Friday free-for-all
Friday free for all time! Here’s your open topic post for Friday November 16th 2007:
-Become a realtor.
-Vancouver condo sales slump.
-Divorce stokes the condo boom.
-Vancouver must heed warning signs.
-US slump worst since depression.
-US boom markets hit hard by foreclosures.
So what are you seeing out there? Post your news, links and anecdotes here!
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November 19th, 2007 at 10:53 pm
GOOD shot again and that makes a centuary for this friday.
November 19th, 2007 at 10:28 pm
(my wife’s not mine)
Whose is she then? I hope she’s not mine!
November 19th, 2007 at 10:25 pm
$1695 / 2br – New Spectacular Two Bed Room With Views!!!
The wannabe gangster who posts as pwr_x5 claims that he rented his yet to be completed two bedroom condo in Whalley for $1400+. In light of the above, that must be complete BS.
November 19th, 2007 at 9:42 pm
Yeah Ultersman good shot.
November 19th, 2007 at 9:32 pm
Re: The San Marino strata fee hike
…condo owner Lorrie Williams said she didn’t read the purchase agreement…
“…I’m dismayed that a contract doesn’t seem to be a contract anymore,†she said. “You have to read the fine print…â€
Hellooo Lorrie, the fine print IS part of the contract.
November 19th, 2007 at 8:22 pm
the rents at Spectrum are getting cheap, and they haven’t even opened all of the towers!
$1695 / 2br – New Spectacular Two Bed Room With Views!!!
——————————————————————————–
Reply to: see below
Date: 2007-11-18, 12:15PM PST
For rent is a bright spacious two bedroom and den in “Spectrum 1″ development located at 111 West Georgia Street,with open floor plan, floor to ceiling windows looking out GM Place,BC Stadium,Science World and water views.Kitchen with contempory Euro-style appliances, in Suite Laundry, one Parking in the building. NO pets and NO smoking. Please call Gloria at 604-307-5317.
This building is close to GM Place, BC Stadium,Costco,Tinseltown,Supermarket,
Skytrain Station,Library and Park.
The amenities include 80 foot indoor pool,whirlpool,steam room,sauna,full equipped exercise gym,social lounge with kitchen,playground,hollywood style theatre,meeting room,concierge and security.
November 19th, 2007 at 7:01 pm
Scullboy,
Absolutely!! I’ve been following this via the Province (my wife’s not mine)for the last 12-18 months. I think the media is quite clearly distancing itself from this so that they are not culpable when it pops…a rather tough act since, they must be careful not to bite the hand that feeds them.
Actually, I’ve seen more articles arguing the bear case – such as the one today re: “Americans leaving…” and others which report things like: “Sales up, despite all predictions” …sort of “good news but heed the warning attached.
November 19th, 2007 at 6:36 pm
Scullboy; “And is it me or does anyone else perceive a slight change in the coverage of the housing market? Quite a bit less exhuberant, and quite a lot more cautious….?” Yeh actually even thumbsuckersatv seems to be arguing more to persuade herself/himself..could SATV being having sleepless nights?
November 19th, 2007 at 1:27 pm
More on the San Marino
http://www.bclocalnews.com/gre.....94006.html
Lorrie Williams is a New West city councillor, and she didn’t even read her pre-sale contract. I wonder if she reads what she votes on?
She is well connected in the NDP so expect more opposition focus on condo rip-offs.
From the article:
She considers herself lucky because she can afford the added costs. But Williams worries about those who can barely afford to pay their condo mortgages.
“For those having to scrape together the money to pay for the mortgage, this will probably put them over the edge. They’ll have to walk away.â€
Those purchasing units will have difficulties selling them because of the high strata fee, said New Westminster MLA Chuck Puchmayr.
Along with NDP housing critic Diane Thorne, Puchmayr plans to speak about the San Marino situation in the Legislature, recommending changes to protect consumers.
“Developers would have to be bonded to make sure they can deliver at the cost they promised. There’s no way consumers should have to take all of the risk,†Puchmayr said.
November 19th, 2007 at 10:40 am
Drachen,
I’m right there with you, buddy.
It won’t just be SatV though.
And is it me or does anyone else perceive a slight change in the coverage of the housing market? Quite a bit less exhuberant, and quite a lot more cautious….?
November 19th, 2007 at 9:36 am
Is it just me or does anyone else get the impression that when prices are dropping at devastating rates we’ll be seeing messages from Satv saying things like:
“You see, the fact that things falling are proof they not bubble! Bubble float, brick drop. Housing situation therefore solid like brick!”
November 19th, 2007 at 6:57 am
Patriotz and thumbsup:
I meant Rich Asians selling and moving AWAY FROM VAN! Sorry for the ambiguity.
