tag:blogger.com,1999:blog-7123542260692860177.post6840733496577685355..comments2023-12-02T00:38:46.467-08:00Comments on House Hunt Victoria: Strange, but true*HouseHuntVictoriahttp://www.blogger.com/profile/07456914359088891317noreply@blogger.comBlogger80125tag:blogger.com,1999:blog-7123542260692860177.post-89128733313039219192011-08-15T16:53:47.457-07:002011-08-15T16:53:47.457-07:00"Currently rent shopping. I get pretty discou..."Currently rent shopping. I get pretty discouraged when I see this crap and the asking price!"<br /><br />A&J, the sad thing is that this isn't that bad for the area! We just finally found a fairly relatively nice main floor for decent rent but it took us 2 1/2 months to find something that was reasonable for us. <br /><br />Also, isn't a non-refundable cleaning deposit illegal?MChttps://www.blogger.com/profile/16883048858235197854noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-80621092005964937832011-08-15T13:15:24.643-07:002011-08-15T13:15:24.643-07:0010.26 months of inventory.10.26 months of inventory.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-72986945612196239452011-08-15T10:26:51.963-07:002011-08-15T10:26:51.963-07:00thanks jesse - great link.thanks jesse - great link.a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-42184962409990689642011-08-15T09:51:59.815-07:002011-08-15T09:51:59.815-07:00Everyone wants to make a profit. Of course! Doesn&...Everyone wants to make a profit. Of course! Doesn't matter if it is to move up or to leave to the kids or simply to put in the bank. EVERYONE wants to make a profit.Victoriahttps://www.blogger.com/profile/06009496887478910463noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-30683414936300347462011-08-15T09:46:28.038-07:002011-08-15T09:46:28.038-07:00"I don't think anyone was trying to make ..."I don't think anyone was trying to make a profit."<br /><br />This is a bit of a fine line. According to you, some of these sellers subsequently bought. In some cases, if they're leveraged, selling without a loss is a necessity to enable the purchase of another property.<br /><br />As Craig pointed out, net fees, these places are barely treading water on equity.<br /><br />If prices drop a bit more, equity is reduced enough that there simply is no available option for such sellers, except to rent or default. We're not there yet of course so it's too soon to call anything.jessehttps://www.blogger.com/profile/02155122147972263497noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-76178851867835557572011-08-15T09:35:56.899-07:002011-08-15T09:35:56.899-07:00@a simple man: see http://seattlebubble.com/blog/2...@a simple man: see http://seattlebubble.com/blog/2011/08/15/real-actual-listing-photos-provoke-yr-imagination/jessehttps://www.blogger.com/profile/02155122147972263497noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-20114065965158345692011-08-15T08:59:38.006-07:002011-08-15T08:59:38.006-07:00Have to agree with Patriotz - once you add in mort...Have to agree with Patriotz - once you add in mortgage interest, property tax, maintenance, lawyer fees, property transfer taxes, and opportunity cost of the downpayment (you could have put it in a GIC...) there is no-profit, and there may be less than if the person had decided to rent instead.<br /><br />The non-solds are speaking volumes...as are the 'we refuse to drop our price at all's'...some places haven't budged pricewise...and they need to if they want to go from non-sold to sold.Just Janicehttps://www.blogger.com/profile/06002680972898096266noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-33304084464191322802011-08-15T08:28:27.841-07:002011-08-15T08:28:27.841-07:00Some listings have sold for above assessment, some...Some listings have sold for above assessment, some for below. Some have sold above what the sellers paid in 2007 and some below. <br /><br />But the elephant in the room is the huge number of NON-SOLDS. <br /><br />These are the bellwethers of future sale prices. Listen up! The non solds are speaking loud and clear! Prices are going down - just watch.Victoriahttps://www.blogger.com/profile/06009496887478910463noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-6495706659257858152011-08-15T08:20:34.525-07:002011-08-15T08:20:34.525-07:00^ Few too many spelling/grammar mistakes.^ Few too many spelling/grammar mistakes.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70071403620054477512011-08-15T08:17:27.812-07:002011-08-15T08:17:27.812-07:00SFH average is now north of 690k...it will obvious...SFH average is now north of 690k...it will obviously come down by months end but we could potentnailly set a record. What is driving it?<br /><br />Someone from Vancouver dropped $3.8 million on a Lands-End property. A number of other out of towners (Calgary, Toronto, etc.) are dropping some huge coin this month to live in Victoria.<br /><br />Mainland China buyers are starting to pop up a bit more...someone from Chongquin, China just dropped $2.9 million on 620 St. Charles on Friday.<br /><br />Condo average is running low at 310k.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-43837426392636876702011-08-15T08:06:41.352-07:002011-08-15T08:06:41.352-07:00Monday, August 15, 2011 8:00am:
