| B.C. Real Estate Crashing Time to Sell !
Posted: 1/27/2009 6:32:28 PM | At Billthecard...
have a very good realtor I've been working with who said I'd likely get into it for just over $420,000 currently.
Firstly Bill, before I say anything else, I have bought and sold many houses and "done the deal" both privately (did all the realtor and legal myself) and through a realtor.
Let's make something perfectly clear, the realtor is not there to do YOU any favors. They are there to make as much commission on the sale as possible.
What I think you need to do is this. Walk into a realty Co. office, (not the one you are dealing with) and ask them to do a printout of all houses in the area that you are looking at that have both sold ,and are currently listed for the last 6 months. This will give you an idea as to what the area market is worth.
Then LOW BALL em!!!!! making sure that you have plenty of "subject to's" {subject to a favourable inspection, subject to financing etc. ). Having subject to's always gives you an "out" should you find a better, less costly home while you are looking. I have previously put offers on TWO places at the same time using this tactic and when my realtor told me that I could not do that, I promptly put him in his place... Guess what, YES YOU CAN, if you know what your're doing.
You can always go up, but never down, and will aways be able to counter offer (the home I am currently in I counter offered four times). Because of this, I am now in a home (was a repossession from a private lender) that I got at a price far less than anyone else would have paid in my complex, and even though the prices will go down , I will still be ahead of the game.
It is a buyers market right now, use that to your advantage.....
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| B.C. Real Estate Crashing Time to Sell !
Posted: 1/27/2009 6:33:02 PM | I hope to invest in another rental property within 6 months as what goes down must eventually come back up....and it is gonna come way back up....time to buy is within 2009 before the market becomes a sellars market again...but that is just my opinion. I am liquidating both my boats for this chance while the market is crashing....With 3 rental units (with the new purchase) i will soon have a new boat anyway....might be a sad summer for me  but a nicer boat is in the makeing and a extra income to boot. ***well thats the plan anyway and the lakes are not going anywhere fast*** | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 1/31/2009 4:56:25 PM | What do you guys think of fixer-uppers (houses not Fish-mates) .
I saw a house recently that was more or less what I need but it was built in 1960's and needed about 100,000 t0 120,000 worth of renovation including plumbing, heating and probably some electrical....
It isn't so much that everything was worn out (which it is), but sooner or later a re and re of older hot water heating, entire kitchen (2 bathrooms, all the floor coverings, some leak-fixing and some drywall fixing would be needed). Probably reshingling the roof was required. There seemed a possibility that some exterior storm drainage needed a fix too, as there was water pooling in the garage from snow melt which should not have been there.
The size of the home, its location and the large garage size were all good points.
What say you? Walk, run or consider it further? | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 1/31/2009 5:26:19 PM | At BillTheCard ^^^^
How FAT is your wallet.... 
To me, it sounds like a lot of fixing up and would depend on the offer that you were planning to make...
If you are interested in making an offer, then one of the subject to's should be "subject to a favourable inspection". Pick your own inspector if you know one because sometimes inspector's will work in tandem with realtor's to help sell you the house (just being devils advocate here) and not necessarily be totally honest with you . The cost of having the home thoroughly inspected is about 300.00 but well worth the price. My 2 bedroom town home took apx. 2 hours to inspect, a house 3 or more depending on the size. Your inspector should then give you a binder regarding the total inspection telling you problem areas that need immediate fixing, and he/she will go over the complete inspection with you. I knew exactly where and what to start work on when I moved in from this inspection. There also must be a disclosure on whether or not the house had ever been a "grow op". Another thing you need to think about is whether or not asbestos board has been used in the home (would be just about the right age)
If there is serious structural damage (wood rot, mould, termites, cracked or crumbling foundation) RUN! do not walk away from purchasing.
Jmho | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 1/31/2009 5:57:26 PM | If there is serious structural damage (wood rot, mould, termites, cracked or crumbling foundation) RUN!
That cannot be emphasized enough. Absolutely no Methodology exists to be 100% sure of Wood Rot, even the fanciest Testing Equipment is nothing more than an Index.
