I believe everyone will agree with this point of view: no matter what the market environment is, as long as the price of the house you are selling is attractive enough and there are no fatal flaws (water leakage, murderous house, foreclosure house, abnormal condition of the owner), it is not difficult to sell.
In today's Greater Vancouver, the average price of a detached house is around 2 million, if there is a detached house in Vancouver with a good location, which is only sold at a price of 1.189 million, it will definitely trigger a scramble?
After all, this is a "cabbage price" in Vancouver, and some two-bedroom apartments in the city center are more than that, and some high-end two-bedroom apartments in Burnaby and Richmond are also at this price. No matter how valuable they are, they are not as valuable as a detached house in Vancouver, right?
However, this is one of the cheapest and hardest conventional title detached houses for sale in Vancouver, and almost everyone who has seen it shakes their heads, thinking that even if the price looks good, there is no desire to buy it.
What's wrong with it? A number of media have exposed its "encounter", and everyone will be able to understand it after reading it......
First of all, it's a "mini-land"
The 1,189,000 detached house is listed at 753 King Edward Ave E and is valued at $1,162,000 by the government. You may think that no matter how small a detached house is, it is a standard land, or three-quarters of a standard land (3000 square feet), but the land area of this detached house is dumbfounded:
Only 2232 square feet! It is not as large as the standard above-ground normal detached house. As you can see from the map, it's almost at the corner of two main roads: E King Edward Ave and Fraser St, and there is a petrol station next to it, and the surrounding neighbors are very compact.
The nature of the land alone makes many potential buyers feel that "it doesn't give me the experience of living in a detached house": it's small, noisy, and although it's not expensive, the 2,200-plus square foot land is really only worth the money, not some low opening or "discounted price".
Secondly, the house itself is almost unusable
It's a real problem: people who come for a cheap detached house generally don't have the money to tear it down and rebuild it, but want to live in it, but the detached house itself at 753 King Edward Ave E has almost no possibility of living in it, and even if it is renovated, it may not be able to be renovated perfectly.
Built in 1910, the house is 114 years old, with 1,500 square feet of space divided into 4 rooms, and 702 square feet in the basement, with limited actual habitable area.
The listing information shows that the interior of the house is already moldy and needs to be completely rebuilt before it can be occupied, and the Daily Hive, when reporting its plight, even said that "it is in a very miserable condition, and we have reason to believe that it has not been properly maintained for more than 100 years." ”
But the listing broker's view is that "because it has not been maintained, it gives buyers a great opportunity to renovate it in all aspects". Even if you spend two or three hundred thousand yuan on renovation, it is equivalent to spending a total of 1.5 million yuan to buy a detached house with a good location and an area that is quite sufficient.
But there is another fateful point: this detached house has no back alley and no parking space, which family can live without a car? In addition, the two main roads are very noisy, and the houses are not soundproofed, fenced or planted.
Taking a step back, even if you buy it, if you buy it with a 20% down payment, the monthly loan payment is still between 5000~6000 yuan. For those who are buying on this budget, if they are really looking to be in Vancouver, it is better to try to buy an old city house, at least without the hassle.
Its situation proves that the Vancouvers are not "hungry and hungry"
One of the reasons why the media is reporting negative news about the sale of a house is to prove that Vancouvers are not "hungry" and are not "tolerated as long as the price is low enough, no matter what the shortcomings are." ”
The bottom line is this: the disadvantages of the cheapest listed detached house far outweigh the pros, and almost every disadvantage is intolerable to detached house residents.
Of course, there is also the understanding that when it has so many shortcomings, it can only be sold at a price lower than the government estimate, not higher than the government estimate, which means that it is indeed cheap, but not so cheap that people can ignore the shortcomings.
So are all those who buy this kind of detached house "fools"? Not necessarily, because land is land after all, whether it is 2,000 square feet or 4,000 square feet, the overall value is stable and rising, on the contrary, if you buy more than 1.1 million apartments, the long-term value will naturally fall.
If you want to own your own land, recognise the value of the land, value the location more than the residence itself, and have the extra budget to renovate, then this kind of low-cost "old and dilapidated" is still remarkable.
Compare it to an old city house at the same price? The former requires additional renovation fees and higher land taxes, while the latter requires paying property management fees and enduring potentially louder noises.
So, will this kind of "old and dilapidated" detached house in the real sense be within your consideration?