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November 27th, 2008 at 7:56 pm
Whistler Buyer’s Market
And here i was thinking the olympics guaranteed rising real estate markets.
I find this bit ironic “He said the United Kingdom tour operators are reporting that their winter sales to all Canadian resorts are down, but they are down the least for Whistler.
McDonald said officials believe that is because of growing awareness of Whistler’s status as co-host of the 2010 Olympics.”
awareness is growing but sales are slipping. he he he.
November 27th, 2008 at 7:54 pm
In Florida they are auctioning off new condo developments. Look at what you get in some hick town known as West Palm Beach for the kind of money that you would spend in cosmopolitan Surrey Abbotsford for a similar property.
“After a practice round of paddle-raising, bidding began on the first unit, a 1,180-square-foot two-bedroom, two-bathroom condo on the 12th floor with views of downtown West Palm Beach, Clear Lake and the ocean.
“The last asking price was $511,000, and we have a minimum unbelievable selling price today, and today only, of $190,000,” Mr. Cullum rattled off in his auctioneer cadence. “Do I have a $190,000 opening bid? One-ninety! Thank you. Now, let’s get $200,000.”
After a flurry of bidding, the apartment sold for $225,000 to a woman with a pink sweater tied around her neck, who ultimately purchased 19 units on behalf of a real estate investment company based in Pittsburgh.”
http://www.nytimes.com/2008/11.....1&8dpc
November 27th, 2008 at 7:54 pm
Over at PaulB’s blog, we learn that this house (1830 S.W. Marine Dr. Van. West – http://www.lynnjohnson.ca/Acti...../Details/) went for $1,850,000 … or $1,000,000 below asking! Can those in the know (i.e. those with access to the RE info) post a “shave of the day” every day? It very useful – and more than a bit entertaining – to see what places are starting to sell for. Why pay $1,300,000+ for a house in Kits when a 5000 sq.ft. mansion on SW Marine goes for only $500,000 more??
November 27th, 2008 at 7:49 pm
“out” to dinner
November 27th, 2008 at 7:47 pm
“Since the end of the early 80’s recession we have been spoiled. Well things get wonky every generation or so. But I don’t think we’re headed for Mad Max.”
Yeah, the luxury spending in the last few has been quite disgusting.
When I was a kid in the 70s and 80s, nobody renovated, families went to dinner only on special occasions, birthday parties were low-budget affairs with home-made cake and modest presents, and people thought nothing of driving 10 year-old cars. That was in middle-class North Vancouver.
Its the renovations that really blow my mind. We’ll never see anything like that again…thank God…a kitchen can last 30 years, you know.
One thing, though, we don’t have the safety-net of the 80s recession and the drugs are more dangerous. There is little to stop a downward spiral other than loving family and friends.
November 27th, 2008 at 6:52 pm
Interesting extortion attempts by VANOC
http://www.theglobeandmail.com.....hColumbia/
QUOTE:
As an official community partner, Port Moody would be allowed to display a special logo on its letterhead and business cards, and receive VANOC assistance in developing a plan to market itself around the Olympics.
“But Port Moody is not a private corporation. We’re a community,” Mr. Trasolini said. “People feel it’s a slap in the face. To the average resident in the street, it seems to be all about money and not about community participation. In my opinion, it does change the aura of the Olympic organizing committee.”
In West Vancouver, host of snowboarding and aerial events on Cypress Mountain above the city, it took a payment of $1-million to VANOC in order to secure the affluent enclave’s designation as an official venue city for the Games.
But the money did not come from the city. It came from six local residents with deep pockets, after a poll showed the vast majority of taxpayers were against the idea.
“It’s very clear to me that nobody wants to put additional resources in,” Mayor Pam Goldsmith-Jones told reporters at the time. “I think British Columbians in general feel like their provincial and federal tax dollars have been heavily invested [already].”
New Democratic Party Olympics critic Harry Bains accused VANOC of strong-arming local communities to pay for the privilege of being officially associated with the Winter Olympics.
