in a development like Gordon Point (much smaller). Why? Because people built homes to live there. 

The SFH market peaked on BM in early 2008 with homes like 2192 Nicklaus Drive selling for $1,200,000 and 1289 Rockhampton for $1,000,000. Both are likely worth south of $900,000 now.

2009 brought a dire market throughout Greater Victoria including BM; however, while most of the market has come off the 2009 lows, BM continues to set new lows.

So where will prices on BM head? In the case of a flat market, probably down. Remember the hype around Broadmead 15 years ago? No one talks about Broadmead anymore but it does have a decent location; whereas, BM does not. As the homes on BM age they will depreciate and as heating costs increase, which they will, owning a 4,000 sq/ft home on top of a mountain all of a sudden becomes a lot less desirable. 

How bad is the situation? You be the judge...

Currently listed
1293 Rockhampton - $998,888 (Purchased $1,028,000 April 2009)
1291 Rockhamtpon - $919,000 (Purchased $985,000 July 2007)
2317 Copper Rock Crt - $799,000 (Purchased $801,000 March 2010)
987 Ironwood Crt - $784,900 (Purchased $804,000 February 2010)
2150 Nicklaus - $775,900 (This particular property was built in 2006 and was placed on sale in 2008 with an asking price of $1,650,000)

Recent successful sales
2196 Nicklaus – Feb 2011 - $854,250 (Purchased for $883,000 September 2007)
1173 Deerview – July 2011 - $763,000 (Purchased for $780,000 Jan 2007)
1295 Eston – September 2010 - $740,000 (Purchased for $869,000 May 2006)

Where do you see Bear Mountain in 15 years from now?

This is part two in our Bear Mountain series from an anonymous contributor; once again sales data was fact-checked for accuracy. 

72 comments:

jesse said...

Put yourself in the shoes of these investors. Puts things in perspective. This is no "the market will recover eventually" argument I can make with the stock market. This is more than likely a permanent loss of capital. I'm sure that reality is starting to sink in with some of these investors.

I can empathize, but unfortunately I cannot sympathize.

Alexandrahere said...

Jesse: You are absolutely correct. The warning signs were there in every aspect of our daily living by late 2007. The writing was clear and on the wall for all to see. There will be a new order.

Animal Spirit said...

Let's have fun and do the specu-math on the 1173 Deerview house:
- purchased $780,000
- purchase price adjusted for 2.5% annual inflation - $861,000
- realtor fee (full service 7% first 100K, 2.5% after) - $23600

- current sale $763,000
Profit (loss): $763,000-$861,000-23,600=(-121,600)

If 5% down ($39,000) put on house, initial equity wiped out and a further $82,600 of leveraged money lost, or a 311% loss. Leverage is great on the way up, not so great when the capital gets wiped out.

(none of this accounts for moving, PTT, interest, bank fees, legal, maintenance, counselling or other costs)

feel welcome to correct the math :)

Animal Spirit said...

that should 82,600 of combined leveraged money and opportunity cost... so the total loss could be seen as less.

Marko said...

Bear Mountain goes in waves...the listing I had up there was on the market for 150 days and sold for $780,000 close to the asking price of $792,500 (original asking $799,900).

1293 Rockhampton sold for $993,000 today and there are multiple accepted offers up there right now on homes north of $800,000 - you will see them go pending next week.

Strange market up there. Nothing for 2 months and then 5-6 houses will sell in two weeks.

commuter12 said...

Just to continue on the topic last post about baby boomers and lifestyle expectations I kind of agree with Marcos a little bit on his assessment of the situation. For the longest time I thought my parents had it easy and "why can't I have it as easy as they did" etc. Well, the truth is they hid their struggles from us kids growing up. They had to scrimp and save and all the rest just like I do. There goes that fantasy :(

I do agree though that we should not lower our expectations of what the future holds. That's ridiculus and defeatist. Western society, particularly America has always and will always be prosperous. Bet against the west at your peril. The thing that must change is people's attitudes. Too many think that the government is responsible for our prosperity. Thankfully that tide is changing.

