Friday Free-for-all!

It’s the end of the work week and that means it’s time for the Vancouver Condo Info end of the week news round up and open topic discussion.  Here are a few links and stories that have come to my attention this week:

-Thank you VHB & everyone who’s contributed to the Wiki!
-Guess the next 3 years: Vancouver Condo Games
-Tips on how to be a home-buying vulture
-2 mortgage brokers in Duncan say there is no housing bubble
-Would-be homebuyers may want to wait
-BC mills take downtime in “world awash in pulp”
-Spectrum landlord, ambassador to the world
-Video: Tom Barracks economic outlook
-What will work to kick-start global economies?
-Ottawa chops $4.3 billion, predicts small surplus for 2009
-US sinking deeper into recession, dragging Canada with it.
-US home prices hit 2004 levels, predicted to get worse
-US commercial mortgage crisis looms
-Chinas economic crisis worsens
-Affordable places to ride out the downturn

So what are you seeing out there? Post your news, links and anecdotes here and have an excellent weekend!

note: any conversation on Vancouver, real estate or economics is allowed, please keep it civilized. When posting articles please only quote pertinent points and link to the original instead of pasting the entire article here. Pasting a link will automatically create a clickable hot-link. Thanks!

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158 Responses to “Friday Free-for-all!”

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  1. 1

    exx Says:Reply to this comment

    My co-worker’s property is still on the market - Friday marks 90 days. He purchased it for $170K ~8 years ago, and listed it for exactly the assessed value of $342K near the end of August. Since then, he has dropped it twice and it has now been sitting at $309K (11% below assessment) for over a month.

    He moved out prior to listing his property, expecting a quick sale. Now he’s 3 months into paying both a rent and a mortgage, and has applied for a line of credit to help cover his costs.

    Will he reduce his price more? Initially he told me he would reduce to $299K to make the price more psychologically appealing, but he stands unwilling to reduce further at $309K. I guess he hit his own psychological obstacle. I asked him why he decided not to go any lower, and he basically said “It’s worth $309K” and he’s unwilling to “chase the market down and sell his property for less than it’s worth”.

    What if it doesn’t sell? Apparently he’s willing to stick to this price all the way to Spring, and if all else fails he will become a “reluctant landlord”. For now, he awaits an offer. Any offer.

    Current score: 63

  2. 2

    Bowntown's Helper Says:Reply to this comment

    Last three days of sales level compare to list ratio show that market has improved and listings are down and going further down,What a recession things turned otherway around.

    Guess what action is required by bears and sitting out sold out buyers?

    Current score: -62

  3. 3

    Bowntown's Helper Says:Reply to this comment

    If anyone wondering when the market turned around?
    Market turns around when sell list ratio goes up above 35% btw are you guys trained for Olympic marathon?

    Current score: -54

  4. 4

    patriotz Says:Reply to this comment

    A few months ago I found myself at a meeting of economists and finance officials, discussing — what else? — the crisis. There was a lot of soul-searching going on. One senior policy maker asked, “Why didn’t we see this coming?”

    There was, of course, only one thing to say in reply, so I said it: “What do you mean ‘we,’ white man?”…

    About those precedents: Why did so many observers dismiss the obvious signs of a housing bubble, even though the 1990s dot-com bubble was fresh in our memories?

    http://www.nytimes.com/2008/11.....ugman.html

    Current score: 10

  5. 5

    MickeyFinn Says:Reply to this comment

    A friend of mine will be moving back to Vancouver soon and he is wanting to rent an apartment. On his behalf, I responded to an advertisement for a place in an almost new building on West 12th Avenue. I asked the agent why the suite has not yet been occupied when the building completed last February (I wanted to know why it has been sitting for nine months). He explained that his client had been trying to sell the unit but he couldn’t get his asking price so now he has decided to take the place off the market and rent it out until… wait for it… the market improves.

    I’m a generally polite person so I didn’t laugh in the agent’s face.

    This isn’t the first time I’ve heard this kind of poorly thought-through logic. But as a real estate bear I love hearing it every time.

