Comments on: The end of a sellers market. http://vancouvercondo.info/2006/10/end-of-sellers-market.html Bubble? What Bubble? Wed, 08 Feb 2012 23:44:41 +0000 hourly 1 By: solipsist http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-494 solipsist Sat, 07 Oct 2006 02:33:00 +0000 http://vancouvercondo.info/?p=79#comment-494 The cost per foot squared in Van. East is about $189/sq. ft. as I remember from a few days ago.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-494">0</span> <small>(to vote for this comment, please visit the site)</small></p> The cost per foot squared in Van. East is about $189/sq. ft. as I remember from a few days ago.

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]]> By: DEFAULT NAME http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-493 DEFAULT NAME Thu, 05 Oct 2006 20:25:00 +0000 http://vancouvercondo.info/?p=79#comment-493 The cost of building a new 12 to 20 story condo is 200/sqft. How does that come close to the price of condo in GVRD? There are older condos that cost less, but NEW condos definitely cost a lot more than $200/sqft.<br/><br/>I agree, cost of construction had been overinflated, just like cost of fibre optics and IT worker in the dot-com era.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-493">0</span> <small>(to vote for this comment, please visit the site)</small></p> The cost of building a new 12 to 20 story condo is 200/sqft. How does that come close to the price of condo in GVRD? There are older condos that cost less, but NEW condos definitely cost a lot more than $200/sqft.

I agree, cost of construction had been overinflated, just like cost of fibre optics and IT worker in the dot-com era.

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]]> By: ken http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-492 ken Thu, 05 Oct 2006 19:53:00 +0000 http://vancouvercondo.info/?p=79#comment-492 <b>the price of most existing real estate does not come close to the cost of building in Vancouver</b><br/><br/>Yes, but the cost of building is also affected by supply and demand. If there werent as many tax-funded construction projects for the olympics would the cost of building be as high as it currently is? The cost of construction can drop depending on the price of materials, availability of labour as well as technological advances in building technology.<br/><br/>..and are you saying that it cost's more than half a million dollars to build the average bungalow? thats just not true.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-492">0</span> <small>(to vote for this comment, please visit the site)</small></p> the price of most existing real estate does not come close to the cost of building in Vancouver

Yes, but the cost of building is also affected by supply and demand. If there werent as many tax-funded construction projects for the olympics would the cost of building be as high as it currently is? The cost of construction can drop depending on the price of materials, availability of labour as well as technological advances in building technology.

..and are you saying that it cost’s more than half a million dollars to build the average bungalow? thats just not true.

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]]> By: DEFAULT NAME http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-491 DEFAULT NAME Thu, 05 Oct 2006 19:24:00 +0000 http://vancouvercondo.info/?p=79#comment-491 Yes, buyers (demand)and sellers (supply) dictate pricing. Economics 101-Chapter 1 will tell you this. So if it is not a "Seller's Market" and it is becoming more a "Buyer's Market", then you will have downward pressure on pricing...<br/><br/>However, you have to look at the real cost of building real estate (condos or single family) and you will find that the price of most existing real estate does not come close to the cost of building in Vancouver.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-491">0</span> <small>(to vote for this comment, please visit the site)</small></p> Yes, buyers (demand)and sellers (supply) dictate pricing. Economics 101-Chapter 1 will tell you this. So if it is not a “Seller’s Market” and it is becoming more a “Buyer’s Market”, then you will have downward pressure on pricing…

However, you have to look at the real cost of building real estate (condos or single family) and you will find that the price of most existing real estate does not come close to the cost of building in Vancouver.

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]]> By: bc_cele http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-490 bc_cele Thu, 05 Oct 2006 18:40:00 +0000 http://vancouvercondo.info/?p=79#comment-490 Chase,<br/><br/>'balanced' is as fictional in Vancouver as a soft landing. The term 'balance' suggests that this is the market's normal state, and it will remain there the majority of the time. This may be true in other markets, but Vancouver has either been hot or crashing for decades.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-490">0</span> <small>(to vote for this comment, please visit the site)</small></p> Chase,

‘balanced’ is as fictional in Vancouver as a soft landing. The term ‘balance’ suggests that this is the market’s normal state, and it will remain there the majority of the time. This may be true in other markets, but Vancouver has either been hot or crashing for decades.

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]]> By: chase http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-489 chase Wed, 04 Oct 2006 23:38:00 +0000 http://vancouvercondo.info/?p=79#comment-489 Here's what I want to know: what is a 'balanced' price for real-estate in vancouver? How much per sq. foot is reasonable to pay in central vancouver?<br/><br/>Prices have been all over the place, up and down in the past, so how do we determine what 'balance' means in terms of prices?<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-489">0</span> <small>(to vote for this comment, please visit the site)</small></p> Here’s what I want to know: what is a ‘balanced’ price for real-estate in vancouver? How much per sq. foot is reasonable to pay in central vancouver?

Prices have been all over the place, up and down in the past, so how do we determine what ‘balance’ means in terms of prices?

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]]> By: d_oush http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-488 d_oush Wed, 04 Oct 2006 23:35:00 +0000 http://vancouvercondo.info/?p=79#comment-488 <b>calling this the third best year is pollyanna-ish cheerleading? From the head real estate salesman in the province?</b><br/><br/>ok, but what would you expect the head real-estate salesman to say if things slow down a bit? Its not like this tells the future. October could be the hottest market ever in the lower mainland, and we don't know until it happens.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-488">0</span> <small>(to vote for this comment, please visit the site)</small></p> calling this the third best year is pollyanna-ish cheerleading? From the head real estate salesman in the province?

ok, but what would you expect the head real-estate salesman to say if things slow down a bit? Its not like this tells the future. October could be the hottest market ever in the lower mainland, and we don’t know until it happens.

