tag:blogger.com,1999:blog-7123542260692860177.post3767867042438514544..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Monday market update: October dataHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger157125tag:blogger.com,1999:blog-7123542260692860177.post-18761034010616036802011-11-10T18:40:29.227-08:002011-11-10T18:40:29.227-08:00Thank you for sharing this update, I appreciated i...Thank you for sharing this update, I appreciated it. Thank you.<br /><br /><br /><br /><a href="http://www.atayala.com/" rel="nofollow"><b>philippines homes</b></a>Anonymoushttps://www.blogger.com/profile/01138913160065880735noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-7064971398541032672011-11-08T05:54:12.776-08:002011-11-08T05:54:12.776-08:00"In real life builders don't follow they ..."In real life builders don't follow they stop building."<br /><br />No in real life builders keep building because that's their livelihood. They have to compete with resale stock and if prices go down, they will pay lower prices for their inputs - especially land.<br /><br />Do a Google search on "new homes Las Vegas" and tell us what comes up.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-53150450458384039552011-11-07T22:06:36.728-08:002011-11-07T22:06:36.728-08:00One thing to keep in mind about Munn Rd is that it...One thing to keep in mind about Munn Rd is that it is a popular sportbike riding road. Not that it ever gets super busy but it's probably not quite as quiet as you might expect in the summer. Maybe those two places are far enough off Munn though.<br /><br />And if you don't like the commute now you are likely not going to grow to like it even if the average commute time increases over time.<br /><br />Those look like beautiful places though.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49764126241287457572011-11-07T21:25:12.967-08:002011-11-07T21:25:12.967-08:00Hi All,
I'm interested in what everybody thin...Hi All,<br /><br />I'm interested in what everybody thinks of these two lake front Highlands properties. <br /><br />*Disclaimer*I am a firm bear and am not thinking of buying either house anytime soon, BUT I would love to raise my family in a rural lakefront acreage setting like this someday (ie post-correction)* <br /><br />It's an interesting comparison because both houses are on the same lake and at a similar price-point but in one you're paying for land, and the other you're buying the improvements. <br /><br />House 1 (295478) looks like a nice move in ready family home, but is only on .5 acre. <br /><br />House 2 (296561) is really only a cottage and would require a substatial addition or building a new house and possibly using the cottage for Grandma. But it is on 3acres with 180' waterfront and a couple of out buildings. <br /><br />Assuming you kept both properties pretty much as-is, my thinking is that over the long term (30+ years) you would be better off owning the larger lot as the land value would appreciate more than the improvments on the smaller property?<br /><br />Thoughts? <br /><br />Also, Does anybody have any experiences with the Highlands? Is it feasible permit-wise to build a new home and keep the existing cottage? <br /><br />These homes are a fair way out of town, Do you think in 25-30years with creeping urbanisation these home's won't seem like such a daunting commute? Possibly Prospect lake felt like the end of the earth 30 years ago?<br /><br />Would appreciate any feed-back. thanksRusshttps://www.blogger.com/profile/00221306971517778216noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-74566754329243952502011-11-07T19:22:27.713-08:002011-11-07T19:22:27.713-08:00When it comes to the core districts, the strata ho...When it comes to the core districts, the strata home dominates the real estate market.<br /><br />930 strata homes from condominiums, town homes to half duplexes for sale just in the core districts versus 700 single family homes. <br /><br />Yet, in number of sales there were 1,800 strata homes sold during the last 12 months versus 1,700 single family homes.<br /><br />And Victoria City is ground zero in the condo wars with almost 850 of those strata sales there, but only 330 detached home sales over the course of the last 12 months.<br /><br />The typical home in Victoria City will set you back $580,000 and the typical condo at $315,000. <br /><br />Of course there is nothing typical about Victoria's housing stock. Its a kaleidoscope of ages, house size, lot sizes, styles and views from the ludicrous water glimpse to the sublime panoramic.<br /><br />The one thing that seems the most consistent in the homes though is what they are not. And that's new. From Carpenter Ants to Post Beetles, Victoria has them all. Only in Victoria could you call a 6 foot crawl space that should only be used for storage - a basement and then finish it as a suite or a couple of rooms for foreign students. A city where the home defines who you are and perhaps what you might ever be. Where living in Fernwood is not good enough - you now have to live in Oaklands. Just so that those who live on the wrong side of Bay street know who they are.