Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.
4 listings from Burnaby, 3 from Vancouver West and 1 from Richmond, Vancouver East and North Vancouver
#10 ) Address:# 224 12873 RAILWAY AV, Steveston South, Richmond
| March 04, 2012 |
V935138 |
$448,000 |
$0 |
0% |
| May 23, 2012 |
V935138 |
$429,000 |
$-19,000 |
-4% |
| July 23, 2012 |
V935138 |
removed after 141 days |
| July 26, 2012 |
V963685 |
$389,900 |
$-58,100 |
-13% |
| December 24, 2012 |
V963685 |
removed after 151 days |
| February 22, 2013 |
V991932 |
$349,900 |
$-98,100 |
-22% |
Current Days on Market: 362 (0.99years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $398,000
2011 Assessment: $431,000
Desperation Score: 12.8
Paid for renovations and new roof, 8% drop in assessment and 22% drop in asking price
Fantastic value. Move in anytime. Spotless and spacious suite in Steveston’s Westwater Views. 2 bedroom condo facing greenspace. Superb and functional floorplan with bedroom separation, eating area in kitchen and large main rooms. Recent renovations include new interior paint and owner’s have recently paid for a new roof. Stunning sunrises, Mount Baker and Northshore views. Minutes to school, park, boardwalk and the Steveston Village.
#9 ) Address:# 201 2212 OXFORD ST, Hastings, Vancouver East
| September 18, 2010 |
V850699 |
$328,000 |
$0 |
0% |
| September 29, 2010 |
V850699 |
removed after 11 days |
| April 08, 2011 |
V880793 |
$318,000 |
$-10,000 |
-3% |
| June 29, 2011 |
V880793 |
removed after 82 days |
| April 21, 2012 |
V944788 |
$318,000 |
$-10,000 |
-3% |
| July 05, 2012 |
V944788 |
$296,000 |
$-32,000 |
-10% |
| July 29, 2012 |
V944788 |
removed after 99 days |
| August 04, 2012 |
V965210 |
$282,800 |
$-45,200 |
-14% |
| October 02, 2012 |
V965210 |
$269,900 |
$-58,100 |
-18% |
| November 01, 2012 |
V965210 |
removed after 89 days |
| November 17, 2012 |
V980521 |
$255,000 |
$-73,000 |
-22% |
| February 16, 2013 |
V980521 |
removed after 91 days |
| February 24, 2013 |
V992491 |
$255,000 |
$-73,000 |
-22% |
Current Days on Market: 314 (0.86years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $278,000
2011 Assessment: $263,000
Desperation Score: 22.3
Excellent floor plan layout, spacious, bright, 2 generous sized bedrooms, balcony, gas fireplace, insuite laundry, laminated flooring, underground parking & storage locker. Pro-active strata; well-maintained building. Strata fee covers gas, hot water, etc. Pets & rentals allowed with restrictions. Centrally located; minutes to downtown & steps to the trendy shops/restaurants of Hastings-Sunrise.
#8 ) Address:# 312 7055 WILMA ST, Highgate, Burnaby
| June 12, 2011 |
V893931 |
$329,000 |
$0 |
0% |
| June 28, 2011 |
V893931 |
$309,000 |
$-20,000 |
-6% |
| July 08, 2011 |
V893931 |
$299,000 |
$-30,000 |
-9% |
| July 28, 2011 |
V893931 |
removed after 46 days |
| August 26, 2011 |
V906913 |
$299,900 |
$-29,100 |
-9% |
| January 01, 2012 |
V906913 |
removed after 128 days |
| November 15, 2012 |
V980114 |
$268,800 |
$-60,200 |
-18% |
| February 13, 2013 |
V980114 |
removed after 90 days |
| February 21, 2013 |
V991729 |
$255,000 |
$-74,000 |
-22% |
Current Days on Market: 106 (0.29years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $211,900
Desperation Score: 9.0
“Sutie”, “Lvining area”, “healthly”. Alice Wong, it is time to use spell check. Listed 20% over assessment AFTER the 22% in price drops.
