84 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
dog
dog
13 years ago

But that was obviously just a classic example of a fat-fingered typo, BTW.

dog
dog
13 years ago

You're right guys, I'm full of it.Or should I say full od it, perhaps? 😀

Drachen
Drachen
13 years ago

I dunno, "od" appears to mean something. He used it both times in the same place in the sentence. 🙂

betamax
betamax
13 years ago

dog: Bunch od lazy amateursWhat does "od" mean?Oh, the irony….

dog
dog
13 years ago

drachen,I agree with you. Education has little to do with it.In which case I should modify my previous statement to read:Bunch od lazy amateurs flipping condos hoping to get rich quickly with minimum effort. Pathetic.

Drachen
Drachen
13 years ago

I don't think it's a lack of education that's the problem dog. There's lots of examples of people with little or no education who ended up very successful, Richard Branson for example has dyslexia, can't spell for crap and has difficulty reading.The REAL problem IMO is the laziness. Expecting that if you invest in housing you'll make money no matter how little work you put into it. This guy wasn't even motivated enough to buy a fixer upper and flip, he bought assignments and is now trying to sell them before completion and make a killing.

dog
dog
13 years ago

ulsterman said:Dog, why do you figure the poster sucks at spelling? The odd fat-fingered typo doesn't mean you suck at spelling. And no, i'm not the one selling the condos.Well, how about:"2 Yaletown Condo's"or"corner units, with balcony's"or"NO GST ON ASSIGNMNET" or"black granite counter tops"I simply think that if you have a million dollar product for sale the least you can do is get your marketing materials checked for spelling errors. To me that very ad is a perfect illustration of what's wrong with Vancouver's real-estate market:Bunch od uneducated amateurs flipping condos hoping to get rich quickly with minimum effort. Pathetic.

betamax
betamax
13 years ago

we have two months to find a place to rent, 1 dog 1 cat and 2000 booksI found that many private owners will happily accept good tenants with pets over questionable tenants without. When looking for a place 2 years ago, I called several ads which explicitly stated "no pets" and began by telling them about my wife and I and our white-collar occupations, then mentioned our well-behaved labrador retriever and two cats. I talked most into at least accepting the idea of the pets on the strength of us as tenants, and eventually ended up turning down several offers before choosing our current place. I began my search quite hesitantly, but soon realized that being a 'gold standard' tenant carried a lot of weight with owners. Apartments, on the other hand, are generally a waste of time because the… Read more »

Drachen
Drachen
13 years ago

balcony's Somehow units views and condos avoided the dreaded apostrophe but he found the need to put it on balcony to pluralize…Other than that no particularly bad mistakes…There is something wrong with his brain, but it doesn't seem to affect his english skills much. I guess you can be gullible without being stupid… I wonder how gullible someone will have to be to buy one of those condos.

Ulsterman
Ulsterman
13 years ago

Dog, why do you figure the poster sucks at spelling? The odd fat-fingered typo doesn't mean you suck at spelling. And no, i'm not the one selling the condos.

dog
dog
13 years ago

I just looked at the above ad on craigslist… for someone holding around one million dollars worth of real estate assets this guy sure sucks at spelling.

Asun
Asun
13 years ago

Local observation from Craigslist. This person has been trying to flip the assignment for a while now. Started at around $520K and down to $457K now. I wonder what happens when the building is finished and carrying cost starts to weigh down the flipper.

blueskies
blueskies
13 years ago

whybuy: our rentals were at the low endElectra: no parking no petsMetropolis: no parking small 1 bedroom with large patioSpace: small studio high floor good view but no parking and too small for 2 people & petsEden: our listing: V632757our current home just soldnice place but very noisy – street noise on Thursday, Friday and Saturday evenings was overwhelming2 blocks from Granville party centralboom cars, heavy motorcycles, people screaming and yelling till 4:30 AMambulances and fire trucks… the only thing we didn't hear was gunfire…. we are getting too old for this stuff1 year from now we will check out a SFH East side, older home with south back yard and unfinished basementwe don't want a "mortgage helper"and maybe find a small condo in Victoria if prices do correct, we spend a bit of time there, currently use Marriott Inner… Read more »

