Condo supply lag woes
A funny thing happens during a boom – the longer a boom lasts the more people view returns as ‘practically guaranteed’. Thats not just buyers, developers appear to do the same thing, bidding up the price of land and tripping over themselves to build more supply. Unfortunately demand can change a lot quicker than construction can be completed. Many cities in the US are bracing for a flood of new condos projects that were started during the boom, making the supply/demand imbalance even worse than it currently is:
More than 4,000 new units will be completed in both Atlanta and Phoenix by the end of the year. Developers in Miami and Fort Lauderdale, Fla., are readying nearly 10,000 total new units in a market already struggling with canyons of unsold condos. San Diego, another hard-hit region, will add 2,500 units, according to estimates provided by Reis Inc., a New York-based real-estate-research firm.
The new building comes on top of unprecedented supply. The U.S. finished 2007 with a supply of condos large enough to absorb 10 months of demand, the highest level since the National Association of Realtors began the tally in 1999.
The deluge means bad news for developers and potentially lower prices, including in cities such as Atlanta and Dallas that have avoided the worst of the housing bust. If defaults and foreclosures rise, lenders will feel the pain too.
Regulators have been sounding the alarm for weeks about the exposure of small and mid-size banks to commercial real estate, which mostly means construction loans to developers of condos and single-family housing.
It’s not all bad news, renters and investors with cash in hand are benefiting from this imbalance:
The news isn’t bad for everyone. Vulture buyers have started to circle, hoping to take advantage of foreclosed properties that banks may start dumping at fire-sale prices. Also, some condos are being converted to rental units, increasing supply for renters and putting downward pressure on prices.
It’s interesting to see how trends change dramatically over the course of just a couple years. Speculators tend to get overly optimistic about bubble markets during booms, unfortunately economic reality always corrects overpriced assets. The building supply lag makes this correction all the more dramatic:
The deteriorating economy isn’t helping. “When the world goes to hell in a handbasket, the last thing anyone wants to buy is a condo,” says Cathy Schlegel, a mortgage-loan broker in Fort Worth, Texas, whose condo in a high-rise called The Tower sat on the market for 14 months before she finally sold it at a loss in February.
The rising supply is a reflection of the picture in 2004 through 2006 — a time of huge demand for condos. Speculation was rampant as investors believed empty nesters and young professionals seeking an urban experience akin to what they watched on “Friends” would prop up the condo market for years.
Most projects take about three years from the time they are marketed to potential buyers to the time they are ready to be moved into. Deposits help developers get a construction loan that is to be paid off when the buyers close on their new condos years later.
However, cancellations are rising, meaning developers may not be able to pay back their banks. Peter Zalewski, founder of Condo Vultures Realty LLC in Miami, says condo developers he is working with are expecting 20% to 40% of buyers who put down deposits to walk away from the deal. In some areas, such as inland buildings and new projects along the river in Miami “walkaways” are expected to be even higher.
For years we’ve been adding supply in Vancouver that is snapped up in pre-sales. As in many states during the boom years there is a view that this market activity represents inelastic demand, but when the euphoria clears will we found that we’ve overbuilt the local condo market?
A hat-tip to BCbuds for the link!
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Rock Says:
March 25th, 2008 at 9:27 am
Not suprised at all. Here we have half-empty condos and countless others that are not selling, and are not even listed as MLS inventory, all so developers can create an illusion of demand. Plus, assignments on sale everywhere, at least that we can see.
And building starts are as strong as ever. You don’t need to be a genius to know how this will end. Hopefully our government will buy out some of these projects and dedicate them as homeless shelters.
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jadeeast Says:
March 25th, 2008 at 9:36 am
Here is a link to a little article on supply chain management, it includes a little simulation game you can try.
http://tinyurl.com/2sg75l
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bdk Says:
March 25th, 2008 at 10:25 am
I apologize if you’ve all read this already, I just got it today.
(The Andex chart up to the end of 2007)
http://www.andexcharts.com/realestate.htm
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freako Says:
March 25th, 2008 at 10:37 am
but when the euphoria clears will we found that we’ve overbuilt the local condo market?