    Some stock traders make this same mistake. Rather than admitting that their investment has fallen and selling their shares for what the market will bear when their gut tells them that the “party is over,” these individual investors choose to hold and wait for the market to improve. The fault in their logic is that invariably lots of other investors are trying to do the same thing. The effect is that all of these investors acting individually cause what is known in the stock market as “over-hang.”

    Over-hang is a large inventory of shares that really just wants to be sold. Over-hang has the effect of killing the market slowly for two reasons… first, if and when the asset’s price starts to rise there is a seemingly endless supply of people who will sell into the rally… which has the effect of killing a budding rally just as it starts. Second, if an asset’s price doesn’t rally for an extended period of time, some of the investors who are attempting to remain patient invariably give up and sell. In the market it is referred to simply as investor fatigue.

    Either way over-hang will kill a market… slowly.

    How many times have you heard someone say something like, “I’m going to take the property off of the market until the spring.” Guess what, your not the only investing genius that thought of that idea! Surprise, there is going to be a tidal wave of properties hitting the market in the spring. And since prices will continue to slide into next spring that is just going to cause even more of a train wreck at that time.

    Oh yeah baby, this gonna be good.

    Current score: 104

  6. 6

    gadwin Says:Reply to this comment

    Latest REBGV projections from KopyrightKlepto on Paulb’s stats:

    Listings: 3067 (-13% yoy)
    Sales: 923 (-69% yoy)
    Sell/List: 30% (-54 pts yoy)
    MOI: 21.1 (462% yoy)
    Actives: 19507 (76% yoy)

    Avg Price SFH $753,967 (-7% yoy) (-9% mom) (-18% from peak)

    http://www.realestatetalks.com.....p;start=45

    Paulb’s stats: http://www.northshorepropertie.....?aPageId=8

    We are at 21 MOI and sales may not exceed 1000 units for September. Average price for a SFH is down -9% MOM! This is truly a real estate meltdown in Vancouver of epic proportions.

    Current score: 48

  7. 7

    markx Says:Reply to this comment

    The VancouvercondoGames site had some very interesting data. Taking it at face value, we can see that VanWest rent has risen faster than CPI while income is flat in real terms. This is reasonable as rising labour participation rate means more income competing for same housing stock, and rising wages at the low end of private sector (i.e. manual labor workers) pushes up rent particularly. Now the party’s over, I do expect rent to at least fall back in line with CPI. Based on that graph, 50% is way too optimistic. 70% drop would bring price in line with CPI, if you believe all the bubble construction simply collapse in a freaky alien invasion.

    Current score: 4

  8. 8

    Alexcanuck Says:Reply to this comment

    From Garth’s vulture article.
    “Speaking of which, why not make two offers at the same time on two competing properties, and then let that fact be known (through your agent) to the vendor? That will add even more pressure to the poor guy, as he tries to figure out what he must do to save the deal, and give you what you want. This may be cruel and unusual, but just consider it payback for all those multiple-offer situations greedy vendors placed buyers in during the bubble years.”

    I’ve asked this before, too late in a thread to get a response. (Or I’m just a bore, being politely ignored!)

    (Romeo and others interested in tower life listen up.)
    Would a “subject to” in an offer worded something like this be legal?
    “Subject to none of the other identical units for sale in this building, who have in hand the same offer, returning with a lower acceptable price.”
    It would, of course, need to be very carefully worded. You don’t want to end up with purchasing multiple units by accident. The intent is to promote a multiple bid situation in reverse.

    Current score: 3

  9. 9

    blueskies Says:Reply to this comment

    from the Sun article:

    “The grim economic forecasts attributable to the global financial crisis caused household confidence to plummet this fall,” Desjardins said. “This climate of uncertainty also contributed to the ongoing decline in the number of existing homes sold, which is down 12.6 per cent in Canada since the start of the year, and down 26.5 per cent in Calgary and 29.2 per cent in Vancouver.

    it will be very hard to spin this in a positive fashion….. not that some may really try….

    Current score: 3

  10. 10

    NO -LYMPICS Says:Reply to this comment

    To exx:

    Well, the way I look at it, your friend has made money over the 7 years (unlike others who bought at or near the peak and have now lost money ).

    It isn’t clear if this is his principal residence, but I will assume it is.

