Friday Free for All!

Its open topic time – here’s a few stories I’ve noticed this week:

-RBC: Vancouver prices at record unaffordability
-Metro Vancouver housing starts at highest level since 1993
-Vancouver house sales predicted to dip in 2008
-Affordability predicted to improve in Vancouver
-Victoria to grant individual realtors corporate status
-Calgary vacancies rise as housing market softens
-Canadians less confident about the economy
-Credit crunch dries up lending pool
-The bank most likely to walk into a sharp object
US median house prices fall through 2007, first time in 40 years

What are you seeing out there? Post your news, links and anecdotes here!

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krrish1
12 years ago

Yes that was explained and what takes place after is

"Insurance for Owners Of Strata Plan ### Building name".

Strata Management purchased this coverage from the maintenance fee.

*New buyers must check this document.

Anonymous
Anonymous
12 years ago

2-5-10 warranty doesn't not guarantee a repaired leaky condo will not leak again. Most leaky condos will have leak problems after the 10 year warranty has expired. It is about more about the original architecture and whether the building design itself is prone to leaks in general.

krrish1
12 years ago

and yep thanks for more critical information that is totally engineering work of art.

krrish1
12 years ago

yeah cheer up!because you are the man strataman. in the next friday free for all who got an edge over condo ownership? and why is that?

Answer:

Womens+sacrifice with nature of leak single mens will be renting in future.

Strataman
Strataman
12 years ago

"2-5-10 or 2-10-10 warranty is a responsibility of developers what apply after 2-5-10 is insurance from the part of maintenance" and they are useless warranties. The part the warranty covers is miniscule to the part the owner covers. For instance if the roof membrane is leaking the warrany contractor will come in and repair the hole or whatever, AFTER you have found the leak, removed the ballast and then they will do their five minute patch. Guess what? Finding the exact point of the leak is the OWNERS responsibility, NOT the warranty contractor, they will just say nope must be a plumbing problem or something else. Do you know how much it costs to remove all the ballast from a membrane roof to find a leak? Do you know that the perforation in the membrane is often far away from… Read more »

krrish1
12 years ago

Very good generic poster, Finally you have put some contents in the thread,if you look in the genuine answer to BTK you can see I have mention the fact to check for refrances. So your new merging point actually confirm that answer is right what you got here is more info. that's what people come here to check contents about perticulars and the rest. you say"you can not say whether or not he would have trouble selling or not" I have talk to my friend about it he goes there are more than 80 units in the building he did not see people rushing to sell however he did notice 3 listing in 2005 those were sold,3 in 2006 those were sold,4 listing in 2007 those were sold.there are currently 2 listing one from december and one of them is… Read more »

Anonymous
Anonymous
12 years ago

Or repaired leaky condo too.

Anonymous
Anonymous
12 years ago

A lot of buyers think they can "low ball" a repaired leaky condo, because they know the stigmatism attached to leaky condo.

Anonymous
Anonymous
12 years ago

M,

It really depends on if the realtor and seller were covering up a known problem on the disclosure form and not revealing it to the buyer.

Sellers have to disclose water/leaky problems, grow ops and even if someone died in the house (more recently) Realtors and sellers alike have been sued for covering up known problems, like leaky condos in the past.

Anonymous
Anonymous
12 years ago

Since your friend has not sold his repaired leaky condo yet, you can not say whether or not he would have trouble selling or not. Of course, no leaky condos are abandon, owners either rent out the unit or still live there if they can't sell it.

Sold a repaired leaky condo that was totally renovated and the inside looked like a show home. It took 4 months to sell in 2005 it was not overpriced as it sold very close to asking. 2005 was a very "hot" market, places sold within hours to a few days. Seems people are still allergic to buying repaired leaky condos, that is my point.

Your repaired leaky condo will appreciate in value, but finding a buyer who is willing to buy a repaired leaky condo is a little tougher than most sellers think.

krrish1
12 years ago

Your point stay as your I have no intention to deny them,you are right,you are correct but does not reflect the idea and view point,your point does not collide with my answer.I am not going back to explain but farther.

1.There is no problem in buying and selling leaky condo.

2.there is no problem in getting appreciation on new or old

3.there is no abandon building in the city because of leak all are occupied.

4.One of my friend bought a condo in 97, 615 sq.ft. for $64.000 later it start leaking so far he has paid total of $4,000 from his share, his maintance fee gone up by $27 in 8 year and current market value of the unit is $250.000.

5.I am not a realtor so I don't sell any leaky condo.