Just Janice said...

Marko's last post now has me even more seriously worried about our healthcare system - I thought your background was health information science - in what world does that make you qualified to 'intubate people' at the age of 20?

a simple man said...

Marko is a trained respiratory therapist, so intubation may be part of their standard practice.

Trilobite said...

I would mostly agree with Marko as well. Expectations are just way to high. This (and/or the last) generation is/was probably the only one in recent memory that could do and have all those things. It wasn't like this 100 or even 50 years ago (nice post Alexandrahere) and I don't think it will be that way 20 years from now either. We've mortgaged the future of our children and we'd better start paying up before it's really too late.
Of course, I WISH it were different ... who doesn't?

Just Janice said...

The math still doesn't add up...respitory therapist programs are either 3 year programs offered from colleges (wouldn't get you into a Master's program) or 4 year programs....

a simple man said...

Just Janice, you have a legal mind.

Marko said...

http://www.tru.ca/science/programs/rt/requirements.html

3 year program at Thompson Rivers University - how old are students when they graduate from high school + 3 years = ?

It is not like I just started intubating people...I spent 2 weeks in the OR as a student practicing....gesshhh

PS. Typically there is a doctor present during an intubation, unless it is at a cardiac arrest.

As for my M.H.A., yes you need a bachelors to get into it. I went back to school to get my B.H.Sc. after obtaining my RRT.

Marko said...

PS. Just to clarify, there is always a doctor present at cardiac arrests but in the case where the RT arrives first he or she typically intubates (if indicated) without the presence of a physican.

Anyway..way too much time on this blog...have to get back to working on new website design.

a simple man said...

My sadness is a young man trained to be a medical professional, attaining a masters degree in Health Science, but spending his time selling real estate after taking a three week course.

This isn't a slam on you Marko, but rather a critique of society.

Just Janice said...

17 is a young high-school grad, plus 3 years, plus 1 year to finish an actual degree (at least) is 21 at the commencement of a master's program.

It's OT to the topic of real-estate in Victoria - and far more germain to the question of your credibility which has been brought to question before. The funny thing about credibility is that it's hard to earn back once you've lost it.

Just Janice said...

Thompson Rivers University (Open Learning) lists Marko Juras as a 2010 graduate with a Bachelor's of Health Science.

There's something that just doesn't add up about the tale that Marko tells - and he's known to spin yarns.

Just Janice said...

Marko is currently listed as a MHA student with UBC school of population and public health.

I'm guessing real estate is a nice part-time living...after all why work on the front lines of health care when eventually you can be an administrator and tell people that they "want too much from the health care system"....

Marko said...

Just Janice, I don't follow your logic. You don't need a degree to work as a RRT.

If you are sceptical regarding my masters email me at markojuras@shaw.ca and I will send you a confirmation letter from UBC that I have my M.H.A.

Sweetrealtor said...

I am a respiratory therapist and an anesthetic assistant. I left the profession after many years to get out of a box with sick and dying people in it. I wanted to be my own boss and not be stuck inside a building all day and night.

People often can't equate what attributes of my health care experience prepared me for real estate. But, trust me, it was great groundwork for working with the public in real estate.

I've worked with patients and families in their most dire states and treated them all ethically and compassionately. I've worked through some of the most stressful periods of many lives, including the resuscitation of a colleague's child, and kept calm and functioned as trained in a high stress environment. RT's are trained for this and to intubate and much more. 3 years of eduction, both in class, lab, and hospital, focused almost exclusively on critical care involving the lungs and heart is intense training. I was 21 when I started at Children's Hospital. The RT's didn't intubate there at that time. Instead a rookie doctor did it. Don't get me started...

When people used to ask me what an RT is, I'd answer that we are the people who run the life support. Short and sweet, sums it up.

Respect your RT's. They help save a lot of lives. And RT's make good real estate agents. :)

Just Janice said...