WOW! Don’t miss out on the TASTEFULLY RENOVATED, SOUTH-FACING, 838 sqft, 2 bdrm, 1 bthrm unit at The Beresford, Bosa-built with award-winning gardens! Sutie features completely re-done kitchen with ample maple cabinets & stainless steel appliances, beautiful hardwood flring throughout & re-modelled bthrm. Lvining area is spacious with enough room for formal dining area. Both bedrooms are a good size-no wasted space in this layout! Experience peace-of-mind as the building is very well-maintained with a pro-active strata, healthly contingency fund, & recent assessments for re-piping & other work to be paid for by the Seller. Central Highgate location is close to the mall, library, parks, & amenities!
#7 ) Address:# 302 5450 EMPIRE DR, Capitol Hill, Burnaby
| July 27, 2012 |
V963885 |
$329,000 |
$0 |
0% |
| August 14, 2012 |
V963885 |
$299,000 |
$-30,000 |
-9% |
| August 25, 2012 |
V963885 |
$279,000 |
$-50,000 |
-15% |
| October 25, 2012 |
V963885 |
removed after 90 days |
| October 28, 2012 |
V978371 |
$249,000 |
$-80,000 |
-24% |
| February 15, 2013 |
V978371 |
removed after 110 days |
| February 17, 2013 |
V991337 |
$259,900 |
$-69,100 |
-21% |
| February 23, 2013 |
V991337 |
$249,900 |
$-79,100 |
-24% |
Current Days on Market: 217 (0.59years)
Current ‘Official’ Days on Market: 12
2012 Assessment: $236,100
2011 Assessment: $267,200
Desperation Score: 27.5
12% assessment drop. ”With portable dishwasher.” – does that really deserve its own sentence? Seriously, buy a crappy old condo in Burnaby for a quarter of a million dollars but don’t worry you get a portable dishwasher.
Beautifully partially renovated 2 bdrm,2 bathroom,corner unit approx 900sqft located in North Burnaby, close to shopping centre, transportation & all amenities The unit was renovated w/ laminate flooring, fresh paint& new appliances in the kitchen. With portable dishwasher. Unit comes w/ 1 parking & 1 storage & shared laundry. building is in a very good shape.
#6 ) Address:# 3203 388 DRAKE ST, Yaletown, Vancouver West
| December 02, 2010 |
V853334 |
$1,980,000 |
$0 |
0% |
| January 17, 2011 |
V853334 |
removed after 46 days |
| February 11, 2011 |
V868648 |
$1,598,000 |
$-382,000 |
-19% |
| March 25, 2011 |
V868648 |
removed after 42 days |
| June 04, 2011 |
V892287 |
$1,448,000 |
$-532,000 |
-27% |
| July 12, 2011 |
V892287 |
removed after 38 days |
| September 27, 2012 |
V973644 |
$1,568,000 |
$-412,000 |
-21% |
| February 22, 2013 |
V973644 |
removed after 148 days |
| February 24, 2013 |
V992548 |
$1,498,000 |
$-482,000 |
-24% |
Current Days on Market: 155 (0.42years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $1,725,000
2011 Assessment: $1,797,000
Desperation Score: 7.6
This is it! Zen doesn’t even begin to describe this gorgeous and massive 2 level, 3 bedroom, 4 bathroom penthouse! Open concept living with an expansive great room complete with fire place leads into a generous dining room, solarium, and kitchen. Upstairs, 3 generous sized bedrooms including 2 gorgeous en suite bathrooms make for a truly executive or family-sized home in the sky. Endless views of False Creek, the city and the North Shore Mountains, a fully-rain screened building with concierge and super amenities all steps to some of the finest shopping, parks, and restaurants in Vancouver, make this Yaletown Penthouse a truly fantastic home!
