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May 9th, 2008 at 12:15 pm
You will be watched, searched and interrogated more than you’ve ever been in your life.
I’ve spent about ten months total in Manhattan proper since 911 and never been searched or interrogated. Neither has my sister or her husband (he’s Jordanian no less) who’ve lived there (Lower East Side) for going on 10 years. I’ve seen the reservists in the major subway stations though. I’d rather have a city crawling with law enforcement than junkies and mobsters any day, but that’s just me.
You sound like you’re a bit paranoid, maybe you got into too much BC Bud before you came here?
May 9th, 2008 at 12:08 pm
Large scale projects can take about 2 years from original commitment to eventual completion, while markets can shift significantly within a couple of months.
If your business is building condos or houses the only choices you have are build and hope for the best or find another line of work. That’s why RE is so cyclical, who wants to be the first developer to pack it in in a booming market, eventually you end up with massive supply overhang like we have now.
Everyone is answering your questions nyc can you answer one for me? Why are you asking these questions after you’ve already bought into the market and have stated that you’re quite comfortable with your purchase?
May 9th, 2008 at 12:07 pm
I’m not sure what you’re complaining about about nyc, is it too much crime or too many police in NY? It seems to me we could use some more cops on the street here, Vancouver has the highest property crime in North America and a high violent crime rate, how is that preferable to police presence?
May 9th, 2008 at 12:01 pm
Well, Tony Danza, if you are moving to NYC, you will see firsthand with your own eyes how different it is from Vancouver regarding crime and safety and police presence, etc. You will be watched, searched and interrogated more than you’ve ever been in your life.
Enjoy the Big Apple! It was a wonderful city before 9-11.
May 9th, 2008 at 11:52 am
nyc, I’m not sure about the local developers, anybody know why developers overbuilt in other cities like San Diego or Miami?
I met with a developer in Scottsdale, AZ right around the peak of the bubble there. I was hoping he bought the land before prices went up, so there would still be a profit potential even if prices fell 20% or so (which I expected at the time). Unfortunately he hadn’t, so the project would begin to lose money once prices fell 15% or so. When I mentioned my concern, he was in complete denial; “prices can’t go down much, everyone wants to live here, blah, blah, blah”. Needless to say, I passed on the project. I have the feeling most developers are like him.
May 9th, 2008 at 11:45 am
.
.
nyc asked:
“do condo developers know something we don’t?”
Large scale projects can take about 2 years from original commitment to eventual completion, while markets can shift significantly within a couple of months.
Trust me, developers here cannot look into the future any farther than developers could in Miami 3 years ago.
May 9th, 2008 at 11:43 am
If so, how could these developers have screwed up so much and not seen this coming?
Why don’t you ask the developers in San Diego, anywhere in Florida, Nashville or any other bubble city that has imploded. Do a Google search on your question and you’ll find plenty of news articles chronicling the spectacular condo developer blow ups in the US. But don’t worry we’re different in Vancouver!
nyc, I’m still waiting for your proof that NYC has more crime per capita than Vancouver. I’m moving there shortly and would hate to have the SO think I lied to her when telling her it’s safer there than here.
May 9th, 2008 at 11:42 am
nyc, I’m not sure about the local developers, anybody know why developers overbuilt in other cities like San Diego or Miami? They’re seeing massive price drops and banks have blacklisted lending on many buildings, why didn’t the developers see that coming?
I assume that at least partly its the same speculative mania that individual buyers take part in, the difference is that most developers have a bigger buffer than the buyers. The developer can drop their prices a lot further than an individual and still make a profit or at least break even. The first stage is of course an attempt at hidden price drops where the developer offers special financing, a free car, etc with the purchase of a unit.
High end units like shangrila will always be a different market that the majority. I assume anybody looking at an 18 million penthouse isn’t going to have any interest in a 500 sq foot suite at spectrum.
May 9th, 2008 at 11:32 am
Then your tenant didn’t understand his rights. Trust me, the realtors lie about the tenants rights. The RTB documentation is not clear. You have to understand the specific section – Fixed term tenancies:
“Where the tenancy is for a fixed length of time, the Notice to End Tenancy cannot take effect before the end date specified in the tenancy agreement. The tenant also cannot end tenancy earlier than the end date. However, the landlord and tenant can come to an agreement to end the tenancy earlier.”
Listen, I understand that other sections may read differently, but once you understand this section it all becomes much clearer.
May 9th, 2008 at 11:29 am
Not in Vancouver you haven;t, I’ve had to serve notice under these conditions.
May 9th, 2008 at 11:28 am
bdk, I’ve done that, talked to the RTB as well. You are still in error.
May 9th, 2008 at 11:25 am
Regardless of whether there is a lease.
Two months notice and one month free rent.
Call the Residential Tenancy Branch or email them if you need clarification.
