tag:blogger.com,1999:blog-7123542260692860177.post4367807305466382059..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Snowy Monday Market UpdateHouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger137125tag:blogger.com,1999:blog-7123542260692860177.post-42280016261913006572010-11-29T15:33:39.635-08:002010-11-29T15:33:39.635-08:00"High prices are due to interest rates only.&..."High prices are due to interest rates only."<br /><br /><i>If that were true then Vic and Van would be line with the rest of Canada.</i><br /><br />Absolutely right. And Ireland and Spain would have stayed in line with Germany. And Florida with Alabama, etc.<br /><br />High prices are due to interest rates, stupid government policies, stupid banks, and stupid people.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-79430599216753353762010-11-29T12:28:36.432-08:002010-11-29T12:28:36.432-08:00Morning all: Here are my stats for the week of 22...Morning all: Here are my stats for the week of 22 Nov - 28 Nov.<br /><br />SFH: Minimum 2 beds & 2 baths priced between $375K and $775K in the areas of Victoria, Oak Bay, Esquimalt, Saanich East and Saanich West.<br /><br />NEW: 17<br />SOLD: 15<br />P/C: 15<br />OM: 9<br /><br />Avg selling price: $534,800<br />Median selling price: $520,000<br /><br />SFH in these areas within the above criteria sold for 96% of the original asking price.<br /><br />No homes sold for under assessment last week.<br /><br />CONDOS'<br /><br />Min 2 beds in the price range of $260K - $675K, in the areas of:<br /><br />Victoria: Most areas (not downtown)<br />Oak Bay: All areas<br />Esquimalt: All areas<br />Saanich East: Most areas<br />Saanich West: Gorge, Tillicum and Interurban.<br /><br />NEW: 3<br />SOLD: 4 APT'S AND 4 TOWNHOUSES<br />P/C: 10<br />OM: 7<br /><br />Avg condo selling price: $355K<br />Avg t/h selling price: $344K<br /><br />2 apartment style condos sold in the Songhees/Vic West areas under the BC assessement.Alexandraherehttps://www.blogger.com/profile/13100843258061373047noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-49468054461926998862010-11-29T10:13:19.993-08:002010-11-29T10:13:19.993-08:00hey Marko, since you have all the raw sales data w...hey Marko, since you have all the raw sales data would it be possible for you to make a frequency distribution histogram? Something like sales by $50K categories, so $300K-350K, >350K-$400K...etc...<br /><br />A monthly graph like that would tell us a lot about the distribution of sales - you could also add the mean and median to the graph.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-41263100236471051002010-11-29T09:31:43.043-08:002010-11-29T09:31:43.043-08:00sorry - fat fingers in excel - 6% decrease in pric...sorry - fat fingers in excel - 6% decrease in price...my apologies.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-31774504837222030512010-11-29T09:26:31.551-08:002010-11-29T09:26:31.551-08:00As usual, thanks Marko.
What I note is the 20% di...As usual, thanks Marko.<br /><br />What I note is the 20% discount from original to eventual selling price.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-59771367931048250732010-11-29T09:00:04.654-08:002010-11-29T09:00:04.654-08:00SFH
Price Original: $702,228
Price List: $686,54...SFH <br /><br />Price Original: $702,228<br />Price List: $686,545<br />Price Sold: $659,336<br /><br />Condo<br /><br />Price Original: $338,580<br />Price List: $330,954<br />Price Sold: $320,191Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43274912193640082692010-11-29T08:57:14.582-08:002010-11-29T08:57:14.582-08:00Monday, November 29, 2010 8:00am:
MTD November ...Monday, November 29, 2010 8:00am:<br /><br /> MTD November <br /> 2010 2009 <br />Net Unconditional Sales: 435 604 <br />New Listings: 665<br /> 796 <br />Active Listings: 3,658 2,973 <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-42078675345240965542010-11-29T08:39:31.200-08:002010-11-29T08:39:31.200-08:00Ok now it's marked as sold in the pcs. I take...Ok now it's marked as sold in the pcs. I take it all back. Mea culpa.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-65706285850308264172010-11-28T20:59:52.385-08:002010-11-28T20:59:52.385-08:00Indeed. Heck I even had the relisting on my favou...Indeed. Heck I even had the relisting on my favourites. Wonder why that Sold sticker was there.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33961712633477798092010-11-28T17:28:39.876-08:002010-11-28T17:28:39.876-08:00"3687 BLENKINSOP RD. After 168 days on the ma..."3687 BLENKINSOP RD. After 168 days on the market the listing is cancelled."<br /><br />and then it was relisted:<br /><br />MLS: 285613Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-68221179918008737392010-11-28T15:38:38.949-08:002010-11-28T15:38:38.949-08:00High prices are due to interest rates only.