<br /><br />Next month, I plan on publishing a list of all the people that believe they bought in the right location, location, location. <br /><br />Its called the yellow pages.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-29697662566660509652011-11-07T17:47:30.524-08:002011-11-07T17:47:30.524-08:00Slowing fall sales, world economic problems and re...Slowing fall sales, world economic problems and recession talk are not good for real estate agents so Remax decides to start pumping the market again. This time they talk about 10 year real estate market price gains hoping buyers believe the train will keep on rolling. <br /><br /><a href="http://www.remax-western.ca/news/housing-evolution-driving-average-price-appreciation-canada%E2%80%99s-major-centres-says-remax" rel="nofollow">Remax Press Release</a><br /><br /><a href="http://remax.ca/miscellaneous/REMAXHousingEvolutionReport2011.FNL.pdf" rel="nofollow">Remax - Full Report (PDF)</a><br /><br />Carla gets a copy of the Remax press release and with a little cut and paste TC readers get this...<br /><br /><a href="http://www.timescolonist.com/business/Victoria+house+prices+cent+decade/5669823/story.html" rel="nofollow">Victoria house prices up 123 per cent in a decade</a>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-18749043339460039032011-11-07T16:46:06.977-08:002011-11-07T16:46:06.977-08:00Looking at the interior photos for 1520 Winchester...Looking at the interior photos for 1520 Winchester Road (MLS® 300890), it looks like someone must see the world through different coloured glasses than me ... This can't be the only reason the asking price has dropped to $42K below assessed value.DavidLhttps://www.blogger.com/profile/00353906360642344879noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-26175085701753006762011-11-07T15:17:42.614-08:002011-11-07T15:17:42.614-08:00Falling commodity prices would be bad for our hous...Falling commodity prices would be bad for our housing market.<br /><br />Prices can only go up, if there is an increase for builders that is common to all builders like materials and labor. <br /><br />But when commodity prices fall and unemployment rises.<br /><br />I suppose you can ask yourself, will a sheet of plywood ever come down to $25. If you answer yes, maybe house prices can come down too.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-11433783116574052772011-11-07T14:46:18.158-08:002011-11-07T14:46:18.158-08:00That's because the builders are competing with...That's because the builders are competing with home owners for the same property and driving up the prices.<br /><br />Could you build houses in Victoria if starter homes were $250,000 or $150,000? Yeah, you could. But you're not going to get $800,000 for them. That means very little construction on speculation. Unless you can get 2 or more home from one lot, but that would probably mean a bare land strata where the buyers would have to pay $50 a month for common road maintenance.<br /><br />A builder is caught between a rock and a hard place in Victoria. The land is too damn expensive because of the demand for starter homes and the new home buyers are too few to get a high price.<br /><br />But that was true in 1971, 1981, 1991, 2001 and today.<br /><br />And yes it would be nicer if Victoria and Oak Bay could stream line their process and eliminate costs for the builders. But that may not mean new home prices would come down. Builder's may just take a bigger profit like they do in Langford. Which probably means Victoria is the smart one, as it isn't leaving the money on the table for someone else.<br /><br />But, rising costs are a good thing! That means the fellow who starts building 6 months after you, faces higher costs. That means he can't undercut you.<br /><br />But if costs are falling...Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70966998609146412972011-11-07T14:25:34.251-08:002011-11-07T14:25:34.251-08:00For price to go down on new homes in the core a lo...<i>For price to go down on new homes in the core a lot of events would need to occur.</i><br /><br />Nay, only one event required. A Euroland recession next year would do it. That one’s as close to certainty as they come. The rest is simply the domino effect - China’s exports to Euroland slow, our exports to China slow, commodity prices fall.....Philhttps://www.blogger.com/profile/00550264432110709714noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71784499589017656742011-11-07T14:21:17.788-08:002011-11-07T14:21:17.788-08:00"Well, if you can get your land for cheaper a..."Well, if you can get your land for cheaper and hopefully still make a profit - why would you stop building?"<br /><br />Because it is extremely difficult to make a profit.