November 19th, 2007 at 6:52 am
Minor correction: it was a Gypsy village in Romania.
And my opinion: what they were really offended about was that they had been suckered into being paid peanuts to appear in a hit movie. I don’t think they gave a rat’s behind about any purported damage to anyone’s image,
I stand corrected. As for reason for being offended, I think it may be a bit of both. From an online article (too lazy for tinyurl):
“Mr Tudorache, a deeply religious grandfather who lost his arm in an accident, was one of those who feels most humiliated. For one scene, a rubber sex toy in the shape of a fist was attached to the stump of his missing arm – but he had no idea what it was.
Only when The Mail on Sunday visited him did he find out. He said he was ashamed, confessing that he only agreed to be filmed because he hoped to top up his £70-a-month salary – although in the end he was paid just £3. ”
November 19th, 2007 at 6:17 am
“hat line’s been around since 1980 or so, and we’ve seen one major crash and another bear market since then.”
Yeh I remember that well everywhere you looked there were Japanese” asians, bus loads of tourists from there as well. Pretty soon their inflation will climb outa site, unless they let the Yuan float, before they do that they will want to liquidate to get as much as possible. Also imagine UBC is getting really expensive for them as they depreciate against Cdn! Currency control, always has led to a disaster for all economies, Russia, Mexico to name a couple!
November 18th, 2007 at 10:45 pm
K,
You back buddy nice to see ya,so how do you feel Vancouver is up by another 10.
About American buying tick tock was in sense,if there was no news about buying.
November 18th, 2007 at 10:38 pm
thumbsup,
dude, what are you saying? of course the americans who are buying are saying they have confidence in the bc r/e. it wouldn’t be logic if they didn’t say that. hellloooooo!!!!
what did you expect them to say? i bought because i have no confidence in the market!
November 18th, 2007 at 10:38 pm
Next up: Rich Asians selling and moving!
You just thought this one up?
That line’s been around since 1980 or so, and we’ve seen one major crash and another bear market since then.
November 18th, 2007 at 10:37 pm
thumbsup,
dude, what are you saying? of course the americans who are buying are saying they have confidence in the bc r/e. it wouldn’t be logic if they didn’t say that. hellloooooo!!!!
what did you expect them to say? i bought because i have no confidence in the market!
November 18th, 2007 at 10:34 pm
The Czech village that stood in for Kazakhstan was offended because they didn’t realize he was using them to create his stereotype.
Minor correction: it was a Gypsy village in Romania.
And my opinion: what they were really offended about was that they had been suckered into being paid peanuts to appear in a hit movie. I don’t think they gave a rat’s behind about any purported damage to anyone’s image, whether “Kazakhs” or their own for that matter. I say this as someone who has visited Romania.
November 18th, 2007 at 10:13 pm
Next up: Rich Asians selling and moving!
Aha baby,
Application process takes from 5 to 7 year to come to Canada.
Cancada is a dream for them to be here,they will move easly for few bucks?..
November 18th, 2007 at 9:55 pm
Re-diculous,
I think I mentioned in the last couple of weeks that is the “Rich foreigners are buying everything” mere were true, we’d soon see them selling off in Vancouver.
Next up: Rich Asians selling and moving!
November 18th, 2007 at 9:23 pm
Rediculas,
Good artical,atleast we have ancedotes evidence that americans were buying here and still buying here.
Once i have mention that Washington and California took over whistler,squamish,blackomb.
However, Nielsen added that the Americans who are buying are still confident about investing in B.C. real estate.
that’s the most important part inventory is going down,buying and selling is a custom.
November 18th, 2007 at 8:49 pm
Wow!
I didn’t know my last comment would have so much influence….check this out!
Vancouver Sun (even!): “Americans leaving the B.C. Housing Market”
http://tinyurl.com/24u58k
November 18th, 2007 at 8:01 pm
Michael Levy;”If property owners could just keep swapping houses amongst themselves and pocket the profits all would be well. But … there is a very big ‘But’ … there is a significant proportion of the population that does not own property and they are on the outside looking in…The trouble is, they cannot afford to get into the housing markets…there is no room at the inn (to get in). Therefore they have to rent.
The first sign of trouble begins when rental values start to fall because renters just cannot afford large increases in rent. This has begun in many coastal towns and it will not be long before the decline in rents are transported to big cities
And that has already started, condo vacancies are begging!
November 18th, 2007 at 7:59 pm
Strataman,
that was to cash in or after math of olympics,but healthy economy I have already explain lots of time.
November 18th, 2007 at 7:55 pm
satv:
have the 5 year old step away from the keyboard…please
November 18th, 2007 at 7:55 pm
No Robsnumbers,
I am on Vocation, for fourth quarter and today I was baby sitting my 5 year old son and nefew,So did not go anywhere flooding here.
