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Number19 posted:So many homes were bought during the craze with no subjects at all so I can’t wait to hear about all the lovely houses that are rotting now that they’re a few years older and have been rained on. The bigger issue is buying properties that are misrepresented and at slide or sinkhole risk.
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# ? Dec 20, 2019 22:50 |
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# ? May 27, 2024 08:40 |
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ARACHTION posted:I visited a building on Keefer that has Juke chicken in it. I think it’s only two years old. The elevator shaft smells like a drained fish tank and there was a notice saying the elevators basically had to be completely redone as well as the roof and shaft. #rimewasright That's a building I worked on in November 2017, yup.
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# ? Dec 20, 2019 23:44 |
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half cocaine posted:I don't understand, are you saying it's not a problem that homeowners are hiding their financial distress with their helocs? Is it really financial distress at all, to spend a couple hundred thousand more than you "earn" when your housing equity has gone up by far more than that and you accept that you'll one day downsize/relocate as a consequence? (Or just ignore it until it comes out of the estate. Whatever works.)
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# ? Dec 21, 2019 01:11 |
James Baud posted:Is it really financial distress at all, to spend a couple hundred thousand more than you "earn" when your housing equity has gone up by far more than that and you accept that you'll one day downsize/relocate as a consequence? Well you watched the video right?
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# ? Dec 21, 2019 01:23 |
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cowofwar posted:The land value for a lot of these properties is > 95% so honestly who cares if the house is poo poo. It's a funny thing that, though. If you're buying a property and you want to hold onto it for investment purposes, but not live in it, you'll also want to rent it out. So while the assessment might say that the 40-year-old house on the property is only worth $100K, in practice it could be bringing in $40-50K/year for the owner. Similarly, there have been properties sold in East Van with an aborted new build (ie literally just a hole in the ground). Those sold for a lot less than the property alone was supposed to be worth, because there was no house. I really don't know where the assessed values come from on old houses like that.
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# ? Dec 21, 2019 02:36 |
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Mandibular Fiasco posted:Also, the realtor who used to have the giant pink billboards (Cindy Sells or some such nonsense) looks nothing like the billboards. Ha ha...ohhhhh Cindy. I still see her pink car (covered in her logo and heavily photoshopped picture) now and again.
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# ? Dec 21, 2019 04:00 |
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Snuffman posted:Ha ha...ohhhhh Cindy. I couldn't imagine having to do that sort of thing to make a living, even if it was a great living. Used house sales people...yeesh.
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# ? Dec 21, 2019 23:47 |
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Perfect stocking stuffer for thread readers? quote:Vancouver author recounts 140 years of real estate horror stories
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# ? Dec 22, 2019 05:24 |
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Paging that goon so smug about moving to Australia RE: their feelings about now living in a firey hellscape and probably the first developed/western nation to experience climate-change induced collapse.
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# ? Dec 28, 2019 16:20 |
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Rime posted:Paging that goon so smug about moving to Australia RE: their feelings about now living in a firey hellscape and probably the first developed/western nation to experience climate-change induced collapse. They just need to get Crocodile Dundee on the case...he'll fix it all with his giant knife. And why they aren't using Fosters to douse the flames is beyond me...that stuff is mostly water anyway!
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# ? Dec 28, 2019 19:24 |
Mandibular Fiasco posted:And why they aren't using Fosters to douse the flames is beyond me...that stuff is mostly water anyway! Like seriously, in four years of living there I never once saw a single person drinking any, and in a lot of liquor stores they straight-up don't bother selling it.
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# ? Dec 28, 2019 19:41 |
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HookShot posted:Literally no one in Australia actually drinks Fosters, it was just a giant marketing campaign they did to sell their beer overseas. Oh, I know this...was an underlying part of the joke (oversupply from not drinking means plenty to dump on the fire) but whatever, I'm on holidays.