    Good decision are often based on analysis which is based on patterns.
    This VCI Web - Site is a no - holds barred venue for everyone to submit RE data and discuss it. All I see is bad news…contrarian views are delusional.

    RE is cyclical, and in my experience it takes years for the RE cycle to re-load and re-boot. In my view, I have not seen anything like this one… and I think the indicators are that it will get worse, based on there is neither any realsitic chance of rebuilding what has been a bubble and no stability(ie no stop in the decline)

    In my view, I foresee an RE”Tsunami”…if you recall the Tsunami is based on a massive displacement below the surface resulting in a wave action that literally appears out of no where when it crashes the shore. We will see sales now via the absolutely desperate,specuvestors etc. and this will set some sort of market benchmark.

    However I predict we will see a tsunami wave of selling soon by those who are the ” hope ’springs’ eternal ” types, the old “sell in spring” myth…which will be those who have denied and delayed the bitter reality and may be in an even greater sense of panic. These types may be holding on and funding a losing proposition when selling NOW may be the most cost effective move.

    My advice is don’t get greedy, there may never be a rebound to their peak price…take the profit and run…and that profit will be less and less as each day passes.

    Current score: 19

  11. 11

    blueskies Says:Reply to this comment

    alexc:

    good point!
    one point that was mentioned was
    subject to vendor paying all closing costs
    and property transfer tax…

    if your opening salvo contained
    multiple contingencies you
    could have the vendors feeling defensive
    and slightly off balance…..

    maybe i should ask rob to write up
    a “stink bid” offer… :-)

    Current score: 3

  12. 12

    Alexcanuck Says:Reply to this comment

    I’m not so sure about the multiple contingencies bit…. Seems to me a clean bid has more power. Stink bid for sure, though. Cash, quick completion, few subjects, low, low price, take it or leave it. I’m buying something for this price, you want it to be yours? Lots of other fish flopping on the shore right now, don’t waste my time.

    Current score: 3

  13. 13

    NO -LYMPICS Says:Reply to this comment

    Interesting recent development:

    The 2oo suites of social housing development at Little Mountain that was recently closed. Holborn (the Ritz Carleton developers )were to be the developers.

    http://www.canada.com/theprovi.....b53fab782f

    This 2000 unit condo Project is now on hold…a year behind schedule,….and people want these social housing units re-opened.

    PS: I seem to recall Holborn bragging it had private $$$ to fund the Ritz - Carleton…their delay was due to minor changes. Uh Huh…

    Current score: 2

  14. 14

    Anonymous Says:Reply to this comment

    Alexcanuck: You don’t need to go so far as putting anything in writing. Just make verbal offers on the three units you like and the one that takes the lowball gets your money. This is what I did when I bought my condo in 1998 and it worked quite well. I got the strategy from Ozzie’s book “Forget about location, location, location”.

    He suggested to find three properties you like, don’t get emotionally attached to any of them, and just start lowballing. If none of them take your offer move on to the next three properties that you like.

    My real estate agent asked me after the second property owner turned down my lowball offer: “Are you really serious about buying?” heeheehee

    The third time I made a lowball offer I was successful. The offer was 17% below asking (140k/169k) and after negotiations I ended up purchasing for 12% below asking (149k/169k).

    In 1998 there wasn’t as much overbuilding as there is now, so it didn’t make sense to bid on three units in the same building, but now there are so many empty units in new buildings I would say “Why not”? If you want a place get out there and start lowballing. (Except these days I would start at 50% under asking instead of 17% below.

    Current score: 24

  15. 15

    NO -LYMPICS Says:Reply to this comment

    This from the DUNCAN BC story in the Friday Free For All.

    http://www.househunting.ca/buy.....09c4a8c5cf

    QUOTE:

    Seeing Obama reaching the White House is affecting the Valley’s real estate market, according to Kyle.

    “With the U.S. election being over and done with, we’ve noticed a change here. The phone is ringing off the hook. It’s almost like a switch has been turned on. November is traditionally the busiest month for refinancing and this is also a great time to buy a house. The money’s available and the rates are good,” she said.