#5 ) Address:# 217 6735 STATION HILL CT, South Slope, Burnaby
| October 05, 2006 |
V612982 |
$229,000 |
$0 |
0% |
| October 16, 2006 |
V612982 |
removed after 11 days |
| July 31, 2011 |
V902756 |
$265,000 |
$0 |
0% |
| October 27, 2011 |
V902756 |
removed after 88 days |
| November 06, 2011 |
V918868 |
$255,000 |
$-10,000 |
-4% |
| April 11, 2012 |
V918868 |
removed after 157 days |
| May 03, 2012 |
V947047 |
$246,888 |
$-18,112 |
-7% |
| September 19, 2012 |
V947047 |
$229,900 |
$-35,100 |
-13% |
| October 16, 2012 |
V947047 |
removed after 166 days |
| October 18, 2012 |
V976956 |
$219,000 |
$-46,000 |
-17% |
| December 03, 2012 |
V976956 |
removed after 46 days |
| December 05, 2012 |
V981870 |
$204,900 |
$-60,100 |
-23% |
| February 20, 2013 |
V981870 |
removed after 77 days |
| February 23, 2013 |
V992366 |
$199,900 |
$-65,100 |
-25% |
Current Days on Market: 579 (1.59years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $235,300
Desperation Score: 21.5
The Courtyards. Located at the end of the cul-de-sac backing greenbelt. This 1 bedroom 734 sqft unit is ground level. Cheater ensuite, cozy kitchen, laminate flooring throughout, gas fireplace & sliding doors to large patio. Secure underground parking for 1. Well maintained complex with pro-active strata. New roof replaced this year with 25 year warranty. Great central location. Close to Edmonds Skytrain Station, High Gate Mall, Choices Market, schools and the trails along Byrne Creek.
#4 ) Address:1419 W 11TH AV, Fairview, Vancouver West
| August 15, 2007 |
V663585 |
$989,000 |
$0 |
0% |
| January 12, 2008 |
V663585 |
removed after 150 days |
| January 31, 2008 |
V685802 |
$979,000 |
$-10,000 |
-1% |
| May 07, 2008 |
V685802 |
removed after 97 days |
| September 14, 2012 |
V971091 |
$1,329,000 |
$0 |
0% |
| September 18, 2012 |
V971091 |
removed after 4 days |
| September 20, 2012 |
V972459 |
$1,180,000 |
$-149,000 |
-11% |
| October 24, 2012 |
V972459 |
$1,036,000 |
$-293,000 |
-22% |
| February 19, 2013 |
V972459 |
removed after 152 days |
| February 22, 2013 |
V992131 |
$988,000 |
$-341,000 |
-26% |
Current Days on Market: 168 (0.46years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $996,000
2011 Assessment: $962,000
Desperation Score: 18.3
LARGEST UNIT IN THE COMPLEX!! Welcome to W11th built by Quigg. This 2 bedroom, 3 bathroom, and den home is spread over 1900 ft2 and comes with high end appliances, brand new flooring and fresh paint ready to move in. High ceilings, private courtyard and roof top deck. Ideal location with restaurants, shopping, and Granville Island steps away. Open House Feb 23 1-4pm Feb 24 2-4pm
#3 ) Address:# 402 133 E ESPLANADE ST, Lower Lonsdale, North Vancouver
| September 04, 2010 |
V848577 |
$1,690,000 |
$0 |
0% |
| December 06, 2010 |
V848577 |
removed after 93 days |
| February 23, 2013 |
V992385 |
$1,250,000 |
$-440,000 |
-26% |
Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $1,219,000
Desperation Score: 4.5
Pinnacle Residences at the Pier, gorgeous waterfront corner unit, terrific water view, view of city of Vancouver, Stanley Park. This beautiful suite includes 3 bedrooms & den, balcony, hardwood flooring, open kitchen with unbeatable view. Hotel facilities include indoor swimming pool, steam room, sauna & gym. Hotel room services & housekeeping is available to owners of Pinnacle Residences. Walking distance to Lonsdale Quay & seabus. Buyer to verify property measurement.
#2 ) Address:# 801 9232 UNIVERSITY CR, Simon Fraser Univ., Burnaby
| October 05, 2006 |
V613909 |
$375,000 |
$0 |
0% |
| November 04, 2006 |
V613909 |
$369,800 |
$-5,200 |
-1% |
| February 25, 2007 |
V613909 |
removed after 143 days |
| September 02, 2007 |
V666397 |
$515,000 |
$0 |
0% |
| September 13, 2007 |
V666397 |
removed after 11 days |
| December 04, 2008 |
V745619 |
$510,000 |
$-5,000 |
-1% |
| March 03, 2009 |
V745619 |
removed after 89 days |
| July 01, 2011 |
V897386 |
$420,000 |
$-95,000 |
-18% |
| November 02, 2011 |
V897386 |
removed after 124 days |
| September 21, 2012 |
V972623 |
$385,900 |
$-129,100 |
-25% |
| November 17, 2012 |
V972623 |
$374,900 |
$-140,100 |
-27% |
| December 21, 2012 |
V972623 |
$364,900 |
$-150,100 |
-29% |
| February 26, 2013 |
V972623 |
$355,500 |
$-159,500 |
-31% |
Current Days on Market: 161 (0.44years)
Current ‘Official’ Days on Market: 161
2012 Assessment: $368,000
Desperation Score: 15.6
Between February and September of 2007 they raised the price by over 40%
Welcome to Novo 2 by Intergulf at S.F.U University living complex! This 2 bedroom & 2 bath corner suite on top of the world with gorgeous mountain & private forest views!! It has an open concept kitchen, complete with granite counter tops, 2 big balconies offers great entertainment space and fantastic views! Located within a 5 minute walk to SFU Campus, Bus Loop, Grocery Market, Bank, Pharmacy and Restaurants. Call today for your private showing!
