complaints about fit and finish in new condos
Strataman pointed out this thread on real estate talks where some new owners are expressing frustration with a few aspects of the new King Edward Village development at King Edward and Kingsway. Most of the complaints have to do with floor leveling, a few finishing touches and dry wall dust in the carpets.
What level of polish do you expect when you buy a new condo- Is it reasonable to expect that you may have to do a few finishing touch ups and fixes to make the condo your own or should everything be perfect and clean the moment you take possession? Has the high price of condos in Vancouver led to higher than normal expectations for fit and finish, or are these reasonable complaints?
January 30th, 2008 at 11:26 am
Crabman:
Exactly! The whole reason the rest of us tried to explain it to him, THEN puit up with his jibbering and capering about, was so we could beat him about the head and next whilst screaming "STUPID BUGGER, WE TOLD YOU SO"
So oooooo no, we put with him on the way up. Now we get to hear him scream and try and claw his way out on the way down!
January 30th, 2008 at 11:19 am
The psychology has turned. From the article:
I think there is an assumption that real estate prices always go up. But that's not always the case.
One THAT meme gets out the next step is "we're at the top, it's time to sell before my investment loses value"
Krrish, buckle in. We kept you along on this ride just so we could watch you scream on the way down:
Just like this
January 29th, 2008 at 9:59 pm
You bet. As a buyer for an assignment let's say the options (units available) and negotiations are much more in the buyers favour. It is not easy to find a buyer willing and able to put up 20-30+% of a purchase price (deposit+lift). Frankly all teh assignments I have done have been with very reputable developers (Wall, Bosa, Henderson) and the only time we had any slight doubt was with Henderson (just because of unfamilarity) but on that one I repped the Seller (Assignee/buyer had their own agent).
January 29th, 2008 at 9:50 pm
heck some of the complaints regarding CityPlace by Concord Pacific. Just heresay, perhaps, but there is one person out there who is very vocal with their issues.
January 29th, 2008 at 8:06 pm
Ultersman,
That was me who advice you about rto case but that day pope's site was crashed somebody else's name poped up nothing else to say no complain about your comment,Cheer Up
January 29th, 2008 at 7:14 pm
when satv/k starts posting stats ya gotta know the end is near.
January 29th, 2008 at 6:48 pm
Stop responding to him??? How else will we amuse ourselves while we wait for Van RE to crash?
January 29th, 2008 at 6:45 pm
Luk at all dees gurlz. Don't yu wish yu could have dem? Just come to my seminah. Learn magic three wurd.
January 29th, 2008 at 6:39 pm
Is he really the "Legendary Asian Pimp"?
January 29th, 2008 at 6:28 pm
Can everyone please stop reacting to krrish1. His "We are still at rock bottom prices in bc prices are *steel* to fill more spots in the heart throb city of this world." comment so clearly suggests that it's just someone baiting you guys. Even if Krrish1 were genuine, he wouldn't believe this stuff. He's just having a laugh winding you all up.
Just hit the PgDn key whenever you see his name.
January 29th, 2008 at 6:27 pm
In the "Best Place on Earth" Category:
Burnaby man jumped by 4 immigrant punks and set on fire. He did not know his attackers
Another murder by so called Indo-Canadians punk kids although we don't know if they are Canadian but we do know they are Indos.
Some asshole on CKNW this afternoon says drugs should be legalized and that will end our drug problems. Hmmm Singapore ended their drug problem ages ago by rounding up users and putting them in re-hab and then giving the death penalty to drug pushers after a fair trial.
Is Vancouver the best place on earth?
January 29th, 2008 at 5:59 pm
The assignments I have seen and the contracts I have heard about suggest there is good likelihood of buyers getting screwed. I suggest the willingness of people to enter into these risky arrangements is largely a reflection of the bubble mentality.
In the current market, many RE sales are done with multiple offers, hence no subjects allowed. You cannot get more crazy than that.
January 29th, 2008 at 5:33 pm
Olsen On Your Side:
http://tinyurl.com/yumdct
January 29th, 2008 at 4:44 pm
SATV must stand for Secret Admirer of Tom Vu.
January 29th, 2008 at 4:11 pm
If the collapse starts with a turn of psychology then one of the best leading indicators would be a sudden increase in activity in blogs like this.
i was contemplating the very same idea…
new paradigm?!
i await with bated breath…..
even Chipmans blog is chock-a-block with postings except for satv of course
January 29th, 2008 at 3:35 pm
I know this is a bit off topic but this place is really jumping lately. Any stats on how much the traffic has picked up here lately? If the collapse starts with a turn of psychology then one of the best leading indicators would be a sudden increase in activity in blogs like this.