    A realtors (yes a REALTORS !!!!) rebuttal to the above

    QUOTE:
    “Gord - a RealtorTue, Nov 18, 08 at 07:25 PM
    If you haven’t been paying attention, sales are way down since the economic meltdown with listings continuing to pile up. Until the buyers return in force, the listing surplus will keep pricing on a downward trend. When listings come down and some good news hits the airwaves, the floor will shore up quickly. Until then, there WILL be bargains and for buyers, it is the best conditions in several years for picking up a bargain. Don’t wait until it turns around if you are looking for a deal! ”

    My own experiences is that the Island and other rural areas tends to attract local retirees (as opposed to off - shore money). Many of these have cashed out their family homes, buy newer and cheaper homes/condos on the Island, and still left with money in the bank.

    We were in Duncan this summer for a few days,.., and they have a mega WalMart, REVY etc…as part of a massive commercial redevelopment. However, I don’t see much industry to attract new blood…it seems to be much like many communites and ESPECIALLY the rurals ones….they rely on Real Estate pimping . Now the mortgage brokers quoted amay be correct…in the short term, and perhaps people will still see a big differential in selling in the mainlands / GVRD areas and buying over there on the Island.

    However, how long can that type of bubble last??, given it still requires a differential in prices “there” vs. “here”.

    The other thing people should note is that often those that retire over there often have to move back to the City,…good health care for seniors is often at a premium
    and not readily available in these more rural areas.

    Current score: 1

  16. 16

    Patiently Waiting Says:Reply to this comment

    “If you want a place get out there and start lowballing. (Except these days I would start at 50% under asking instead of 17% below.”

    Don’t you think its a bit early. Maybe in a year or so?

    Current score: 13

  17. 17

    Anonymous Says:Reply to this comment

    If he knows what he wants and can get it 50% off NOW, why not go and get it?

    Current score: 6

  18. 18

    Anonymous Says:Reply to this comment

    If you see a really nice pair of gloves that you have been coveting for 5 years and suddenly you see them at 50% off would you buy them of say “I think it is a bit early. I am going to wait a bit”?

    Current score: 0

  19. 19

    Anonymous Says:Reply to this comment

    p.s. I personally am going to wait for at least a year before I start lowballing but the reason for that is I want to save more for a downpayment. If I had the downpayment now that I need then I would be out there lowballing, believe you me. :)
    Current score: 4

  20. 20

    browntown Says:Reply to this comment

    oh yeah nutsters! they came from far and wide, train and boat and aero! rich and poor and then more! some found jobs, some found mike stuart realtar, some found bdk at stongs! tens of thousands came and cuming but they did not find

    “a land making machine”

    Current score: -34

  21. 21

    Purp Says:Reply to this comment

    Exx “It’s worth $309K” and he’s unwilling to “chase the market down and sell his property for less than it’s worth”.

    It is worth exactly what someone is willing to pay, not a penny more. Why is such a simple idea lost on so many folks?

    I know someone trying to sell their apartment since spring, bought for $265K in 2007, listed for $329K because that’s what it was “worth” based on the last sale and some bad realtor advice. Today it is at $285K with no buyers in sight. I wouldn’t be surprised if it sold for far less than he paid, unless he waits until spring, then it will sell for even less than that!

    Current score: 50

  22. 22

    NO -LYMPICS Says:Reply to this comment

    Save up to increase the downpayment while the actual purchase price continually goes down… sounds like good strategy to me .

    PS Maybe the (2) will meet ?

    Current score: 23

  23. 23

    Anonymous Says:Reply to this comment

    This year my rent was $20,880 and next year it will be $21,360 (2% increase).

    So, if I want to buy a place for $400,000 (listed price at $800,000 now), I could lowball now for 400,000 and pay 40,000 down and have a 360k mortgage

    OR

    I could wait one year and save 24,000 more while renting and then pay 64,000 down and have a 336k mortgage. The second strategy would reduce my mortgage by 24,000 or 48,000 (p&i) over the life of the mortgage (26,640 net savings after rent).

    If I wait a year I also have a chance of getting a 60-70% discount off today’s listing price.