#1 ) Address:# 202 8707 HUDSON ST, Marpole, Vancouver West
| September 21, 2007 |
V669512 |
$259,900 |
$0 |
0% |
| October 06, 2007 |
V669512 |
$249,900 |
$-10,000 |
-4% |
| November 01, 2007 |
V669512 |
removed after 41 days |
| November 03, 2007 |
V676693 |
$239,900 |
$-20,000 |
-8% |
| November 07, 2007 |
V676693 |
removed after 4 days |
| May 03, 2010 |
V827114 |
$278,000 |
$0 |
0% |
| September 01, 2010 |
V827114 |
removed after 121 days |
| July 06, 2011 |
V897791 |
$297,000 |
$0 |
0% |
| September 13, 2011 |
V897791 |
$288,000 |
$-9,000 |
-3% |
| September 21, 2011 |
V897791 |
removed after 77 days |
| February 21, 2013 |
V991765 |
$199,500 |
$-97,500 |
-33% |
Current Days on Market: 8 (0.02years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $244,900
2011 Assessment: $242,900
Desperation Score: 5.9
“transporation”… I wonder if this is a foreclosure? Lists at 20% below assessment and 30% below the last list price
Superb location! Minutes to shopping, public transporation, airport & recreation facilities! Strata council may allow insuite laundry installation!
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You have to admit though, it is a nice portable dishwasher from what is shown in the picture. If I was the realtor, I would have stuck on a couple of really fancy magnets on the front and taken some front and side portraits of the machine.
#1 is a…yes
Maintenance fee for #1 is $325.00, thats alot. maybe portable dishwashers r the new thing for real estate now
Is anyone getting the “Not found” when looking for Vancouvercondo.info? I was on the site last night and today its gone. Remax Hackers?
Yeah,they’ve been flaky for a while – they mentioned spam I believe or could be some sort of DNS attack
May I comment that I’ve been in your #4 (1419 W 11TH AV, Fairview, Vancouver West) roughly in the 2008 time period. It’s the developer’s unit. He wouldn’t budge on price then and looks like he doesn’t want to budge on price now. It’s been empty for 8 years.
I took a look at #4′s listing pics. There is a stacked washer and dryer set up in one of the bathrooms. The plug outlet is in the middle of the wall maybe about 6 to 10″ away from the units. Classy touch. Maybe the set was originally side by side but then the toilet would have been directly in front of one of the units. Well, I guess back in 2005 when they built, enclosing a washer/dryer wasn’t a priority.
That’s the awesome kind of interesting info this blog brings out. Thanks, Shook.
What happened to vancouvercondo.info?
It’s down, most likely just temporarily
Is there is a way to see if former Vancouver Price Drop listings sell, and how many days between showing up here, and when they sell. Could be worth a look at a Sept. VPDWD and see if any are sold. When I look back at those, quite a few of the listings cannot be found, so either it sold, off the market, or change MLS #.
If you have the MLS numbers, I can run them for you.
Cool, how about from Oct, the “will accept trades” F1213865,or Beautiful and elegant, partially damaged by fire former grow op V965832, and Cape Cod house V965433
F1213865: Canclled Listing January 9, 2013 @$1,069,000
V695832: Expired Nov 12, 2012. @$369,000 Relisted Nov 13, 2012 @$299,900
Sold December 14, 2012 @$330,500 FORECLOSURE
V965433 Oct 12, 2012 Price reduced from $389,900 to $374,900
Oct 30, 2012 Price reduced from $374,900 to $349,000
Dec 12, 2012 Sold @$380,000 FORECLOSURE
I believe both V965832 (assessed $530k) and V965433 (assessed $526k) were former grow-ops. A big drop from assessed but given the extensive internal damage to both houses probably not great deals.
