The Forgotten
In a hot market its easy to think that everything on the market, from junk to gemstones is swept up by eager buyers as soon as its listed, but thats not always the case. Why not look at a few of the units that have been on the market for more than 90 days?
This little puppy in Oakridge is only asking $399k and has been on the market for 323 days, thats almost 1/10 of the age of the building. But if you want to look at building age to listing day ratio thats nothin’:
#2604 788 Richards street hasn’t even been built yet and yet somehow no one has swept in to grab this assignment for easy money. This unit’s been on the market for an astounding 509 days.
“The three secrets to a signature address: luxury, presence, taste”. I suppose you could add time to that list as well, as this offering has been aged like a fine wine. Neophyte marketers take note and learn from the master: If your unit doesn’t sell for $1,064,900 do what Rennie does and raise your asking price a few hundred thousand: This condo in still available for the bargain price of $1,334,900.
Act fast!
(No Ratings Yet)
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July 24th, 2007 at 9:06 am
July 24th, 2007 at 11:22 am
July 24th, 2007 at 12:27 pm
Good grief, this is so outlandish you cannot even do a satire of it properly.
July 24th, 2007 at 12:50 pm
Are people completely unhinged?
July 24th, 2007 at 2:29 pm
aetakeo: Yes, people are completely unhiged.
July 24th, 2007 at 6:59 pm
July 24th, 2007 at 8:35 pm
July 25th, 2007 at 7:17 am
Who’s stupid though, the landlords who advertise this crap or the tenants who fall for it? Caveat Emptor.
July 25th, 2007 at 7:45 am
July 25th, 2007 at 11:03 am
The thing about renting is that even if you foolishly pay one of these neophyte investors a bunch for a tiny condo rental you can always move if something better comes up, and with thousands of new condos being completed downtown in the next year or two its looking like there will be lots ‘better’.
July 25th, 2007 at 12:11 pm
My opinion is that the majority of those that have moved to BC or to its cities for work purposes are actually renters rather than owners. If so, then there likely would be enough demand to maintain the rental rates without a significant dip.
July 25th, 2007 at 1:09 pm
Note the change from the Oct 06 video (very tight, almost 0% vacancy) to July 07 (”lots of product”, more product getting ready to come on the market).
Also worth watching for the bit where he discusses wages versus asking-rents (and manages to do it with a straight face..).
This is one way in which we’d expect the next part of the cycle (the drop) to commence.
July 25th, 2007 at 1:30 pm
“Historically prices have appreciated probably at about 7-10% per year.”
Historically in this case meaning over the last 4-5 years I guess.
What a bag of wind that guy is! Let me get this straight.
decreasing demand + increasing cost of ownership + increasing supply = it’s a good time to buy!
It doesn’t take an economics degree to know that if supply goes up and demand goes down or is flat a rational market will fall.
And as we all know, market forces will eventually force a return to rationality.
July 25th, 2007 at 3:19 pm
It states in a neat little nut shell what the usual suspects are peddling here.
“The painful part of this story is that it was all predictable and preventable.”
“In short, there was no explanation for this sudden run-up in house sale prices based on fundamentals.”
July 25th, 2007 at 5:37 pm
That’s true, in any rational market. The problem is, people that movED here for work purposes have already rented, assuming that they’re not on the street. Therefore, when the condos complete, they can not be counted on to absorb the supply. Rather, MORE people will need to come to BC to absorb the supply. The flood of condos completed or to be completed in Florida would serve as a good reference.
July 25th, 2007 at 8:01 pm
July 25th, 2007 at 8:05 pm
Is this the beginning of a trend? Is it a serious crackdown? Does this have anything to do with 2010?