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!

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Patiently Waiting
Patiently Waiting
13 years ago

By the way, those numbers are from a story about a new bylaw creating "a municipal team that will search out and shut down grow ops using tips from neighbours, BC Hydro records and observations."Is this the beginning of a trend? Is it a serious crackdown? Does this have anything to do with 2010?

Patiently Waiting
Patiently Waiting
13 years ago

In The NOW I read that city staff estimate there are 200-300 active grow-ops in Poco at any one time. I did a bit of rough math, and that would mean about 12,000 in the GVRD.

markx
markx
13 years ago

"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. "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.

tulip-Mania2
tulip-Mania2
13 years ago

“Home Prices Are Falling Like Almost Never Before” I likethis storyIt 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."

Drachen
Drachen
13 years ago

From Digi's link"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.

rentah
rentah
13 years ago

digi: Thanks for that rental video link, very informative.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.

Akhen
Akhen
13 years ago

I'm wondering what level of rental demand there is and whether or not it can easily absorb the new units coming online. 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.

digi
digi
13 years ago

So whats the downtown rental market look like from an investors perspective?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'.

Akhen
Akhen
13 years ago

Plenty of desperate people out there. At the end of the day, there's no sacred cows. With property prices sky high and rental market tight, anything is negotiable.

Warren
Warren
13 years ago

mk,Who's stupid though, the landlords who advertise this crap or the tenants who fall for it? Caveat Emptor.

mk-kids
mk-kids
13 years ago

A little OT but I've been seeing a number of places on Craigslist advertise that rent INCLUDES STRATA FEES! Yeah, you dumbass, of course you are responsible for the strata fees. Oooh, like tenants are dumb enough to believe its some big favour your amateur landlord is doin' for you, covering the strata fees. Freakin' morons.

Warren
Warren
13 years ago

Nice strata fees, thanks Rennie! Strata fees tend to be set artificially low on new buildings by the developer, to make the unit more attractive. Anecdotally I've seen them close to double within the first 5 years or so, then remain fairly steady. I can't imagine that fee going up to $1200/month. That + taxes, how much could rent possibly be?

WoodenHorse
WoodenHorse
13 years ago

clarke: it is it's own satire that's the problem.aetakeo: Yes, people are completely unhiged.

aetakeo
aetakeo
13 years ago

That Oakridge 1 bedroom – which looks suspiciously like the rentals I tend to stay away from because everything in them is cr@p – has a $300/mo strata fee. So, what's that all together? $2500/month? $3000k? For a one bedroom in Oakridge?Are people completely unhinged?

Clarke
Clarke
13 years ago

I better put in an offer fast, perhaps with an extra $20k so I am not outbid. If I wait longer, the price will just go up more…….Good grief, this is so outlandish you cannot even do a satire of it properly.

David
David
13 years ago

That's a steal.

the pope
the pope
13 years ago

When you're doing your calculations to figure out how rich that Richards st. place will make you, don't forget to include the $716.88 per month 'investment' in strata fees.