Sunday, February 01, 2009

Price Drop = $130,000 from original List

 
RELEASING FINAL PHASE THIS WEEKEND!
HERITANCE - Single Family Homes in Clayton Village, Surrey
   
PHASE TWO - 1 HOME REMAINS!
$419,000*
 (Previously priced at $550,000)

 PLAN A
 2,652 sq ft
 
 
 
 
FINAL RELEASE - 4 NEW HOMES!
$419,000*
(Previously priced at $550,000)
                                

                                        

                                      
 PLAN B
 2,493 sq ft
 PLAN A
2,652 sq ft 
  
 
  
EVERY HOME INCLUDES:
  

·        FINISHED BASEMENT, CARPET AND OPEN PLAY AREA   

·        FRIDGE, STOVE, MICROWAVE HOOD FAN, DISHWASHER   

·        DOUBLE GARAGE WITH EXTRA PARKING PAD BESIDE 
·        LAMINATE FLOOR ON MAIN, CARPET UP AND DOWN
  
 
ADD LEGAL BASEMENT SUITE: $18,000
  
WITH TWO BEDROOMS, FULL BATHROOM AND KITCHEN WITH FRIDGE,
STOVE AND DISHWASHER; ROUGH IN FOR LAUNDRY.

12 comments:

mohican said...

there were many very large price drops on new homes available this weekend from what I could tell.

We will see if the developers were able to unload their idle inventory.

RentingSucks said...

Off topic to this post but an interesting article nonetheless:

http://www.nytimes.com/2009/02/01/realestate/01cov.html?_r=1&em

Rents are under extreme pressure in New York with landlords making bucketloads of concessions. According to the article it's all about the well paying jobs.

Traciatim said...

I simply don't understand why people think this house would be worth even $419,000. Even then you would need a $83,800 down, and a mortgage of $335,200. This means that you would need a family income of $111000-$165000 to be in the 2-3 times income range.

In our area we have a construction company that does flat fee building and their website they have some home designs that you can pick all your options and get a quote. Here is mine:

Option Price
Base Price $158,538.00
$39,900.00 $ 39,900.00
Ice and Water Shield ( with a garage added ) $ 850.00
Seamless Eavestrough with garage added $ 750.00
Blown in Blanket System - R27 Value $ 2,300.00
Hardwood railings $ 1,350.00
Basement Bedroom $ 5,600.00
Rec-room in basement (Approx. 300 sq ft) $ 7,000.00
3/4 Bathroom $ 4,950.00
Insulation sound proofing party walls. $ 450.00
Insulation sound proofing in ceilings or floors $ 1,350.00
10 x 20 Deck $ 1,950.00
Total Price (All taxes included): $254,236.44

The extra 40K unnamed item was for a 1 acre lot. This home was 2040 sq feet, but that didn't include the basement which I added options for 2 rooms, a 3/4 bath, and a rec room down there making it around 3000 sq feet. You would need $50,847 down and a mortgage of $203,389.44. This makes you need a family income of $67,800-$101,700, which is pretty reasonable for a dual income or good single income home. Plus, this is a HUGE house, the regular sized ones on cheaper land would be WAY cheaper.

Makes you wonder why anyone would buy a place out your way. It's interesting that the cities have pretty similar median incomes too. We only lag behind by about 10% I think, if I'm remembering correctly.

markoz said...

Traciatim - where do you live that a 1 acre lot is only 40K? In Vancouver we are so used to seeing 33 x 122 lots for $600,000 to $1m with old houses on the lots listed as "land value only".

markoz said...

Looks like these places have electric baseboard heaters. I thought I read somewhere that this was an inferior (and expensive) way to heat a home. I'm not sure though. Does anyone have construction experience that can tell us? Is it a way to cut corners on building expenses?

mohican said...

traciatim - it is all about the land value/cost. The construction costs are the same here. Where are you from?

Traciatim said...

Saint John, NB (Small town, so it's hard to compare) Here are some examples:

3 Acres, would only buy if you work at the refinery:
http://tinyurl.com/ceqv2f

1 Acre, about 12 minutes from city center, 15 minutes at rush hour.
http://tinyurl.com/bd95jb

1 Acre, about 10 minutes from largest mall in city:
http://tinyurl.com/d4sd46

1.8 acres, walking distance to largest mall/movies/library/schools:
http://tinyurl.com/cgv5x4


All under 40K. There a lots of communities that have more normal city type lots that are 50-80K or so depending on the impression the builder wants to make... you have to keep the riff raff out somehow :)

If you had say 750K to drop on a house you could get a piece of land like this:
http://tinyurl.com/dcsc5u

or:
http://tinyurl.com/d6tdof

No wonder everyone is stressed out about housing in other places. I mean really . . . over 100 acres with a a lake for 300K? Add in another 300K for a house and you're living large, why the heck would anyone want to live on a little city lot for the same price?

RentingSucks said...

What land costs doesn't really matter as much as what land costs versus how much money you can make in a particular locale. I am sure that your ratios are still much better than Vancouver though because basically for some reason we're all delusional here. Reality is re-asserting itself here as we speak.

patriotz said...

FYI, median household income for Saint John is 49,091 compared to 55,231 in Vancouver.

2006 CMA data.

jesse said...

"What land costs doesn't really matter as much as what land costs versus how much money you can make in a particular locale."

Though some locales like spending more on properties relative to their income levels. It does not excuse high prices relative to rents. The plus side is that in Saint John you can spend you hard earned money on other things instead of living on or owning postage stamp sized plots of land.

Perhaps the sacrifices Vancoverites, owners and renters alike, subject themselves to are made up in other ways, to some degree.

jesse said...

And yes "made up" is a double entendre.

Ice said...

Forclosures esclating in BC.

http://ca.youtube.com/watch?v=g56mXzmkpKY&feature=related