Comments on: Local Americans selling?

By: Drachen

Drachen — Thu, 22 Nov 2007 17:23:00 +0000

Good point diculous, or as our favourite punching bag would say.

"Blog find extremes that of
Wow....within both from Thumbsup/SATV.... to
Wow....within this extremes - gems
by extremes left Blog lumps
find from gems shit left
Wow....within Blog extremes - of"

Maybe I've figured out where his wonderful style comes from.
Dada Poetry Generator

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By: Re-diculous

Re-diculous — Thu, 22 Nov 2007 03:26:00 +0000

Futurestar.....thanks for that piece.....that's a definite keeper!

Wow....within this Blog I find both extremes - from gems like that to lumps of shit left by Thumbsup/SATV....

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By: CBB

CBB — Thu, 22 Nov 2007 00:04:00 +0000

Asian credit crunch begins

The tipping point for Vancouver RE?

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By: futurestar

futurestar — Wed, 21 Nov 2007 17:16:00 +0000

This comment totally applies to Vancouver as well:

"Go back in time to the year 2000 when the NASDAQ was trading at 5,000. Some people said it was a bubble and couldn't go on forever. Yet the temptation to go with the flow and make was seemed to be easy money was irresistible. Driven by the marketing efforts of those who make their living in the stock market, it was argued that prices would still go higher. If you bought into their line of reasoning, surely NASDAQ 10,000 was not too far away.

I was reminded of those times when I read David Lereah's book "Are You Missing the Real Estate Boom." Even after the biggest 5-year run-up in housing prices in U.S. history - where 40% of all homebuyers must now resort to interest-only adjustable rate mortgages in order to qualify for home financing - Lereah tries to convince us that the U.S. real estate market should continue to stay healthy for the next 10 years.

His arguement goes something like this: Even though housing prices are high, the combination of low interest rates, 80 million wealthy baby boomers and their offspring ("echo boomers") will continue to fuel demand. This is not objective, unbiased advice. As head cheerleader for the Realtor hallelujah choir, Lereah is using the same tactics that have been well-honed on Wall Street: "When the ducks are quackin', feed 'em."

I don't remember what Lereah was saying about U.S. housing prices in 1998 or 1999 when prices were 30% lower than they are today (and 75% lower in many of the highly populated coastal regions), but I think its safe to say he wasn't forecasting a coming real estate boom that would last for the next 15 years.

The key to making money in real estate - and keeping it - is to get aboard a rising real estate trend early, not late. While it is true that real estate is a good long-term investment, what Lereah ignores is the cycle nature of real estate. In other words, if you buy an overvalued house late in the market cycle - and you are over leveraged and illiquid like most Americans are today - you may not be around for the long-term."

Robert Campbell
Author of "Timing the Real Estate Market"

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By: Strataman

Strataman — Wed, 21 Nov 2007 04:58:00 +0000

“And those opportunities will continue to exist throughout this decade and into the next…….’” Twas terrific, was also published in 2005 before the US crash, would have liked to hear SATV talking about it, hell he could write a Canadian one now and join the club!

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By: Professor Robert Pillar

Professor Robert Pillar — Wed, 21 Nov 2007 04:12:00 +0000

robsnumbers,

Good Work do you know i often say that to people Vancouver is scullibully beautiful and handsomly rewarded thumbsat city of this world.good to hang around in yaletown,crosstown,gastown,and on robson.

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By: Re-diculous

Re-diculous — Wed, 21 Nov 2007 03:42:00 +0000

Beautiful! ....what a hoot! I love the start of the second paragraph -
'What you may not know is that the opportunities still abound in the U.S. real estate markets. And those opportunities will continue to exist throughout this decade and into the next.......'

I think if Amazon placed this in the comedy section they'd get more than (current) 13cent bids

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By: rob/satv is on a roll

rob/satv is on a roll — Wed, 21 Nov 2007 01:16:00 +0000

â€œAre You Missing the Real Estate Boom?: The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade - And How to Profit From Them (Hardcover)â€
pefect gift for Satv and friends

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By: tulip-Mania2

tulip-Mania2 — Wed, 21 Nov 2007 00:27:00 +0000

"Sold out in 2 hours?"
B.S.
Successfully staged as sold out in 2 hours is closer to the truth.

It was a media event. The result of many months of high pressure sales manoeuvres.

The high pressure sales tactics are the same as those used in selling the time share schemes.

In the American, bubble markets where they staged overnight line ups, and offers to sell to "VIP's with subprime credit, by reserved invitation only, and other deceitful gimmicks, the bubble burst eventually, just the same.

Maybe that may not be the case as we are such a smart city, but I doubt it.

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By: Swirlyman

Swirlyman — Tue, 20 Nov 2007 23:52:00 +0000

...or perhaps as smart as Napoleon at Waterloo...

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By: digi

digi — Tue, 20 Nov 2007 23:34:00 +0000

Just how smart are we?

"We are as smart as Waterloo"

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By: Patiently Waiting

Patiently Waiting — Tue, 20 Nov 2007 23:14:00 +0000

Richard,

Fredericton and Edmonton are also short-listed as "smart" cities. What do they have that Halifax and Calgary, don't have?