If th...<i>High prices are due to interest rates only.</i><br /><br />If that were true then Vic and Van would be line with the rest of Canada.<br /><br /><br />Reading this thread prior to the Germany talk pointed out a fair number of commenters' households on this blog seem to be well above the $70k annual income average with fairly large downpayments. This made me wonder about Victoria in general. Are there are more households on the 'average household income curve' above the average than normal Coinciding with more below the average than normal? Put another way is the distribution of incomes in Victoria not a nice bell curve, but more flattened? Lots of professionals and public sector workers on the high end and lots of tourism / seasonal workers on the low.<br /><br />As has been mentioned who would want to take out a mortgage for 5-6x their annual income? Perhaps the high income earners are driving this market more than they are in 'balanced' markets.<br /><br />Dave3Davehttps://www.blogger.com/profile/09310295544282670884noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-72447446280211460082010-11-28T15:22:03.846-08:002010-11-28T15:22:03.846-08:00is it time to resurrect the "Weasy" awar...is it time to resurrect the "Weasy" award for the biggest weasel moves each week?a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70599262917507252772010-11-28T14:46:32.935-08:002010-11-28T14:46:32.935-08:003687 BLENKINSOP RD. After 168 days on the market ...3687 BLENKINSOP RD. After 168 days on the market the listing is cancelled.<br />Meanwhile, the sign in front of that house has a big SOLD sticker on it. <br />Good to see the old sleazy tricks are alive and well.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-65960447615909172082010-11-28T10:39:13.465-08:002010-11-28T10:39:13.465-08:00I think it already did in the high-end condos. Ea...I think it already did in the high-end condos. Earlier this year we saw a 2 bedroom, 2 bath 1004 sq/ft corner unit condo at the Falls sell for 399k, have seen some good deals at the Bayview, and now most recently Dockside green has seen some decent discounts. <br /><br />As far as lower end condos, especially the 2 bed, 2 bath fewer than 300k with current interest rates, things are selling.<br /><br />I think way of the future for developers is really small condos at ridiculous per sq/ft prices, but small absolute price. <br /><br />The woodframe condo going up across from the General Hospital there is selling well at per sq/ft prices higher than Bayview! But the condos start at 400 sq/ft. <br /><br />I think the name of the game right now is more so affordability than value.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-1042965265634595392010-11-28T10:26:21.527-08:002010-11-28T10:26:21.527-08:00Where are work, there are a lot of software engine...Where are work, there are a lot of software engineers married to other software engineers or doctors. <br /><br />Many of them have bought the ~$900,000 houses, and then whine about how they don't have enough money. Especially the couple where both of them work under 40 hours a week and frequently travel overseas.<br /><br />Am I a little envious? Oh, yes. Do I manage my money better? Oh hell, yes. But I still get clawed by the green-eyed monster when I hear about their latest trip. It recedes a bit though when I hear about what a fixer-upper the $900,000 house is.Renterhttps://www.blogger.com/profile/01147315895351599236noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-82254501974734170942010-11-28T10:21:20.114-08:002010-11-28T10:21:20.114-08:00Marko - I agree - but the question is does that ki...Marko - I agree - but the question is does that kind of markdown bleed into the downtown? <br /><br />And then into SFH as boomers see their chance to escape while condo prices seem like a deal and their homes at a near peak?a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32277243302549843872010-11-28T10:11:45.065-08:002010-11-28T10:11:45.065-08:00As far as the Bear Mountain penthouses, 65% off is...As far as the Bear Mountain penthouses, 65% off is a joke. You can buy a Condo in the Bayview for similar price per sq/ft so.....if anything the prices on BM now are closer to market value.<br /><br />Sure, the penthouses are nice, but when you are spending that kind of cash on Vancouver Island you would expect to have a glimpse of the ocean, or be close to the ocean not in-between two hills.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-35895935026938650002010-11-28T10:07:45.668-08:002010-11-28T10:07:45.668-08:00"The average family doc (who you quoted as hi..."The average family doc (who you quoted as high paid) bills MSP $160k per year."<br /><br />Where did you get the 160k number?<br /><br />"The latest report compiled by the Canadian Institute for Health Information is based on 2007/2008 data. Average, gross, fee for service payments to family doctors is $225,521 nationally, while in B.C., the figure is $232,683."<br /><br />Secondly, the reason for not being able to find a family GP is multifactorial, financial compensation is only a very small factor. Enrolment issues, new demographics of doctors (>50% women of who choose to raise families and work less, population demographics, lifestyle (why be tied down to a practice when you can do something like anaesthesiology).Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-72574527192306852642010-11-28T10:06:01.778-08:002010-11-28T10:06:01.778-08:00This comment has been removed by the author.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-39195227291735879022010-11-28T08:53:38.991-08:002010-11-28T08:53:38.991-08:00Thanks Rhino (BTW, that's what my kids call me...Thanks Rhino (BTW, that's what my kids call me - Rhino - I feel a kinship);<br /><br />The penthouses are bigger and were just released I believe - one is 2600 sq ft on two levels - perhaps you are thinking of the normal suites?<br /><br />Still, a lot of markdown even if you take 75% of list...a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-41594058758310520992010-11-28T07:36:36.430-08:002010-11-28T07:36:36.430-08:00More on Germany.
