Which part of East Van are you looking at?

I see a number of properties in East Van that are justing sitting there. In a two block span, there are 5 houses listed for sale. Not sure what there price are or the condition inside (perhaps overpriced and/or need major TLC?)

Commercial drive area. nothing i’ve looked at is still here….alas

i guessed it would remain on the market for 90 days… or longer.

and the photos did it absolutely no justice
but i guess you had to see it… oh and bring your chequebook … ya’ll gonna need it

and fergit subject or contingency offers, that’s so yesterday.

Aaron, wich segment of the market it is?

I probably is from different segment, that’s why these pictures didn’t impress me too much – just gave bad vibes.

Some of images look like Jerry Springer show – a lot of boxes, toilet paper, durty bathrooms, mess and clutter everywhere.

Many photos, but I didn’t find any pictures with living room/bedrooms flooring, for example.

Not very informative.

BTW, congratulations on multiple offers.

I’m not sure what your problem with the photos is. In fact your problems are baseless & spiteful. The photos are a truthful description of the house today. They are designed to attract a certain segment of the market. If you cared to notice I took way more than the average Realtor does, if they include any photos at all.

Again, I’m not too sure why you think it would be a better idea to wait for the house to be vacant. Potentially losing 2 or 3 months rent. Not to mention what sort of ROI do you expect from garbage removal & paint? Anybody that comes in there will still see that the roof & deck need to be replaced, and the entire house needs to be gutted and remodeled. What you are proposing is what we call “putting lipstick on the pig.” It may fool the uneducated, but every seasoned investor & inspector that comes through will see right through that.

Instead of wasting time & money on useless upgrades & clean up. It is way more adventitious to the Seller to create multiple offers by listing the house slightly under value. Now we have a case of Buyers competing with each other instead of Buyers competing with our client, by bringing lowball offers in dribs & drabs one at a time.

The open was a tremendous success. I fielded over 40-50 calls within a day of the listing hitting the market. We had over 20 Realtors and their clients come through the open. We have 3 confirmed offers today at 3pm, and a possibility of 2 more. Now we’ll have to wait and see what the offers look like. It Should be interesting.

I wonder if that might only be the case by neighborhood. Where we’re looking (east van) virtually every property we look at gets multiple offers and goes significantly over asking.

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ängstlich,

Which part of East Van are you looking at?

I see a number of properties in East Van that are justing sitting there. In a two block span, there are 5 houses listed for sale. Not sure what there price are or the condition inside (perhaps overpriced and/or need major TLC?)

Pricing properties below market rate can sometimes backfire as it can make people that much more suspicious.

It would be silly for Aaron to limit the potential market to a group of insiders. It’s his duty to get the highest price possible and this involves advertising (MLS, newspapers, blogs ) and open showings.

The property looks like it “needs work.” Maybe some family just got an income boost and this is the perfect buy for them. Can’t hurt to find out. I’d guess around $500-520K final sale after deficiencies are fully accounted for. I don’t know the area too well, however trying to sell this to owner-occupiers will not fetch much of a premium given the messiness (often a sign of neglect).

Remember this: I recommend long term holds bought with good metrics. The definition of “good” can vary within a relatively narrow band, based on the individual’s place in the world. I’ve already said that this property is not good on the basis of metrics at present. That could change or be changed, depending on the potential buyer.

On a comparitive basis it has a great price. Extending that to saying its a hot investment requires some missing information. However, not all good buys are hot investments.

I live within a couple km of this house, and I think its in a good location. Near recreation facilities and schools,. Brady Bunch-era suburbia, nice family feel, cul-de-sacs. Some nearby neighbourhoods have been going downhill with grow-ops and too many poorly maintained rentals. Again, the area immediately around this house is holding up better.

It may take a while to sell. I’ve seen fix-and-flips and tear-downs in the half million range sit for a long time in this part of Coquitlam. The price stats show Coquitlam has been weaker than surrounding suburbs like Port Moody, New West etc.

If this was such a hot investment, I’m sure Rob has people who would have scooped it up by now.