I have no doubt that 'realtor' is a much better fit for Marko's strengths....

I just have very little patience for arrogance and half-truths...

Just Janice said...

The I was a 20 year old, RT, Master's student doesn't add up...particularly given that there is no way he would have started a masters without having a bachelors, and he earned his bachelors in 2010...plain and simple.

Marko said...

Going forward I am going to refrain from any further discussion not pertaining to real estate - lesson learned on my part.

People are free to email me at markojuras@shaw.ca and I will send you my MHA confirmation.

Thanks, Marko

Taigaa said...

Just Janice this is a blog on real estate, try to keep on topic this is just getting crazy.

EatMe said...

Just Janet you reflect the overboard judgmental attitude so prevalent on this site. Attacking Marko about credentials and choice of careers is pathetic. Of course I've got opinions I share once in a while but I typically read and think about the different perspectives put forth (no matter how crudely done) and try not to be too judgmental. You and few of the other habitual posters seem to post any thought pops into your head. See if you can stick to real estate for your many postings.

Just Jack said...

In Langford there is the condominium complex known as Reflections.

This is how bad my forecasting abilities are. I never thought this complex would be completed. The prices were too high for a condominium situated in the Westshore. Well it was completed and it did sell out and mostly full list price.

Now, those suites have been reselling. Here is the history of one of those sales.

$299,900 in June 2006 at full price from the developer.

$295,000 resold in May 2009.

$235,000 in June 2011 And it took 108 days on the market to get that price.

If someone had listened to me and not bought in this complex in 2006. They would have hated me in 2009 and considered me an intuitive genius in 2011.

Its all in the timing.

As for those baby boomers winging their way to Victoria to live out their remaining days in the rust belt.

There is nothing more easily identified with retirees than the 1650 square foot no step rancher in Sidney. The "exit" house.

With all of these boomers retiring here, this neighborhood and style of home should be appreciating faster than the market- right?

Well one just sold for $532,000. The same home was bought at the beginning of the real estate boom for $313,000 in November 2002. An increase of 70 percent.

But, the general median price of homes in the marketplace increased from $264,000 to $585,000 or 122% during that same time.

Either the affect of baby boomers coming to Victoria is overstated by these special interest groups.

Or what? Retirees bring prices down when they move into neighborhoods?

EatMe said...

Re: Attacking Marko about credentials and choice of careers is pathetic.

I forgot to point out why this is so pathetic - He is one of the few posters that use his actual name so it's easy to verify the credentials. And a person's career choice in their late teens early twenties may change as they get older. What's the big deal?

mln said...

EatMe you may have missed the episode where Marko claimed he ran a successful residential construction company. It was all very entertaining.

Alexandrahere said...

Just Jack: Hmmm....don't know about the ranchers in Sidney. My bet for making a few pennies in the real estate future (if you believe in the stat of 15% of all Canadian boomers plan to retire in Victoria), would be to buy up a few (one even) older & larger style condos in Fairfield, Oak Bay and other convenient locations i.e. locations that are close to shopping and amenities and that don't necessarily require a car. There are a few around that can be rented out. Of course you have to be patient while making your low ball offers.....but eventually you will get a deal. But then again....life is risky.

a simple man said...

I'v been walking around Fairfield a lot lately during one of my kid's twice-weekly activities in that area. There are a lot big, older houses very tastefully divided up into separate living spaces. Oak Bay needs to look at that model. It seems to work well.

Just Jack said...

In my opinion, the wave of retirees coming to Victoria has crested already. While retirees have and always will move to Victoria, the number of them doing so, will trend lower and lower each year.

After the Great War (1914-1918) there was a baby boom too. Those baby boomers retiring in the 1970's caused an increase in prices and expansion in housing. That wave crested in the early 1980's. From that you can see that retirees moving to a new city do that in their mid 50's not in their mid or late 60's.

