If You Had a Million Dollars

If you have allocated less than a million dollars toward finding your Vancouver west side dream home, you are in luck – there are nine available for sale.

However, you will need to stay alert! At these bargain prices, they come with strings attached to issues you might not like.

Five Of Nine

Five of the homes are located on the Musqueum reserve. These homes are situated on leasehold land. Many of the annual lease payments approach $10,000 per year.

Thin

Be sure to leave your packages at the door when you enter this Vancouver home. Situated on Point Grey’s fifteenth Ave where with under a million dollars in your pocket, you can buy this thin, one bedroom house, on a 16 foot wide lot. The bonus is that you get a whopping 960 square feet of living space.

Noise

If the sound of never ending speeding traffic lulls you to sleep this beauty at Oak and 60th offers up some Feng Shui at $988,000. Suggested inclusions in your offer would be several cases of sleep aid and ear plugs. You might quietly also include breathing masks to reduce the ingestion of exhaust particulate.

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Boombust Says:
February 2nd, 2011 at 6:29 am

Drat! There’s always a catch!

Samsonite Says:
February 2nd, 2011 at 7:07 am

Not to worry, I remember when it took $1,200,000 to buy 1,000 shares of Canada’s largest publicly traded company by market value.

Today, those same shares would cost significantly less.

The lesson – ultimately, it comes down to financial metrics, there is no hiding from this.

That said – I am amazed (as I was at the Nasdaq bubble, and US/Dubai/etc. real estate bubbles) , these things tend to go on a lot longer and harder than a rationale observer would imagine. But, as history tends to show us, the insanity on the upside is matched on the downslope as well. Interesting times we live in!

All the Best.

L8erDude Says:
February 2nd, 2011 at 10:43 am

@ samsonite.

you better hope you’re right about the bubble. If you’re wrong you rent forever. I own my home whether there’s a bubble or not.

specialfx3000 Says:
February 2nd, 2011 at 10:59 am

So if the ratio between rent and price continues to grow, what’s wrong with renting forever?

Samsonite Says:
February 2nd, 2011 at 11:04 am

L8

I agree with you.

That said, I own a lot of things, but rent my home for a fraction of the fully burdened (not including principal payments) cost of buying at today’s prices and prevailing 5 year interest rates.

Bubble or not? Gimme a break.

February 2nd, 2011 at 11:12 am

@special

Nothing wrong with renting. A number of renters have helped many owners pay for their real estate assets. I’m sure they thank them.

Best place on meth Says:
February 2nd, 2011 at 11:39 am

Sure Larry, but conversely many owner-speculators have helped out renters by subsidizing them with their cash-flow negative condos.

I’m sure the renters thank them.

Samsonite Says:
February 2nd, 2011 at 11:46 am

Larry,

I’ve owned a lot of rental properties myself (nothing owned at thsi time), and I agree with you.

But at the moment (by and large) the ‘owners’ are assisting renters by charging rents that do not even come close to covering the cost of owning.

Now, who’s helping whom? Time will tell how this plays out, but I remember getting the gears for not buying Nortel. I remember all too well.

Also, most folks are fundamentally financially/mathematically challenged.

specialfx3000 Says:
February 2nd, 2011 at 11:57 am

And Larry, a number of owners have helped many renters live in relatively nice Vancouver homes that they would otherwise been able to buy (mortgage, repairs and other costs). Goes both ways.

specialfx3000 Says:
February 2nd, 2011 at 12:00 pm

Larry, you need real-time posting. I think I just repeated what BPOM said. 🙂

February 2nd, 2011 at 12:06 pm

@special
re: real time posting – ain’t gonna happen.
But it’s ok to be repetitive – kinda like an advertisement for KFC. Eventually, someone buys a bucket or a house. 🙂

L8erDude Says:
February 2nd, 2011 at 1:18 pm

@ samsonite

Since I bought my home my “income” has been 40% from my job and 60% from housing appreciation. When I sell this is tax free money. Go ahead and rent forever – but you’re rich or poor only in relation to your peers. At 60 years of age come and talk to me about how wise it was for you to rent.

Best place on meth Says:
February 2nd, 2011 at 1:53 pm

@L8erDude

Ok Tom Vu, but WHEN are you going to sell?

When everyone else tries to do the same?

You haven’t made a dime until you cash out and the funny thing is that not everyone can do that at once, therefore not everyone’s house is worth current market value.

Only the ones that sell are.

specialfx3000 Says:
February 2nd, 2011 at 3:52 pm

L8erDude, kudos to you for owning a house.

Now, I dare you to go by a house NOW in Vancouver, heck, make it Vancouver West and report to us at 60 years of age how that investment is.

February 2nd, 2011 at 4:36 pm

@special

rambling thoughts….

You and others well know that those who bought a number of years ago are riding high today. Will that continue? There is reasoned thought that says yes and no.
Do any of us have the ability to divine the future – most definitely not. Instead we take reasoned chances or just blindly take a step forward.

Years ago did current homeowners know for certain that this market would reach its current height – unlikely. I can guarantee you that I didn’t and I’m supposed to know what I’m doing. All I knew is that I could afford this old shack and my kids needed a home. The value increases didn’t happen because I was brilliant – it just happened. Could I do it again – no.

Like me I suspect that the kings of today simply bought the best home in the best neighbourhood their money could buy at that time.
If that home happened to be in Vancouver or almost anywhere else, they are today wise kings in the eyes of many.
The kings of tomorrow will be buying on the east side, Burnaby, Coquitlam and New Westminster.