Sounds like bidding wars on foreclosures have come to Canada from the U. S. Main difference is that the asking price is at least twice as high.
Punnoval: Bidding wars on foreclosures are nothing new here. Its rare, in the ones I see at least, that any of them go for a great deal. The two I noted above were in rough shape and would have been hard if not impossible to get financing on.
Natalie: What I can’t understand is why anyone would pay more than the land value for a house in “rough shape”. This is my idea of a foreclosure price:
http://www.zillow.com/homedetails/30-Strada-Di-Villaggio-307-Henderson-NV-89011/63079727_zpid/
This one sold for 68% off the previous selling price and it still was too high by a factor of 2. So why not here (yet?)
Or, how about this thing closer to home:
V989838, 5788 Binnacle Ave., Sechelt – Grow-op, foreclosure, lots of green rot, could not be worth more than land value assessed at 147K -still asking 315K.
Is Las Vegas the future, or are people destined to overpay for crap.
Superb location! Minutes to shopping, public transporation, airport & recreation facilities! Strata council may allow insuite laundry installation!
Does everything deserve an exclamation mark!!
Yes! Won’t Last!
loyal cadres always use exclamation points!
it drives home the resolute determination of the cadre!
Freakonomics discusses this tactic.
Try this link for a brief blurb: www7.esc.edu/vvernon/Freakonomics.doc
Do not dish the portable dishwasher! I am making a bid just for that
Winnie Lam WAKE UP!
Note caps and exclamation point!!!
#4 from 13 February attached still has only one photo posted, of the WRONG BUILDING!!!
http://www.realtylink.org/prop_search/Detail.cfm?MLS=V989571
I got carried away by this ineptitude and created this:
http://vancouverpeak.com/Thread-A-Photo-Primer-for-Realtors
I have a query, probably for Natalie. The MLS site in the Comox Valley shows 874 listings as of February 28. At the same date the RE/Max site shows 591 listings. I searched five of the RE/Max listings for a subdivision. None of these listings was also on MLS. My question is, “if any of the RE/Max listings which are not on MLS sell, sold of course by a realtor, are they lumped in with the MLS sales at month end to give a grand total for sales in the Comox Valley?” A secondary question is, assuming the sales are not lumped in with MLS sales, “are these sales recorded anywhere?”
Ford Perfect: If the listing realtor is worried about “points”, he will likely list them on MLS when he sells them and record the sale on MLS. The DOM is usually 0. This is generally only because of our internal awards. If he or she doesn’t care about points, then no, they won’t show up on MLS. As far as I know, MLS only reports MLS data. Exclusive listing/sales(which are sales under contract but not listed on MLS) are not recorded in the same data. The only place I know that you will find a record of non MLS sales is Land Titles and BC Assessment, as with any sale or transfer of land that takes place without the use of a Realtor.
Thank you very much Natalie. From your response I take it that it is possible for non MLS sales to be shown as MLS sales, at the time of sale, if the selling realtor so chooses. Further, to discover the extent of the practice, would require monitoring MLS for DOM of 0.
My reason for asking is probably obvious. If this practice is at all widespread it would drastically skew the MOI based on MLS inventory divided by sales.
Why not give the Realtor a call and ask him/her directly why the subdivision isn’t on the market? It could be that he is waiting for something in the process of subdividing to take place before he has them on MLS….maybe the subdivision still needs to be registered so he has individual legal descriptions? Just throwing a few guesses out there. In this market, it would seem a bit silly not to have the lots on MLS. Sometimes it seems people like to default to the negative.
“transporation”… I wonder if this is a foreclosure? Lists at 20% below assessment and 30% below the last list price
———————————–
You’ll never know until you put in an offer and find out it’s CMHC which is on the other side of the transaction. So much for “full and fair disclosure”.
If CMHC holds title to a property, it is not handled through the courts; it is not a foreclosure. A foreclosure is handled through the courts. If you want to know if something is a foreclosure, phone the listing Realtor and ask, or ask a seperate Realtor for the info. You won’t need to wait until you write an offer to know. I already posted that yes, this one you quoted is a foreclosure.