May 9th, 2008 at 11:25 am
bdk, I’m not wrong, and have confirmed this with the Prop Mgmt company. As condofever has added, since I’m on a fixed 1 yr term, they have to wait until it expires and switches to month-to-month before they can serve notice. Even then, they are still liable for one month’s compensation.
Add one to the tally in favor of renting.
May 9th, 2008 at 11:17 am
It’s true. If someone buys a place, and wants to move-in or have their family member move-in (mommy/daddy buying an ‘investment’ unit for son/daughter) then they can kick you out with 2 months notice. If you leave before two months is up, then they have to pay you out to 2 months.
That’s one of the Residential Tenancy Acts changes that the Liberals brought in earlier in this decade. Tenants had many more rights, previously.
Of course, this is all true only if you are now month-to-month, if you have a 1yr tenancy which switches to month-to-month, then they have to see it out for the 1yr.
May 9th, 2008 at 11:14 am
So, are all these condo developers who are building condos whistling past the graveyard, or do they know something we don’t? I can’t imagine that they would invest so heavily in new buildings if they didn’t have some confidence that they could sell them for a good profit. Are all of you saying that they will remain empty? If so, how could these developers have screwed up so much and not seen this coming?
And who is buying these multi-million dollar condos at the Shangrila and Erickson buildings, for example? They are selling! Where are these buyers coming from if everything is so overpriced?
I wonder if anyone ever bought that penthouse at 1000 Beach that was listed for $18 Million? Clearly, there are still lots buyers out there for all this high-priced real estate.
May 9th, 2008 at 11:10 am
“All of the conditions for sale of the rental unit have been satisfied and the purchaser has asked the landlord, in writing, to give this Notice because the purchaser or a close family member intends in good faith to occupy the rental unit”
May 9th, 2008 at 11:07 am
Oh and the new owner is supposed to occupy it for one year, although I know of people who moved out after 6 months and 1 day and had no problem.
I also know of new owners who’ve evicted the tenants and then re rented the unit, but that can get you in hot water if they figure it out.
May 9th, 2008 at 11:06 am
Yes, it’s true that next year I may not be able to sell my new condo for a profit, or even a loss, but, I don’t intend to sell this place for a few years as it’s my primary residence, not an investment.
danko, are you a RE agent? You seem to know the lingo. My broker priced my condo “sharply”, but, still at a good profit, and it sold within 4 days after being listed, 2 days before it was publicly listed. But this was in April. It is a unique property with a water view, which did help. I traded in the view for more square footage on the new place, which I bought for $16K less than the asking price. So, I’m happy. That’s a good return on my investment in one year, even if the market softens a lot.
crabman, talk to your banker/broker about ways to make your money go further than the interest you make from a standard savings account. They can advise you better than I.
May 9th, 2008 at 11:04 am
“when a NEW owner buys a place, they have no recourse but to observe the full-length of the fixed-term tenancy.”
Sorry but you are completely wrong, once the unit is sold the new owner is the landlord and can evict you using form “2 MONTH NOTICE TO END TENANCY FOR LANDLORD’S USE OF PROPERTY Form #RTB – 32″
http://www.rto.gov.bc.ca/
If you’ve been told otherwise then you were deceived, sorry.
May 9th, 2008 at 10:52 am
Wow, the number of units under construction is incredible! Can’t wait for that glut to hit the market, driving prices and rents down.
May 9th, 2008 at 10:48 am
I netted a very nice profit on my condo sale this Spring. May not be able to do that next year, but, it’s still possible even now.
Still possible to sell at a profit. I don’t think it’s possible to buy now and sell for a profit anytime in the near future. And NYC, I’m still waiting for those tips on how to make a LOT more than savings accounts.
May 9th, 2008 at 10:41 am
bdk, that is only true if the current landlord/owner wants to occupy the suite, and he has to do that for a fixed amount of time (which I can’t find right now). However, when a NEW owner buys a place, they have no recourse but to observe the full-length of the fixed-term tenancy.
There’s lots about selling a tenanted property that is more myth than reality, and only after a day of research yesterday did I realize how safe we are.
May 9th, 2008 at 10:38 am
I netted a very nice profit on my condo sale this Spring. May not be able to do that next year, but, it’s still possible even now.
Thats true, but if this listings trend continues the window is rapidly closing on profit time. Even if you list now you’ll want to price sharply to stand out from all the other properties on the market unless you’re selling something very special.
May 9th, 2008 at 10:37 am
HEY! YOU SELL HOUSE IN VANCOUVER, YOU A LOOOOOO-SAH!
That’s awesome.
May 9th, 2008 at 10:35 am
it’s good to know that the survey is based on $250k salaries – because if I made $250k, I probably would live here forever.
But I don’t – so I won’t
May 9th, 2008 at 10:33 am
Mflat, you can be booted out with two months notice and one month free rent if the new owners intend to occupy the suite.