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# ? Dec 28, 2019 20:33 |
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So Vancouver has finally got its "Four Floors and Corner Stores" zoning that was the core slogan of YIMBY market urbanist activists (ok no corner stores yet, and it's not fully city wide, but it's a big change.). I posted about this before around when the vote happened, but here's a larger article with more details about what this all means. quote:Vancouver pushes a four-storey model Quite a bit of notable revelations here to pull out. 1. Chief Planner Kelly expects Vancouver to experience the same tech money tsunami Seattle and SF experienced and is planning accordingly (the 10k office spots at the new Amazon office suggests he's right to be concerned) 2. City staff agrees with Yan and knows these changes will only really impact relatively more ethnic South and East Vancouver and they don't really seem to care. 3. City staff doesn't seem to think there will be much uptake on this (similar to their duplex plan). That city staff state that they expect limited uptake on the four floor apartment idea is quite remarkable given that "Four Floors and Corner Stores" was heavily marketed by YIMBY market urbanist activists as the panacea to the housing crisis. A notable Vancouver developer backs up the notion that four floor apartments are not likely to be that compelling to developers (not even in East Van). https://twitter.com/rwittstock/status/1202823722580578305?s=20 This almost seems like an example of a developer saying the quiet part loud, considering that this sort of "four floors" was a big part YIMBY darling developer backed YES Vancouver's failed campaign last municipal election. If four floor apartment development was never actually viable, then why was it pushed as a solution? It suggests that the politicians advocating for this were being disingenuous and the YIMBY advocates helping them were useful idiots. If YES had won what would they have pivoted to? Four floor condos or perhaps taller buildings? Andy Yan touches on a developing category of opposition to city wide rezonings: Chinatown activists and other racialized Vancouverites with deep roots in its various ethnic 'hoods. This article cites presents an opposition opinion to this rezoning from that view: quote:‘Upzoning’ Might Mean More Apartments — But It’ll Wreck Neighbourhoods You can see the visceral negative reaction to this new viewpoint from the typical Abundant Housing Vancouver persons responding to the article being tweeted. Seems like a new dividing line in Vancouver RE politics to keep an eye on. Both sides have a point. Of course yes anyone in these ethnic hoods that bought in the 80s or 90s could sell with a substantial tax free gain, but there actually is no sideways move possible. They would accordingly be downgrading into a smaller and more limited space. The core question is where would they be downgrading to? It is their existing neighbourhood that has the services they need and love. As we've seen from the earlier article, rising land values is not likely going to happen or be much of a concern to anyone, but new developments spurring gentrification and eroding the viability of businesses that serve the existing ethnic and low income residents seems like a real possibility.
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# ? Dec 28, 2019 22:10 |
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Rime posted:Paging that goon so smug about moving to Australia RE: their feelings about now living in a firey hellscape and probably the first developed/western nation to experience climate-change induced collapse. For someone not living in a firey hellscape you seem pretty hot and bothered about someone who does
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# ? Dec 28, 2019 22:18 |
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I haven't been there in a few years, but in my dad's neighborhood in Montreal did the "four floors and corner stores" thing, but all the ground floor stores were vacant.
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# ? Dec 28, 2019 22:48 |
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I just want to see more mixed use development towers instead of pure residential. Street level retail, three floors of office, rest residential. Vancouver has a shortage of commercial office space. Blanket rezoning of the entire drat city to six story is a good idea regardless of whether or not it addresses any particular issues - having development wait two years to develop medium density in the metro area is dumb.
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# ? Dec 28, 2019 22:50 |
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In Singapore they do a thing called “four floors of whores” maybe that’s something to look into.
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# ? Dec 29, 2019 00:33 |
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I would blow Dane Cook posted:In Singapore they do a thing called “four floors of whores” maybe that’s something to look into. Gangs, mainly from China, already buy up entire floor plates in new towers and use them as impromptu brothels for trafficked women - mainly from SE Asia & primarily S.Korea..
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# ? Dec 29, 2019 03:28 |
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If upzoning is occurring in East Van, the area in between Fraser and Clark is next up for gentrification. Especially with the Broadway skytrain coming up. Please say goodbye to the Vietnamese community there.
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# ? Dec 29, 2019 10:37 |
Mandibular Fiasco posted:Oh, I know this...was an underlying part of the joke (oversupply from not drinking means plenty to dump on the fire) but whatever, I'm on holidays. Fair, sorry for completely missing the joke
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# ? Dec 29, 2019 14:44 |
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HookShot posted:Fair, sorry for completely missing the joke Oh, no worries! It wasn’t readily apparent, but I thought it a funny undercurrent!
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# ? Dec 29, 2019 16:45 |
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Is our economy going to crash anytime soon? I feel like the housing thing is less of a news story.
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# ? Dec 29, 2019 17:07 |
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Professor Shark posted:Is our economy going to crash anytime soon? I feel like the housing thing is less of a news story. It will crash the day after you buy a house and the day before you decide to sell off your stocks.
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# ? Dec 29, 2019 17:19 |
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It's waiting for the american economy to crash which should be some time in 2020.
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# ? Dec 29, 2019 19:13 |
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If the Vancouver City Planner's opinion is to be accepted, quite the opposite of a crash, he's expecting the good times to continue, and for there to be an influx of wealth to local workers.
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# ? Dec 29, 2019 21:51 |
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Femtosecond posted:and for there to be an influx of wealth to local workers. lmao For what possible reason would this ever happen?
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# ? Dec 29, 2019 23:47 |
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10,000 jobs at FAANG companies?
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# ? Dec 30, 2019 01:45 |
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eric ciaramella posted:It's waiting for the american economy to crash which should be some time in 2020. Probably the most serious answer, but I wouldn't make a bet on the year. They keep on truckin', so do we. We dodged the last one more or less, if poo poo blows up bigger for them next time, could get ugly.
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# ? Dec 30, 2019 02:47 |
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Yep as discussed earlier Amazon alone is renting office space capable of housing 10,000 employees. On top of this Lululemon is building a new global HQ and Apple is also renting more office space here. In general commercial development is experiencing a huge uptick. There's a reason for it. quote:Amazon planning major expansion in Vancouver, tripling downtown footprint to take up an entire city block None of the aforementioned companies are Silicon Valley hype so these six figure paying jobs will probably appear.