MTD August
2...Monday, August 15, 2011 8:00am:<br /><br /> MTD August <br /> 2011 2010 <br />Net Unconditional Sales: 236 425 <br />New Listings: 595 956 <br />Active Listings: 4,843 4,356 <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-47476499845537843202011-08-15T07:57:31.347-07:002011-08-15T07:57:31.347-07:00We need Paul Schaffer to make the "Monday Mor...We need Paul Schaffer to make the "Monday Morning RE Numbers Song", yah!<br /><br />Marko, pretend that Paul just played your intro, and...a simple manhttps://www.blogger.com/profile/13054677016369304449noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-70708389903068728322011-08-15T04:30:58.950-07:002011-08-15T04:30:58.950-07:00"Throw in cost of sale, property taxes and ma..."Throw in cost of sale, property taxes and maintenance and it's not much to write home about."<br /><br />The real killer is what you left out - mortgage interest, plus the other costs, that add up far in excess of the cost of renting. That's a tangible loss whether you're a landlord or owner-occupier.<br /><br />When monthly costs of ownership are so much higher than renting you have to do a lot better than a 2.5% per annum capital gain to break even.<br /><br />Which is why all bubbles burst.patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-67946547076971393822011-08-14T19:58:55.693-07:002011-08-14T19:58:55.693-07:00Or you have a relatively flat market where assessm...<i>Or you have a relatively flat market where assessments jumped 5-10% for 2011.</i><br /><br />As they have every year for the past decade or so. And every year sale prices are still significantly ahead of assessments. Not anymore. <br />Whether it is a flat market or the start of the descent remains to be seen.<br /><br /><i>Since 2005 and in particular the last 3 years the assessments have been totally out of whack on this property and many others.</i><br /><br />That isolated case is not the norm or indicative of any widespread overinflation of assessments.<br />Assessments have risen with sale prices, since that's what they're based on. Now that sale prices are no longer increasing, we are seeing them at or below assessment, instead of 10% over. I'd like to see my graphs back 10 years, but the information hoarding by the VREB makes that somewhat impossible.Leo Shttps://www.blogger.com/profile/02951281972056927807noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-60238055353559423442011-08-14T19:10:13.749-07:002011-08-14T19:10:13.749-07:00I don't think anyone was trying to make a prof...I don't think anyone was trying to make a profit. Out of the 5 above, two sellers retired and sold to move up island. Both purchased nicer/bigger homes up island; however, prices were lower than what they sold for in Victoria.<br /><br />My late 20s/early 30s sellers both sold to upgrade, one set upgraded by approx 400k, other by approx 600k. Both could afford it due to career advancement & duel professional incomes.<br /><br />One person just wanted a newer home so they sold moved a few minutes further out and upgraded by 100k.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-23701059130015874202011-08-14T18:30:15.532-07:002011-08-14T18:30:15.532-07:00Interestingly, almost all those sales were up abou...Interestingly, almost all those sales were up about 10% from 2007, which is about 2.5% a year or basically the rate of inflation. Throw in cost of sale, property taxes and maintenance and it's not much to write home about.Craighttps://www.blogger.com/profile/06687365669171143056noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-84364820320002167642011-08-14T18:25:21.103-07:002011-08-14T18:25:21.103-07:00@Marko do you think it's an accident that most...@Marko do you think it's an accident that most sales are at a profit? I don't. <br /><br />Now Canada is different of course but marginal sellers selling at a profit below assessment is mighty familiar for certain bubble states.jessehttps://www.blogger.com/profile/02155122147972263497noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-74948149593305658362011-08-14T17:43:29.270-07:002011-08-14T17:43:29.270-07:001430 Braefoot just sold for $1,090,000. In 2007 i...1430 Braefoot just sold for $1,090,000. In 2007 it went for $1,140,000.<br /><br />2033 Allenby just sold for $610,000. In 2007 it went for $572,000.<br /><br />In a flat market you will have some winners and some losers.