4411 W 11th; 4,696 sqft SFH; 63×121 lot (7,623 sqft; 0.175 acres)
(Old Timer; Backs onto alleyway behind 10th Avenue stores.)
Listed 9 Oct 2010 $2,980,000;
Price change 6 Dec 2010 $2,890,000
Sold 15 Feb 2011 $2,830,000
Now, the February buyer has turned into an August seller: the house if back on the market (V905972) with an ask price of $3,180,000
MLS blurb includes: “BONUS: 2 self-contained basement suites with potential rental income of at least $2500. Great Holding property – Entire home could rent out for $7000/month.”
The seller is looking for a gross profit of $350K, as reward for holding this property for 6 months. Net profit could be substantially lower.
Who is next in line to own this place?
It seems a little like Russian Roulette… one of these days that gun is going to go off.
—
This house was first featured at VREAA 6 Dec 2010 when we noted that, at an “Ask Price of $2,890,000”, “10% downpayment ($289K); 4% rate; 25yr amortization” would result in “Monthly mortgage payments: $13,681.79”
In a later post, 5 Jan 2010, we cited it as the kind of house that would sell for less than $1M in the coming trough.
This house was also featured representing our fair city in ‘Unashamed House Porn: Seattle Vs Vancouver’, VREAA, 11 Aug 2011. Looks like we’ll now have to find an even more expensive Seattle home to make this a fair comparison.
Vancouver Real Estate Anecdote Archive 
More grist for the mill, VREAA:
http://www.theglobeandmail.com/globe-investor/personal-finance/financial-facelift/lots-of-real-estate-lots-of-debt/article2152350/
Thanks, Joe Q.
Great example.
Will headline.
“She wants to sell the Alberta condo but would likely lose money if she did so now.”
Not sure where her condo is but let’s assume Calgary or Edmonton. The median condo price in Calgary is down 17.5% from the peak, in Edmonton it’s down 16.4% from the peak.
Sorry Beth, by “likely” they mean “definitely.”
what a douche
OK, here are two Seattle houses at a similar price point.
Urban: $3.3m
http://www.zillow.com/homedetails/2480-Crestmont-Pl-W-Seattle-WA-98199/48726738_zpid/
Suburban: $3.28m
http://www.zillow.com/homedetails/3833-W-Lake-Sammamish-Pkwy-SE-Bellevue-WA-98008/48713625_zpid/
Thanks, Jeff – we had a hunch you’d find good comparisons.
We note that the ‘suburban’ property (8,153sqft SFH on 2.84 acres with (genuine) panoramic lake views), is just 18 minutes from Downtown Seattle, and just 5 miles from Microsoft headquarters.
The best case projections going forward except for the realtards of course is that the Canadian market will end up flat in the future. I wonder what effect there will be when people who have to sell their house within 10 years of buying it have to write a $Big Fat Check to their realtor out of their pocket, instead of the current scenario where the realtor automatically takes his paycheck out of their “found money” It takes a long time to get equity on a 40 year am.
I’m just asking, that’s all 🙂
Looked at the Seattle homes, and I know it’s just me, but I have never desired a huge home like that in my life. What for pray tell? They’re nice to visit I guess but I wouldn’t want to live there and pay the bills.
I’ve rented a few homes similar to that, one was 6000 square feet with 2 people living in it. When I went to list it for rent it was so freeking cold in there, I didn’t even take my coat off. Most of the rooms had no furniture in them. I asked them why it was so cold and they said it was to keep their gas bills down. They also originated from a hot country, so I imagine it was even colder for them then for me. My house is small and crappy, but I can afford to keep it cool in the summer and warm in the winter. I also don’t have to hire a cleaner to work full time to keep it looking clean or buy furniture I will never use for rooms that will never be occupied. I also think it’s a little ridiculous to have more bathrooms then people in the house.
In my warped little head, if you can afford to have and maintain a house like that you should pay cash for it because it’s so much more than anyone needs.
Sometimes I think that there is something fundamentally wrong with me because I have never financed a car, or bought a new one, I paid off my modest house in five years, refuse to buy rental properties that won’t make me money and enjoy my life. I don’t need it or want it and really don’t understand why people would.
In my mind the people who buy these houses and hundred thousand dollar sports cars must often OD on vitamins thinking that more is always better.
All good points (as always), Rachelle.
The unspoken implication of the Seattle comparisons is, of course, that it means one can buy whatever-size Seattle property that suits you at far, far more affordable prices than the identical property in Vancouver.
Hi Rachelle. I agree with you — the Seattle houses are more than anyone, except a movie star, really needs. The point is that a very average house in Vancouver costs the same as a movie star house in Seattle.
You can get a very average family home in Seattle for under $300k.
http://www.zillow.com/homedetails/8639-8th-Ave-SW-Seattle-WA-98106/49073448_zpid/
Interesting. That house sold for $250K in 2000, and was valued by zillow at $600K at the peak in 2007. Now for sale at $298K.
well QE18 is already priced in
oops that’s supposed to be @vreaa @3:37pm
You can get anything you want for 3 million in Seattle.
Actually, you can get pretty much anything for 2 million.
(In terms of heating houses – it’s actually not that expensive to heat a 5,000 square foot if you have good insulation & a good furnace in Seattle. You’re not living in Alberta.)
During previous depressions people learned how to wear a sweater to keep warm, I’m sure as energy costs continue to rise, humans again will find the will to bundle up when eating takes priority over heating.
Yep that’s a nice a house as I would ever wish for.
The house is now offered for $2,998,000.00. That makes it a failed flip already – possibly a loss after all fees, costs, commissions and compounded negative cash flow.
Thanks, bubbly, for the update.
Agree it’s already a failed flip.
So, now we’re back to the ask of Dec 2010.
We’ll keep an eye on this house; it may write the history of the West Side SFH price collapse.
We wouldn’t be surprised to see it sell for about $1M in the coming trough.
“Sold or delisted”
Anyone knowns if this was sold and if yes for how much?
Jason Lim of Pacfic Royal Realy was the official realtor for this property and he is not claiming the sale.
Just mail him and see if its still available.
I can see that it is not available. I would like to know how much it was sold for or if it was just delisted. There are people on this blog who claim to have access to this information.