    Current score: 32

  24. 24

    Human778 Says:Reply to this comment

    Concerning #8 - contract law - cannot make referential offers - “will pay 5% above next highest bid”

    Unless there is some new caselaw out there it won’t fly - that is, of course, only if someone sues on the outcome and fairness of the bidding process…

    Current score: 1

  25. 25

    Spectrum Says:Reply to this comment

    As far as lowballing on multiple properties is concerned, go for it. Make offers on 5 properties at once, all lowballed and if somebody actually accepts your offer you still have to remove your subjects. And one of those subjects be must be pass inspection. Thats such a subjective thing, and can always be used to get out of a deal. I’ll only add, that when I have done this in the passed it really pisses off my Realtor. And he would do anything possible to make that sale happen, and in today’s market I think the Realtor would practically rebuild whole sections of the himself to get the sale done. In a couple years time when I will buy a place at 70% off, I think I’ll just represent myself as a buyer and do this more frequently.

    Current score: 7

  26. 26

    blueskies Says:Reply to this comment

    If I wait a year I also have a chance of getting a 60-70% discount off today’s listing price.

    plus the vendors get to experience the
    “Spring From Hell” 2009 listing disaster.

    sort of like a motivational seminar
    ‘cept it’s free!

    Current score: 6

  27. 27

    Anonymous Says:Reply to this comment

    In 1998 a colleague’s mother bought a condo for 200k. It was listed for 285k. 30% discount.

    Current score: 4

  28. 28

    NO -LYMPICS Says:Reply to this comment

    You don’t need a landmaking machine.
    Buy stock in “Armaggedon Inc.”

    Global economic depression will result in global turmoil .
    Countries will have high rates of unemployment, be more protectionist ,….and also start restricting immigration.

    With low birth rates in most Western Countries…, there will be less demand for Real Estate, a glut will appear and that is the equivalent of a “landmaking machine” .

    PS How many of you are aware that many of those Monster Houses they built starting in the 1980’s are quickly turning into rooming houses ? A neighbour of mines most serious offer (a few months ago when the market was still hot) for his $1 million + monster home was from an Asian lady doing “the Math ” and she figured that the rental of each room would cover a lot of the financing. (In fact, loopholes in many City Bylaws actually allow for this..ie they are not technically illegal suites). The old Shaugnessy area of Vancouver has several Mansions that are actually rooming Houses coverted after the 1930’s Depression/WW II and still used as such to this very day.

    History does tend to repeat itself.

    Current score: 6

  29. 29

    Mold City Says:Reply to this comment

    Would a “subject to” in an offer worded something like this be legal?

    Absolutely! Why would it be illegal to tell multiple sellers that you’re offering a lowball to all of them and first one to accept gets the sale? You can put any legal subject you want into an offer, and this is no more ‘unfair’ than the multiple bid situations during the bid. Markets change, we all knew this, if a seller didn’t.. well… You know what they say about a fool and his money.

    Current score: 4

  30. 30

    patriotz Says:Reply to this comment

    If he knows what he wants and can get it 50% off NOW, why not go and get it?

    Because he’ll be able to buy an identical property for a far bigger discount in 2010. No way is this market going to bottom before then.

    Current score: 8

  31. 31

    Anonymous Says:Reply to this comment

    If I buy now at a 50% discount (400/800) or in 2010 at a 70% discount (240/800) and I have to add 20,000 (2009) rent that will make the cost $260,000. So it will save $140,000 by waiting.

    Current score: 11

  32. 32

    Anonymous Says:Reply to this comment

    “Oh yeah baby, this gonna be good.”
    Mickey,you mean you like to buy at high?

    Current score: -4

  33. 33

    Anonymous Says:Reply to this comment

    p.s. Make that $280,000 additional savings by waiting to lowball (p&i over 25 years).

    Current score: 0

  34. 34

    alan Says:Reply to this comment

    Re: affordable places

    A few years ago I spend some time in Guatemala and Nicaragua. Both places have a really, really low cost of living. I was paying $150 a month for room and board. Not much work, but at that price, one can be on sabbatical for a couple of years while things work themselves out.

    Current score: 8

  35. 35

    NO -LYMPICS Says:Reply to this comment

    Market Value (???) :

    Take off the pimped premium…ie the gouge included in the price due to a hot market.

