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What does “od” mean?

Oh, the irony….

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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.

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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.

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I 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 managers are bound by arbitrary rules they have no control over.

Good luck with your search!

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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.

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I wonder what happens when the building is finished and carrying cost starts to weigh down the flipper.

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our rentals were at the low end

Electra: no parking no pets

Metropolis: no parking small 1 bedroom with large patio

Space: small studio high floor
good view but no parking
and too small for 2 people & pets

Eden: our listing: V632757
our current home just sold
nice place but very noisy
– street noise on Thursday, Friday and Saturday evenings was overwhelming
2 blocks from Granville party central
boom cars, heavy motorcycles, people screaming and yelling till 4:30 AM
ambulances and fire trucks… the only thing we didn’t hear was gunfire….

we are getting too old for this stuff
1 year from now we will check out a SFH East side, older home with south back yard and unfinished basement
we 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 Harbour, very pet friendly

20 DOM, purchasers are FTB currently renting in Concord Pacific bldg.

We’ve been homeowners since 1981 first in Calgary and than Vancouver so this is a bit of an adventure

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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 $85K

Negatives:
* Market drops. But since you lose 30% of “gain” to cap gains and commission, impact is lessened.
* Pay maybe $3500/mo in monthly expenses instead of $2500/mo in rent.
* Current move, if any, will be lesiurely.
* No need to search for that perfect condo for 2 people, cat, dog, 2000 books.
TOTAL – extra $12K/yr in housing costs

Overall–
* Owning the place you live takes a lot of uncertainty out of life,
* Sounds like you have plenty of cash invested elsewhere, you could weather a 40% (only 25% after cap gains and comission) market drop without much trouble.

Just curious…

whybuywhenucanrent?
(or whysellwhenucanstayput?)

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list $529,900 sold $525,000
purchased 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

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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.

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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…..

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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. We knew we had pushed it up to levels which couldn’t possibly be sustained into the medium and long term. But for the time being, if we had not done that, the UK economy would have gone into recession just as the United States did.”

http://tinyurl.com/39abjg

But to be fair; he said his legacy is to “sort out” the problems he had caused.

These guys are a riot.

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Can’t happen here,we are in La La Land where everything goes up forever and ever.

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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

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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.

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