Fast forward to the boomers of WWII, that boom started in 2000 (2000-1945 = 55 years old) and now a dozen years later, has run its course. Now, "exit" homes like the one in Sidney or Condominiums that have age restrictions of 55 and older or gated communities like Arbutus Ridge are appreciating at a substantially lower rates than the middle income family housing market.

And just like the early 1980's its the high monthly mortgage and other housing costs in relation to household income that are neutering this market.

Maybe you sold the farm in Saskatchewan and moved to Victoria. After two years here, you'll look at your falling bank account and move back to North Battleford or else your going to run out of money before you die.

Like one older couple that was moving back to Alberta after being here a couple of years said to me.

"Victoria is not like the brochure they sold us"

Now Victoria has a lot of people over 65 that are in good health and looks like they will go on into their 80's and 90's. But they tend to be physically active and thin.

Look around at the typical 30, 40 and 50 year old of today. They aren't going to make it to 65. The early years of life, the 20's and the 50's are the ages where a lot of Canadians die.

There are a lot of 20 year olds walking around with sugar guts today. And that's the number one killer of Canadians with smoking in number two spot.

So put down that 64 ounce soft drink, leave the car at home, never go to a fast food restaurant again and take in a nature park this thanksgiving Sunday. Oh yeah - don't buy a condo.

jesse said...

Who's older: Kelowna or Victoria? Statscan says Kelowna.

But hey everyone (over 65) wants to move to Victoria. Come on.

pod_x said...

Ok, so 15% say they want to retire in Victoria. I'm sure 50% would want to retire in the Playboy mansion.

So what?

Victoria is still more expensive than many Canadian communities, including the attractive (from weather and boomer amenities perspective) southern Ontario, and of course Kelowna/OK area, limiting who is able to move at all in the first place.

Also, not to be crude about it, but at what rate will Victoria be de-populating as boomers age?

EatMe said...

Do you people know anyone who is or has been successful in their careers? Not everyone is scraping by and having trouble retiring. A big chunk of the boomers have cash and the west coast continues to be desirable.

jesse said...

If you're a retiree who spent a life in Winnipeg, Ottawa, or Toronto, first are you likely going to move far away from your family? Second, these days you can buy a home in Phoenix, Florida, or Tuscon for way less $ with way better weather in the winter, and keep your home in your hometown in the summer to keep in touch with friends.

The concept of retirees flooding to an overpriced market is reserved for a select few. There are far more desirable and cheaper options available for most, save the ones who crave isolation in an urban setting.

You've officially found your "rich (insert subgroup here)" that will make fundamentals irrelevant. Just like Phoenix and Florida, the white-hair belts of the US.

Ah but Victoria's run out of land you say. Thought you might say that.

Just Jack said...

The boomers are de-populating right now. The last big hurtle is from 50 to 60 years old. That's when your body changes and all the sins of over eating, smoking and lack of exercise takes its toll.

If you can make it to 65, then your chances are improved to make it to 90. My sister works in an old folks home and as she tells me, their are no fat people.

But first you got to get to 65. You can see that in the graph. It occurs in your 20's - a small dip. Mostly because of the stupid things you do, like fast driving, drinking, dope ... Then a bigger one in your late 50's early 60's. From 40 years of Player's cigarettes and Canadian back bacon.

The kids in high school today are not just fat they are massive by comparison to 20 years ago. By the time they get to forty, the life expectancy of Canadians will likely be lower than it is today.

I think Victoria is one of the healthier places to live. It's small size, wind off the ocean and rain keeps the place clean from pollution. But nature still takes its toll. Living in a city is probably like smoking half a pack of cigarettes a day.

HouseHuntVictoria said...

"A big chunk of the boomers have cash and the west coast continues to be desirable."

Saskatoon is more "desirable," or so we've been told by MSN anyway.

Animal Spirit said...

Interesting benchmark listing of the day: 2851 Scott St. @ $329,900. 1048 sq. ft major renovation project or teardown on 5500 sq ft lot.

This could set a benchmark for land prices in the area - I would assume no value in the structure save teardown cost.

If land value goes up, all prices go up. Ditto on the other side of the equation.