Many Home Inspectors also don't know what they are doing. They don't crawl into Attics to check if Insulation has been blocking the Soffit Venting, cannot read asphalt Shingle Buckling & Lifting Phenomenon that Point at a long Term Venting Problem, cannot assess Wood Deck/Joist Structuring & Dipping, don't properly take Humidity Readings, or take them when cooler Temperatures yield false Reads along Perimeter Details. And 32 Page Encyclopedia "Copy & Paste" Engineering Reports that run for $ 3,000+ are not much better either.
Drainage Problems also require one roll up ones sleeves and dig several Test Holes below the Foundation to assess Water Saturation against the Wall. Outfits like Roto-Router have Equipment Home Inspectors neither have nor use to determine if Section of Draintile have Collapsed.
Most older Homes have decent Length Roof Overhangs, and Wall Wood Rot is rarely an Issue. The Problem gets profoundly more complicated in newer Condo-Style Homes when thinly coated sundecks are covered by non-removable Duckboarding, Planters with cheap urethane Coatings or chemical Breakdown of certain Types of Torch-on Membranes, Window and other Wall Details which have been inadequately papered and not "Peel & Sticked", Gutters mis-sloped causing clogs to run back behind Facial Boards and into the inside structural Wall.
No Home Inspector will detect Squat unless Stain & Moisture Indicators are plainly apparent even to a 4 Year old Child. Short of coring Holes through Drywall for precision Test-Probes or more limted Infra-red Scans, all Wood Rot will remain unknown. And if you are going for a Condo, and I don't care if it has already been recently restored, you may end up on the Hook for several 5-Figures getting the Building fixed over and over.
Hidden Wood Rot is only found by the determined Home Buyer who will stop at nothing to find out, even at substantial Expense, but takes the required Steps himself.
Home Inspections often don't go much beyond noting the obvious. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 1/31/2009 6:50:18 PM | My Gauwd... ^^^^Such talk about "Stain and moisture indicators" and "Precision test probes" ...... 
I'm starting to get turned on....   
I love it when an Engineer talks dirty!!!  | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/2/2009 12:14:53 AM | Hey anybody know what the deal is with 50 year old hot water heating? Is it good? The little old boiler looks a tad rusty :)
I can't see how one could replace it with a heat-pump -- because there's no air ducting as far as I can tell.
Yours truly is sadly not any sort of an engineer :) | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/2/2009 12:45:06 AM | ^^^
A two or three head ductless system with heatpump is the best answer for your needs.
50 year anything HVAC needs to be decommissioned. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/2/2009 1:06:37 AM | | On the radio news yesterday, I caught a snippet of advice from Garth Turner, he said not to buy in Vancouver yet, he thinks the real estate is so overvalued that we haven't seen anything yet with the price drops. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/3/2009 12:21:58 AM | It's not only that our market is overvalued, it's that developers have over built. When developers started offering pre-construction pre-sales during a period where the housing market was booming and property values almost doubled in most areas of the lower mainland, it created a perfect opportunity for investors to make some very decent quick cash with very little money down. It didn't take long before even the average joe saw an opportunity to make money by using their good credit and current assests to purchase a pre-construction condo with no intention of ever moving into it and simply selling it when construction was complete for a cool $50,000 profit in most cases.
What this did is create a false market or demand that of course would come to a crashing halt once there were no more home buyers to purchase these condos or townhomes from the investors. It wasn't home buyers driving this market and creating the demand, it was the investors and like in any investment, in order for someone to make money others have to lose. Most large developers have postponed new residential development, even the next phases of existing developments until the market turns around which most likely won't be until 2010. It's hard to sell off next phases when your competing against those who bought into the first phase and have already put their condo on the market.
The unfortunate part is that those who invested in these presale condo's and townhomes never had any intention on keeping it or carrying the additional mortgage, which of course they are now facing the reality of and we're now seeing developers suing home buyers who are trying to walk away from their contracts. In 6 months to a year it will most likely be the most attractive buyers market in a long long time. Look into foreclosures of new developements, because it's already happening and you'll be able to negotiate some sweet deals. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/3/2009 3:01:22 PM | You're right drrtykrty... Builders've stopped building on spec much... Now there are a a few completing projects that have been in the works for some time. And even some of those unfinished projects are idle -- I guess the bduilers have reached a stage of solvency where it is imprudent to incur further trades costs just to build what will likley only become more unsold inventory ...