But don’t worry too much, you can easily rent another.
Despite what anyone tells you the market is not tight unless you’re a South American party student intending to have 5 people in a one bedroom, you’ve filed for bankruptcy recently or you have non apartment sized pets.
May 9th, 2008 at 10:25 am
Oh yeah, Krrish you’re starting to sound like Tom Vu:
HEY! YOU SELL HOUSE IN VANCOUVER, YOU A LOOOOOO-SAH!
May 9th, 2008 at 10:22 am
Hey Krrish,
While I would agree that Vancouver is a pretty little city, by no means would I say it’s the best place on earth. If I were independantly wealthy and could buy anywhere, here is the list of where I would live:
South of France
Anywhere on the Mediterranean
Thailand
NYC
Cabin high in the Rockies
Summer home in the Maritimes
Vancouver’s a lovely little town if you make good money. Even if you make average money and don’t mind renting you can have a good life. Even more so if you have no kids or dogs.
On other words, it’s awesome if you’re middle class, gay and you’re some kind of knowledge worker.
For everyone else, Calgary’s probably a better bet.
May 9th, 2008 at 10:17 am
The carnage is just beginning. We took a 1-year lease on a downtown 2-bdrm, 950 sq ft condo. Our rent is very affordable, and we really enjoy it here. The owner has decided to sell-up, and has priced VERY sharply. A unit like this went for around $620 K in late 2006, and the owner is asking for less than a 10% profit on that price. Yup, the party is over. Either he’s under huge financial pressure (which I doubt, since he purchased this place on completion), or he recognizes that the gig is up and wants out FAST!
Great thing is that our Property Mgmt company wants to protect our rights, and we are here for the 12 mths + 1 (to find a new place). Offers are failing as investors don’t want to touch the place (cash flow is not there without a huge deposit – you’d have to put over 50% down in order to have POSITIVE CASH FLOW!!!). One young couple wanted to buy but can’t afford to carry this place, and continue leasing another until our lease runs out.
This is going to be very fun to watch, especially with NO SKIN in the game!
May 9th, 2008 at 10:07 am
I netted a very nice profit on my condo sale this Spring. May not be able to do that next year, but, it’s still possible even now.
May 9th, 2008 at 10:01 am
“how is anyone making money buying a condo for an investment these days?”
It’s not an investment, it’s a capital loss and it will be for decades to come.
May 9th, 2008 at 9:56 am
anonymous: they can’t make these ‘investments’ pay based on rent, thats why its a bubble. Actual ‘investors’ like Ozzie Jurock are staying away from properties in the city at these prices. Jurock said last year that he wouldn’t touch downtown condos with a ten foot pole – they’re too overpriced for any return you’d get from rent.
May 9th, 2008 at 9:51 am
I’m seeing LOTS of for sale signs out there, I snapped a shot with my phone of 7 signs together near granville island:
http://vancouvercondo.info/for.....2&t=54
Can anyone beat that number of signs in a single shot?
May 9th, 2008 at 9:47 am
Regarding ‘vancouverites love condos’ – more than half of the people surveyed would buy a condo as an investment rather than to live in? Are there any condos left that will cash flow or is this all speculation on future gains? I thought rents and prices where out of sync, how is anyone making money buying a condo for an investment these days?
May 9th, 2008 at 8:44 am
Check out all the comments on the CIBC story urging people to get their cash into the stock market, I guess the whole ABCP & subprime debt shuffling has got a lot of people nervous:
http://www.reportonbusiness.co.....e#comments
May 9th, 2008 at 8:33 am
“Vancouver is not expensive compare to any brand name cities of this world but vancouver is more beautiful than them.”
Vancouver is not a brand name city or world class city, lol. It’s pretty and if I am Canadian and can afford to live here, sure, why not? At the same time Calgary is up there on the top 10 most livable cities and its probably a lot more affordable.
If I can’t afford to live in a beautiful city it ain’t so beautiful anymore and Vancouver is really expensive compared to other places in Canada.
May 9th, 2008 at 8:32 am
“For qualitative indicators, a rating is awarded based on the judgment of in–house analysts and in–city contributors. For quantitative indicators, a rating is calculated based on the relative performance of a number of external data points.”
I don’t doubt that Vancouver is probably on the top of the list, but that first bit is a little dodgey.
Would anyone else care to see some standard errors on this index? I would think that there is no fundamental difference between any of the cities in the top 10 or 20.
May 9th, 2008 at 8:32 am
One thing people don’t mention when it comes to the Economist livability survey is that it is based of a management salary of ~250k USD a year. It is not some kind of general rating for the average wage earner in the city. If you make quarter of a million dollars a year in salary Vancouver is number one. Hurrah.