What would have a similar house in Fernwood gone for a year, two years ago?

Leo S said...

Next time on House Hunt Victoria... Tensions explode as Just Janice questions Marko's credentials. Long time lurker Taigaa is dragged into the fray, while the site's middle finger continues the lament against bad manners on the Internet. Who will quit the blog next?

Tune in tomorrow for the exciting conclusion of House Hunt Victoria, right here on HGTV.

Animal Spirit said...

Leo S - think this is bad - just wait until the denizens of Kids in Victoria express the financial pressure that they have been under. Where the blame gets directed will be the interesting part.

damn - wanted this to get back to wonky analyses :(

HouseHuntVictoria said...

@LeoS, that would be the exciting conclusion to season 4 of HHVTV :-P. And for the record, like The Simpsons, I'm just getting going...

Mindset said...

Western society, particularly America has always and will always be prosperous. Bet against the west at your peril. The thing that must change is people's attitudes. Too many think that the government is responsible for our prosperity. Thankfully that tide is changing

Not sure I share your blanket optimism. Guess I have read too much history...

The west has taken a huge hit in competitiveness in the last decade. And with economies starting to come together like Germany (engineering), China (manufacturing) and Russia (Resources), I think that optimistic blanket statements that make us feel like we don't have some serious competition out there are a problem in and of themselves.

Robert Reynolds - HMR Insurance said...

had a long chat with a realtor client of mine today.

RE: i cant believe you don't own.
ME: market is too expensive
RE: now is a good time to buy
ME: historical data says otherwise.
RE: prices have dropped since 2008, its a bargain out there.
ME: 9 times my income for an average house doesn't seem like a deal.
RE: but think of the appreciation!
ME: didn't you just say RE just dropped in value?
RE: real estate only goes up!!!
ME: Vic is one of the most unaffordable towns in the world by income.
RE: no it's not!
ME: Demographia survey from last year says otherwise.
RE: So we are a desirable place to live we are number 5 after Sidney Australia!
ME: this chart is a few years old, Australia's bubble has burst. Their prices are crashing.
RE: BUY IN AUSTRALIA!!!

ME: no.

Renter said...

Interesting, Just Jack. As a former community support worker, I helped keep a lot of elderly people in their own homes. Surprising number of 80 yr old fat people out there. Guess they are doing well enough not to be in the care home for your sister to see.

Mindset said...

RE: real estate only goes up!!!

A problem with most people is that once a pattern has been observed for more than a few years, it gets internalized as a perpetual truth.

- Interest rates will never go up.
- The Canadian dollar will always be strong.
- RE prices always go up. Invest in a house

In the early 90's, the truths were:
- Interest rates will always be high
- The Canadian dollar will always be weak
- RE doesn't go up. Invest somewhere else.

Add these 'eternal truths' to personal self interest (how a persons views aligns with need to feel secure about how they put food on the table), and none of these conversations are very surprising. Limited and biased, but not surprising.

We're heading into a different reality here, but after a while of negative views regarding RE (like the end of the 90's), a time will come again when its time to brush off RE negativity, and see RE as an investment opportunity. Probably not for another decade or so though, as RE cycles seems to be about a 8-10 years in length.

On the news CBC was making fun of Royal Lepage for hyping the market increases, saying that they were 'cherry-picking' the information they used, and ignoring the very troubling current downturns in sales trends and increases in inventory.

It won't be cool to hype RE anymore soon, if not already. The quicker Realtors adapt to the current reality, the better they will be at building buyer trust and making sales.

Just Jack said...

Your probably looking at 60 year olds that you think are 80 year olds.

250 to 300 pound 80 year olds are not common. Still don't believe me, how about you take yourself grocery shopping in Oak Bay. Then go grocery shopping in Costco. Now compare the Senior in Oak Bay to the middle age person in Langford.

Spooky isn't it. It's our diet and our eating habits.