There are two basic ways to interpret any piece of legislation, basically purposive or liberal, (ie what is the intent of the legislation), and literally or conservatively, (ie what does the legislation say in the narrowest sense). In watching the comments on various sites about CMHC disclosure, various commentators use one or the other approach, probably unwittingly in many cases.
To put it briefly, a purposive interpretation would hold that even although CMHC holds title it is still a foreclosure in the broader sense and would remain so until sale to a “bona fide purchaser for value”. CMHC is definitely not a purchaser, just a reluctant title holder. The literal interpretation is of course much the easier to apply. Once CHMC gets title the foreclosure process in court is finished and the property is no longer in foreclosure.
My own bias is the purposive. It seems to me that until the property is sold by CMHC many of the problems associated with a foreclosed property remain – for ex. probable failure of previous owner to maintain, possible malicious damage, and decay from standing vacant to name a few. Thus it should be shown up front, on MLS, as a foreclosure even if CMHC has title.
In addition there is the problem that failure to disclose foreclosure flies in the face of an open market which requires transparency, or equal access by all to all relevant information, to operate efficiently.
Ford Perfect: I do understand your points, but there is a system of balances and checks in place. There is no staute that requires a seller to disclose their motivation to sell, or alternatively, a statue that differentiates one seller’s rights from another? What rights would you like when you sell your property? Should a realtor have to disclose that you are selling because you have a job transfer? Are in financial trouble? A divorce? Would that be fair? Are you prepared to do the same when it’s you selling?
Disclosure rules do not dictate that everything about a property be disclosed in an advertisement. Disclosure is done before or part of an offer, such as writing an offer subject to the buyer receiving, reviewing and accepting a property disclosure statement. I am suspecting that foreclosures not being disclosed in an advertisement are likely to weed out the tire kickers. Perhaps banks and their lawyers are tired of having to deal with ridiculously low offers that they just reject and send back. It’s a waste of everyone’s time.
Disclosure generally reflects WHAT you are buying, not WHY they are selling. A buyer needs to know any latent defects that affect the value of your property. Whether or not CMHC owns the property does not affect its value, it reflects motivation. If a property is in foreclosure, different rules apply as to the process and the wording of the contract (see schedule A, and other’s as they may apply). Yes, a buyer needs to know this. These are disclosed before you write or when you write, as legally required.
Once CMHC takes title, and its no longer a foreclosure, they have no first hand knowledge of any defects, similar to a foreclsoure. It is most likely there will not be a porperty disclosure statement available. A prudent buyer should always have an independant home inspection done by a qualified, licensed inspector of his or her own choice. CMHC having no knowledge is much like a distant owner who contracts out the management of their property. Regardless of ownership, always have your own inspection done. The issues you describe in your posting would generally be picked up on any reasonable inspection. Additionally, it is always good practise to visit your local municipality and find out about any permits that have been issued(or not) and anything else they can tell you about the property, zoning, future plans for the area etc. The onus is on the buyer to do their due diligence regardless of who is selling the property. Anyone purchasing a property, foreclosure or not, should always do this prior to making their offer firm and binding. You can write conditions(subjects) when writing on a foreclsoure, but the courts will only consider your offer once condtions have been removed. If there is already a court date set, you can satisfy these conditions ahead of time and bring your condition free offer to the court house on the applicable date.
If you want to find owner information on your own, then you are free to go to land titles to get ownership info. BC assessment now has available previous sales prices on their site. Otherwise, ask a Realtor…most of provide the information free of charge to you. If you are working with a realtor as a buyer’s agent, you don’t pay a dime to them (in most cases), yet you get their undivided loyalty bound by the laws of agency once and agency relationship is established.
As for knowing the “state of the market”, what did people do before MLS.ca was available? I ask this earnestly. Don’t forget, Realtor.ca is a private site that was created, maintained and is funded by the industry. To rely soley on it for the state of the market would exclude all the FSBO sites and private sales that happen within the market. Where did we get all of the state of the market information before the industry made the data we collect public?
I don’t want this beaten to death – I think all the points are out there and I don’t want Natalie to get frustrated with answering the same thing over and over and then decide not to contribute in the future.
For the record, I don’t really think it is a big deal to disclose this. If I was looking at buying a property that would require I go through the foreclosure process then yeah, I need to know that right away. If I am buying a property and the seller happens to be CMHC but the process is still the same as if I bought from Joe Blow then it is much, much less important.