May 9th, 2008 at 7:58 am
One of the things that always irks me is in articles like that one about the RE market cooling, whenever they say something bad about real estate they follow it up with something to the effect of “but this is not the same as what’s going on in the States.”
Perhaps they’re right, but the automatic way they spit that addendum out reminds me of “The Manchurian Candidate” when the platoon members would recite some crap about Raymond Shaw (the commie-controlled assassin) being the kindest, most giving person they’ve ever known.
May 9th, 2008 at 7:42 am
Not sure if anyone’s mentioned this yet, but Vancouver has once again been named the best city in the world by the Economist
Yeeeehaaa! Get out there and join the line up at 1212 Howe, the Economist loves us!! They really love us!!! The whole world loves us!!!!
Looks like talk of 17k inventory by the end of May is coming to fruition. Plenty of choice for all the billionaire hedgies looking for a pied a terre in the DTES.
May 9th, 2008 at 7:14 am
SELLERS NEED TO KEEP OPTIMISTIC SPIRIT
There is no downturn in decades to come in vancouver- anybody selling their properties on low prices are alone the losers all the way because the real estate prices in vancouver will countinue to climb through decades on and on.
Still anybody like to sell their property for other reasons keep your prices sharp ,there are lots of buyers in the market and demand countinue to keep up with market for decades to come -because of more selection buyers are looking for decent prices-Vancouver is not expensive compare to any brand name cities of this world but vancouver is more beautiful than them.
“RAIN IS A PLUS POINT FOR VANCOUVER TO REDUCE MORE THAN 20% EMMISSION- LIKE BEAUTY TAKES SHOWER EVERY FEW DAYS AND BECOME FRESH ! FRESH!! FRUITY! FRUITY!!”.
Ask nyc ask sfmike ask sonika and his bf ask bdk and tony and lots of bears they all have come to admit that Vancouver B.C.is “The best place on earth”
Blogs can’t be better than this unless NYC and SFMIKE turn over the chart opposite from bearish lies of past three year in comparison to Vancouver with any other cities.
American downturn is over and all bearish weapons of real estate anecdotal compare to anecdotal of vancouver real estate has been destroyed,we just need some one to read the statements from bears to admit their defeat, if you choose countinue to battle with BULLS you will be defeated again and again.
May 8th, 2008 at 11:56 pm
you know, i swear i don’t see where the supply is. i mean, i look at the mls and i check out 2 bedroom units, and they don’t seem to be any more different from last year. unless the new units are mostly 1 bedrooms or 3 or more?
but then maybe i don’t know what i’m doing….
May 8th, 2008 at 11:48 pm
Looking at the amount of projects under construction suggests we’ll be able to host a few visitors come 2010.
May 8th, 2008 at 11:36 pm
Calgary is more livable than Zurich? *scratches head*
May 8th, 2008 at 11:29 pm
what’s happened to Aussie house prices post Olympics?
Sydneys suburbs have seen price drops averaging between $100 to $450 per week since 2004. Of course Vancouver is different so you must remember to make the proper hemisphere adjustments.
May 8th, 2008 at 11:10 pm
From their “full report” link (you have to buck up US$200 for the details):
Each city is assigned a score for over 30 qualitative and quantitative factors across five broad categories:
o stability
o health care
o culture and environment
o education
o infrastructure
Each factor in each city is rated as acceptable, tolerable, uncomfortable, undesirable or intolerable. For qualitative indicators, a rating is awarded based on the judgment of in–house analysts and in–city contributors. For quantitative indicators, a rating is calculated based on the relative performance of a number of external data points. The categories are compiled and weighted to provide an overall rating of 1–100, where 1 is considered intolerable and 100 is considered ideal. The report considers that any city with a rating of 80 or more will have few, if any, challenges to living standards.
Yup, Vancouver’s pretty darn near perfect when it comes to stability, health care, culture & environment, education and infrastructure… ;-P
May 8th, 2008 at 11:08 pm
Each city is assigned a score for over 30 qualitative and quantitative factors across five broad categories: stability, health care, culture and environment, education, and infrastructure
In other words, without regard to cost of living.
I think the average family would find a house in Ottawa or Halifax more “livable” than a dinky condo in Vancouver.
May 8th, 2008 at 11:05 pm
Not sure if anyone’s mentioned this yet, but Vancouver has once again been named the best city in the world by the Economist
Right after Melbourne…what’s happened to Aussie house prices post Olympics?
May 8th, 2008 at 10:59 pm
“best city in the world … ” is an exagerration, as if this was some absolute, objective declaration.
“Vancouver remains the most liveable city”, ‘liveable’ is the term, whatever that means.
yeah, well, Calgary ranks 7th …
May 8th, 2008 at 10:44 pm
Not sure if anyone’s mentioned this yet, but Vancouver has once again been named the best city in the world by the Economist:
http://www.economist.com/marke.....d=11116839