So what does this have to do with real estate. I think the front end boomers aged 60 to 70 today have the best chance to go another 20 years. And a larger portion of back end boomers aged 45 to 59 might only have 20 years from today too.

That's a crap load of properties hitting the market in 20 years or less from now.

EatMe said...

Today's headlines

Positive:
B.C. job growth surges in September

Negative:
B.C. New Democrats pull to a decisive lead, poll finds

Mrs. W. said...

We've now committed our downpayment money to other non-stock market investments for the next two years. Hoping by the time it is liquid again the market will have substantially shifted to make house shopping a logical and enjoyable experience.

Our wants are non-negotiable - even though Marko would say we 'want too much' and would probably think that settling for less now is the way to go....we'll have our cake now by renting, and we'll eat it too buy buying later (when it makes sense)....

Rhino said...

Unfortunately Victoria bucked the trend there eatme:
http://www.vancouversun.com/news/thewest/Greater+Victoria+unemployment+rate+bucks+trend/5519203/story.html

Introvert said...

these days you can buy a home in Phoenix, Florida, or Tuscon for way less $ with way better weather in the winter, and keep your home in your hometown in the summer to keep in touch with friends.

The TC article noted that boomer retirees are relatively reluctant to purchase real estate in the United States. Truthfully, I would be, too. No gun control, crumbling infrastructure, the Tea Party...

Canada, by contrast, is quite sane. For now, anyway.

Like I've always said, Canada + mild climate + not huge but not small city = Victoria.

snaptee said...

n Langford there is the condominium complex known as Reflections.

This is how bad my forecasting abilities are. I never thought this complex would be completed. The prices were too high for a condominium situated in the Westshore. Well it was completed and it did sell out and mostly full list price.


You sure about that? Unless things have changed in the past year, there are still several units that the developer holds that are being rented

Introvert said...

Next time on House Hunt Victoria... Tensions explode as Just Janice questions Marko's credentials. Long time lurker Taigaa is dragged into the fray, while the site's middle finger continues the lament against bad manners on the Internet. Who will quit the blog next?

Tune in tomorrow for the exciting conclusion of House Hunt Victoria, right here on HGTV.


-----------

Leo S, that's fabulous (no sarcasm)! Made me chuckle.

Phil said...

Introvert, Victoria might be "quite sane" compared to the US, but since I almost died at the hands of a 90 year old driver here I have a new perspective on risk.

Craig said...

"Truthfully, I would be, too. No gun control, crumbling infrastructure, the Tea Party... "

Two of these are great examples of Canadian conventional wisdom.

Vancouver has gun control, but lots of shootouts. Ten people were shot in Shaughnessy just a few months ago. Washington DC and Chicago recently relaxed bans on guns and crime fell.

Throughout the US, more gun control correlates with more violent crime. I'm not a gun owner but these are facts, easily researched.

As for the Tea Party, it arose in response to mounting debts and fiscal irresponsibility. Every movement has its whackjobs but insofar as the TP has a platform, here it is:
http://www.teaparty-platform.com/

It's all fiscal issues, free markets and civic responsibility.

Personally, I put off moving to California because it's heading for the cliff, but would change my mind if they embraced reason as expressed in this platform.

Introvert said...

Craig,

Homicide: Canada--1.62 per 100,000; USA--4.8. No comparison.

Tea Party: predominantly nutjobs, who often can be heard saying things like the Department of Education should be dismantled immediately, along with the EPA.

Just Jack said...

Its not gun control.

The USA is a country with a long history of violence. Its a country that is defined by its violence from the days of the wild wild west to water boarding. A country where the former president says that he wants to kill another person.

Canada's history is different. Our history has been one of compromise rather than confrontation.

Really, if Iowa wanted to break away from the states, like Quebec wanted. Washington would have started carpet bombing them while they slept. In Canada, we wrote letters and took a vote.

Renter said...

@ Craig:
Crime rate started dropping in Washington DC in 2006, gun restrictions weren't relaxed until 2007. Crime has continued to fall, but please do note that bylaws still prohibit carrying guns, both openly and concealed.