Here are some SFH in the state o...More on Germany.<br /><br />Here are some SFH in the state of North Rhine-Westphalia, aka Rhine-Ruhr. State population is 18 million - talk about running out of land.<br /><br /><a href="http://www.way2home.de/?aktion=1&id=3&sid=0&seite1=1&seite2=1&f_filter_bundesland=10&f_filter_ort=&f_a_anzeige=1&f_topsuche=" rel="nofollow">SFH starting at 95K euros</a>patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-23297248190439378182010-11-28T07:02:21.328-08:002010-11-28T07:02:21.328-08:00Marko,
You are way wrong on the physician thing h...Marko,<br /><br />You are way wrong on the physician thing here in Canada. It is true some (only some) specialists make over $250 and pay minimal overhead. they are few and far between. The others incomes are reported by MSP payments, but that none of the overhead is taken into account in that number. Almost all other specialists have offices to run also and they specialized equipment isn't cheap. The average family doc (who you quoted as high paid) bills MSP $160k per year. The average office overhead for a family doc(staff, building, insurance etc) is 40%. <br /><br />Ever notice how you can't get a family doc out here, even though you claim they are all rich? If you are trying to justify the irrational market because professional incomes are high, you are dead wrong.<br /><br />I can't get data on Engineers here in Victoria, but I would guess they only earn $60k on average here. High prices are due to interest rates only.omchttps://www.blogger.com/profile/11570216584047858772noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-77187740121196862282010-11-27T21:01:45.734-08:002010-11-27T21:01:45.734-08:00Simple Man, I have seen all those penthouse units...Simple Man, I have seen all those penthouse units at Bear Mountain that are apparently 65% off. There is no way those 1 bedrooms where seriously listed at a million dollars. The layout is awful, it doesn't even look like you could fit a bed in the bedroom. Finishes are nice though...But seriously they are not 65% off, even in the glory days of the market they would not have gone for over 400K IMHORhinohttps://www.blogger.com/profile/04594599019555787326noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70134964103196384282010-11-27T19:19:43.382-08:002010-11-27T19:19:43.382-08:00And their real estate is more expensive then ours ...<i>And their real estate is more expensive then ours ;)</i><br /><br />I don't see the evidence. All you've done is compare averages, which isn't particularly useful. A place like Munich is more expensive than Victoria, but it is far bigger and denser so the comparison is moot. You haven't given any evidence that a small German town of 350k people will have higher prices than Victoria. <br /><br />Anyway, this argument is pointless. I don't know why you're fixated on comparing the farthest possible countries where there are a million differences, but you reject comparisons to more similar places close to us like Seattle. <br /><br />Let's look at Ethiopia next.<br /><br /><i>Isn't this like saying, yes their homes are cheaper but the average home if half the size?</i><br /><br />Size is irrelevant if you're comparing price/sq foot.<br /><br />Ownership rate in Germany is 42% by the way. Another huge difference that will get in the way of sensible comparisons<br /><br /><i>What I am trying to get at, is you have one of the strongest economies in the world (Germany) and incomes are let's say for argument sakes, on par with Canada, real estate is significantly more expensive per sq/ft on average</i><br /><br />As it should be, given the better construction quality, extremely higher density, history, city infrastructure, diverse economy, etc etc etc.<br /><br /><i>, and so are house hold goods.</i><br /><br />Because of taxes, not because of any underlying price difference. <br /><br /><i>My point - Victoria/Canada are not the only places on earth as far as over priced real estate goes. <br /></i><br /><br />Real estate in Germany is not necessarily over priced as we saw from patriotz's data.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-85548168597942720772010-11-27T19:01:48.182-08:002010-11-27T19:01:48.182-08:00so...what about that 65% off sale on bear mountain...so...what about that 65% off sale on bear mountain for the Finlayson reach condos?<br /><br />How does that change the market, or does it?<br /><br />If I was in the market for a condo and saw one that was $2.6 million marked down to $899K that would change my view of the market for sure...a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.com