Friday Free for All!
Its the weekly news round-up and open topic post for the weekend. Here’s a few stories to get us started:
-Thinner profits predicted for housing developers
-The fine line between journalism and advertising
-Ozzie: Don’t listen to the gloomers
-Buy a condo, get a free flat-screen TV!
-Pre-sale buyers of failed condo will come out ahead
-Developers say its still safe to buy pre-sales
-CBC: Construction receivership stories sought
And last but not least, a new blog to find and share anecdotes about the Vancouver real estate market:
-The Vancouver Real Estate Anecdote Archive!
So what are you seeing out there in the real estate and economics universe? Post your news, links and theories here and have an excellent weekend!
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February 28th, 2008 at 11:57 pm
“Normally, only between five to 30 per cent of pre-sale buyers plan to live in the condo once it’s built, estimated Gioventu…”
70-95% speculators?!
February 29th, 2008 at 6:31 am
Looks like all the anecdotes on the blogs about condo developments being packed with speculators is closer to fact than I had imagined. The rush to the exits will be brutal.
February 29th, 2008 at 7:04 am
I have 3 suites right now that are still available, they have to get rented ASAP, we just drop the rent on all three of them:
Large 2 bed-2 bath, 1044sf, large balcony, pool, gym, 120 Milross $1800
2 bed 2-bath, Coal Harbor, 1288 ALberni, 865sf, view $1900
Large 2 bedroom, 2 bathroom, Yaletown, 1201 Marinaside, pool, gym $2100
All three have 1 underground parking included.
You know what, they really, really have to go….Lets’ do this….Lease sign for March 1st 2008….1/2 a month free…
February 29th, 2008 at 7:49 am
good find!
Does Coal Harbour actually extend across Georgia St. to Alberni St.?
February 29th, 2008 at 7:50 am
Ted: I think you came to the wrong place to advertise your suites. If anything, you are proof positive that the market is FINALLY starting to reflect fundamentals. Also, you are a classic example of how and why the market defied logic for as long as it has. Might want to try to sell them if your that desperate. Pocket some profit, nothing wrong with that, otherwise, it could turn out like that pocker hand you should’ve folded and instead you went all in and had an early night.
Am I in a good mood today or what? TGIF! Have a great weekend everyone!
February 29th, 2008 at 8:03 am
February 29th, 2008 at 8:33 am
February 29th, 2008 at 9:40 am
C’mon Krisshhh Vancouver is counting on you, spin this…
February 29th, 2008 at 11:02 am
http://www.marketwatch.com/New.....BA05113%7D
but you know, don’t listen to the gloomers!
February 29th, 2008 at 11:18 am
Tony,
I don’t think it works that way because flipers need some one to buy their units so building assumed to be full occupied in all cases top on that this is a statement so do not bother too much,The soul purpose of building a home is to provide people a place to live anything else does not count so those unit from TED goes on rent or not sell or not that’s his responsibility none of our bussiness right?I never recomend anybody to buy to flip.
anyway some news that cought my intention
USA is not heading for recession-GURU oh sorry that should be Bush,let me fix that
*USA is not heading for recession-BUSH
*British Columbia
How to deal with Labor shortage in bcEmployers from B.C. go recruiting in the East
Strataman,A,
Let me tied my shoe laces I will be back with the script to tie shoe laces in Krrish2
February 29th, 2008 at 11:26 am
“Today’s demographic gurus (”We will no longer want to live in houses”) will also be proved wrong.”
Anybody hear any guru make this crazy claim? What, someone out there is forecasting a bull market in cave dwellings?
That’s getting pretty low, Ozzie. Making up outrageously stupid false “bubble guru” quotes to get the reader to ignore anyone trying to warn them of real problems in the market…
February 29th, 2008 at 11:27 am
February 29th, 2008 at 11:27 am
February 29th, 2008 at 11:28 am
That’s getting pretty low, Ozzie.
Yes, it is. There is a name for this fallacious argument, but I am too lazy to look it up. Strawman perhaps?
February 29th, 2008 at 11:30 am
February 29th, 2008 at 11:46 am
Predicted Krisshh reply:
Why anyone want to live in US? Florida to dangerous from hurricane, California to dangerous from earthquake, and everywhere in US, danger from terrorist.
Vancouver is paradise city in the world, no earthquake, no hurricane, no gun.