    Exclude the premium aid for labour and materials. Material prices have collapsed. Labour costs likely will too soon .

    Call you insurance company and get a quote for ” replacement costs”

    Keep in mind that anything bought now has that ” ewww its old or used….” facet to potential buyers in the future.

    Do that sort of number crunching in your bid.

    I am not in the market, but if I was I’d wait quite a while…(the old gut feeling we AIN’T seen nothing YET ). Real Estate is simply a commodity like anything else.

    Current score: 0

  36. 36

    patriotz Says:Reply to this comment

    If I buy now at a 50% discount (400/800) or in 2010 at a 70% discount (240/800) and I have to add 20,000 (2009) rent that will make the cost $260,000. So it will save $140,000 by waiting.

    You forgot to add on interest and taxes for the same period to the cost of buying now.

    Current score: 1

  37. 37

    RennieWhereRU? Says:Reply to this comment

    Avg Price SFH $753,967 (-7% yoy) (-9% mom) (-18% from peak)

    Please bears tell me I am not dreaming. This is turing out a lot better than I had even imagines and its only been 6 months. But dont worry greedy ones, the market will recover in the spring when every specuvestor and his/her dog list their property in a better market! Ha, I predict reality will set in after the spring and then the real slide will begin. Might go buy that big screen TV for my rental, figured I saved $1,000 today by not being a greedy specuvestor and paying $4,000 a month for a house that costs me $1,700 to rent!

    Current score: 9

  38. 38

    Anonymous Says:Reply to this comment

    Patriotz and Patiently Waiting:

    Thanks for keeping me on track. It’s so haaaaaaaaard to wait. I love shopping! But you guys are right. Patience will pay off BIG TIME!

    Current score: 2

  39. 39

    valueshopper Says:Reply to this comment

    Pardon my ignorance, but what is a ’stink bid’?

    Current score: 0

  40. 40

    Anonymous Says:Reply to this comment

    http://www.canada.com/vancouve.....4029adad15

    Re: Stink bid

    Current score: 0

  41. 41

    arit Says:Reply to this comment

    NOLYMPICS:

    “Save up to increase the downpayment while the actual purchase price continually goes down… sounds like good strategy to me .

    PS Maybe the (2) will meet ?”

    ——————————–

    That is exactly our “Plan A”!

    Regards

    arit

    Current score: 2

  42. 42

    arit Says:Reply to this comment

    bluskies

    “Spring From Hell 2009″

    Ooooohhhh! I am liking that term! Liking it a lot!

    I have a feeling it is not the last time we hear it.

    Kudos and register it, so you can make as much money as I did with “Sticker-Flicker”!

    Regards

    arit

    Current score: 2

  43. 43

    bdk Says:Reply to this comment

    This is a great buying opportunity if
    1.You don’t mind paying 50% more than you could pay in six months.
    2.You just can’t bear to have proud owners looking down at you simply because you don’t want to go bankrupt like them.
    3.You want to pay for your own paint and maintenance.
    4.Get in on the special assesments that’ll start popping up real soon. If you don’t somebody else will!

    Get out there and buy right away or risk having way more selection (who wants more choice?) and a lower price (who wants all that pesky money) plus the realtors really need the comission to pay for their leased BMW’s

    Current score: 16

  44. 44

    Kuroame Says:Reply to this comment

    Put in offers 85% under asking but tell ‘em you’ll throw in your copy of Irrational Exuberance.

    Current score: 15

  45. 45

    bdk Says:Reply to this comment

    Stink Bid
    This is a low ball bid of a stock that has had terrible news come out.
    In this case everybody said it would drop 25% and it did but rebounded and some people were able to catch this rebound. They also caused the price to drop further harder than would normally have happened.

    Current score: 0

  46. 46

    valueshopper Says:Reply to this comment

    Thanks for the stink bid definition - it seems like just offering what you think a depressed asset is worth is considered a stink bid by a seller that wishes their investment hadn’t dropped from the peak.

    Current score: 1

  47. 47

    bdk Says:Reply to this comment

    You’d think realtors would be happy with any offers right now and not be sending condascending letters to their potential lease payments,er, clients.

