$2.4 Million Tear Down House in Vancouver - Update: $9 Million Tear Down

[DonLever]

From CTV:

http://www.ctvnews.ca/business/knockdown-bargain-what-a-2-4m-vancouver-teardown-looks-like-1.2757939

It is located in Point Grey, Vancouver.

What can you say?   It looks like a P.O.S.   More politely, a rundown shack.

Of course,  the value is in the land.

 

[WHL rocks]

Not for long, market will to turn soon, we need a major correction and it's on it's way.

The sooner the better.

[PhillipBlunt]

This city has changed so drastically as far as population, I barely recognize the place. When I was a kid growing up in South Vancouver, the neighborhoods were the United Nations. It was awesome. I grew up in an Irish household on the corner lot. And grew up listening to Indian, Hawaiian, Quebecois, Afghani, Japanese, German, Russian, Chinese, and, Italian.

Now that diversity is gone. Completely absent. 

[slickjim23]

11 minutes ago, PhillipBlunt said:

This city has changed so drastically as far as population, I barely recognize the place. When I was a kid growing up in South Vancouver, the neighborhoods were the United Nations. It was awesome. I grew up in an Irish household on the corner lot. And grew up listening to Indian, Hawaiian, Quebecois, Afghani, Japanese, German, Russian, Chinese, and, Italian.

Now that diversity is gone. Completely absent. 

Bought up by the Chinese or what? Haven't been back home in Van for a long time.

[PhillipBlunt]

Just now, slickjim23 said:

Bought up by the Chinese or what? Haven't been back home in Van for a long time.

Much less diverse and more so catering solely to the highest bidder.

[Honeydew]

And there goes our market folks!

[nuckin_futz]

http://www.crackshackormansion.com/

[CBH1926]

What goes up must come down, Vancouver market has been overpriced for years.

 

[riffraff]

You're dreaming if you think it's going to come down.  This city and country for that matter is pimped right out...sold out people!

 

somebody(s) making money and it's not you.

[Nuxfanabroad]

Small world..a while back I shared that bsmt suite with some of my tribe. Glad they've finally spruced it up!

[thejazz97]

And meanwhile my parents bought an acreage about 100m away from Hwy 1 with a house on it for $400ish grand...

[mpt]

3 hours ago, CBH1926 said:

What goes up must come down, Vancouver market has been overpriced for years.

 

 

 

7 hours ago, WHL rocks said:

Not for long, market will to turn soon, we need a major correction and it's on it's way.

The sooner the better.

As long as rich people continue to be rich, the housing market in Vancouver won't be changing

[aGENT]

8 hours ago, WHL rocks said:

Not for long, market will to turn soon, we need a major correction and it's on it's way.

The sooner the better.

There will likely be a slight down turn/correction soon but if you think prices are ever coming back down to 'affordable for the common man', you're delusional. 

Vancouver real estate is expensive. Get used to it. 

[Hairy Kneel]

I read somewhere homes aren't homes anymore just stock investments with rich corporations own and no one actually lives there.

[wshdrvvn]

gentrification

[Dittohead]

The 1st rule in Real estate. Location,Location,Location.  Vancouver is a place where people from all over the world want to live.  I bought my 1st place a condo in the late 90's with no money down for 82K  sold it for 92k a few years later  bought another duplex for 180k with 10% down sold it for 360k after a divorce a few years later,  bought a mobile home and made no money on that pos should of rented but oh well never buy a mobile home, sold it and bought a house 1.5 years ago  on an acre for 585K with 10% down and it's now worth 650k or more.

 

 

[ckamo]

Like DonLever said, the value is in the land, so I don't know why news outlets keep reporting this kind of thing. Is anyone actually surprised? Nobody from the area should be, that's for sure. 

1 minute ago, wshdrvvn said:

gentrification

Does it really count as gentrification if it's in Point Grey?

[wshdrvvn]

1 minute ago, ckamo said:

Like DonLever said, the value is in the land, so I don't know why news outlets keep reporting this kind of thing. Is anyone actually surprised? Nobody from the area should be, that's for sure. 

Does it really count as gentrification if it's in Point Grey?

haha if it counted in brooklyn, it counts in point grey!

[Ghostsof1915]

The price of Real Estate is higher here than in places like Hawaii and California. It is overpriced. There will be a correction. Because unless people are coming to retire here (And they are not), it's a house of cards. There's a finite amount of people with money. 

If economies start to tumble so will our housing market. Australia has the right idea in putting restrictions for foreign ownership. Maybe because there they understand the housing market isn't for investment, it's for people to live and work. 

[Electro Rock]

41 minutes ago, Ghostsof1915 said:

The price of Real Estate is higher here than in places like Hawaii and California. It is overpriced. There will be a correction. Because unless people are coming to retire here (And they are not), it's a house of cards. There's a finite amount of people with money. 

If economies start to tumble so will our housing market. Australia has the right idea in putting restrictions for foreign ownership. Maybe because there they understand the housing market isn't for investment, it's for people to live and work. 

Not sure about Hawaii but California cities seem be even more expensive when comparing desirable areas at least. 

The only thing that makes Vancouver different from other expensive cities is that the average income is considerably lower, a reflection of the fact that Vancouver's {legitimate} regional economy is just pathetic for a city of its size.