Questions about property listings
Feb 1st 2010, 12:14 am
#1
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Thread Starter
Joined: Jan 2010
Location: Canada
Posts: 8
Questions about property listings
Very new to writing on this forum...but I've been a reader for a long while.
I've seen UK expats living in Canada, talking about the cost of living (cheese,
wine, etc...) I read..but just put it down to "hey, it a different country, taxes
or cost of production"...
but as a ex Londoner....can someone review and explain this to me
Is Vancouver now to be considered more expensive than London UK???
(just picked these at random..take a look for yourself)
1) is a mls listing in Vancouver, BC-
http://www.realtor.ca/propertyDetail...ertyId=9059470
2) is a similar listing London UK-
http://www.rightmove.co.uk/property-...-20825290.html
Both are similar price(if not the same)
A little something to think about!!
I've seen UK expats living in Canada, talking about the cost of living (cheese,
wine, etc...) I read..but just put it down to "hey, it a different country, taxes
or cost of production"...
but as a ex Londoner....can someone review and explain this to me
Is Vancouver now to be considered more expensive than London UK???
(just picked these at random..take a look for yourself)
1) is a mls listing in Vancouver, BC-
http://www.realtor.ca/propertyDetail...ertyId=9059470
2) is a similar listing London UK-
http://www.rightmove.co.uk/property-...-20825290.html
Both are similar price(if not the same)
A little something to think about!!
Feb 1st 2010, 10:43 am
#2
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Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,035
Feb 2nd 2010, 5:02 am
#3
Forum Regular
Joined: May 2006
Location: Vancouver BC
Posts: 70
Re: Questions about property listings
Very new to writing on this forum...but I've been a reader for a long while.
I've seen UK expats living in Canada, talking about the cost of living (cheese,
wine, etc...) I read..but just put it down to "hey, it a different country, taxes
or cost of production"...
but as a ex Londoner....can someone review and explain this to me
Is Vancouver now to be considered more expensive than London UK???
(just picked these at random..take a look for yourself)
1) is a mls listing in Vancouver, BC-
http://www.realtor.ca/propertyDetail...ertyId=9059470
2) is a similar listing London UK-
http://www.rightmove.co.uk/property-...-20825290.html
Both are similar price(if not the same)
A little something to think about!!
I've seen UK expats living in Canada, talking about the cost of living (cheese,
wine, etc...) I read..but just put it down to "hey, it a different country, taxes
or cost of production"...
but as a ex Londoner....can someone review and explain this to me
Is Vancouver now to be considered more expensive than London UK???
(just picked these at random..take a look for yourself)
1) is a mls listing in Vancouver, BC-
http://www.realtor.ca/propertyDetail...ertyId=9059470
2) is a similar listing London UK-
http://www.rightmove.co.uk/property-...-20825290.html
Both are similar price(if not the same)
A little something to think about!!
To be fair you would need to compare the property in Vancouver with ones at a similar distance in London, to the west paddington/notting hill, to the north islington, to east clerkenwell and to the south kennington. You probably know as well as I do that houses in those areas start at £500,000+ and a basic flat will cost £350,000 and up, far more that your Vancouver find.
A fairer comparison would be to find a house in SE Van, Richmond, Burnaby or North Van.
Finally you need to be aware that the Vancouver house you picked is classic 'bulldozer bait'. Some may chose to renovate the existing structure but most will demolish it and start from scratch. The value is not in the home but in the land. The advert even quotes an estimate 1800 sq ft home after demolition. Empty lots are hard to come by here but there are plenty of homes like the one you've picked that are ready for demolition, I think you'd be hard pressed to find either an empty lot or a home ready for demolition within spitting distance of Buckingham palace.
And yes Vancouver can be expensive city, if you chose to make it one. I live downtown in a reasonably priced rental, I don't run a car and I walk/take transit everywhere. This allows me to enjoy all the comforts and luxuries that living downtown has to offer and all the while save towards owning a home. As an example a co-worker has a young family and lives out in Port Moody in a beautiful home in the mountains. It was purchased brand new for around $400,000 at the height of the boom, however his commute is only about 40mins driving even at rush hour.
Feb 2nd 2010, 7:42 am
#4
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Thread Starter
Joined: Jan 2010
Location: Canada
Posts: 8
Re: Questions about property listings
Ummm? The property you quote for London is in Putney which from my foggy memory is about 5 miles from the 'heart' of London. Now I know there is plenty to see and do in Richmond/Putney/Fulham with no need to descend upon the city centre but you must compare the properties in context. The place in Vancouver is less that 2 miles from the 'heart' of Vancouver and likewise there is plenty to see and do in the Main St/Commercial Drive area without ever having to set foot downtown.
To be fair you would need to compare the property in Vancouver with ones at a similar distance in London, to the west paddington/notting hill, to the north islington, to east clerkenwell and to the south kennington. You probably know as well as I do that houses in those areas start at £500,000+ and a basic flat will cost £350,000 and up, far more that your Vancouver find.
A fairer comparison would be to find a house in SE Van, Richmond, Burnaby or North Van.
Finally you need to be aware that the Vancouver house you picked is classic 'bulldozer bait'. Some may chose to renovate the existing structure but most will demolish it and start from scratch. The value is not in the home but in the land. The advert even quotes an estimate 1800 sq ft home after demolition. Empty lots are hard to come by here but there are plenty of homes like the one you've picked that are ready for demolition, I think you'd be hard pressed to find either an empty lot or a home ready for demolition within spitting distance of Buckingham palace.