Without a doubt, especially given the surprisingly strong housing starts in 2008. No anticipation of a slowdown here. You’d think that Canadian bankers would go the same conferences and professional development seminars as American bankers and talk to each other. Obviously not. One is full of woe and worry, and the other is lending hand over fist.
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Patiently Waiting Says:
March 25th, 2008 at 11:29 am
No LIFT at Cora
http://vancouver.craigslist.ca/rfs/618300666.html
“Please let me escape with my shirt.”
;^)
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Tony Danza Says:
March 25th, 2008 at 11:41 am
^ He’s undercutting the developer, nice. This meltdown is going to be so much fun to watch!
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freako Says:
March 25th, 2008 at 12:12 pm
Bubbletracking blog has a story about the Cromer family. It is such an outlandish bubble stereotype that I thought it was April 1’st already.
In 1998 Mr. Cromer rode a rollercoaster (literally) for 10 weeks in order to win $10,000 in a radio contest. He promptly invested it in real estate. So successfully that he was featured in a 2004 CNN story called Tycoons in the Making. Choice quotes:
“Still, they believe wholeheartedly in real estate – so much so that in 2002 they both got licenses to sell it. Robert now works full time as a real estate agent, and Yvonne is a loan officer. ”
Freako’s comment: Great career choice.
“We have gotten lucky,” said Robert. “But we’ve also done our homework and we’ve been willing to take risks.”
Freako’s comment: Don’t count yer chickens …
“What if prices don’t continue to inflate has they have? “That would be a great time to buy.”
Freako’s comment: It didn’t work out that way, did it?
Fast forward to a recent article in the San Diego Union Tribune:
“But today’s severe real estate bust has exposed cracks in the foundation of the Cromers’ property empire. Since October, they have lost three homes in San Diego County to foreclosure – homes they bought for a combined $2.6 million, according to county deed records. They have lost three homes in other states to lenders, Yvonne Cromer said.”
Freako’s comment: Comment removed due to dangerous levels of schadenfreude.
“It was the most trying time of our lives,” Yvonne said. “We leveraged more than we ever would again.”
Freako’s comment: I thought you did your home homework. Anyhow, easy come easy go.
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Vansanity Says:
March 25th, 2008 at 12:16 pm
Hey Rock: Can you elaborate a bit about the condos that are not listed on mls? Just wondering if there is some literature on it, locally.
Also, for the group, can someone describe how an assignment works through a property transfer? What are the benefits, for whom?
I’m learning as I go, renting and waiting right now.
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blueskies Says:
March 25th, 2008 at 12:33 pm
No Lift price just pay $349,900 plus GST upon completion and property is yours.
OK! how about a short sale?
Are you up for that?
say…$250 sq/ft. vendor pays closing costs…
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canrocks Says:
March 25th, 2008 at 12:45 pm
heres another one
best of craigslist
$459900 Cora Towers Assignment, Pay Original Price, 10% Down, No Lift, 2bdrm
——————————————————————————–
Reply to: hous-618339802@craigslist.org
Date: 2008-03-25, 12:32PM PDT
My client cannot complete on these properties so pay what he did a year ago, similar units are selling for $40,000 more, get this one today for well under current market value.
Pay $459,900 (Original Price) with 10% Down
Completion is in 4 weeks
Cora Towers Assignment – 555 Delestre Avenue
2 Bedroom, 2 Bathroom, 2 Parking Stalls
944 sq/ft
Granite Counters, Stainless Appliances
16th Floor
Excellent Views, High Floor, Great location.
Call Sarf 604-512-4598
Floor Plans available.
Delestre at North Road google map yahoo map
Location: Coquitlam
it’s NOT ok to contact this poster with services or other commercial interests
PostingID: 618339802
——————————————————————————–
Copyright © 2008 craigslist, inc. terms of use privacy policy feedback forum
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pricedoutfornow Says:
March 25th, 2008 at 1:19 pm
Been checking out infinity listings on craigslist. 107 so far, some offering free rent or hydro included. I can’t see why people aren’t clambouring over each other for the chance to live in Whalley!