November 18th, 2007 at 7:44 pm
zzzzzzzzzzzz
November 18th, 2007 at 7:41 pm
“for example we need atleast 20 employees each to run STAR BUCKS or PIZZA HUT.” AND WHERE MIGHT THESE PEOPLE LIVE? They can afford $600.00 a month! And don’t tell me Surrey a 2 – 3 zone transit pass is $200.00 a month. That is precisely why all those places are hiring and doing so every month as the turnover is about 1 month as they give up being able to live. Downtown Starbucks will have to raise there pay to $20. You make no sense in fact a lot of what you say proves the point that you do not have the faintest idea how a healthy economy functions. I go into a Starbucks every day
and in the last year I have seen more change then in th last five before that. I get to know the people and find out they have left not just Starbucks but the city!
November 18th, 2007 at 7:21 pm
too many condo project
you are missing the point:
builders build, that’s their “ouvre” as such…
step back and look at the big picture:
it is a credit bubble, the resulting asset bubble that was spawned is ancillary to the main fact. you are missing the forest…again.
November 18th, 2007 at 7:10 pm
Miss,
Now you are going into right direction,they are copy cat to canadians don’t you know low interest rate,gst cuts,tax cut what is all that happening in Canada on the top of that we have winner take it all economy.
CANADAIN ECONOMY- is a “winner take all” Economy
“The “Winner take All” Economy is a Economy in which the winners in any field today can really cash in because they can sell into this massive global marketplace, while those you are just a little less talented, or not skilled at all, are limited to selling in just their local market and therefore tend to make a lot, lot less.”
“The more that different markets get globalized and become winner-take-all markets, the more inequality expands within countries and, for that matter, between countries.”
Capitalist Economy(large and global)Include Global Financial System-Ownership-Global Corporation-Culture &Choice-Rules-People are great participants in this.
Inequality Expands:We have more than 70% Bulls in Canada,23% Bearish Bull.We don’t have a official poverty line,but almost 7% people are close to that lime light why don’t we count them in because of welfare system and health care.”means” they can eat and can be treat well than the rest of world.
Culture And Choice:People of cultural and ethnic can enjoy more freedom from their culture than they can in their own countries,So always expect more line up infront of Immigration Canada.
Owner Ship:More than 68% owners constantly 68/100, prices are up or down those many people are willing to buy at all time.
People:We have a great economy because of optimistic spirit from all the people most of Canadians are hard worker and self employed, in rest of world families are just one mans army,that’s mean head of family is responsible to arrange education,health care,and food for their children most of them even make housing arrangements for their childrens and in-laws.
Most of people in other countries start working at the age of 30 year,while in Canada people start working at the age 16 in Alberta 14 year old can work.
Homelessness:”we have almost 150.000 homeless people in Canada homeless problem in Victoria has been solved and in Vancouver all arangements are being made to eliminate that problem(seems like time to make some high rise on hasting).
Winner takes it all:Canada drive is lifting our country up those who are worried about after 10 we have very less vulnaribilties, because every $28.000 purchase of real estate creat one jobs for Canadian,Plus because of too many condo project those construction lost jobs can be replace with more jobs in strata and to run commercial projects or bussiness for example we need atleast 20 employees each to run STAR BUCKS or PIZZA HUT.
STRATA MAN,
If you can read that paragraph you can explain us more about job creation in strata or related environments.
From the living standard,student purpose,cultural,Entertainment,night life,less threat and many many more future.We are powerful nation of this world and we have a WINNER TAKE ALL ECONOMY.
November 18th, 2007 at 6:58 pm
http://tinyurl.com/2pf6un
China trying curb speculation?
interesting read….
November 18th, 2007 at 6:48 pm
Craig,Micheal,
this stats for crime are not agree with you since misanthtropic join the police force cops are up and crimes are down right heremisanthropic curmudgeon has a power to beat BALL OF BRASS
November 18th, 2007 at 6:32 pm
Florida homes are now selling for less than building costs but look at this from over one year ago:
“South Florida Sun-Sentinel reported on June 4, 2006 that though 400 people a day are moving out of Florida to other states, 1000 a day are still moving here.
Florida’s steady growth is expected to continue, making the state the third largest in the country soon, passing New York.”
Re BC
2005 population
4,260,246
2006 population
4,320,255
est 2007 population
4,380,256
Gee 60,000 over last year…WOW compared to Floridas 600 a day times 365 days….someone do the calcs please, I can’t count that high.
November 18th, 2007 at 6:25 pm
There is a type of personality that cannot see reason, fact or otherwise.
the same category of people who still believe the earth is flat…
there are none so blind as those that will not see.