“Community after community is feeling left out, unless they come up with big bucks to participate in this once-in-a-lifetime opportunity,” Mr. Bains said yesterday. “I say good for the mayor of Port Moody to stand up to VANOC. The operating budget for the Olympics is supposed to be privately funded by tickets, merchandise and sponsorships. But now, they’re coming to taxpayers to pay again.”
Horses heads in beds soon ?
Gentlemen , place your bets.
November 27th, 2008 at 5:57 pm
re Olympics:
Just heard Gallager talk on the radio about suckers and their Olympic tickets to certain venues.
Some events won’t even allow the spectators to see much (ie Bobsled and Luge…)
Ski Jump is boorrring( maybe they should let the females in it to spice it up ??? ).
November 27th, 2008 at 5:32 pm
patriotz – Ever seen how angry a spoiled child gets when they don’t get their way? Whoa! I think some social unrest and higher crime levels are on the way as the candy store shelves become empty.
November 27th, 2008 at 5:07 pm
I guess i’m the rare bear who is excited about the Olympics.
Having said that, my favourite game to play with local RE boosters is to ask them to name the previous four Winter Olympics cities, and for bonus points the city after Vancouver.
Personally, I remember Turin, Salt Lake and then it gets fuzzy. I remember Sarajevo having alot of snow…when was that? Granted I did live in the UK during the Salt Lake games, and other than figure skating it didn’t get much coverage.
November 27th, 2008 at 5:01 pm
The realtors I’ve worked with and referred at a local red white and blue franchise have always given me 25% of their commission back in cash, I never received a T4A slip for it.
That’s because it’s not income to you. It’s just a sales rebate like what you get after buying a stereo or whatnot. It is neither payment for work nor return on investment.
November 27th, 2008 at 4:46 pm
Obviously the bitter bears already live in the basement.
That’s funny because I could have sworn it was previously happy bulls referenced in #50 that where the ones that had to sell and move into their parents basement.
Just pointing out the delicious irony.
November 27th, 2008 at 4:31 pm
Anybody else feel like this is going to turn out to be much more than just a prolonged global recession/depression and may actually end up leading to a near or complete collapse of social order.
No.
I get the feeling you weren’t around during the late 60′s and 70′s – Vietnam War, FLQ, stagflation, wage and price controls, oil embargo, Watergate, Iran hostage crisis, etc.
Since the end of the early 80′s recession we have been spoiled. Well things get wonky every generation or so. But I don’t think we’re headed for Mad Max.
November 27th, 2008 at 4:28 pm
Mold City, they could park a trailer in the backyard of their parents’ house.
Obviously the bitter bears already live in the basement.
November 27th, 2008 at 4:21 pm
bulls have thick coatings of fur and can withstand winters just fine.
Looks like you’re correct:
…And it’s a good thing since many of them are about to lose their houses. You may want to start collecting sufficient bedding material and look around for a dry resting area so you don’t become too wet or dirty John, I suppose an old SUV would fit the bill just fine!
November 27th, 2008 at 4:10 pm
Will this whole economic downturn thing affect us here, even now that we’ve joined the ranks of important places like Turin, Nagano and Salt Lake City Utah?
Maybe someday we’ll get the summer corporate games and join really world class places like Montreal and Calgary.
Yes, I’m being sarcastic.
November 27th, 2008 at 2:33 pm
i’ve always liked big balloons…..
must be genetic
November 27th, 2008 at 2:27 pm
Islander…exactly my point.
Lack of flexibility moves to the bottom of the list.
If some firm states a set non – negotiable commission…fine…thank them and then go shop – around.
Its often like choosing betwen a dealership and a Ma and Pa garage to fix your car.
What is just ” BS overhead ” versus simply a quality cost – effective repair.
November 27th, 2008 at 2:22 pm
Red White and blue??? be more specific !
I haven’t a ballooning clue which REal MAXimum Estate firm thou referest to.