As for Chicago, crime and murder rates have been dropping since the 1990s. Since time machines don't exist, I doubt that a change to their gun control laws in 2010 had such a far reaching effect. (Note however, that 75% of all homicides in Chicago are shootings and that Chicago still has more murders than the US average.)

Clearly you are trying to draw a correlation where none actually exists. I can't even give you credit for a good try, since it was a pretty simple google to find out that you were wrong.

Zidane said...

Is no one going to comment on Animal Spirit's post about 2851 Scott St. @ $329,900? It's the lowest price listing in Victoria-proper apart from 727 Princess Ave,which has been for sale since Adam was a boy.

Sweetrealtor said...

Scott is priced for multiple offers and offers are being withheld until Oct 11th, 5pm, to cultivate this.

Marko said...

"This could set a benchmark for land prices in the area - I would assume no value in the structure save teardown cost."

Not really....2529 Shakespeare sold last year for $340,000. It is a better lot, same size at 5,500 sq/ft; however, there is no noise from Shelburne in the back yard, way more privacy, and a home half the size needed to be removed (bonus).

A lot on Forbes sold a few months ago for $330,000.

People just didn't notice these sales because both started at ridiculously high prices and worked their way down.

On Scott they are doing the reverse approach....

MC said...

"Canada's history is different. Our history has been one of compromise rather than confrontation."

Really? Let's check the First Nations, Japanese-Canadian, Francophones and High Arctic relocation history. Are there any others I missed?

HachiRoku said...

Renting VS Buying in Osaka.

Was going into downtown Osaka last night and saw this sign:

http://tinypic.com/r/2evrmf9/7

You can rent a 3 bedroom living room, dining room and kitchen (LDK) for $660.00/mth with out the dreaded key money (non-refundable money, usually equivalent to 5 months rent, you must pay the landlord for the privileged of renting their property).

You can get a 2 bedroom kitchen and dining for $450.00.

Hmmm...considering the population of Osaka is about 6 million...that seems like cheap rent if you ask me.

Animal Spirit said...

interesting - Sweetrealtor and Marko are saying that Scott is starting low, possibly trying to start a bidding war.

Agreed on the noise, etc. still will be an interesting benchmark of prices / how much development interest there is.

Just Jack said...

Sorry MC, didn't mean to ruffle your feathers.

Just wanted to point out that Canada and the USA followed different paths.

Was Canada perfect. Nope.


You see, there I go again, compromising.

backinVictoria said...

I've noticed MLS®: 297472, 1336 Denman St has been on the market for a while now.

I'm curious about why this place hasn't sold yet, other than the numbers to get it finished don't make any sense.

Does anyone know the last time it sold and at what price?

Marko said...

1336 Denman St has a stop work order on it by the City of Victoria.

backinVictoria said...

Thanks Marko.

Any idea what the stop work order is about? I've been poking around the City's website and can't find anymore info on it.

Can anyone throw out a guess at what this place would cost to become habitable? What about throwing a suite in the basement to take advantage of the zoning?

Marko said...
This comment has been removed by the author.
Marko said...

The owner was doing work without permits and the city slapped a stop worked order.

It would cost a fortune to renovate a home like that including a new suite.

The City of Victoria does not take economic viability when it comes to their renovation and suite policies.

a simple man said...

Happy Thanksgiving, everyone.

Rent or own, we have a lot to be thankful for in Canada.

Marko said...

Tuesday October 11, 2011 7:10:00am:

MTD

October

2011

2010

Net Unconditional Sales:

131

467

New Listings:

340

976

Active Listings:

4,562

4,046

Please Note
•Left Column: stats so far this month
•Right Column: stats for the entire month from last year

a simple man said...

Went and saw a few open houses this weekend. One realtor, when asked why the vendors were selling:

"They had planned to retire here, so have done all of these great upgrades. However, they recently decided to step to the sidelines and rent for a while".

hmmm. Interesting. Wonder why that would be.

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