November 18th, 2007 at 6:16 pm
“Staff: 76
Budget: $7.8 million
People jailed in last 5 years: 17!”
How many innocent people have been abused or killed by Canada’s Finest?
New BC slogan….BC, The Best Place on Earth to Stay Away From, if You Value Your Life.
November 18th, 2007 at 6:12 pm
My sister in law in Red Deer AB says home prices are tumbling
November 18th, 2007 at 6:10 pm
Home sales fall 41 percent in October; values decline
November 18th, 2007 at 5:57 pm
A little OT but germaine to what I’ve been wondering about with RE lately. David Baines in the Sun has a good story about the RCMP’s E division. They’re responsible for commercial crime like fraud, counterfeiting and those other juicy habits or organized crime. Check out these numbers:
Staff: 76
Budget: $7.8 million
People jailed in last 5 years: 17!
That’s right, 17 people have been jailed in five years as a result of investigations by this division. Unbelievable, but perhaps not that unbelievable if The Economist and others are correct in calling Canada a haven for organized crime.
Along with our growops, this kind of thing really makes me wonder how much of our local economy and especially real estate is buttressed by the proceeds of crime. It would explain a lot.
November 18th, 2007 at 5:44 pm
Another point…
1: As I stated in the last thread, I recall 2-3 years ago the media stating “it is different this time because of the lack of speculation in our market”…the truth about the 50% rate of speculation downtown was released last week
2: Now I constantly hear about we are unaffected by the current RE meltdown in the US
Our market WILL indeed be affected by what’s happening in the US as the US market gets cheaper and the GOOD speculators (here) take advantage….just as a good investor sells overvalued stocks to buy undervalued ones
November 18th, 2007 at 5:30 pm
Scullboy;”Nothing, but NOTHING will convince Sat and people like them of what’s coming. Not stories of what’s happening in the States. Not the economic slowdown going on in Ontario.” Finally somebody said it! I agree we’ve all met people like that. In fact when it crashes there are going to be people who deny it has crashed even if they personally have lost. There is a type of personality that cannot see reason, fact or otherwise. No doubt from our primate recent path! (Must have been usefull could send them off huntingagainst all odds just stand there and stop the stampede you can do it!)
November 18th, 2007 at 4:05 pm
1. Whatever point is in there is very difficult to grasp because of the butchered language. Not your fault of course.
Freako do you honestly think our Realtor friend is a New Canadian?
November 18th, 2007 at 3:59 pm
Is there any thing in life without
speculation?
November 18th, 2007 at 3:39 pm
Another thing that makes me wonder….(re: current Vancouver condo market driven by speculation)…if I were a RE speculator, I would be taking my $$ out of this over priced market and waiting for opportunities in the US….or does “buy low, sell high” not apply in RE.
November 18th, 2007 at 3:37 pm
Clarke and re-diculous:
I used to manage the the support dept for tucows.com, and i joined in the late 90s.
I remember it so well…. “Things are different this time”. “We’ll be able to retire on our stock options” “This boom will never end”. The behaviour and the language are indeed identical.
I remember when I knew things had gone too far. It was Xmas 1998 and I saw an article in the paper about how Tiffany was making tree ornaments in the shape of hands grasping dollar bills.
The crash was a lot faster then, because it’s very easy to liquidate stocks. This one’s like a slow rolling wave. And people have tied up hundreds of thousands of dollars in these “investments” so they can’t walk away quite as easily at the dot.com “investors” did.
TO me it boils down to this: On one side we have SATV We’ve all heard his arguments so it’s hardly conductive to go over them again.
On the other hand we have my banker friend, who has held titles like “senior vice president” at one of the big banks, who says “if you’re smart, you’ll rent one of these lovely West End places until people come to their senses”. We also have my Olympian/IOC friend who says “The Olympics aren’t going to have that much of an effect on long term real estate prices. They never do.” And this is a guy who HELPS PICK THE LOCATIONS FOR OLYMPICS!
SatV is actually useful because he’s the voice of every inexperienced “investor” out there. When ol’ Sat packs it in and says it’s not worth buying in Vancouver, *THAT* is the time to get in the market. He and everyone like him are going to get a nasty haircut and once they’ve all learned their lesson, We can get back to normal.
Nothing, but NOTHING will convince Sat and people like them of what’s coming. Not stories of what’s happening in the States. Not the economic slowdown going on in Ontario. Not the reports now coming out saying things like “there are 2 economies in BC and one of them is already in the crapper”. Not the rapidly appreciating Canadian dollar.
No, the only thing that’s going to convince these people is good old fashioned painful experience. It’d going to be a lot of fun to watch…. especially the bit when people cry “who could have known?”