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COVID and the housing market
- Thread starter mimico_polak
- Start date
Came out for $2M last week….
Today is $2.6M…
Check out this listing
Same house….
Today is $2.6M…
Check out this listing
Same house….
No, I read/watch a lot of non-fiction like a nerd lol
.....I'm still waiting for this **** to crash. (Please don't crash when I'm 50, do it now lol.)
We just had a realtor come in and appraise our house to get an idea of how it compares to others in the area, only because we did a bunch of reno's and there are no houses in our area like ours to compare against. She brought all the similar recent listings and sold prices for the last year in our neighbourhood. It's staggering how much prices have gone up in the last 12 months alone.
Long term friends of ours who have lived in the neighbourhood for 20+ years just sold their house whichwas well maintained but not heavily reno'd. They originally paid $145k for it and sold it for $1.6m.
You thinking of selling or just paying attention to paper net worth for interest?
The house I posted before with land and garages for toys was listed at 3.8 and sold for 3.7. Good deal relative to what you pay for a subdivision house but it's still almost $4M that needs to be paid for somehow.
My wife's mom doesn't do steps as well as she used to. So if we decide to sell our place quick and move into a larger bungalow which she could move into with us, we'd like to have an idea of what our starting capital is like. It also gave us a few ideas of minor things we could do to our house to maximize the selling price.
My preference is to not move out of this house, since we did so much to renovate it and should ideally stay here until we can't do steps anymore.
It is a very nice house, and the location is fantastic.
Thanks - we really like it!
And not to mention that we moved out for 7-8 months for these reno's, which were done at pre-covid pricing and resourcing. I would not want to be doing a major reno of any kind in these times. Anything we buy that isn't reno'd will cost a small fortune to get worked, and anything that is reno'd will cost a small fortune up front. If we did move though, any next house will have a 2 car garage at a minimum.
Can you do one of those stair lifts?
Good question - unfortunately not in our house and not in hers either.
Maybe we'd buy her a ground floor condo or maybe she woud like to move into a retirement home. Just keeping all options open right now.
Hopefully the wife doesn't see this one....
Hopefully the wife doesn't see this one....
So nice
No way. Your location is better. That house is closer to the mall and has a townhouse complex directly in front of the house and so people would be parking in front of your house to no end. Your current house is on a quiet fully detached street. That house may have some nice features inside, but does not compare in the location aspect.Hopefully the wife doesn't see this one....
So much grey. It's going to become the new brass in a few years. Everybody sees it and wonders wtf were they thinking? On the upside, most grey can be easily changed to something else.
Yikes. Housesigma is predicting close to 2. Bought for 650 in 2015. Condo townhouse across the street is sold conditional at more than that (can't see the number but likely 800-1M).
Yikes, just looked at aerial. I'm with you. That house would be overrun with parking overflow. Also the street in front of the house would be so much busier than you expect as your little court has double the number of dwellings you expect.
And the parking in front of the house is for 15hr parking. There is no backyard - just a side yard. The back of the house has large spruce trees, so those windows on the rear of the house will forever be dark, unless you cut the trees down, but then you have full view of your neighbour, whose house is very close to the back windows.
Frak you guys are good...we love this lot/street. We really do. There's one house a few doors down that if it went for sale I would be tempted to seriously consider it.
I emailed MCAP and current offers are:
Second Mortgage - 200k at Prime - 0.85% for a payment of 400/bi-weekly. That's rather steep for money I don't actually need.
HELOC - Theoretically I'm eligible for 900k but my income isn't high enough for that so probably closer to 250k or so. Will wait for the answer. Could do 100k and lower it...but then that doesn't help as much. If I could get 900k I'd just buy a condo with that money as an investment property, or something further out to rent out and let the tenants pay back the mortgage.
But at 800/bi-weekly...not going to go with the second mortgage as that's a lot of $ to MAYBE use.
I emailed MCAP and current offers are:
Second Mortgage - 200k at Prime - 0.85% for a payment of 400/bi-weekly. That's rather steep for money I don't actually need.
HELOC - Theoretically I'm eligible for 900k but my income isn't high enough for that so probably closer to 250k or so. Will wait for the answer. Could do 100k and lower it...but then that doesn't help as much. If I could get 900k I'd just buy a condo with that money as an investment property, or something further out to rent out and let the tenants pay back the mortgage.
But at 800/bi-weekly...not going to go with the second mortgage as that's a lot of $ to MAYBE use.
Decades ago we almost bought a house with similar problems. It has gotten worse with street parking. It will get even worse with several applications for new infil apartments. They never allow for enough visitor parking and even the residents street park to avoid the parking space rents. With condos price a second parking spot. Not cheap.
My starter home?
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