February 29th, 2008 at 11:52 am
February 29th, 2008 at 11:59 am
February 29th, 2008 at 12:00 pm
Check out what vanguy found in the Chandler receivership filing:
Did you notice that the receiver will be paying 24% annual interest to the firm providing the financing to finish the project. I based that on 1.9%monthly + 2% fee + 0.5%monitoring fee. They are paying 700K to borrow 3.7M over 7 months to finish the project.
Yeowch! What do developers normally pay for financing, there’s no way they’re all paying 24% per year right?
February 29th, 2008 at 12:04 pm
February 29th, 2008 at 12:20 pm
February 29th, 2008 at 12:31 pm
Canadian Dollar losing internationally. Dosh? Krsssh? Stocks plummet!
http://preview.tinyurl.com/39p8hs
Dosh? Krsssh? Why we are Vancouver?
February 29th, 2008 at 12:39 pm
Yes. “The Iraqis will welcome us with open arms” That Bush? He’s been such a reliable source of information in the past I guess we have no reason to doubt him now right?
And all those PhDs who are saying otherwise… Well we all know who is smarter, all you have to do is look it up on the internets I think it’s listed under “nuculur”.
February 29th, 2008 at 1:00 pm
I don’t know about you guys but last time I saw Ozzie in the flesh he didn’t look too long for this world. Maybe he’s just trying to cash in as many chips as he can as even he must know this is the last Hurrah for RE in Vancouver in his lifetime.
February 29th, 2008 at 1:16 pm
February 29th, 2008 at 1:24 pm
If Ozzie lived in Japan do you think he’d be writing this article?
I’m surprised Ozzie Jurock would write such an article. Most of his public comments to date have been bullish but very carefully worded. This article contained obvious factual and logical flaws. I’ve disagreed politely with his previous comments but this absosmurfley a POS.
February 29th, 2008 at 2:14 pm
I’m waiting for a housing crash. People think their houses are made of gold. They’re due for a wake up call.
February 29th, 2008 at 2:17 pm
Those are Rancho’s listings. IMHO the Palisades one (1288 Alberni) could be rented for less ($1800) but the Marinaside one is a good deal for 1,044 sq ft.
That’d be an $850k+ property, if it were on the market but no one wants to pay $2,100 to rent it?
What does this say about this “world class” investment if they can’t even be rented for 1/3 of their carrying costs?
“This investment will gross almost 2% if it’s rented! come on wisemans line up to buy now before the price goes up even more!”
February 29th, 2008 at 3:27 pm
You can always cram more people into a house to cover the ridiculous mortgage payments, but a 2 bd 865-sq ft shoebox?
Why, I do believe we’re running into fundamental limits of the market to bear prices! Who woulda thunk that ability to pay would enter into the equation?
February 29th, 2008 at 3:54 pm
Anybody hear any guru make this crazy claim? What, someone out there is forecasting a bull market in cave dwellings?
Oh come on, its an exageration and you know it. its the same thing that all of you do with almost every comment and yet when Ozzie does it you get all freaked out? Nice douple standard.
February 29th, 2008 at 4:11 pm
I mean come on, for what some of these people are asking you could *buy* something really nice in Toronto!
Speaking of which, I was offered a nice 95L/yr job plus expenses to move back. I don’t intend to but it really does look like the best jobs are still in Central Canada….
February 29th, 2008 at 4:16 pm
we trusted Ozzie! he was one of us, until this article….so now he gets lumped in with newsflash, satv, dosh and their ilk….
February 29th, 2008 at 4:34 pm
Inventory in my area is 10,706. Didn’t break 11,000. 34% of poll respondents were off! The next line to watch is March 3, which was picked by 22% of respondents.
Yes at no charge!
February 29th, 2008 at 5:36 pm
February 29th, 2008 at 6:08 pm
As far as I can tell those things were here during previous busts.
How will the qualities of “thebest place on earth” bs prevent the bust this time?
February 29th, 2008 at 6:57 pm
February 29th, 2008 at 7:00 pm
might I suggest they lower the rent demanded to find a good tenant?….. nahh that’s too easy
February 29th, 2008 at 7:20 pm
February 29th, 2008 at 8:43 pm
I’m not moving away because my boyfriend’s in university and doesn’t want to transfer till he’s done.
I’m not taking the job offer because I think I can get a better one. PLUS you friggin’ idiot, just because people WANT to buy a place doesn’t mean they CAN. Even with 40 year mortgages available affordability is at the breaking point you moron. Sooner or later the banks say “sorry”.