<br /><br />Kind of weird but a lot of my sold listings this year were purchased in 2007. Everyone I have dealt so far this year has ended up above water. <br /><br />1102 Reno, purchased in 07 for $395,000 and sold for $440,000.<br /><br />1253 Chapman, purchased in 2007 for $$717,000 and sold for $759,000.<br /><br />1320 Ryan, purchaed in 2007 for $516,000 and sold for $565,000.<br /><br />207-630 Speed, purcahsed in 2007 for $275,000 an sold for $332,000.<br /><br />274 Plowright, purchased in 2007 for $430,000 and sold for $485,000.<br /><br />Common trend is everyone is in the core.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-40810860862212094382011-08-14T17:08:24.047-07:002011-08-14T17:08:24.047-07:00"It means prices are coming down. In a rising..."It means prices are coming down. In a rising market you will see properties sell for a greater percentage over assessment as the year goes on, now we are seeing the reverse."<br /><br />Or you have a relatively flat market where assessments jumped 5-10% for 2011.<br /><br />2535 Scott Street sold for $399,000 a few days ago or $71,000 below assessment. <br /><br />In late 2005 it sold for $325,000 or $75,900 above assessment.<br /><br />Tax History Assessed Value<br />2011 - $470,000<br />2010 - $446,000<br />2009 - $415,600<br />2005 - $249,100<br /><br />This home was not worth more than 400k in 2009, 2010, or 2011 (I am very familiar with the comparables in the area). Since 2005 and in particular the last 3 years the assessments have been totally out of whack on this property and many others.Markohttps://www.blogger.com/profile/08315282480144281935noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-32832956095013178412011-08-14T16:53:59.510-07:002011-08-14T16:53:59.510-07:00http://victoria.kijiji.ca/
"...damage deposi...<a href="http://victoria.kijiji.ca/c-real-estate-house-rental-Beautiful-3-br-3-bath-home-for-rent-W0QQAdIdZ302456213" rel="nofollow">http://victoria.kijiji.ca/</a><br /><br /><i>"...damage deposit plus $150 non refundable cleaning deposit."</i><br /><br />How about half a duplex for nearly 3 large?<br /><br />And if I drop $150 for the cleaning can I just walk away and leave it a $hit pit?AandJhttps://www.blogger.com/profile/10929692120583099847noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-71091423137358530412011-08-14T14:41:40.590-07:002011-08-14T14:41:40.590-07:00This comment has been removed by the author.AandJhttps://www.blogger.com/profile/10929692120583099847noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-65467257341918824482011-08-14T13:26:35.554-07:002011-08-14T13:26:35.554-07:00Currently rent shopping. I get pretty discouraged...Currently rent shopping. I get pretty discouraged when I see this crap and the asking price!<br /><br /><a href="http://victoria.en.craigslist.ca/apa/2536519373.html" rel="nofollow">http://victoria.en.craigslist.ca/apa/2536519373.html</a>AandJhttps://www.blogger.com/profile/10929692120583099847noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-48617477811559323872011-08-14T12:37:40.891-07:002011-08-14T12:37:40.891-07:00It means prices are coming down. In a rising marke...It means prices are coming down. In a rising market you will see properties sell for a greater percentage over assessment as the year goes on, now we are seeing the reverse.Taigaahttps://www.blogger.com/profile/01429293532478271615noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-17128677328652730362011-08-14T12:30:59.555-07:002011-08-14T12:30:59.555-07:00"Assessments have also gone up...."
Bec..."Assessments have also gone up...."<br /><br />Because sale prices have gone up.<br /><br />So what does it mean when it's common for properties to sell below assessment?patriotzhttps://www.blogger.com/profile/11154064267408955762noreply@blogger.comtag:blogger.com,1999:blog-7123542260692860177.post-9705854201863976082011-08-14T11:47:57.867-07:002011-08-14T11:47:57.867-07:00Marko: Yes, I see what you mean about the high av...Marko: Yes, I see what you mean about the high avg prices right now. For this week only, I'm running $580K for avg price in the four core municipalities of Vic,OB,Esq,SE&SW but the Median price is coming in at much, much lower at $529K. <br /><br />Also Marko those "new" condos built in the Cook St Village 2008/2009 are pretty well all still sitting there. Is the only reason the price or do you know of another problem? Even the commercial suites are vacant. The new 2011 condo's just up the street with the funky 50's look seem to have all sold including the commercial spaces. Also to note are the new ones built on Fairfield Road by the shopping centre and across from the cemetary ..... they also seem to be not selling. Thanks, MarkoAlexandraherehttps://www.blogger.com/profile/13100843258061373047noreply@blogger.com