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bdk Says:
March 25th, 2008 at 1:45 pm
Maybe Krissh can buy those free assignments at Cora?
Best Place on Earth!
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jesse Says:
March 25th, 2008 at 2:30 pm
“when the euphoria clears will we found that we’ve overbuilt the local condo market?”
It’s an interesting question to ponder about how financing condos and the law in the US differs from BC. Could developer cancellations be more common in BC?
That said, there will be enough builders out there with interest in maintaining their reputations that they will not cancel projects and instead complete them at a loss. We all saw what happened to the unfortunate firms and people that cancelled projects. Imagine if one of the more established developers did this.
I have argued before that it’s often hard for companies to do the “do nothing” option: there are full time staff to pay, many excellent quality and difficult to replace, and they will leave if they aren’t doing anything. And there is always the chance things could turn around. In many ways a catch-22 and the result is an overshoot in supply.
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jesse Says:
March 25th, 2008 at 2:36 pm
“Pay $459,900 (Original Price) with 10% Down”
What do I pay with 5% down?
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SC Says:
March 25th, 2008 at 2:51 pm
“No Lift price just pay $349,900 plus GST upon completion and property is yours”
Wow, that is a surprising ad on craigslist. This is the first one I’ve seen with these conditions and probably not the last. This is a desperation to sell. If he can’t complete, he loses his WHOLE down payment of about $35,000! I bet if he can’t find a buyer, and someone can offer him $5,000 at the last minute, he would take it!!
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Warren Says:
March 25th, 2008 at 2:54 pm
Waiting for this condo supply glut is like watching paint dry. Projects seem to complete at a snail’s pace these days.
When I look up Infinity it looks like the first tower isn’t even completed yet, or at least ready for occupation. Is that wrong? It will take a few mortgage payments before we start to see any real fire I’d think.
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mathamatical Says:
March 25th, 2008 at 3:27 pm
True, everyday some people wish for the correction to take place (including myself). The thing is it will take some time. I do believe the tide is turning but it will still take a few months before anything drastic will take place. Too many people in Vancouver watched flip this house on TV and refuse to lower their price. Like other people, renting and waiting.
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Return to Sender Says:
March 25th, 2008 at 3:29 pm
Could be so many different scenarios it’s impossible to guess, divorce, death in family, loss of job, maybe some amazing deal has come up and they need that money for it, who really knows. Lets see if this becomes more common.
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Drachen Says:
March 25th, 2008 at 3:43 pm
Warren
The Vine opened up a month or two ago, it’s hard to tell when because there’s so few people living there. It seems like nearly every day there’s an open house sign out front.
So I don’t think it takes Whalley conditions to make condos a flop, I expect that if the Vine can’t keep more than half occupancy then none of the new buildings can.
And remember, if half the condos are abandoned or unsold the other half gets DOUBLE the strata fees! (on top of the normal doubling in the first years for new buildings)
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jason Says:
March 25th, 2008 at 4:06 pm
Warren said;
“And remember, if half the condos are abandoned or unsold the other half gets DOUBLE the strata fees! (on top of the normal doubling in the first years for new buildings)”
I don’t think that’s how it works. There is always an owner of a suite, whether it’s an individual, the developer or the bank. Therefore strata fees has to be paid.
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Strataman Says:
March 25th, 2008 at 4:09 pm
jason “I don’t think that’s how it works. There is always an owner of a suite, whether it’s an individual, the developer or the bank. Therefore strata fees has to be paid.”
Correct!
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Patiently Waiting Says:
March 25th, 2008 at 4:24 pm
“Pay $459,900 (Original Price) with 10% Down”
Jesse says:
What do I pay with 5% down?
—————-
The wording is odd. What do they care how its financed? Are they trying to add 10% to the price? I’m sure many of these assignment flippers are slippery characters so watch out. Like the shark dude on Fishy Real Estate.