<br /><br />Want to build a spec 3,000 home in Langford? Great. Plans approved in 5 to 8 business days...start framing...no sidewalks to put in, no old services to replace, no teardown to demolish.<br /><br />Want to build the exact same home in Victoria? I am not going to go into every single detail but to start seriously be prepared to wait 2 or more months for the EXACT SAME plans to be approved while they bounce from one department to the next.<br /><br />There is a reason why there is only one brand new home under a million in the municipality - a builder can't make money selling homes 800-950k or the small profits are not worth the risk. I know this is difficult for many people to grasp but the bills you run into are huge. Thing like 50' of sidewalk and new curbs, etc. are not cheap.<br /><br />PS. Don't assume just because it takes two months to get plans approved in Victoria that the homes are better. Langford REQUIRES rainscreen technology on every single home, Victoria does not for SFH. Go figure.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-14731106490902027262011-11-07T14:09:29.804-08:002011-11-07T14:09:29.804-08:00True Marko, but when you say new housing. Few peo...True Marko, but when you say new housing. Few people think of Victoria or Oak Bay.<br /><br />You can get a new home in a new subdivision in Saanich, but rarely does this happen in the built up areas of Victoria and Oak Bay.<br /><br />I think people moving to the city and looking for new homes, quickly move on to Saanich, View Royal or Bear Mountain. Just like if you're looking for a turn-of-the century character home, you don't look in Langford. And there are a few in Langford, but not enough to command premium prices like they do in Fairfield. In Langford there not viewed as character homes - there just old houses.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-52447520954549654732011-11-07T13:58:17.969-08:002011-11-07T13:58:17.969-08:00Well, if you can get your land for cheaper and hop...Well, if you can get your land for cheaper and hopefully still make a profit - why would you stop building?<br /><br />What happens is that builders just stop building homes on spec. New homes will continue to be built as there will always be a need to replace some housing because of fire, etc. <br /><br />But the jobs will be on a contract basis.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-78391636092081821322011-11-07T13:41:42.672-08:002011-11-07T13:41:42.672-08:00Westall is not the worst lot or location. $350,00...Westall is not the worst lot or location. $350,000 for a lot is far from the poverty line.<br /><br />A good portion of the properties around the Hillside mall are mostly comprised of land value with a much smaller portion attributable to the improvements.<br /><br />What I meant when I said that you should be looking for the best house on the worst street is that it is the land value that will fall the most. When prices are going up, then its the reverse. You want the worst house on the best street because of the big upside swing in land values. Obviously, the best advice is not to buy at the highest point in the market. Even buying the best house on the worst street will not save you. It just will be a lot nicer to live in a good home while prices are coming down. Rather than cramped yourself into a 900 square foot starter home in South Oak Bay for the next decade or two with the wife giving you evil stares.<br /><br />But, also buying the house that is at the very far end of the value range for homes in a neighborhood isn't a good idea either. Especially when the home's price is 75 percent greater than the other very livable homes that surround you. And will continue to surround you for another decade or more. You're buying with a home to land ratio of close to 2:1<br /><br />When your neighborhood has a home to land ratio of 1:3<br /><br />Neighborhoods do change with time. And I remember that these older neighborhoods were redeveloped with new housing on the west side of Vancouver. But a very different scenario. The builders were starting up the bulldozer at one of the street and going right through the block. So you got whole new neighborhoods of similar housing. Which is different that the patch work we have here. Maybe if the sewers hadn't been extended then the bulldozers would have been busy in Victoria.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-34787009264517684302011-11-07T13:17:25.857-08:002011-11-07T13:17:25.857-08:00"So, as I said, with flat or declining prices..."So, as I said, with flat or declining prices, its the market that leads and builders have to follow."<br /><br />Great in theory. In real life builders don't follow they stop building. There is only one home in the Muncipality of Victoria that is new and has not been lived in under 1 million.