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By: Analyzer

Analyzer — Tue, 20 Nov 2007 23:06:00 +0000

Bank offers to cover land-transfer tax.
http://tinyurl.com/ynssz3

What's next?

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By: Richard

Richard — Tue, 20 Nov 2007 22:58:00 +0000

So we're not only the best place on earth, we're also really smart, though i think i'll wait a few more years before i agree or disagree.

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By: Jade East

Jade East — Tue, 20 Nov 2007 18:43:00 +0000

"Prices for units in the Latitude project started in the low $200,000s"

Sub 300k is doable for many with $20-30k down the payments could be made by a working couple with a 100k income combined.

"the prices drew a lot of first-time buyers, many purchasing with their parents' help."

Oh never mind.

These are the hidden speculators the people who are motivated by the speculation of being priced out. I just hope they are using real savings and not borrowing against gains in their own real estate holdings. Actually thats a lie I don't really care.

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By: Richard

Richard — Tue, 20 Nov 2007 18:17:00 +0000

condos sold out in 2 hours in abbotsford

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By: ThumbsUp

ThumbsUp — Tue, 20 Nov 2007 17:34:00 +0000

Oh Yes,
"Coming soon to bank near us"
Interest Rate Cuts and Hot Coffee

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By: Clarke

Clarke — Tue, 20 Nov 2007 12:52:00 +0000

"After years of unprecedented favourable conditions for the specuvestors in all of BC we have only 14,000 properties registered to the Americans????"

I guess all the wealthy investors are from Alberta or Asia.....I seem to recall some statistics on this or a related blog suggesting that well over 90% of real estate purchases here were by Canadian residents. The wealthy foreign investor argument always seemed to be based more on anecdotal evidence, rather than hard data.

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By: tulip-Mania2

tulip-Mania2 — Tue, 20 Nov 2007 03:53:00 +0000

"US dollars cashing in Pre Olympics at a time when the US vs Canadian Dollar is probably at an all time High, finally some real-estate news that I can understand using logic."

Jade
Some of it may also be because the American Specuvestors are starting to feel the pain of making mortgage payments with an ever shrinking USD, on their negative cash flow investment.

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By: Re-diculous

Re-diculous — Tue, 20 Nov 2007 03:40:00 +0000

jade east,...amen. I've had alot of "...but this doesn't make any sense..." discussions with myself over the last few years - its good when something does make sense - keeps me from losing my mind.

I guess those feeling are common when one follows a market driven by momentum and hype vs. fundamentals - eventually, however, the pendulum reaches its peak on the other side and begins to reverse - it always does.

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By: tulip-Mania2

tulip-Mania2 — Tue, 20 Nov 2007 03:26:00 +0000

Looks like I hit a raw nerve.

Even with full employment and artificially low interest rates, there will be a crash.

Nice try with the straw man argument.What's next Satv... a Joint study from the Uraban Futures Institute, CMHC, and the Real Estate Board to "prove" Vancouver is on Terra Firma?

Tick Tock, Tick Tock

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By: Jade East

Jade East — Tue, 20 Nov 2007 02:57:00 +0000

US dollars cashing in Pre Olympics at a time when the US vs Canadian Dollar is probably at an all time High, finally some real-estate news that I can understand using logic.

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By: ThumbsUp

ThumbsUp — Tue, 20 Nov 2007 02:49:00 +0000

she cleans toilets.if some one doing that is that a bad job clasification,you are such a poor "bear" tulip is such a"Dweeb".

What A Joke?
Tulip your techtonic plates (Amygdala) is under investigation.

How many total units are in whistler?
14,000 properties registered to the Americans.

Americans leaving the B.C. housing marketâ€

Then who is buying?

However, Nielsen added that those are the Americans who are buying.

Why are they still buying?

They are still confident about investing in B.C. real estate.

Who bought that 18m condo recently?

An American Bussiness Man.

Some economic answer eco.1

He works for the post office, she cleans toilets.
Tulip you are getting pins on 2tectonic plates on your forehead.

Ok some of you wondering about bc economy here we got some artical to explain if we really need a forest industry here. Eco.2008 Appear Solid
Economy Trends Are
Latest Inventory 10,984 tulip what did you drink at early evening?

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By: tulip-Mania2

tulip-Mania2 — Tue, 20 Nov 2007 01:36:00 +0000

Re:Americans leaving the B.C. housing marketâ€

After years of unprecedented favourable conditions for the specuvestors in all of BC we have only 14,000 properties registered to the Americans????

Pretty much proves what I have always suspected;
it's another big lie generated by the usual suspects, that foreigners were buying up Vancouver.

Truth of the matter is, the local suckers are buying into the hype.

Typical Vancouver specuvestor are like Satv:

He works for the post office, she cleans toilets.

Anyone note the comment on Whistler?

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By: Clarke

Clarke — Tue, 20 Nov 2007 00:32:00 +0000

Insufficient data to say whether some foreign investors cashing out is a harbinger of things to come, or just a series of coincidental individual decisions. Assuming some of the people who bought are smart investors, then they may be figuring things are at or past the peak,and the currency depreciation is just an added bonus in taking the money and running.

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