Right now I'm viewing nice glossy signs on some builders' lots indicating that IF you want a home on this lot, they'll sell it to you first and THEN build it for you. 16 months ago the home would have had foundation poured and be on its way to being built already. And the builder's agent would've happily been marketing it for him for more than his original pre-construction target price. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/7/2009 11:35:27 AM | Foreclosures are starting to show up in the market.
A trend that will continue for some time.
Anyone who bought in the last couple of years has probably lost money.
This is especially uncomfortable for those with mortgages. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/9/2009 9:31:27 AM | 2 blocks from my house in N.Van, New SPEC. Built in March. 2008, listed 1.25 million.
Yesterday, open house now listed at $860,000. Realtor told me not one person looked at the house yesterday.Foreclosure by Mort.Company by April 09. 1st. and 2nd. on same.
Builder demolished smaller, quite livable older home to build this new one that won't sell. Builder has 5 homes on North Shore for sale, including his own.
I wouldn't want to be in HIS SHOES. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/9/2009 9:59:23 AM |
what the deal is with 50 year old hot water heating?
BillTheCard
I had to deal with my system recently..lol
There are a few options you have. Depends on your budget and future plans and you may want to wait till it is warmer outside in case it takes longer to finish the project
If your system is working fine, other than an inspection and maybe "dusting" (cleaning) of the boiler "don't fix what isn't broke" while keeping your fingers crossed and being prepared.
If you flush system or have too much fresh water inflow you may end up with corrosion problems, professional flushing with anti corrosive fluid is very costly. Monitor your water, it will be very dark/dirty and that is good. The water should have no oxygen in it and be free of air bubbles all of which causes corrosion.
You can possibly buy the same size and old type of boiler for under $1000.00 and attempt to install it yourself. The expansion tank, water pump, water intake regulator zone valves, thermostats, pressure relive valves and pipes and exhaust vent parts you can also buy for under 1000.00.
Depending how much you can do yourself, this isn't really too difficult as you just need to replicate the connections you have. For water pip[es (copper) you need pipe cutter and fittings a soldering torch flux and solder all available at your home hardware place or a plumbing supplier. For your gas fittings you should have a professional gas fitter.
If you have a plumbing/heating firm do the work I believe they are obligated to refit your system with a new energy efficient boiler which cost a lot of money.
You'll find some helpful info here:
(http://www.inspect-ny.com/heat/heating.htm) | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/9/2009 3:39:35 PM | Re heat pump:
A boiler might last a long time, but it's operating efficiency may be quite poor.
A hydronic (hot water heating) system's boiler can be replaced with a high efficiency boiler or air-to-water HP. Another option is a combination Haot water heater/hydronic heater. These are basically high efficiency domestic hot water heater (tanks) equipped to supply water to the hydronic heating system as well.
You should ask yourself: If I took the extra cost of a HP and applied it to upgrading the insulation and other causes of heat loss, would I get a better ROI based on fuel savings?
HPs really become cost effective when you are replacing a system that has a/c. | |
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| B.C. Real Estate Crashing
Posted: 2/9/2009 9:52:10 PM | More doom and gloom on the business pages.
Starts down
Sales down
Listngs Up | |
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| B.C. Real Estate a Glimmer of Hope
Posted: 2/12/2009 5:53:46 PM | ------------------------------------------------------------------
Interest rates are almost sure to drop again so anyone who is thinking of buying may have some additional incentive.
Some FiveYear rates are below 5%
Prices are starting to get reasonable.
The inflow for Olympics won't hurt either.
Looks like it will be levelling for awhile. | |
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| B.C. Real Estate Crashing Time to Sell !
Posted: 2/12/2009 7:24:14 PM | This thread has a stupid titles. The worst time to sell is during a crash, unless you have no other choice.
IMO, now is a good time to buy. A year form now will be an even better time to buy. | |
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