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M- Says:
March 25th, 2008 at 4:44 pm
Warren/Jason/Strataman:
If I remember correctly from my Clark Wilson newsletters (http://www.cwilson.com/newsletters/stratagies/), there is one case where a strata can be screwed out of monthly maintenance fees.
If an owner stops paying the strata fees as well as mortgage fees, and the bank forecloses on the owner, then the mortgage debt is payable first, and the strata becomes another unsecured creditor, fighting over the scraps of whatever’s left. In a rising market, this wouldn’t be much of a problem. In a falling market, where CMHC insurance starts to come into play, there won’t be anything left…
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Strataman Says:
March 25th, 2008 at 5:11 pm
M “If an owner stops paying the strata fees as well as mortgage fees, and the bank forecloses on the owner, then the mortgage debt is payable first, and the strata becomes another unsecured creditor” If your talking strictly money/debt recovery you are correct, however unless the bank or bankruptcy trustee determines that the property is worthless ($0.00), they will come to the conclusion that strata fees in arrears would have to be paid either by the bank or trustee even if their net profit was $500.00, ontherwise they would not be doing “due diligence”. The strata may at anytime after serious arrears suspend all services. I suppose a complete economic collapse might leave the strata with no option but to double strata fees for those remaining, but I suggest at that time the property in question would then be common property(owned by the strata to do with whatever they decide), or owned by a bank and considered worthless in which case $5.00 would probably buy it for the strata.
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Return to Sender Says:
March 25th, 2008 at 5:14 pm
Actually it’s even better then that, if half the units are empty, all strata fees are still collected, but less service is being consumed. So either the reserve will be built up fast or fees will get reduced. So it’s not a bad thing to be in a half empty place
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Drachen Says:
March 25th, 2008 at 5:32 pm
I don’t know how things work here. I was actually thinking of Miami where things do not apparently work the same as here. The strata fee problem was cited by a bank as one of the reasons they will not give mortgages for many of the newer condo developments in that city.
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jesse Says:
March 25th, 2008 at 6:12 pm
“So it’s not a bad thing to be in a half empty place”
The entire building still needs to be maintained so only half the units paying strata fees will be paying more for sure. Maybe not 2X but definitely more than 1X.
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jesse Says:
March 25th, 2008 at 6:15 pm
That is, until the arrears can be collected.
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freako Says:
March 25th, 2008 at 7:38 pm
Actually it’s even better then that, if half the units are empty, all strata fees are still collected, but less service is being consumed. So either the reserve will be built up fast or fees will get reduced. So it’s not a bad thing to be in a half empty place</b?
It is pretty hard to shut down half the pool, vacuum half the hallway, scrub half the lobby, heat half the common areas, replace half the roof, and mow half the lawn. Thus stratafees will be much more than half should half the units be vacant.
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M- Says:
March 25th, 2008 at 8:16 pm
FWIW, my last condo had hot water and gas for hte fireplace provided by the strata. Natural gas made up about 40% of the strata’s expenditures, so if half the building wasn’t being used, presumably that would result in a 20% reduction in strata fees.
…Though since the budget’s voted on annually, it’d be a while before those drops would filter through, if ever. More likely, the contingency fund would build up quicker than it would otherwise.
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casual observer Says:
March 25th, 2008 at 9:12 pm
In my experience, in a foreclosure, banks are usually pretty prompt in making sure that strata fees are paid. They don’t want any other entity to have a claim against the property. Also, certain forms must be filled out before a property can legally change hands. One of those forms is a statement that there are no outstanding debts owed to the strata corporation. If there are, then the amount is usually put into escrow until closing, and then it is forwarded to the strata corp. by the lawyers handling the transaction for the new purchaser. Don’t know if that’s the way it works in all cases, but that’s been my experience (limited).
