When we bought our home 8 years ago in the GTA, it was a sellers market, every house had a bidding war. To avoid this, we looked at homes long on the market, too high a price and those eager to sell. The outliers can provide opportunities. We ended up getting the house without. bidding war before it went on the market. The couple was splitting and didn't want to drag things out, but we did have to act fast. I'm always looking for opportunity, thanks for your viewpoint on red flags. I learned a few things :)
@@LivingInVancouver-BC I saw all these leasehold condos going up for sale at the same time in the West End. Shortly after, I read in the news that the owners in building in question were being told to pay something similar to huge special levies (a little different though for leasehold but the same effect)
Very insightful. I understand earth quake insurance isn't standard and can be expensive, but something I'm considering to get when I move. When it comes to a strata, is it the responsibility of the strata or the homeowner to get the insurance? I understand most buildings are designed to survive an earth quake, but not without becoming a potential costly to repair and would hate to go through a quake but face a massive bill ;) I like what you did with the audio and video. Lighting looks better with the green and blur highlights. Nicely framed too. Makes me want to upgrade my set. Though on a big screen those fast zoom ins and outs can be distracting ;)
Thank you @OrdinaryFilmmaker! Working on tweaking a few things that will hopefully improve the videos. ;) In a strata the structure would be insured by the strata, not the individual owner. However, you'd want coverage for your own belongings in case of an earthquake (and possibly any improvements that you've made to the suite - building insurance only covers the original construction).
There's one house in Capitol Hill I am very interested in getting for my parents. It is 206 N Ellesmere Ave. This house has been on the market for around 3 years. It was originally listed for $4 million. But it fluctuates between $3 million to $4 million many times. It was on and off the MLS pages occasionally. It never got sold. My wife has dealt with the listing agent several times. They listed the price extremely low, but when my wife gave them slightly above their asking offer for their other properties, the agent said it was too low and recommended other listings for that price range. I am very curious what is going on with 206 N Ellesmere. The fact that it didn't sell for nearly 3 years and that the price is fluctuating by 30% is a red flag to me. That house would be gone already if the seller intends to sell at their asking price of $3 million.
Yeah. It was built in 2022 and it's been on the market since...starting at $4.6M and now at $3.5M. At this price (on paper at least) it looks like a pretty good deal. Newer houses on basically 1/2 the size of property are currently in the $3M range in the area...so $3.5M for an extra (nearly) 2,000 sf of interior space and almost double the lot seems like good value. $3M for this house would be an absolute steal. There are some red flags here that would prompt me to dig a little deeper. I can't speak with specificity about this particular property, but I've seen new construction that just wasn't built well. That can cause an issue (eg not passing inspections). But also, when a property has been on the market so long it can end up stigmatizing a property preventing it from selling for no other reason than bad timing and bad luck.
@acadian76 Yes...good point. I mentioned only exterior photos being a red flag, but should have mentioned the reverse as well...no exterior photos. Thanks for watching and commenting!
@Jacqueline-l8p Vancouver's really not all that cold in the winter...but as it gets colder you just layer up your clothing and you heat your home. If you haven't seen it, check out my video on Vancouver's weather to get a more detailed idea of what it's like! :)
Would you say it’s a red flag if I ask my realtor to relist because our DOM is getting too high and they say it doesn’t make a difference because a buyers realtor would tell them if it had been taken down and relisted?
@ivorytelecaster I can't comment on your specific situation. However, if I had a listing that was on the market a long time, I would be worried it was getting passed over. I would encourage my client to agree to cancel the old listing and relist...but more than likely at a reduced price. In my opinion that refreshes a listing and brings fresh eyes to it. Too often the market only really pays attention to the "new" listings and forgets about the old.
@@LivingInVancouver-BC we actually lowered the price and our realtor didn’t reset the DOM. That’s when they told me it’s not important. Glad to know that at least you agree with me. 🍻
@EmilyHamsterLover I've owned a house in Vancouver for nearly 25 years. In that time I had one break-in. Can't say homes don't get broken into ever...like it would in just about any city...but yeah saying "EVERY house gets broken into EVERY 6 months" is completely false.
Did I miss any red flags?
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When we bought our home 8 years ago in the GTA, it was a sellers market, every house had a bidding war. To avoid this, we looked at homes long on the market, too high a price and those eager to sell. The outliers can provide opportunities. We ended up getting the house without. bidding war before it went on the market. The couple was splitting and didn't want to drag things out, but we did have to act fast. I'm always looking for opportunity, thanks for your viewpoint on red flags. I learned a few things :)
Could you please do a video on leasehold properties? Would appreciate your in-depth analysis on the subject!
