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Tuesday, February 9, 2010

Another example of our irrational real estate market (UPDATE: see end of post for more Oly photos)

The irrational march upward carries on and not just in Vancouver proper.

Today's treatsie is this 5 bedroom, 3 bathroom 3,000 sq. ft. home sitting on a 12,160 sq. ft. lot is the suburb of Coquitlam.

You can see the realtor's listing here (with many more photos).

According to listing agent Josh Bath, this home hit the market last Friday. On the weekend 120 potential buyers came through and the house received 15 offers.

The house was last sold in 1990 for $200,000.

On Friday it was listed for sale at $639,900.

So what did the feeding frenzy produce? A final sale of $688,500... $48,600 over asking price.

Said the agent, “The previous owners of this home owned it for 19 years and after raising their family and renovating, decided to downsize to a town home. The features that really sold this home were definitely the neighbourhood and the yard."

No Josh, the features that really sold this home were ultra low interest rates and a 'buy now or be priced out forever' mindset.

Olympic Pics (click on images to enlarge)

It was a picture postcard sunny day in Vancouver today and the views were stunning. We do this to tease the media. Fear not, tho... it will piss rain for the Opening Ceremonies and Day 1 on Friday.

Below is a picture of the newly set up German House right next to the Seabus.

Next is a shot from near the Cambie Bridge. This is the east end of False Creek. Science World (the big dome) is transformed into Russia House (and is promoting the Sochi 2014 Winter Olympics). The big Q is where Quebec House is. On the left is GM Place, renamed Canada Hockey Place for the Olympics.

The big draw hockey games are at Canada Hockey Place. Other games are also at the new UBC Thunderbird Arena. Below is a picture taken today of the transformed Arena, ready for the Games.

Even the police are out enjoying the Sun at Thunderbird Arena.

Speaking of Russia House, here is the countdown clock to the 2014 Winter Games.

I notice that the Russian athletes have now staked out their turf at the Village.

More photos to come...
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2 comments:

  1. Dude, that's the Russian flag. French is with vertical stripes in blue/white/red.

    ReplyDelete
  2. LOL... you're right. I have another camera with the French flags flying, but I have left it downtown at a friends. I was thinking of the French picture when I loaded the Russian one on the blog. Thanks for pointing it out.

    The other camera has the pics of the Aussie flag causing the controversy with the IOC. Perhaps tomorrow I will get it put up.

    ReplyDelete