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Anonymous Says:
March 26th, 2008 at 12:04 am
At some point the very negative psychology south of us has got start taking hold up here….I mean we seem to embrace all other aspects of American culture etc…American Idol, and on and on
U.S. Home prices prepare for dismal spring
http://www.cnn.com/2008/BUSINE.....index.html
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Warren Says:
March 26th, 2008 at 5:29 am
I’m not so sure that a half-empty building just after completion is a sign of impending doom. I’ve moved into a just-completed (but sold out) building and it took a while to fill up. If you see a bunch of for sale signs, that’s one thing, but just because nobody’s moved in next door doesn’t mean somebody is desperately trying to rent out the unit, bleeding cash, etc.
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Drachen Says:
March 26th, 2008 at 7:45 am
OT but here’s a tidbit for those following the US economy;
“The Standard & Poor’s 500-stock index, the basis for about half of the $1 trillion invested in U.S. index funds, finished at 1352.99 on Tuesday, below the 1362.80 it hit in April 1999.”
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Tony Danza Says:
March 26th, 2008 at 7:50 am
So it’s not a bad thing to be in a half empty place
LOL, thanks man, I’ll be chuckling about this one all day!
just because nobody’s moved in next door doesn’t mean somebody is desperately trying to rent out the unit, bleeding cash, etc.
Not according to the ads on craigslist…
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Tony Danza Says:
March 26th, 2008 at 7:53 am
From CNN:
Greg and Barbara Abbott have already cut the price twice on the two-bedroom condominium they are trying to sell on the Las Vegas strip. They’re asking $669,900 now — and an offer in the $650,000 range means they’ll lose money.
Abbott thinks hesitant buyers don’t realize how reasonable the current price is. “They’re not really being realistic about what the place is worth,” he said.
You’re the one who isn’t being realistic, dumbass. Your condo is worth whatever someone is willing to pay for it. Period.
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Return to Sender Says:
March 26th, 2008 at 8:26 am
I am aware that the strata fees wouldn’t get cut in half, or even reduced to 2/3rds but there is no denying if the building is half empty, the garbage doesn’t need to be picked up as often, the parking gates/elevators get less use etc etc. While it won’t save them alot of money it will build the reserve quicker then if the building was completely occuppied. Besides living in a half empty building is certainly a plus for me, better chance at only 1 neighbour instead of two, maybe no one above you, less waiting at the elevator, gym/pool always free for use. I can’t think of the positive of the building being full unless you only intend to flip and don’t want competition, but to live there it’s a no brainer to me.
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scullboy Says:
March 26th, 2008 at 8:46 am
Only in BC would people say “it’s not so bad to live in a half empty place…”
Guys, buildings are supposed to HOUSE PEOPLE. They aren’t supposed to be … you know… empty museums or whatever.
Think about it. Buildings are designed to be occupied. If all those units are empty, and the same is true for other new buildings, then something is SERIOUSLY WRONG WITH HOUSING IN VANCOUVER. Vancouver is building “luxury
” shoeboxes that NOBODY LIVES IN. Meanwhile homelessness increases and affordability decreases.
Does this REALLY sound like “the world’s most liveable city”, or some kind of Disneyland – esque artificial “city of the future”.
And another question… if those units aren’t being used as someone’s home, who is using them, and for what?
Think about it…. “safe”, “discreet” “access controlled”. Strataman mentioned the massage parlour running in Spectrum. Last year they fuond a meth lab in West Pender. These half empty building with excellent security would be prime locations for storing illegal substances (meth, extacy etc), mountains of cash, contraband, guns.
They’d also be perfect for “high end” brothels, massage parlours etc.
Only in BC….
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Tony Danza Says:
March 26th, 2008 at 8:59 am
the garbage doesn’t need to be picked up as often, the parking gates/elevators get less use etc etc.
These are regularly scheduled maintenance items, the garbage still gets picked up once a week regardless if the bin is full or not. The gates and elevators still need regular servicing whether used once or 10000 times a day. You might save very long term on wear and tear.
Nice try putting a happy face on the repercussions of our RE insanity though.