About the gold:
Keep in mind that those same kings will make the sacrifice if they want the gold. If they sell their Vancouver home today they may have the gold but it is unlikely, for the majority of them, that they would ever again be able to buy into the same neighourhood.
It seems to be a full circle of making life choices – just as they did years ago.
I don’t see it as much different for those buying today. It’s a life choice. As @would-be buyer notes, that family is reaching the point where they are no longer prepared to make the sacrifice to live in this city – certainly not on the west side of town as previously hoped for.

I leave you with the thought that this is a developing theme amongst many families. Preemptively, I know the ‘rent for ever’ point of view. It may be just as valid.

L8erDude Says:
February 2nd, 2011 at 4:53 pm

@ specialfx

I don’t see a halt to property prices so long as immigration continues at the frenzied pace of the last 20 years. At 60 years old my home will be worth 3x today and your rent will be about the same multiplier

specialfx3000 Says:
February 2nd, 2011 at 4:55 pm

If you re-read my comments, firstly, i was suggesting that if the gap continues to grow, renting certainly makes more sense. Certainly, if rent shoots up, buying will look more favourable.

Secondly, the other reader brags about his winfall so far. I do congratulate him for that.

But unless he sells today, none of that appreciation matters and yes, I don’t have a crystal ball either.

If he is so confident about the market at age 60 (not knowing how old he is now) I was merely suggesting that he pick up another gem.

February 2nd, 2011 at 5:04 pm

@special
wasn’t dissing your thought but rather was hoping to add some perspective.

L8erdude Says:
February 2nd, 2011 at 6:34 pm

@ specialfx3000

the other reader is pointing out the financial disadvantages of renting vs owning. If you perceive it as bragging it’s probably because you are already well aware of these disadvantages

specialfx3000 Says:
February 2nd, 2011 at 7:38 pm

Dude, for the last time, kudos to you and your good fortune thus far. (some may say luck but whatever) Sure, go ahead and take that good fortune in a straight line to your grave. (may you live to a 100+)

February 2nd, 2011 at 7:45 pm

@L8R and special

Play nice. Positions taken are clear to all. Both are valid relative to circumstance. Now if only I could sell @l8r’s house to @special. That would rock. Hell, for that privilege I might even discount my commish. 🙂

specialfx3000 Says:
February 2nd, 2011 at 8:15 pm

Everyone, I’ve found the formula to getting a commish discount from Larry. Thank me later. 🙂

February 2nd, 2011 at 9:05 pm

@special
takes three to tango. 🙂

L8erDude Says:
February 3rd, 2011 at 8:56 am

@ Larry

you might discount your commission – but I won’t take a dime less than my home is worth to sell to an uber bear

February 3rd, 2011 at 9:13 am

@L8r
Agreed!
Once paper is signed it will be in @special’s court.
You’re call @special.
BTW, verbal offers aren’t worth spit. 🙂

Samsonite Says:
February 3rd, 2011 at 10:01 am

LR8 – if I were you, in this market I would go for the highest price your house can fetch on the market vs. what it’s “worth”.

As Buffett has famously said, Price is what you Pay, Value is what its worth.

I’m sure you don’t appreciate the difference, but my bet (yes, I know I could be wrong, and I do appreciate your input here) is that over the next 24 months a lot more people begin to understand this. Sometimes the best lessons are those which are most painful.

Price of gas – wonder if this will impact consumer firepower
Rising rates – check out the bonds – how soon before BoC and banks raise rates?
Interior/Island/Cottage country/Fraser Valley – in my view, the heat from the inside/out, cool from the outside/in is playing out.

JMHO, great debate!

Enjoy the day, ciao.

specialfx3000 Says:
February 3rd, 2011 at 10:33 am

I won’t pay a quarter (not the coin) for Dude’s house for what he thinks its worth

Teddybear Says:
February 3rd, 2011 at 10:48 am

I would not buy a house in Vancouver if I had 50 million dollars! To me they are WORTHLESS.
In a city where there is no highways, no museums, no culture, only those who do not know any better would spend a dime on pile of rotten wood, NOT built o the Code. And yes there is plenty of suckers who do not know any better…

February 3rd, 2011 at 1:44 pm

@teddybear

Come up for some sunshine! A wild wild guess is that if you actually owned a $10M house your squeaky violin would be playing a different tune.

February 3rd, 2011 at 1:46 pm

@special
hmmm – trigger cocked and you duck. What is that about?
Advantage L8r 🙂

Amazed Says:
February 3rd, 2011 at 2:09 pm

Like anything that is bought and sold everyone places value for different reasons. I wouldn’t buy a rolex, but you might.
Same with a house. It may not be worth it to me, but to someone else it is worth more.
So when you buy, do you buy what other people want or what you want.
If you buy what you want, then you are getting some value, hopefully at a price you are comfortable with.
If you buy what other people want, (so you can sell it easier), then you are buying on price, & you are speculating.
If you are renting then you haven’t found the value or price that you are happy with. Nothing wrong with that either.
You can’t put your values on others motivation and conclude they are right or wrong at the price paid. That’s just plain dumb.

February 3rd, 2011 at 3:27 pm

@amazed

Who are “You” talking to?

specialfx3000 Says:
February 3rd, 2011 at 4:59 pm

Larry, are you for real? Buddy would not move a dime on his percieved worth (apparently it’ll be $3M when he turns 60).

There is no mention of what his house is like, where it is, how old it is. For all we know, it could a ready for tear-down, former grow-up turned pimp house. No thanks.

Trigger cocked? You better believe that I’m ducking. Sorry bud, there goes another commish cheque for you.

February 3rd, 2011 at 5:13 pm

@special
Buying a horse in the dark. You missed the sarcasm.

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