November 27th, 2008 at 2:03 pm
The realtors I’ve worked with and referred at a local red white and blue franchise have always given me 25% of their commission back in cash, I never received a T4A slip for it.
November 27th, 2008 at 1:58 pm
I could get kicked out of the guild for admitting this, but realtors’ commissions are not – in effect – negotiable.
Eg. Call a realtor from Red, White and Blue Balloon Real Estate. You agree to list with him. You enquire whether he’s flexible on his commission. You will be told: “Office policy requires that I charge xx%” (whatever the going rate is in that market).
What about the Competition Bureau, you ask? Well, other than it’s a toothless tiger that’s prosecuted about a half-dozen price-fixing cases (in the entire economy) in 30 years, here’s how it works:
What a realtor can’t say: “Everybody charges the same.” “It’s the going rate.”
What a realtor is allowed to say: “It’s office policy to charge xx%.” “I feel I’m worth xx% and here’s why….”
The difference: The verboten phrasing implies real estate brokerages have banded together to fix commissions. The allowed phrasing frames a commission structure as something that each individual office has arrived at independent of any other office.
Now, having said that. Please no cryin’ about commissions. These days there are many alternatives to paying full freight to companies with big balloons or yellow jackets.
There are real estate companies with flat fees, 1%, 2%, rebate programs and commissions negotiated to fit the circumstances of the sale and the lister. I should know, I’m one of those brokerages. A little research and anybody can get on MLS with a full-service broker at much-reduced cost. Much. Reduced.
November 27th, 2008 at 1:52 pm
Don’t get me wrong–I’m not trying to punk the realtor or anything. (That said, I’m not going to stop him from punking himself either…)
Someone actually recommended this guy to me. He’s supposed to be a real ball-breaker in negotiations. I just didn’t expect to be the one with the sore testicles
I’m not bored/mean enough to string him along, but if he sends me any more of his gems of economic analysis, I’ll serve them up.
Back to the hunt…
November 27th, 2008 at 1:48 pm
One thing I know for sure is that bulls have thick coatings of fur and can withstand winters just fine. You just continue hibernating away you little bears while we’re out playing with the big boys. Vancouver condos never go down.
November 27th, 2008 at 1:20 pm
Unless mistaken , Realtors commissions are negotiable, and whether their clients are purchasers or sellers.
In my view, the so called well -known ones have gotten fat and lazy via the hot market,(likely used underlings to do the grunt work), and would be the last to admit the truth and thus the last realtor to use. In other words, I highly doubt anyone will see Bob Rennie degrade themselves buying or selling old crackerbox houses in bad parts of town
One needs a “hungry” realtor in a slow market,ie one willing to negotiate and “follow orders” , but not regale you with tales of past conquests as the market drops by the minute, if not second.
November 27th, 2008 at 1:18 pm
I’m thinking early spring…
“January, it’s the new spring for Vancouver Real Estate”
I can hear Rennie saying in my mind…
November 27th, 2008 at 1:01 pm
I love the juicy irony that sheeple will experience, waiting, thinking the Spring will be better. In the end their very own collective actions to wait for Spring will essentially be a colossal backfire.
Although, I wonder if the disastrous, tragic numbers for November will scare people in to listing, probably note.
November 27th, 2008 at 12:37 pm
If everyone is “waiting until Spring” to re-list, any guesses as to how many listings will balloon? I bought myself a new snowboard this year and was looking forward to spending the winter on the slopes but now I can’t wait until spring to see the debauchery!
November 27th, 2008 at 11:56 am
I’d just send a polite note that I will continue searching for an informed realtor.
Oh please don’t do that! This stuff is too good, please keep chatting with him and posting the highlights here! I’m still trying to figure out where they are on the line between clueless and dishonest.
November 27th, 2008 at 11:55 am
VanToVan,
There are good realtors out there and most of them are willing to cut their comission by 25% in the best of times.