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Krrish2 Says:
March 26th, 2008 at 9:02 am
R.T.SENDER,
It doesn’t matter to those people who likes to secure a place for them self in the b.p.e. you are thinking according to your pocket and bank balance but rich people have logic to save money even if the units are empty but it’s worth securing them.example: compare the prices vs past 5 year, average rate of rent $1500 a month=90,000, average appreciation 121% atleast 300k-1m for chickpeas-2 bedroom.
“In B.C. we have a strong local economy and good job growth, coupled with strong market fundamentals and sustainability, which result in no real estate bubble”.-Prince George Bush
It’s worth securing a place”those people won’t hate them self later”.-Satv
So what the fu#k Tony and Bdk are talking about?
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jesse Says:
March 26th, 2008 at 9:16 am
RtS: “While it won’t save them alot of money it will build the reserve quicker then if the building was completely occuppied.”
There are two separate issues here: unoccupied units that pay fees on times and units that have fees in arrears. I agree the former leads to lower strata costs and assumedly lower fees in the long run than would be the case with 100% occupancy.
As for arrears, in the short term if payments go in arrears the strata must cover the difference in fixed costs and this means higher fees. But as long as the monies can be recovered with interest eventually it’s better to have as many unoccupied units as possible for the reasons you and others laid out. This does not account for the logistics/legal overhead of having people not paying, which could negate the savings and more.
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Ugh Says:
March 26th, 2008 at 9:24 am
More happiness, this time from Genworth:
http://tinyurl.com/2k2g7g
Apparently we can’t build enough of them.
Ugh.
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Ugh Says:
March 26th, 2008 at 9:36 am
Ok, affordability/foothold/”equity building” BS aside, the low single-digit condo price appreciation forecast by Genworth should set some of the bulls to thinking…
These are the cheerleaders, after all.
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BDK Says:
March 26th, 2008 at 9:50 am
What am i talking about?
For one thing I have money, I doubt you do.
If you’re so smart and sure of yourself why aren’t you buying the Corus assignments, that the buyers are walking away from?
Oh right because you’re an ignorant, uneducated immigrant fool who doesn’t know anything and writes like an eight year old.
Just look at how stupid you are. In your vacant cost example..
You’ve left out opportunity costs (this means if you’d leveraged $300k and bought energy stock you could have made a better return), carrying costs such as mortgage interest, strata fees, taxes. Do you even know how to use a calculator? I can here this whizzing over your head.
Most retarded people insist they aren’t retarded and you’re no exception.
“example: compare the prices vs past 5 year, average rate of rent $1500 a month=90,000, average appreciation 121% atleast 300k-1m for chickpeas-2 bedroom.”
So for five years you lost $1500 subsidizing the mortgage, where is that figure? Oh right that’d put you to $0.
Go back to stacking boxes and huffing glue, or whatever it is that you’ve done to petrify your brain.
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blueskies Says:
March 26th, 2008 at 10:00 am
OK!
time for a new slogan…..
Vancouver…the lastplace on earth
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Krrish2 Says:
March 26th, 2008 at 10:21 am
BDK,
your math calculator should go in garb….you say
“So for five years you lost $1500 subsidizing the mortgage, where is that figure? Oh right that’d put you to $0″.
BDK,The case above is about empty units and rich owners definitely there is no mortgage burden and the owners want their units empty so they are not looking for any yield,despite maintenance carrying cost is 0!0!0! because owner likes to keep the way it is……
Tell me if any bottom liner likes to keep their units empty?
“Go back to stacking boxes and huffing glue, or whatever it is that you’ve done to petrify your brain”.
Where would you like to go bdk?
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Drachen Says:
March 26th, 2008 at 10:22 am
Krrish
“In B.C. we have a strong local economy and good job growth, coupled with strong market fundamentals and sustainability, which result in no real estate bubble”.-Prince George Bush
“Prince George Bush”??? If you’re going to make up names to support your flimsy arguments you could at least make up believable names.
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patriotz Says:
March 26th, 2008 at 10:29 am
Durn tootin’.
It’s King George Bush, fella.
