I agree, hence my offer to provide proof.

I would be glad to meet anybody for some hand picked fresh Guatamalan coffee right here in Victoria.

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“Mortgage brokers and real estate agents that do development are like drug dealers who do their own product.”

Worse in a way. If things go to hell not only does the RE professional suffer on the job front but they have an over leveraged portfolio who’s value is dropping like a stone.

Drugs are where it’s at, you can always count on stable or increasing prices (take note Krrish, this could be your next great investment opportunity!).

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“Even Drachen believes me.”

Yeah, I think Krrish/Thumbsup has got everyone here jittery with his constant handle switching and occasional conversations between handles. I propose to everyone here that we simply apply a modified Turing test in the future. ie. If you cannot definitively say that two handles belong to the same person they are for all intents and purposes two separate people. There is really no point in debating it.

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LOL. What advice? How to make money in a boom market? Because that’s all you know. But you’re about to get quite an education in bear markets, and the cost will make your student loan debt seem cheap in comparison.

Speaking of which: psych always attracts the flakes; no surprise considering how dysfunctionally ‘the source’ has represented himself here.

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“The “U.S. crash” is not countrywide. Out of 150 major markets, some 72 are still rising in value.”

Of the 20 Case-Shiller markets, all 20 are down (YOY). But according to Fuzzie, half of all US markets are up!

Between 1988 and 1992, prices in San Diego dropped 35 per cent — since then, they rose by 410 per cent.

Back to Case-Shiller: San Diego actually bottomed in 1996 at 71.22. Today it sits at 178 (and falling) for an increase of 150%. I guess Fuzzie forgot to tell us his margin of error of 260%!

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Again, I am willing to prove it. So far, no takers.

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Mortgage brokers and real estate agents that do development are like drug dealers who do their own product.

What I don’t understand, is how can mortgage brokers get sucked in? I can understand real estate agents b/c they start believing their own BS. But mortgage brokers should realize the market is turning when NO reputable bank will touch broker deals anymore.

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This actually made me laugh out loud. None of the big five banks are doing much financing for ANYBODY right now, especially not for amateurs who jumped on the bandwagon way too late. Dave, I suggest you try the credit unions first, although even they seem to be realising they’re going to get murdered when the market turns.

Maybe some of the mezz debt lenders would be willing to take a chance on you, but they will charge you 18% interest and a 4% fee.

Btw, since you’re doing a “land assembly”, I would bet a lot that your property is out in the sticks. I’ll give you some free advice: stop now before it’s too late. I work with experienced developers every day who are panicking now because they can’t sell their product. Sell your land as fast as you can to another sucked, then get yourself a job in something non-real estate, or at least make sure you’re on salary and not commission.

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http://www.nytimes.com/2008/08.....ref=slogin

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“Dave has a Bacher of Arts with an Hounours Degree in Psychology from UVic”

Pretty hard to go to Uvic without living in Victoria

His race was in July.

No, he had a race in June.

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Sales of new condos are sharply lower this June (down 62 per cent), and the sales success ratio dropped from 70 per cent to 34 per cent.

This would be due to increased failures of conditional offers of sale, inspection, and financing. I wonder how much the latter is impacting the success ratio, if at all. What this means is that, if I read these stats properly, the number of accepted (not completed) offers is only down around 20% from last year.

This makes sense — the real estate ladder is leveraged off FTBs and an increased number of failed offers is a corollary to falling sales. Why FTBs are not buying is another question entirely. Likely reasons are tighter lending, demand borrowed from past years, and speculation of future falling prices.

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You are using selective reasoning. I am the one who told you I lived in Victoria and Burnaby. If you read Dave 2′s blog, he doesn’t say that he ever lived in Victoria. His race was in July. I am surprised you remembered my race, but it was in June, although I also had one in july but never posted about it.

Again, the offer to meet still stands. Or, I can send you an email of my drivers license, but will block out my last name and address (excluding the Victoria part).

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http://tinyurl.com/6mxk64

http://tinyurl.com/6jmfue

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Dave and Julie

Julie grew up in a house attached to a small 20 room motel in Bassano, Alberta. Her family has been self-employed and involved in real estate in varying degrees throughout her life, so her interest in all things brick and beam was natural. From land to strip malls to apartment buildings, her family has been involved in many kinds of real estate ownership. Julie furthered her familial real estate experience by completing a Bachelor of Commerce degree from the University of Calgary and obtaining an MBA in Real Estate and Finance from the Schulich School of Business at York University. Since then, Julie’s spent five years working in the commercial real estate industry learning all about the Toronto, Calgary and Vancouver markets. Julie currently lives in Burnaby, BC with Dave and their dog Bram.

Dave grew up in Nanaimo, BC with a fix-it and flip-it real estate family. He bought his first rental property with his Mom over 16 years ago and then reignited his investing once he met Julie 8 years ago. Dave is definitely the more adventurous investor of the two, and plans to tackle development in the near future as he and one partner have begun assembling land for one project. Dave has a Bacher of Arts with an Hounours Degree in Psychology from UVic, as well as a Master of Arts Degree in Applied Social Psychology from the Univesity of Saskatchewan. In 2006, Dave left his job in consumer research and became a residential mortgage broker. In February, 2008 he switched to commercial real estate, and is now learning how to obtain financing for large apartment buildings, regional shopping centers, condo developments and more. Dave currently lives in Burnaby, BC with Julie and their dog Bram

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So what does that mean in Vancouver where the rent is about 40% of Manhatten and costs more?

http://www.nytimes.com/2008/08.....d=2&em

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http://www.nytimes.com/2008/08.....ref=slogin

There’s also an article in todays NY Times about a glut of 1 bedrooms in Manhatten, which is in a comparable city in New York, New York.

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Scratch that, I mixed up the blog and the website. So this Dave is a mortgage broker? Isn’t that what dev/null independently figured out that the “other” Dave was? Very coincidental.

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Perhaps “The Source” is Julie and Dave is “Dave”. I mean, how many people named Dave have a keen interest in real estate investing, lived in Victoria and Burnaby, and both had races in June? Also, why did the “about us” on the Dave & Julie page suddenly change today?

These are the Daves I know, I know These are the Daves I know These are the Daves I know, I know These are the Daves I know.

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“Just because I am not as bearish as many folks here does not make me a bull.”

No that’s true. But your conclusions were reached on equally fallacious reasoning as bulls use so you get lumped in with them.

For what it’s worth however I don’t think you’re thumbs or the source.

Thumbsup doesn’t have any concept of logic or proper argument and he’s functionally illiterate.

The source is literate and has an extremely weak grasp of logic but no concept of proper argument.

Dave is literate has a good grasp on proper argument but instead of debating in good faith constantly uses subversive tricks to get his point across instead of assembling a proper argument. I only say he has a good grasp because he breaks the rules so consistently I find it highly unlikely that he’s unaware of them. Grasp of logic is questionable, entirely depends on how much of his rhetoric he actually believes.

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