And yes Vancouver can be expensive city, if you chose to make it one. I live downtown in a reasonably priced rental, I don't run a car and I walk/take transit everywhere. This allows me to enjoy all the comforts and luxuries that living downtown has to offer and all the while save towards owning a home. As an example a co-worker has a young family and lives out in Port Moody in a beautiful home in the mountains. It was purchased brand new for around $400,000 at the height of the boom, however his commute is only about 40mins driving even at rush hour.
To be fair you would need to compare the property in Vancouver with ones at a similar distance in London, to the west paddington/notting hill, to the north islington, to east clerkenwell and to the south kennington. You probably know as well as I do that houses in those areas start at £500,000+ and a basic flat will cost £350,000 and up, far more that your Vancouver find.
A fairer comparison would be to find a house in SE Van, Richmond, Burnaby or North Van.
Finally you need to be aware that the Vancouver house you picked is classic 'bulldozer bait'. Some may chose to renovate the existing structure but most will demolish it and start from scratch. The value is not in the home but in the land. The advert even quotes an estimate 1800 sq ft home after demolition. Empty lots are hard to come by here but there are plenty of homes like the one you've picked that are ready for demolition, I think you'd be hard pressed to find either an empty lot or a home ready for demolition within spitting distance of Buckingham palace.
And yes Vancouver can be expensive city, if you chose to make it one. I live downtown in a reasonably priced rental, I don't run a car and I walk/take transit everywhere. This allows me to enjoy all the comforts and luxuries that living downtown has to offer and all the while save towards owning a home. As an example a co-worker has a young family and lives out in Port Moody in a beautiful home in the mountains. It was purchased brand new for around $400,000 at the height of the boom, however his commute is only about 40mins driving even at rush hour.
The home in puPutneys 15 min down the Fulham Rd from Buckingham Palace.
Its in what would be called "central london" to some..(easy transport to the heart)
what i'm saying is... they are asking similar money for this house, to one in London???..(i was comparing a house with a house...and finding a house in any part of greater london for around $350k used to be rare)
I lived most of my life in west london (most of my adult life in just off Notting Hill/Ladbroke Grove) I also lived in Port moody..and even here, have i seen prices which would put Notting hill to shame lol.. i own brick an mortar/wood in both cities..but it doesnt make it a easy pill to swallow...for people looking for affordable housing...
Feb 2nd 2010, 8:29 am
#5
Beep
Joined: Jan 2009
Location: Here
Posts: 8,311
Re: Questions about property listings
Mr Orange, I respectfully disagree with your observation
The home in puPutneys 15 min down the Fulham Rd from Buckingham Palace.
Its in what would be called "central london" to some..(easy transport to the heart)
what i'm saying is... they are asking similar money for this house, to one in London???..(i was comparing a house with a house...and finding a house in any part of greater london for around $350k used to be rare)
I lived most of my life in west london (most of my adult life in just off Notting Hill/Ladbroke Grove) I also lived in Port moody..and even here, have i seen prices which would put Notting hill to shame lol.. i own brick an mortar/wood in both cities..but it doesnt make it a easy pill to swallow...for people looking for affordable housing...
The home in puPutneys 15 min down the Fulham Rd from Buckingham Palace.
Its in what would be called "central london" to some..(easy transport to the heart)
what i'm saying is... they are asking similar money for this house, to one in London???..(i was comparing a house with a house...and finding a house in any part of greater london for around $350k used to be rare)
I lived most of my life in west london (most of my adult life in just off Notting Hill/Ladbroke Grove) I also lived in Port moody..and even here, have i seen prices which would put Notting hill to shame lol.. i own brick an mortar/wood in both cities..but it doesnt make it a easy pill to swallow...for people looking for affordable housing...
Like for like - downtown Vancouver versus central London
Again
Downtown Vancouver versus Central London
Feb 2nd 2010, 8:34 am
#6
Forum Regular
Joined: May 2006
Location: Vancouver BC
Posts: 70
Re: Questions about property listings
You seem to be missing the point of my post. You are not paying $599,000 for the house, its a bloody dump!! The house is probably only about $100,000 of that valuation, you are paying for the land. You're not comparing the selected markets correctly. The bottom end of the market for a decent home in the Mount Pleasant area is about $700,000. Even an aged Vancouver Special could set you back a cool million.
All that the original listing is offering is a chance to buy the house and lot, either reno it for say an additional $150,000 or demolish it ($20,000) plus a new build costing from, lets say $200 per sq ft (lower end of prices) on the 1800 sq ft quoted, thats $360,000, thats a total cost of $980,000 for a new build house in an area where prices for new builds/reno regularly go for $1.2mil+, so overall its not a bad deal. Mount Pleasant is an expensive area, its trust-fund hipster heaven for god sake. All I'm saying is compare like with like, you can't just pick two areas and compare them. Mt. Pleasant is an old inner suburb that is in the process of gentrification whereas putney/richmond is a quieter. and originally, outer old suburb that has already been gentrified.
All that the original listing is offering is a chance to buy the house and lot, either reno it for say an additional $150,000 or demolish it ($20,000) plus a new build costing from, lets say $200 per sq ft (lower end of prices) on the 1800 sq ft quoted, thats $360,000, thats a total cost of $980,000 for a new build house in an area where prices for new builds/reno regularly go for $1.2mil+, so overall its not a bad deal. Mount Pleasant is an expensive area, its trust-fund hipster heaven for god sake. All I'm saying is compare like with like, you can't just pick two areas and compare them. Mt. Pleasant is an old inner suburb that is in the process of gentrification whereas putney/richmond is a quieter. and originally, outer old suburb that has already been gentrified.