If you’re looking for a good realtor in Vancouver I suspect a few people on this board could suggest one
(Paulb seems to be this boards favourite)
Let the troll throw $10,000 a month away being an owner and let him buy a farm too, you know when people who’re that dim (i.e. browntown, dosh) are getting involved in speculation there are no greater fools (Dosh/browntown are probably 1 IQ point away from being retarded)
November 27th, 2008 at 11:49 am
VanTOVan,
If it were me, I’d just send a polite note that I will continue searching for an informed realtor. However, since you’re posting his replies here and it’s entertaining, you should string him along for a while. Next I suggest you bring up rent multipliers, median income, and the Case-Shiller index. Not all in one email though.
November 27th, 2008 at 11:25 am
Anybody else feel like this is going to turn out to be much more than just a prolonged global recession/depression and may actually end up leading to a near or complete collapse of social order. How big was the house of cards and when it falls what will be left? How will all this change global political relationships, will it engender more serious armed conflict?
November 27th, 2008 at 11:25 am
Mold City
“It’s a troll guys, even a specuvestors math isn’t THAT bad.”
It must be. They are still buying.
We need some conservation officers to visit here. Don’t these people know it’s illegal to bait bears in BC?
November 27th, 2008 at 11:21 am
Anonymous #62
““So a 70k drop in 7-8 months.”
So what? Thats only $1000 a month, you all throw more than that away on rent each month. This is a buying opportunity if you dont want to get priced out of the market.”
With math like that it’s no wonder you’re deluded.
$70,000 divided by 7 is $1,000 in your world? Try $10,000. If you spend that much in rent each month go ahead and buy something, the price difference won’t matter much to you.
And, as has been pointed out before, you are not “throwing money away” on rent. You’re paying for a service. Why don’t you stop throwing money away on food each day and buy a farm to grow it yourself?
November 27th, 2008 at 10:44 am
Re my last post:
The Chilliwack development;
If not mistaken , it is on the Ex – CFB Chilliwack site, and is being developed by the Federal Govt -owned Canada Lands Company.
One of the developers listed on this particular project has a last name of “Les” and I do believe they are related to MLA John Les…who is on leave from his cabinet post due to that ALR issue.
Not implying anything, but interesting.
November 27th, 2008 at 10:27 am
It’s a troll guys, even a specuvestors math isn’t THAT bad.
November 27th, 2008 at 10:24 am
He forgot the mortgage payments and taxes for the owner too.
Are you kidding?! He forgot the extra $9000 price drop each month. 70k in 7 months isn’t 1k a month, its 10k a month. Anyone paying that for rent is living pretty high on the hog.
November 27th, 2008 at 10:19 am
He forgot the mortgage payments and taxes for the owner too.
November 27th, 2008 at 10:15 am
“So a 70k drop in 7-8 months.”
So what? Thats only $1000 a month, you all throw more than that away on rent each month.
mathematically challenged are we?
November 27th, 2008 at 10:13 am
Re: Price drops
http://www.foresttrailsatgarrison.com/
QUOTE:
” This is a development of 40 or so smaller townhomes in the eastern Fraser Valley – Chilliwack. The asking price for these townhomes in May 2008 was $269,900 and today they are $199,900 with an additional offer of special financing for the first 3 years. It appears the developer is getting eager and wants to quickly unload the rest of this project. I am certain there is a fair bit of margin for the developer to work with here but I suspect the bonuses for those working at the developer won’t be gigantic this year”.
I wonder why the author of the above would say there is (still) a fair bit or margin for the developer. The developer is literally admitting the units are approx. $70,000 in profit( assuming that at $199,900 there is any profit left ). I can’t see much margin left..that has to be close to break even for that Chilliwack market.
I think that when we not only see ” Price Reduced” signs, but in fact all sort of ” Bonuses/Perks ” blatantly advertised to induce/seduce(?) buyers , that will be the next warning sign of the next quantum leap(dive) of market collapse.
November 27th, 2008 at 10:07 am
“So a 70k drop in 7-8 months.”
So what? Thats only $1000 a month, you all throw more than that away on rent each month. This is a buying opportunity if you dont want to get priced out of the market.