Red flag…lots of condos all up for sale at the same time in the same building
Yes for sure, @leibmoshe! That was #5. The trick is figuring out how many are too many. :)
@@LivingInVancouver-BC I saw all these leasehold condos going up for sale at the same time in the West End. Shortly after, I read in the news that the owners in building in question were being told to pay something similar to huge special levies (a little different though for leasehold but the same effect)
Very insightful. I understand earth quake insurance isn't standard and can be expensive, but something I'm considering to get when I move. When it comes to a strata, is it the responsibility of the strata or the homeowner to get the insurance? I understand most buildings are designed to survive an earth quake, but not without becoming a potential costly to repair and would hate to go through a quake but face a massive bill ;)
I like what you did with the audio and video. Lighting looks better with the green and blur highlights. Nicely framed too. Makes me want to upgrade my set. Though on a big screen those fast zoom ins and outs can be distracting ;)
Thank you @OrdinaryFilmmaker! Working on tweaking a few things that will hopefully improve the videos. ;)
In a strata the structure would be insured by the strata, not the individual owner. However, you'd want coverage for your own belongings in case of an earthquake (and possibly any improvements that you've made to the suite - building insurance only covers the original construction).
@@LivingInVancouver-BC Is it common for stratas to have earth quake insurance? I believe my mother's condo doesn't have it.
@OrdinaryFilmmaker I'd be surprised if it didn't!
Thanks
@Abdallah-k1l :) My pleasure!
The westside is full of simply teardowns. Dumps and shacks on expensive dirt. Welcome to Vancouver.
There's one house in Capitol Hill I am very interested in getting for my parents. It is 206 N Ellesmere Ave. This house has been on the market for around 3 years. It was originally listed for $4 million. But it fluctuates between $3 million to $4 million many times. It was on and off the MLS pages occasionally. It never got sold. My wife has dealt with the listing agent several times. They listed the price extremely low, but when my wife gave them slightly above their asking offer for their other properties, the agent said it was too low and recommended other listings for that price range. I am very curious what is going on with 206 N Ellesmere. The fact that it didn't sell for nearly 3 years and that the price is fluctuating by 30% is a red flag to me. That house would be gone already if the seller intends to sell at their asking price of $3 million.
Yeah. It was built in 2022 and it's been on the market since...starting at $4.6M and now at $3.5M. At this price (on paper at least) it looks like a pretty good deal. Newer houses on basically 1/2 the size of property are currently in the $3M range in the area...so $3.5M for an extra (nearly) 2,000 sf of interior space and almost double the lot seems like good value. $3M for this house would be an absolute steal.
There are some red flags here that would prompt me to dig a little deeper. I can't speak with specificity about this particular property, but I've seen new construction that just wasn't built well. That can cause an issue (eg not passing inspections). But also, when a property has been on the market so long it can end up stigmatizing a property preventing it from selling for no other reason than bad timing and bad luck.
I would add to your red flags - photo's - no exterior photo's and only virtually staged interiors. Signs of a run down building and suite.
@acadian76 Yes...good point. I mentioned only exterior photos being a red flag, but should have mentioned the reverse as well...no exterior photos. Thanks for watching and commenting!
how do you keep warm in winter
@Jacqueline-l8p Vancouver's really not all that cold in the winter...but as it gets colder you just layer up your clothing and you heat your home. If you haven't seen it, check out my video on Vancouver's weather to get a more detailed idea of what it's like! :)
Would you say it’s a red flag if I ask my realtor to relist because our DOM is getting too high and they say it doesn’t make a difference because a buyers realtor would tell them if it had been taken down and relisted?
@ivorytelecaster I can't comment on your specific situation. However, if I had a listing that was on the market a long time, I would be worried it was getting passed over. I would encourage my client to agree to cancel the old listing and relist...but more than likely at a reduced price. In my opinion that refreshes a listing and brings fresh eyes to it. Too often the market only really pays attention to the "new" listings and forgets about the old.
@@LivingInVancouver-BC we actually lowered the price and our realtor didn’t reset the DOM. That’s when they told me it’s not important. Glad to know that at least you agree with me. 🍻
@ivorytelecaster No problem! :) Hope it works out for you.
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What about all the break in enters. Every house gets broken into every 6 months or so.. in vancouver.
Not true. My brother lives in Kits, my mother in West Point Grey. Lives there over 20 years and neither one had a break in.
@EmilyHamsterLover I've owned a house in Vancouver for nearly 25 years. In that time I had one break-in.
Can't say homes don't get broken into ever...like it would in just about any city...but yeah saying "EVERY house gets broken into EVERY 6 months" is completely false.