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]]> By: dingus http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-487 dingus Wed, 04 Oct 2006 23:25:00 +0000 http://vancouvercondo.info/?p=79#comment-487 ahm, d-oush, I think the point was that going from first to third best means things are SLOWER than last year? That this is a trend? And the trend is down? And calling this the third best year is pollyanna-ish cheerleading? From the head real estate salesman in the province?<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-487">0</span> <small>(to vote for this comment, please visit the site)</small></p> ahm, d-oush, I think the point was that going from first to third best means things are SLOWER than last year? That this is a trend? And the trend is down? And calling this the third best year is pollyanna-ish cheerleading? From the head real estate salesman in the province?

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]]> By: d_oush http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-486 d_oush Wed, 04 Oct 2006 21:41:00 +0000 http://vancouvercondo.info/?p=79#comment-486 Come on prognonymous- There's a big difference between the third best year and the 27th. You seem like someone who sees the negative in everything.<br/><br/>as raconteur49 says, real estate is still selling strong and high-priced here, even if it takes a little longer to sell.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-486">0</span> <small>(to vote for this comment, please visit the site)</small></p> Come on prognonymous- There’s a big difference between the third best year and the 27th. You seem like someone who sees the negative in everything.

as raconteur49 says, real estate is still selling strong and high-priced here, even if it takes a little longer to sell.

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]]> By: raconteur49 http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-485 raconteur49 Wed, 04 Oct 2006 21:35:00 +0000 http://vancouvercondo.info/?p=79#comment-485 Definitely greed has toned down.<br/>My neighbors condo was listed at $375k in February, reduced to $350k in summer and again to $340K in September. Just sold for $335K, and that is still a whopping 22% above the current assessed value of $270K.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-485">0</span> <small>(to vote for this comment, please visit the site)</small></p> Definitely greed has toned down.
My neighbors condo was listed at $375k in February, reduced to $350k in summer and again to $340K in September. Just sold for $335K, and that is still a whopping 22% above the current assessed value of $270K.

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]]> By: DEFAULT NAME http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-484 DEFAULT NAME Wed, 04 Oct 2006 21:02:00 +0000 http://vancouvercondo.info/?p=79#comment-484 The RE market had been beyond insane over the last few years. It's about time for the correction. There have been numerous price reductions and increased inventory in my area (Bunraby, New West) so the end is here. The newspapers have been a bit slow but now a larger part of the population will be made aware of RE market decline. Bring it on!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-484">0</span> <small>(to vote for this comment, please visit the site)</small></p> The RE market had been beyond insane over the last few years. It’s about time for the correction. There have been numerous price reductions and increased inventory in my area (Bunraby, New West) so the end is here. The newspapers have been a bit slow but now a larger part of the population will be made aware of RE market decline. Bring it on!

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]]> By: prognonymous http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-483 prognonymous Wed, 04 Oct 2006 19:58:00 +0000 http://vancouvercondo.info/?p=79#comment-483 <i>Rick Valouche, president of the Real Estate Board of Greater Vancouver, added that it is hard to characterize the drop in sales as decline when the comparison is being drawn against Greater Vancouver's best year ever.<br/><br/>"We're on pace for the third-best year ever," he said.</i><br/><br/>Third best ever! Maybe next year will be the Fourth best year ever, or maybe it will be the 27th best!<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-483">0</span> <small>(to vote for this comment, please visit the site)</small></p> Rick Valouche, president of the Real Estate Board of Greater Vancouver, added that it is hard to characterize the drop in sales as decline when the comparison is being drawn against Greater Vancouver’s best year ever.

“We’re on pace for the third-best year ever,” he said.

Third best ever! Maybe next year will be the Fourth best year ever, or maybe it will be the 27th best!

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]]> By: digi http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-482 digi Wed, 04 Oct 2006 19:50:00 +0000 http://vancouvercondo.info/?p=79#comment-482 Isn't this what parts of the US looked like last year? Look at sacramento now:<br/><br/><a HREF="http://flippersintrouble.blogspot.com" REL="nofollow">flippers in trouble</a><br/><br/>Unfortunately for those people it looks like prices don't always go up.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-482">0</span> <small>(to vote for this comment, please visit the site)</small></p> Isn’t this what parts of the US looked like last year? Look at sacramento now:

flippers in trouble

Unfortunately for those people it looks like prices don’t always go up.

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]]> By: jeck http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-481 jeck Wed, 04 Oct 2006 19:42:00 +0000 http://vancouvercondo.info/?p=79#comment-481 <b>What are you hearing from people on the street?</b><br/><br/>I've heard a few people say 'Have you heard of assignments?' But I think I've heard a lot more 'they say the market is going to crash'..<br/><br/>What I want to know is 'Who are they'?<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-481">0</span> <small>(to vote for this comment, please visit the site)</small></p> What are you hearing from people on the street?

I’ve heard a few people say ‘Have you heard of assignments?’ But I think I’ve heard a lot more ‘they say the market is going to crash’..

What I want to know is ‘Who are they’?

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]]> By: Federico Perazzoni http://vancouvercondo.info/2006/10/end-of-sellers-market.html#comment-480 Federico Perazzoni Wed, 04 Oct 2006 19:28:00 +0000 http://vancouvercondo.info/?p=79#comment-480 Interesting....<br/><br/>:-)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-480">0</span> <small>(to vote for this comment, please visit the site)</small></p> Interesting….

:-)

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