November 27th, 2008 at 10:06 am
The Black Knight, too perfect Jesse!
November 27th, 2008 at 10:02 am
VanTOVan, that correspondence is hilarious, thanks for sharing! I’d love to see more of it if you carry on that conversation with him.
He’s responding to entire market stats with a single sale? I don’t think he’s ignorant, I think he’s hoping you are.
If he wants to exchange single sale stats you could always ask him about the one in West Van that sold Oct 14th for 40% less than asking (thanks to exx for tracking these):
http://img206.imageshack.us/im.....tionr7.jpg
November 27th, 2008 at 10:00 am
HOW TO TAKE YOUR LISTING OFF THE MARKET?
Simply call your realtor and say i want my listing off the market then your realtor will serve you a document for confirmation.Do not sign any selling contract with realtors longer than 3 months.Do not encourage your realtors request to reduce the prices because when sales level is dead there is no need to reduce the prices because prices are not a reason for market slow down but other reason such volatile market situation as affordability has improved at the level of 2005 market will pick up very soon.In dead sales environment price reduction is an individual lost for sellers and individual gain for the buyers it does not affect over all market position.Rebgv math in the same environment does not work properly that’s why it produce a wrong picture to serve realtors and the boards own purpose to save their own jobs.Sellers who like to sell their porperties to buy again at low are adviced to take their listing off the market and keep their home for life by simply calling their realtors and say I want my list off the market from today.
CURRENT SCORE:200
November 27th, 2008 at 9:20 am
“Who ever is telling you there is a 10% spread from accepting price to list price does not know the true facts.”
I dub this Realtor the Black Knight.
November 27th, 2008 at 8:53 am
I sent back a reply to that realtor with a screenshot of paulb’s numbers. I highlighted the salesprice/listprice line (in the 90% range) to say it wasn’t all that out of whack to come in with lowball offers. He responded with a recent example (in the same neighbourhood) of some dipstick who paid 98% of list, saying with no small amount of condescension:
“Did you notice how close the accepted price is to the list price? The difference is 2%, not 10% which is what you said you were hearing in the community. Who ever is telling you there is a 10% spread from accepting price to list price does not know the true facts.”
Nice sample size!
fyi, this dude’s name is not Maggie
November 27th, 2008 at 8:11 am
Basically they were already living beyond their means when the SHTF.
Surprise, surprise, surprise!
November 27th, 2008 at 7:58 am
NO-LYMPICS: you’ll find the number of units under construction on Mohican’s site:
http://langley-financial-planning.blogspot.com/
November 27th, 2008 at 7:51 am
If the recent trend keeps up, there won’t be a spring slaughter, as most bull may not survive the very cold winter. I say, let’s get this over with by next spring. Let the price fall back to 2000 levels, and everyone go do something productive, instead of buying and selling condos from each other.
November 27th, 2008 at 7:24 am
Now that federal funding is being cut, the Bloc will finally crawl back into it’s hole. This will spur the economy in the East which will lead to a massive condo buying frenzy by rich separatists who want in on the Vancouver condo lifestyle. Seperatists know what a great place Vancouver is but they’re blinded by Canada-hate. Once you take away the hate they’ll be buying.
November 27th, 2008 at 6:58 am
After the sh*t hit the fan, there will be a denial lag till spring.
People will have a reasonable handle on their futures, and then try to make a decision. ( I know many of us have an ” I told you so ” view to the parties that bought the BS hook line and sinker, but still the collateral consequences will affect everyone).
I don’t anticipate a spring turnaround, I think it will be worse, as more product comes on line as projects in the works come onto the market. If the market has already tanked, adding more product over the next year is simply exacerbating the situation.
It would be great if someone could find the number of units that are not yet completed but are in the process of being constructed , those should start showing up over the next year. I predict we will start having more and more auctions of unsold units.
November 27th, 2008 at 3:57 am
i work for a foreclosure company in phoenix, business is really slow, i need to move back with my parents too. the big money is in professional blogging.