I'm going to put my money where my mouth is and list some of what I think are the best buys of 2012 in my area of expertise - West Richmond, Downtown Vancouver and Vancouver East. As most people are aware 2012 was a strong buyers market. The best I have seen in well over a decade when you consider the rock bottom interest rates we’re still enjoying. I thought I would list some of my favorite buys of 2012. I could have listed 50 or more if I wanted but below is a short list. I think if you re-visit these purchases 10, 15 or even 20 years down the road you will realize what a fantastic buying opportunity 2012 turned out to be and the tremendous value these buyers will achieve if they simply keep these homes for a good length of time. Unfortunately, due to MLS restrictions I cannot publish the final selling price on these homes - only the asking price. I can tell you that all these homes sold from at least 5% up to 20% below their final asking price. I can also tell you they all sold for 100's of thousands below BC assessed value in 2012. Give me a call 604 889-1118 or email me at firstname.lastname@example.org if you would like to know the final selling price and some more details on the house. I think it might surprise you.
10580 Sorrel Dr ( Steveston ) Richmond Last Asking price $1,199,000 10120 Hollywell Dr ( Steveston)Richmond Asking $950,000 6691 Gibbons Dr ( Riverdale) Richmond Asking $898,000 9828 Waller Crt ( Boyd Park ) Richmond Asking $970,000 6880 Whiteoak Dr ( Woodwards) Richmond Asking $988,000 4317 Candlewood Dr ( Boyd Park) Richmond Asking $1,198,800 7079 Marrington Rd ( Quilchina) Richmond Asking $1,398,000 6280 Martyniuk Pl ( Woodwards) Richmond Asking $988,000 4475 Gander Dr ( Steveston) Richmond) Asking $1,150,000 4791 Cabot Dr ( Quilchina) Richmond Asking $1,195,000 5744 Musgrove Crs ( Terra Nova) Richmond Asking $1,299,000 2541 Cambridge Vancouver Asking $799,000 601-33 W Pender Vancouver Asking $325,000 585 Kamloops Vancouver Asking $ 799,000 2597 Oxford Vancouver Asking $929,000
An interesting trend many of these homes had were that the SELLERS had owned them for a long time (over 15 years on average). They were priced properly according to the current market conditions and all sold in a fairly timely manner. In other words most of the sellers walked away with a very nice capital gain (tax free). The BUYERS of these homes saw that they were on sale. Priced 5 to 15% off what they might have fetched a few years ago. The best Real Estate purchases tend to be bought in a buyers market and not a sellers market and the buyers of these homes realized that quite quickly.
Here`s a little challenge for all the people who are bearish on Vancouver real estate right now:
Write down the address of some of these homes and tuck it away in a safe place where you can find it. Then check back in 15 years to see what these homes did as far as price appreciation. If the new owners go with an accelerated weekly mortgage and make a few small $5000 lump sum payments off the principal they will have that 25 year mortgage paid off in about 15 years. I will bet dollars to donuts that for example, 10580 Sorrel Dr., is worth much more in 2028 than what they paid for it in 2013. Add to the fact that all the capital gains have grown completely tax free. (This could easily be based on our average appreciation over the past 20 years be worth $2 million dollars free and clear). I know of no other investment that can come close to this type of long term and stable growth that’s also tangible in that you can live and enjoy it with your family. Now if the house drops in value next year by 5% or 10% which it might (pretty difficult to time the bottom of a market perfectly) I know my clients don’t care as it will bounce back in time. They have a long term horizon. You still need a home to live in... don’t you? The alternative is to rent and make your landlord wealthy. The most powerful thing about owning Real estate is it’s forgiving if you give it some time. You also create wealth 2 ways: #1 - By paying down the principal every month #2 - Through appreciation over the years
This entry was posted on January 24th, 2013 by Owen Bigland | Posted in Video Blog