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# ? Dec 30, 2019 02:48 |
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Femtosecond posted:None of the aforementioned companies are Silicon Valley hype so these six figure paying jobs will probably appear.
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# ? Dec 30, 2019 02:58 |
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Vancouver has been in a housing bubble because it was clear that the insane property values had the weakest of relationships with actual local incomes. With an influx of more real six figure paying jobs it doesn't mean the bubble is over or is inflating more, but I dunno, maybe more that the underlying foundation of the bubble becomes more stable? That at least some prices in the market are becoming more justifiable? My expectation for the new year is that multi million properties in west van and other wealthy hoods that were being juiced by foreign capital will remain in free fall, while the market for property within the grasp of couples making six figures will get tighter and tighter.
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# ? Dec 30, 2019 03:07 |
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Femtosecond posted:Vancouver has been in a housing bubble because it was clear that the insane property values had the weakest of relationships with actual local incomes. With an influx of more real six figure paying jobs it doesn't mean the bubble is over or is inflating more, but I dunno, maybe more that the underlying foundation of the bubble becomes more stable? That at least some prices in the market are becoming more justifiable? Six figures doesn’t let you afford anything in this town. Let’s stop pretending that Amazon is going to pay US dollar equivalent wages in Vancouver.
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# ? Dec 30, 2019 04:30 |
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Mandibular Fiasco posted:Six figures doesn’t let you afford anything in this town. Let’s stop pretending that Amazon is going to pay US dollar equivalent wages in Vancouver. Eh, it can support the heck out of the one and two bedroom condo market downtown. And if you take a married tech couple with each half earning around 200k -- and Amazon is paying people with not very much experience that much, total comp -- the low end houses (< 1.5m) are easily in reach too. (And yes, 200k CAD is nowhere near US-equivalent. That's why they're gleefully hiring!)
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# ? Dec 30, 2019 06:33 |
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Mandibular Fiasco posted:Six figures doesn’t let you afford anything in this town. Let’s stop pretending that Amazon is going to pay US dollar equivalent wages in Vancouver. That's probably specifically why they are getting office space, Vancouver tech jobs are hilariously under compensated for their US dollar and cost of living equivalents.
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# ? Dec 30, 2019 19:05 |
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James Baud posted:Eh, it can support the heck out of the one and two bedroom condo market downtown. And if you take a married tech couple with each half earning around 200k -- and Amazon is paying people with not very much experience that much, total comp -- the low end houses (< 1.5m) are easily in reach too. 200K income on $1.5M is 7.5x leverage, double what is considered 'affordable' by most measures. I think your suggestion there is a pretty big reach, though certainly, it'll keep some element of the condo business going. My family income is much more than that and the notion of $1.5M on what passes for a house in this town is bananas.
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# ? Dec 30, 2019 23:05 |
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apatheticman posted:That's probably specifically why they are getting office space, Vancouver tech jobs are hilariously under compensated for their US dollar and cost of living equivalents. Of course. Also that it's much harder to get people into the US these days.
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# ? Dec 30, 2019 23:06 |
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Mandibular Fiasco posted:200K income on $1.5M is 7.5x leverage, double what is considered 'affordable' by most measures. I think your suggestion there is a pretty big reach, though certainly, it'll keep some element of the condo business going. My family income is much more than that and the notion of $1.5M on what passes for a house in this town is bananas. My example was 400k income - a couple with 2x200k. With these rates, 1.5m is pretty cheap on that.
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# ? Dec 30, 2019 23:11 |
Where else in the world is a middle class household paying $8k/ month to live in a 1000sqft condo? I'm still not seeing the value of living here.
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# ? Dec 30, 2019 23:34 |
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Whether or not Vancouver is a 'good deal' compared to other places is a whole other discussion. Of course it's more affordable to live elsewhere. The point is though that five years ago in this thread we'd be looking at $500-600k condos and wondering, "who on earth is able to afford to buy these?" and now we can genuinely point to a bunch of local workers who can. We can look at the TD Mortgage Calculator or whatever and recognize that a single person with a 100k salary can afford these sort of pricey condos, and tech companies are bringing in thousands of people to fill roles with that level of salary as a minimum. It may still be dumb as hell to buy one of these $500k condos at pre-sale, but at least we can now say that the group of people capable of buying these things has grown beyond investors. Femtosecond fucked around with this message at 01:56 on Dec 31, 2019 |
# ? Dec 31, 2019 01:54 |
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# ? May 27, 2024 08:40 |
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Mandibular Fiasco posted:200K income on $1.5M is 7.5x leverage, double what is considered 'affordable' by most measures. I think your suggestion there is a pretty big reach, though certainly, it'll keep some element of the condo business going. My family income is much more than that and the notion of $1.5M on what passes for a house in this town is bananas. What measure are you talking about? In the States the measure is housing costs are 30% of income.
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# ? Dec 31, 2019 04:00 |