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20192379680861769372011-11-07T13:09:50.178-08:002011-11-07T13:09:50.178-08:00The home on Westhall has a nice 2 bedroom suite wh...The home on Westhall has a nice 2 bedroom suite which throws a small curve ball but assume it didn't not have a suite.<br /><br />Is it a good investment for the next 20 years?<br /><br />Obviously not, you are better of buying a dump in Fairfield on a large lot for 800k. In 20 years it will probably be worth more than the home on Westall. At the same time you just lived in a dump for 20 years.<br /><br />Not everyone buys a home with appreciation in mind. Some people just want to live in a new home and they happen to have careers or resources to afford it.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-73518749601666172792011-11-07T13:09:04.578-08:002011-11-07T13:09:04.578-08:00In rising markets, building costs lead the market....In rising markets, building costs lead the market.<br /><br />In flat or declining prices, the market leads. Because what it costs to build has nothing to do with what people are willing to pay.<br /><br />The starter home or tear-down in the neighborhood just has to drop to hypothetically say $300,000. Then the Westall property would have to drop to compete with lower priced housing. Because, it doesn't matter that the builder had to buy the land at $350,000 or more, six months ago. Markets change.<br /><br />So, as I said, with flat or declining prices, its the market that leads and builders have to follow.<br /><br />Am I saying that the builder will not get a full price offer. No, its possible. There are people that will pay a premium to own something that no one has owned before. Will that property still have a premium after the new owners have lived there for 6 months or 6 years if they go to sell. No, that premium will be gone, especially if you've over bought for that neighborhood.<br /><br />And, a builder may be able to carry 300 days to sell a home. The typical seller of a pre-owned home does not usually have that luxury. They want to move on quickly or a least quicker than 300 days.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43847946527980635582011-11-07T12:52:46.326-08:002011-11-07T12:52:46.326-08:00That's a BIG premium for being a new home in t...That's a BIG premium for being a new home in that neighborhood. <br /><br />@JJ: A few months ago you said (I'm paraphrasing) that in a slow market, one should buy the best house on the worst block (as opposed to the worst house on the best block in a hot market). This comment struck me at the time. Isn't this Westall house just such an example? BTW, I'm not trying to attack you, this is an honest question. I'd like to hear others' opinions tooZidanehttps://www.blogger.com/profile/12692924794960411583noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-69176335221164109022011-11-07T12:28:37.852-08:002011-11-07T12:28:37.852-08:00"The positive thing about these outer areas, ..."The positive thing about these outer areas, is that their contemplated home will be in a newer subdivision of similar homes and most likely similar income levels"<br /><br />And you forgot to mention that most new homes in these new subdivisions are bare land strata.<br /><br />Also as far as renting a suite goes it is a lot easier when you are within walking distance to downtown, Jubilee Hospital, Camosun, etc. etc., not to mention buses are 1 to 2 minutes away.<br /><br />The other thing is the average family could probably downsize to one car on Westall; whereas, in View Royal you probably still need two depending on the situation.<br /><br />"Having said that, there have been a couple of successful newer home sales in that neighbourhood in the low to mid $700,000 range including GST. The builder just has to be prepared to wait longer to find that specific buyer."<br /><br />One sold for $735,000 and the other $740,000. They also turned the garage into "finished" spaced and advertised a very high finished sq/ft. Totally spec built. Everything that costs money was cut out (tiles, landscaping, etc.)<br /><br />Tear downs are going for about $350,000 (plus $10,000 to $25,000 to demolish), plus City of Victoria requires installation of new curbs, services, sidewalks, and driveway at the expense of the builder/owner....you are looking at minimum $400,000 just for a fully serviced lot.<br /><br />3000 sq/ft home x $150 = $450,000 construction costs.<br /><br />For price to go down on new homes in the core a lot of events would need to occur.<br /><br />a) market needs to crash so lot prices go down.<br /><br />b) WCB would have to cut all regulations regarding demolishing homes with asbestos (almost every teardown has asbestos).<br /><br />c) City of Victoria would need to waive about 30k in fees/required upgrades by builder<br /><br />d) China would to stop buying raw good so material prices go down.