I knew when I moved here the housing market was insane. The plan was always to rent a modest place, safe money and wait. I might add my friend, a senior VP at TD believes Vancouverites are insane to pay what they are.
No Dosh, I’m going to wait and watch the housing market collapse JUST LIKE IT HAS EVERYWHERE ELSE ON THE PLANET. And when housing prices are…. oooo… say less than half what they are now, I’ll step in and buy a unit. It’s be just about the day when you say “real estate is a bad investment, you’ll never make money owning a home”.
I’m looking forward to all the sob stories we’ll hear about people losing their homes because they were too damn stupid and greedy to think about risk.
February 29th, 2008 at 8:47 pm
your links somehow goes against you for the following reasons..
1.That show USA is still in better shape,Recently SFmike has mention because of loonie on par some American may feel hesitate to buy in Vancouver,Now you have turn the table around could be sign for next month.
2.it shows stock market tumble,How many time people have to realize R.E.Specially Vancouver is a best Investment.
3.Loonie on par is otherway around than people can shop on this side of border because the january profit in USA come out of high prices of things but sales were low.
Swirlyman,
Thanks to write a response exactly the way it should be,Yes those reasons are registered courtesy of USA even NASA can not control the nature other than some human control nature.
Special Hi-5 to Swirlyman.
February 29th, 2008 at 8:58 pm
Thanks for choosing Vancouver B.C.,Vancouver loves you and this city will hook up more Micheal,Sandra,Monica,Suzuki,Yamaha,etc all over Chilko and Beach Avenue little example from the link.
Ontario workers, Linda Watson bubbled with excitement Wednesday at the prospect of a move out west.
“I think I’m going to love it,” said the Windsor, Ont., woman, She was one of about 750 people who poured into a British Columbia.”I need a change in my life,”-One More Sonika.
Dosh,
Good work!that was good catch.
February 29th, 2008 at 9:20 pm
It may be a little to early to call the crash, but, it’s not too far.
How many spec condos are you on the hook for?
February 29th, 2008 at 9:21 pm
what about the 734 people that were flushed out of BC?
you have to jiggle the handle to make it work!
March 1st, 2008 at 12:14 am
I do own properties but have no problem seeing them decrease in value
Wow! It’s going to be ugly, and it’s just getting barely started.
The rush to the exits will be brutal.
Just a curious question: Are you planning on selling since you’re convinced of the imminent and brutal crash (maybe, off 40% -50% or more)? That’s some brutal slice off the property values not just a ‘decrease in value’.
March 1st, 2008 at 12:52 am
“Despite the forecast for more modest price growth in 2008, the pace will still be well above the expected 1.3 per cent rise in the consumer price index.”
“Labour shortages have become Canada-wide, leading to a spike in wages and increased costs for builders, the report said.”
Is anyone out there worried about inflation?
I’ve been waiting for prices to go down to buy a second place (no, not in Vancouver) and am getting a bit anxious as I see prices go up and the listings get fewer and fewer, especially anywhere in rural BC near the Alberta border.
I’m worried that by the end of this year we’ll be facing higher interest rates AND higher prices. The money is still flowing out of the oil patch and putting pressure on prices everywhere.
March 1st, 2008 at 8:39 am
Actually if you look at the early polls in Iraq, as well as the video from the streets, there was a significant welcoming of US intervention. Of course, the bungling of the post-war security frittered much of that away till recently.
As for local real estate, here on the North Shore it’s clear that inventory is up from last year and sales have yet to kick in. I’d be amazed if sales do pick up again but I also think the Vancouver market is unique. Not because of the Olympics, everyone wants to live here shtick, but because a significant share of our economy is largely immune to economic downturns. And of course this part of the economy can’t be tracked by the usual metrics so it’s almost impossible to gauge how it will affect RE this year.
Predictions are pointless. Prices will fall when they fall — if they fall.
March 1st, 2008 at 9:06 am
Alberta has it all, even if it’s not as strong as it has been, he says.
“International investors are definitely buying. Calgary and Edmonton real estate is hot in Europe and the U.S., more than I’ve ever seen before in all my years involved in real estate. The top banks in Ireland, for instance, are buying here. They see it as safe, secure and good for the long-term, compared to other options.”
http://www.canada.com/calgaryh.....71e2d15582
You would think there was only one “best place on earth”
And is Alberta running out of land as well?