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jesse Says:
March 26th, 2008 at 12:47 pm
“Vancouver and Victoria Condo Markets More Accessible To First-Time Homebuyers in 2008″
So they forecast a 5.7% rise in prices in 2008. I hope they are saying the “innovative” products they have to offer this year, not available last year, will compensate for this rise. Or maybe the title should read “Vancouver and Victoria Condo Markets More Accessible than if Prices Rose Faster”. Sometimes I wonder if these guys really believe their own propaganda?
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BDK Says:
March 26th, 2008 at 2:06 pm
Krissh, do you understand what opportunity cost is?
It’s clear you don’t. Anyone reading this can see that you’re retarded.
Rich people don’t exclusively look at over priced vancouver condos you fool. You just don’t get it.
There is no way you got past grade five.
If buying today is such a good deal and you actually have money then why aren’t you buying the Corus assignments that people are walking away from?
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Krrish2 Says:
March 26th, 2008 at 3:03 pm
do you understand what opportunity cost is?
Yes Opportunity cost put you out of market you priced out bear because you were being oppotunitist’s to push the fool in the market you wiseman.
in otherwords opportunity disappeared since you did not form a lineup, you were PRICED OUT!you are CARD OUT! and you had gone OUT OF SENSE!
do you understand what opportunity cost is?
Opportunity disappear so is your chance to get in BDK.
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scullboy Says:
March 26th, 2008 at 3:29 pm
Hey Krrsh:
STFU, ‘tard.
BDK, the dude’s trollin’. He’s quoting George Bush, who couldn’t find BC if the map were tattooed on Dick Cheney’s thighs.
He plainly doesn’t understand opportunity cost. For him “investment” is closer to gambling. It’s certainly not about calmly assesing different opportunities, or being smart and flexible.
The whole city’s full of guys like this, people who cashed out their RRSPs and who haven’t saved a cent for themselves or their children. Soon enough, they’ll be wiped out.
And then those of us who have been patiently saving and waiting can come in, swoop down and buy their places at 50 cents on the dollar. Of course we’ll be called vultures, not bulls but hey…. that’s investment, baby
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BDK Says:
March 26th, 2008 at 3:45 pm
Krissh you retarded troll, you just proved that you don’t understand opportunity cost!
So rich people own units that are empty and this isn’t a missed opportunity cost? Are they buying them today? Why aren’t these wise men buying the assignments at Corus?
This is the best place on earth isn’t it?
Where else have you been in the world have you visited?
What grade did you complete in school?
What do you actually own?
Make sure you are honest because living in a bachelor suite with your Mum doesn’t count as ownership.
What makes you think someone as stupid as yourself has more assets than any of the people on here, who’re all smarter than you.
Do you ever take books to the park and pretend to read them, to trick people into thinking that you aren’t retarded?
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Anonymous Says:
March 26th, 2008 at 4:15 pm
BDK,
Thanks DON you know some graduation level math in your head otherwise I should have kill my Valuable time teaching you all that along with sci-fi eco and hd eng.
oye my above comment was answer to your oppertunity cost if that did not goes through here is one more attempt.
“To the vast majority of people, time has value”.
so your oppertunity cost does not apply in the case I have forward to you.
you say “then why aren’t you buying the Corus assignments that people are walking away from?”
I don’t need to buy anything Corus should go to hell, I have no concern to sell you anything.
“He plainly doesn’t understand opportunity cost. For him “investment” is closer to gambling. It’s certainly not about calmly assesing different opportunities, or being smart and flexible”.-SONIKA
I think you are talking about “affordability” the way that common people makes there payment go ga ga over rental yield Sonika if Investment/Real Estate were just an english than you were a champion but oppps anyway chill out but keep it up there is lots of other logics are in your comments may be one day you will be fine may be not.
“This is the best place on earth isn’t it”?
I am not following corus do we have link around here btw you never returned back from Alberni yet how is that?
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scullboy Says:
March 26th, 2008 at 7:27 pm
Krrish ol’ buddy if I wanted investment advice from a window licker, I’d go hang out at Main and Hastings.
Thanks for the advice oh Trump of the ‘tards.
Oh, and tell your mom I said hi.