whybuywhenucanrent
whybuywhenucanrent
13 years ago

Question for Blueskies: >>>we are now homeless, landless peasants as such. we have two months to find a place to rent, 1 dog 1 cat and 2000 books<<<>>>sold $525,000 purchased preconstruction in Sept '01 at $242,000<<<Blue–Out of curiousity, did you consider hanging on to one condo? Either the one you live in, or, better, move into one of the rentals. Here's what my reasoning might have been: Benefits* defer cap gains (20% of 250K = 50K) (if you move into a rental)* eliminate comission (5% of 500K = $25K)* eliminate risk of undesired future moves (apartment sold out from under you, etc.) ~$5K each. * eliminate need to move (if you stay in current place)* eliminate $10K in closing costs if you reenter market 5 yrs from now. TOTAL: potential savings $85KNegatives: * Market drops. But since you lose 30%… Read more »

Drachen
Drachen
13 years ago

I'm not so sure this boom will be surpassed in real terms in any of our lifetimes. Remember freako it took THIS boom to surpass the peak real value from the '80s. This time around the spike is a lot bigger and I suspect (at least I sincerely hope) the lesson will be well and truly learned for most of those alive in Vancouver today.

rentah
rentah
13 years ago

well done, blueskies, very neat. Few will replicate that. And I agree with freako's estimates re real and nominal outlook.

blueskies
blueskies
13 years ago

It is not impossible that you sold for a price that won't be surpassed for a good 10 years nominally, or 20 or so in real terms. list $529,900 sold $525,000purchased preconstruction in Sept '01 at $242,000 with 5% down. Original investment in Yaletown was in '96 $15K down (refi cash out on our Calgary SFH). At one point in '04 we had 4 apts in YT/DT. When appreciation reached 100% we sold each one, paid our capital gains and banked the funds, laddered GIC's in various fine Canadian banking establishments.. looking to the future with a bit of trepidation…. aging boomers

Freako
Freako
13 years ago

"the subjects on the sale of our YT condo have cleared, we are now homeless, landless peasants as such."It is not impossible that you sold for a price that won't be surpassed for a good 10 years nominally, or 20 or so in real terms. You never know, but you might just have pulled that off. Me, I cleared out most of my investment property way too early.

rentah
rentah
13 years ago

blueskies:Congratulations, clearly those books gave you wisdom.

blueskies
blueskies
13 years ago

well on more positive note: the subjects on the sale of our YT condo have cleared, we are now homeless, landless peasants as such. we have two months to find a place to rent, 1 dog 1 cat and 2000 books we have safely extracted our butts from the Vancouver condo market, it has been quite a ride…..

exvancouverite
exvancouverite
13 years ago

This guy is a real card;From the Florida Sun-Sentinel: BOCA RATON – Retired Federal Reserve Chairman Alan Greenspan, speaking at a Futures Industry Association annual conference here on Thursday, said the problems of the subprime mortgage market had more to do with home prices than easy credit. "If we could wave a wand and housing prices go up 10 percent, the subprime mortgage problem would disappear," he said.Brilliant. Some of us thought easy credit is the culprit. Not so.At least, one other member of the banking brethern is a little more forthcoming."Ex-Governor George says Bank deliberately fuelled consumer boom…The Bank of England deliberately stoked the consumer boom that has led to record house prices and personal debt in order to avert a recession, the former Bank Governor Eddie George admitted yesterday…."We knew that we were having to stimulate consumer spending.… Read more »

OnTheIsle
OnTheIsle
13 years ago

"Then the market turned — and for many homeowners, the escape hatch slammed shut.'Can't happen here,we are in La La Land where everything goes up forever and ever.

rentah
rentah
13 years ago

Don't mudwrestle with a pig: One gets covered in mud, and the pig enjoys it.

Freako
Freako
13 years ago

OT Here is another one of those "heart rendering" stories about losing a fight against foreclosure. How long until VHB's Oprah moment is here?Also note the time it takes between NOD and auction. Most homes subject to NOD are NOT listed. Think of how many of these the clock is ticking on.http://tinyurl.com/yor7va

patiently waiting
patiently waiting
13 years ago

North Van,The best way not pay for others dream wishes is not to buy or rent for the next couple of years. Yep, we have talked it over and over, and we are moving to a co-op. We will start filling applications today. Market rate 2 bedroom units range from $750-$1000 (and seems utilities are included), depending on the area.My money is not going to speculators. No way, no how.