March 1st, 2008 at 9:24 am
Large 2 bed-2 bath, 1044sf, large balcony, pool, gym, 120 Milross $1800
2 bed 2-bath, Coal Harbor, 1288 ALberni, 865sf, view $1900
Large 2 bedroom, 2 bathroom, Yaletown, 1201 Marinaside, pool, gym $2100
That is nice that they want to drop the rent 1/2 in the 1st month, but I still cant afford that. You see, they never gave me any raises that reflect Vancouver rents…
Actually none.. And same goes for my friends and aquintances..no raises.
March 1st, 2008 at 9:27 am
Yes, imaginary things do tend to be tough to track.
and by the way, from some of the first post invasion polls:
“Nearly 60 per cent of Iraqis believe that US-led forces were wrong to invade their country”
“More than 80 per cent of Iraqis said they had no confidence in US and British forces. Asked about the presence of these forces in Iraq, 58 per cent opposed it”
“Asked to characterise the forces, 72 per cent called them either occupiers or exploiters”
Doesn’t sound like open arms to me. Instead of just making stuff up that you WANT to believe try checking some actual sources.
March 1st, 2008 at 9:33 am
Right. I’m assuming this doesn’t count the 10,000 forestry jobs lost due to what? the tooth fairy?
“And of course this part of the economy can’t be tracked by the usual metrics ..”
Since it can’t be tracked, how did you know if it does or doesn’t affect the economy?
March 1st, 2008 at 9:41 am
Don Campbell is right also but their customers are restricted and when buyers realize they have to shovel snow after big spending on investment then those investors trade their properties, change hands for Vancouver because “Vancouver is a place to be”;..
This is good for Investors from with in provinces of Canada, USA,Euorope,and Overseas to come to Vancouver directly, little more expensive if they come through alberta because Snow shoveling is involved unless they transfer themself here to breath little and they are very eager to say ah! ah! ah! ah!hoof! Vancouver B.C.ho!ho!hoop!is bpe.
March 1st, 2008 at 9:50 am
Krrish1/ Rob, Therefore, you think Don is dumb, or is he selling a “snow job”?
March 1st, 2008 at 10:44 am
Value of major projects in BC rising.
March 1st, 2008 at 10:49 am
March 1st, 2008 at 11:02 am
That’s needy stuff because worldwide companies have to establish their office in all the stuning cities of the world on any cost and worker always bet on higher rates of pay he is right on restricted way,Vancouver is right on direct/ indirect pull over for quality of life.
March 1st, 2008 at 11:34 am
For once I can agree on Krrish on something… However I suspect this is a case of the confluence of ignorance, bad grammar, and prolific output randomly creating a phrase that makes sense rather than something intended.
March 1st, 2008 at 11:35 am
If you are talking about our grow-op industry that serves the US market, consider these factors in the US that will probably hurt BC grow-ops as US grow-ops grow in numbers:
1) Endless empty exurban McMansions
2) Desperate people looking for any kind of income
3) Local police forces facing budget cuts
4) Lack of political will to crack down due to much bigger problems
5) Tighter border security
March 1st, 2008 at 12:03 pm
March 1st, 2008 at 12:04 pm
“While it may not be correct to say that this bankrupt has been ‘a SARS-like presence in the local economic community’ requiring ‘further economic quarantine,’ he has nonetheless had a financially pestilential effect on those unpaid creditors he has left in his wake.”
http://preview.tinyurl.com/2bakl7
Local realtor attempts fourth bankruptcy.
March 1st, 2008 at 12:34 pm
For those of you who haven’t checked it out, the Vancouver Real Estate Anecdote Archive (VREAA) is a site dedicated to organizing and archiving personal (first and second hand) stories about what people are experiencing regarding the Vancouver RE market.
VREAA has 13 types of threads, for the posting of various types of anecdote. Anecdotes can also be discussed in these threads.
The anecdotes themselves are then archived to pages (sidebarred) so that one can also review collections of anecdotes of various types without any related discussion.
The idea is that we can all use this as an archive, regardless of where we’re doing most of our discussing.
For the record, the moderator of VREAA, using the handle ‘vreaa’, does have their own personal take on the Vancouver RE market, but, in order to be a good archivist, vreaa keeps mum in that regard.
VREAA aims to be as neutral as possible. Like a good library.
vreaa will sometimes transfer stories across from other sites (always citing source), but VREAA is going to largely be dependent on posters.
Please post your own story, or the stories of those around you. Also, please feel free to make any suggestions that may improve the way that VREAA functions.
Thanks,
vreaa
http://vreaa.wordpress.com/