<br /><br />e) Trades people would have to cut their wages significantly. For this to happen a lot of events need to occur as well such as oil prices would also have to crash. My friend (electrician) is now working in a camp in Alberta, 15 days on, 15 days off back in Victoria. Not ideal for him but he is making very good money. No way he is going to work in Victoria for free.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-8415610686242761282011-11-07T10:59:48.525-08:002011-11-07T10:59:48.525-08:00The Westall property is a tricky one. Is the typi...The Westall property is a tricky one. Is the typical buyer for this property first looking for location or is it a new home that's more important?<br /><br />If its location, then few prospective purchaser are going to be looking to spend $800,000 in this neighbourhood where the typical property is selling in the $360,000 to $550,000 with a median price of around $450,000.<br />That's a BIG premium for being a new home in that neighborhood. A premium that is lost, upon re-sale. Lost, because it's not new anymore.<br /><br /><br />If its a newer home, then the prospective purchaser will be casting their net over a wider area and looking in Esquimalt, View Royal and Saanich West. The positive thing about these outer areas, is that their contemplated home will be in a newer subdivision of similar homes and most likely similar income levels. Which is more secure than being the new house surrounded by far less desirable housing. And asking prices in this outer areas start at $100,000 less.<br /><br />Having said that, there have been a couple of successful newer home sales in that neighborhood in the low to mid $700,000 range including GST. The builder just has to be prepared to wait longer to find that specific buyer.<br /><br />That buyer could come along tomorrow or 300 days from now. A buyer who is willing to pay a high premium for being the first to live in the home. It happens, its not likely, but it happens.Johnny-Dollarhttps://www.blogger.com/profile/12950799399842707067noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-85150891557926902252011-11-07T10:08:58.853-08:002011-11-07T10:08:58.853-08:00Thanks Marko. Looks like we are keeping pace from...Thanks Marko. Looks like we are keeping pace from where Oct left off, so far.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-77808500132569573512011-11-07T08:26:03.785-08:002011-11-07T08:26:03.785-08:00Monday, November 7, 2011 8:00am
MTD November
...Monday, November 7, 2011 8:00am<br /><br /> MTD November <br /> 2011 2010 <br />Net Unconditional Sales: 90 479 <br />New Listings: 201 722 <br />Active Listings: 4,503 3,723 <br /><br />Please Note<br /><br />Left Column: stats so far this month <br />Right Column: stats for the entire month from last yearMarkohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-6440537331375165842011-11-06T15:22:48.553-08:002011-11-06T15:22:48.553-08:00Thanks Marko, for putting it in perspective.Thanks Marko, for putting it in perspective.MD80https://www.blogger.com/profile/12038598423004309285noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-91025722550310679412011-11-06T12:30:56.072-08:002011-11-06T12:30:56.072-08:00"1563 Westall recently listed for $799,000. D..."1563 Westall recently listed for $799,000. Doesn't really fit the neighbourhood and it's going for well above the average for the area. Any thoughts on the demand for this one?"<br /><br />It is going for well above average because it is a well above average home for the area. A similar home in Fairfield or Oak Bay would go north of $1,000,000 and in Oak Bay you wouldn't have a two bedroom suite option.<br /><br />Demand for this type of home is low but supply is even lower. If you want to buy a home less than 2 years old in Victoria options are limited:<br /><br />1 - $599,990 - 3108 Mars St<br />2 - $799,000 - 2529 Shakespeare<br />3 - $799,000 - 1563 Westall<br />4 - $899,000 - 1249 Richardson<br />5 - $925,000 - 1059 Clare<br />6 - $999,000 - 211 Robertson<br />7 - $1,390,000 - 1978 Fairfield<br />8 - $1,400,000 - Runnymede<br />9 - $2,200,000 - Windermere<br /><br />On that list the only homes with suites (both 2 bedrooms) and lots over 5,000 sq/ft are Westall and Shakespeare.<br /><br />Conclusion: If you want to live in a newer home in Fairfield be preapred to spend 100-300k more for a smaller home, on a smaller lot and no suite.<br /><br />The most obvious comparable is 1516 Westall (2010 build) which sold for $740,000 after 149 days on market. I am not suppose to speak negatively about other listings...all I can say is drive by it and then compare it to 1563 Westall.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-56614306620718990042011-11-06T09:22:26.078-08:002011-11-06T09:22:26.078-08:001563 Westall recently listed for $799,000. Doesn&...1563 Westall recently listed for $799,000. Doesn't really fit the neighbourhood and it's going for well above the average for the area. Any thoughts on the demand for this one?MD80https://www.blogger.com/profile/12038598423004309285noreply@blogger.com