January 29th, 2008 at 3:34 pm
I think it's a certain isolation Vancouverites feel from the rest of Canada. Other cities seem to have scrappier citizens, for better or worse. And while Torontonians feel their city is the biggest and the most important in Canada and that nowhere else is relevant, Vancouverites really seem to have swallowed that whole "best place on earth, we're lucky to be here" load of crap.
January 29th, 2008 at 3:04 pm
Good point Drachen,
I guess the reason we see people so willing to put up with the deficiencies is that they saved every penny and waited in line to buy one of these places and felt lucky just to get in. Either that or it's 100% financed and they don't have that pride of ownership mentality that would come with more skin in the game.
However I have acquaintances who work in the RE legal industry in SoCal and they had more work than they could handle during the boom, mostly inspections. Maybe Americans are just a little more sophisticated than us?
January 29th, 2008 at 12:43 pm
You know what's funny? That's EXACTLY how I've always pictured Krrish!
January 29th, 2008 at 12:07 pm
My theory on assignments is that it's the fault of the speculators. In a sane world, people would buy new condos after they're built and you can actually walk around and look at them. If the developer wants you to buy a presale, then they would have to give an incentive, like a reduced price. After all, you're loaning them money and agreeing to buy something you can't live in for a year or more, and assuming various risks. It benefits the builder but there's no benefit to the buyer, therefor they have to give you an incentive to balance that. Therefor, it a non-bubble market there would actually be a discount for buying presales, and from what I've read that's historically the case.
However, the speculators have been buying up presales to flip. They're assuming double-digit appreciation and because of their demand the price increases to above what an equivalent existing condo would cost. People who want a new condo feel they have to buy an assignment because if they wait till it's built all the good units will already be taken, and the price will have gone up to boot. Which further inflates demand. And here we are.
January 29th, 2008 at 12:01 pm
Here is a Krisssh video!!!!
January 29th, 2008 at 11:51 am
So by your retarded logic, we are below 14 other cities, therefore we have more upside left? Problem is, most of the cities above us are now depreciating because they are overvalued……………
January 29th, 2008 at 11:51 am
LOL!
Krissh trying to use statistics is hysterical!
Maybe Krisshh is actually Tom Vu.
January 29th, 2008 at 10:59 am
Krrish are you on crack?
Today the GVRD is 2.2 million and the population of BC as a whole is 4.4. YOu're trying to claim that by 2037 there will be 33 MILLION people here?
There are only 8.2 million people currently in New York City.
There are currently estimaed to be 33. million people in the WHOLE OF THE COUNTRY.
Jesus you're a retard. Did the other kids pelt you with rocks when you were a kid?
January 29th, 2008 at 10:49 am
Will: "All of my assignment purchasers have been very happy with their buys and stand to make a lot of money if they decide to sell today (less than a year after assigning and completing)"
I don't think anyone disagrees it is possible to buy a presale and take possession with only minor deficiencies. The issue is that many people have had a gap between their expectations and what was delivered. Unfulfilled expectations in contract form is one thing but the danger comes in the items not put in the contract and verbally promised or alluded to. I think we can agree that buying a presale is not a free lunch. There is risk and overhead involved dealing with deficiencies and disputes, especially if they are major. A lot of the expectations are due to salespeople mis-representing what actually will be delivered. In this capacity somebody who knows the presale business is valuable to a prospective buyer.
If you look through the legal section of BC Business magazine it gives hints at how likely real estate and construction contracts are to be disputed in general. To an informed buyer there should be no surprise if their presale contract has to go through a dispute process. Some builders are better than others and I think it's a definite sign of a bubble when builders with bad or no reputations are awarded no discount compared to those with excellent reputations and track records.
Will, out of curiosity, do you shy your clients away from builders with bad track records? I think if you represented someone in the recent New West complex (for example) you would claim there were definite issues. The comments on RET about uneven flooring I would consider a major deficiency.
January 29th, 2008 at 10:48 am
Oh here we go, YOY price drops (this is in regard to the top 15 list)
Los Angeles -11.9%
San Diego -13.4%
Salinas -12.6%
January 29th, 2008 at 10:32 am
Tony Danza:
"A good lawyer might even recover their fees from the developer."
I doubt it, have you looked at the contracts people around here sign? Most of them have a clause that says essentially the developer can do whatever they want including giving you less living space or 'different' finish material/appliances.
Re #15:
I don't think that's a very accurate assessment. Since about 90% of the new 'housing' is sub 500sq ft here and I doubt that's the case in those other cities, if you adjust for quality I'm sure we're probably cracking the top 5.
Demographia should break things down to condo, townhouse, SFH to give a more realistic picture. Also they seem to be about a point low, according to realtylink and statscan our multiple is 9.5 not 8.4. On top of that nearly everything that's higher than us on the list is currently falling while our prices are still rising.