You are buying a house, the biggest expense of your life – make sure you do your due diligence and get an excellent inspector and have someone check city records etc. People spend more time researching a new TV than researching the house they are going to commit 25 years to pay for!
If you don’t want to call a Realtor, the information is on the title. You can do your own title search to find out.
Thanks Observer, this site is so valuable.
Since CMHC will not disclose that a listing is a court ordered sale, we must assume that all listings are court ordered and adjust our offers as such. This of course will force listings that are not court ordered to state that they are not court ordered. Looks like this has already started. Check this out…
http://www.ecorealtyinc.ca/listing?id=260094838
The Vancouver Realtor Hunger Index for February 2013 was 73.
Details and historical data at: http://vancouverpeak.com/Thread-Vancouver-Realtor-Hunger-Index
Got the keys today on our foreclosure…court sale…
this route is not for everyone…
Really takes work… and the real estate agents don’t like them because they don’t get paid if someone takes the property with a higher bid…
… but it worked for us.
I think there are 10 to 20 Court ordered sales property sales on any given day.. and 20 – 30 modifications granted… from what i have seen…
friends realty company just wound up with a folded realtors books and listings… found 11 foreclosures hidden in the listings…
Bank took a $90 thous. + loss… Priceless
More than 1/3 below BC assessments faked value… are we surprised???.. shit no
… and the guy who folded the whole mess left us a lot of good upgrades… $50,000+
and a “Court Document” providing “Proof” and “Proving” that everything I have said, “Facts”… about the fraudulent land values provided by BC Assessments Crown Run Private Real Estate Offices”.
The Master Proved It in court…
Thank you.. moved and done….loaded 11 8′ x 20′ x 9’6″ C Cans 189,000 lbs later I rest
Silver
Good for you Silver. Perhaps you can give some tips for those of us who will be following you.
The best place to start is to watch the court process live. go until you understand what is going on. Its very fast….
Learn the role of the “Master” in dealing with foreclosures and bankrupt entities…(this is Common Law concerning lost, and damaged ships cargo’s and paying out the losses). First bid carries real weight. If you rebid which you are allowed if you put in the original offer…. do it on the original document… change the originating bid price… if it’s close to another bid you may still get it…
…. learn the history of the property and the previous listing prices, and sales prices…
this is work.. there is no free ride…,
Natalie below… has very very good and sage advice…
At the end of the day you are playing blackjack and the only card up is the offer price…
You must then evaluate the competition and bid, no more than you can afford. I went early to the court and watched who was looking at the property on the listing. As I had the first bid in I also was able to gage what the other parties were likely to spend and changed my bid to match . I also had a limit. I played a lot of cards once long ago.
Know when to fold your hand… There will be others… count on it… Poaching takes patience and nerves of steel…
Do not spend more than you intend… there will be others. Always leave the casino intact.
Silver
If I can offer you a tip or two: Try not to be the first offer in/accepted. Generally, although this has not always been the case lately, the first offer amount is disclosed after it is firm. We then get the court date and most often, the Realtor will send the date out to all parties who have shown an interest in effort to generate more offers at court. It is common people will show up unannounced at court. No one wants to give away their “hand” with these sales. Be prepapred for a competition. If the property has been sitting on the market, you may want to get the ball rolling with an offer, just be prepared to change it if there is more than one potential purchaser at court.
If you are going in with a competing bid, do all your homework before the court date. Financing approval (must have your financing approved for that specific property and not a general preapproval) Do your inspection, satisfy any requirement for fire insurance, research the title and check with the local municipality for any particulars about the property.
Bring your offer to court, but fill in the price after you are there and have assessed the competition. Your offer must not contain any conditions (subjects) except subject to court approval.The first offer amount is usually disclosed on the docket. It is a must that you attend the court date to handle anything that may come up, unless you have a one time only, final offer you don’t intend to alter. Generally, the lawyer will ask the room if there are any more offers on the property before the judges hears the matter, but its a good idea to seek out the lawyer or listing realtor prior to the matter being heard.Be sure you have a BANK DRAFT(personal cheques are not accepted) for the deposit amount you need and be sure you aquire and sign the appilcable “schedules” that need to be attached to your offer.
Keep in mind, you will need to complete relatively quickly, as in ten business days. A higher offer with a longer completion time will likely not take the property.
Get ‘er done
Thanks Natalie, all good stuff to know.