M-
12 years ago

Regarding the property disclosure form, it can't really be relied on– if a buyer relied on the property disclosure and then later tried to sue the seller for something that the buyer could have found out from other sources, or that the seller may not have understood, the courts won't (and haven't) granted relief.

Anonymous
Anonymous
12 years ago

I don't think it is me not getting the point and your way off topic by being crude to the point of showing your age again.

There is a stigmatism to selling a leaky condo period whether this is revealed in the minutes or on the property disclosure. Some leaky condos will eventually leak again over time due to bad original architectural design. People are aware bad building design and leaky condo syndrome and are still fearful of buying them.

But…hey, if you think I don't know anything about selling a leaky condo and your an expert at everything. Good luck with that.

krrish1
12 years ago

Do you have any girl friend? does she #### every month? if you can manage her life time and lick the same spot over and over than what is your problem?.You are not getting the specific point.

Foreclosure statement will show restoration but the enevelop has been replaced what would be the current status of the building? what would be the assessment value going to show up every january?.

Point above I am not yelling just it is the way argument is.BM

Anonymous
Anonymous
12 years ago

Given your answer you must be in your early twenties.”

that is not the right way to answer you must post your own opinion

LOL…You will never tell anyone on this blog how old you are, but people can tell by what you write.

Anonymous
Anonymous
12 years ago

"After the repair I said there will be no defect to show in minutes got it."

Sure….after the repair…..minutes will reflect PST refunds due to the restoration, any unresolved billings, etc. If you think once the restoration is finished and the problem never gets mentioned again in the minutes two or more years later your sadly mistaken.

Reread my post, I said If your condo has been through a restoration, you have to state so on the disclosure.

You have to state on your disclosure form your condo has been through a restoration, no matter how long ago the restoration took place. If you don't you can get sued.

Know what a disclosure form is?

krrish1
12 years ago

Given your answer you must be in your early twenties. Generic Poster, there is no recession here right now still you can lose your job tomorrow may be not. Any Industry can go out of bussiness tomorrow may be not May be I will die tomorrow but if I survive how to spend the rest of my life or your life that's big question. If there is a recession it doesn't matter if you are a home owner or tenant that will effect both equally in case of total economy collapse. Question is who is going to lose job owner or tenant? and who can keep up the monthly payments home owner or tenant? So what is big deal here? you say"Given your answer you must be in your early twenties." that is not the right way to answer you… Read more »

Anonymous
Anonymous
12 years ago

"Do you understand what happens to consumer confidence when there is a recession?"

"Nothing much because if the country is in recession it’s depend on what part of the economy is being hit this is just a fear you know why?.

1.If some Industries dies or people loss their job that’s a nature of life and nature of bussiness.how ever world is most advance you can still have shelter and food because of socail structure and government system. rest is a nature of all bussiness and our buying habbits are meant to keep those things in mind in advance."

Given your answer you must be in your early twenties.

Anonymous
Anonymous
12 years ago

Ever try to sell a leaky condo that has been fixed? Takes a long time….a lot of stigmatism attached to "leaky" in the minutes. If your condo has been through a restoration, you have to state so on the disclosure.

Krrsh, you should buy a leaky condo, pay for the repairs which will go above estimate and try to sell it at a profit later. Let me know how you make out.

jesse
jesse
12 years ago

"My landlord is outside shoveling the snow. Maybe I should make him a cup of Ovaltine."

You should. He might not raise your rent this year 😉

jesse
jesse
12 years ago

"One commentator said that 60 Minutes has now virtually legitimised people walking away when faced with the foreclosure scenario."

Walking away IS a legitimate and legal option for many. In fact "walking away" is a tactic used everyday in the investment world so why is it so egregious when a homeowner does it? The consequences consist of a horrible credit rating for some years. "Whatever," say many homeowners who don't and never did mind renting forever. So who was really stupid in this whole mess?

Patiently Waiting
Patiently Waiting
12 years ago

On top of the expense, buying a new condo, is so much work and stress.

ho hum

My landlord is outside shoveling the snow. Maybe I should make him a cup of Ovaltine.

Drachen
Drachen
12 years ago

OMG what a bunch of whiners. What did they expect? The same story has played out in nearly every new development in the city. I guess it's a good thing we have krrish around here, sometimes I forget how stupid people can be without him to remind me.

prairiedog
prairiedog
12 years ago

I read that 60 Minutes had an article about the sub-prime meltdown. One commentator said that 60 Minutes has now virtually legitimised people walking away when faced with the foreclosure scenario. Did anybody see this?