    Call me nuts but I think being up front with clients builds long term relationships more than scamming them once and alienating them forever. A happy customer tells four people and an unhappy one tells twelve so imagine how many they’ll be telling after 35 years of overpaying for a worthless condo.

    Current score: 0

  48. 48

    bdk Says:Reply to this comment

    Dammit #20
    We have already established that there is a land making machine and you still owe me for opening your eyes to this invention.

    Current score: 0

  49. 49

    bdk Says:Reply to this comment

    Hey Browntown does your Mother call you mundh buddhi?

    Current score: -2

  50. 50

    Spectrum Says:Reply to this comment

    I know people on this forum have joked about Spectrum having some of the worst renters around in it, but I can now verify there are strippers/prostitutes living in the complex. Some of the dancers/private dancers that work at the Cecil Hotel and Strip Club on Granville St live there. I know this because I have been to the Cecil and now I see some of the same “employees” in the elevators/lobby of Spectrum. I just hope they don’t bring their “work” home with them.

    Current score: 8

  51. 51

    VanTOVan Says:Reply to this comment

    Got this “Market Update” from another prospective realtor:

    WHAT A GREAT TIME TO BUY!
    Lower Prices + Low Interest Rates = HUGE SAVINGS!

    The Media Reports Prices Will Drop Approx 10% in 2009.
    This Is Based On NEW Homes NOT RESALE Homes!
    Current Inventory Is HIGH BUT Volume Is DROPPING!
    Do You Want To Look Back To Today and Say To Yourself
    “I Wish I Would Have Bought That Place When It Was Only?”
    Rates (& Resale Prices) Are Predicted to RISE Spring 2009!

    I keep waiting to hear “Worthington Ford in Federal Way–the ONLY way! Open til Midnight every day”(for those of you that recall those great commercials from the 80s)

    Current score: 2

  52. 52

    Spectrum lover Says:Reply to this comment

    If anyone else wants to get ripped off by Norm King he’s advertising now:

    http://vancouver.en.craigslist.....12265.html

    Current score: 1

  53. 53

    Anonymous Says:Reply to this comment

    http://tinyurl.com/2sdtvd

    I found this buy/rent calculator over at Alberta Housing Blog. Hat tip to Gloria.

    The calculator accounts for the possibility of negative appreciation, but unfortunately does not allow for variation in interest rates over the life of the mortgage.

    Current score: 1

  54. 54

    Anonymous Says:Reply to this comment

    darn. The nyt requires sign in.

    Just google nyt buy rent calculator and you will find it at the top of the list.

    Current score: 0

  55. 55

    stagnate Says:Reply to this comment

    only in canada, i can’t believe this norm king wasn’t thrown in jail. my police sources tell me it was quite a large scam covering suites in three spectrum buildings and some other buildings also. all the strippers and escorts live downtown, most rent, some own. lots of income, although likely less now with the economic downturn.

    Current score: 0

  56. 56

    Florence Says:Reply to this comment

    Why wouldn’t a stripper own?
    hairstylists, warehouse workers and postal workers figured it out.

    Current score: 1

  57. 57

    mrjauk Says:Reply to this comment

    Re post #52, I think Mr. Norm King needs a bit of a lesson on the geographical nomenclature of downtown Vancouver. The Spectrum apartments are in Yaletown now?!?

    Current score: 1

  58. 58

    NO -LYMPICS Says:Reply to this comment

    Hey:

    Let’s all answer Norm King’s ad…all show up…and beat the…%$* &*# #@& (well ya get my drift)

    Current score: 0

  59. 59

    jesse Says:Reply to this comment

    “y police sources tell me it was quite a large scam covering suites in three spectrum buildings and some other buildings also”

    We already knew this from last week. Now we have the name.

    Current score: 0

  60. 60

    exx Says:Reply to this comment

    With PaulB’s final numbers in, here’s what can be expected from the REBGV SFH Average Price Graph.

    Broken down: 7 days were in the $615-685K range, 8 between $720-795, 2 between $845-870, 1 at $927 and 1 at $1.06mil.

    If it wasn’t for the one day this month with a $1mil average, we’d be at $738,486. The last two weeks came in at $737,750.

    Current score: 15

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