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January 1st, 2009 at 11:37 am
brokerealtor… thanks!
That is exactly what I wanted to know. This seller has had to drop his/her asking price by 30% already! And, it’s still not selling. You gotta love the direction and the speed of the correction.
January 1st, 2009 at 11:30 am
#47
V737031 originally listed for $1,224,800. in April 08
Curently listed for $879K 2008 Tax assessed at $944K which is 20-30% high for todays market.
This listing is just one of thousands which fuelled the current housing market crash.
These sellers will continue to ride this market down having unrealistic expectations of current value.
There are many current listings sitting (90%) in this position.
Sellers are waiting for a miraculous market turn-around this spring and its unfortunate that their advisors are not telling them the facts of where this market is heading.
January 1st, 2009 at 10:49 am
RE Future Oil Prices:
http://www.telegraph.co.uk/fin.....-2008.html
Now’s the time of year for bold predictions.
A lot of countries rely on Oil for a major part of their revenues.
If the global economy continues to sink , I predict OPEC will either collapse or simply be an irrelevant sidebar anomaly. aka The world will be awash in oil .
It will be every man(ie Country) for themselves, as each oil producer will chase a declining market. As I had noted in an earlier post, much of the Oil produced goes into the manufacturing of various products, the actual Oil needed to produce fuel for vehicles is actually quite a small percentage of the overall market for Oil. However, manufacturing on a global scale is in serious decline.
These are different times, no honour amongst thieves. OPEC can try to play it’s predictable little games with supply, but it doesn’t realize the rules have ultimately changed . One VCI poster had generously submitted an article a few weeks back on how the fund managers in the US saw the Housing bubble collapsing and then rode the speculation wave on Oil to try to recoup the major fiscal bleeding.
Or in other words, I can’t see any reason for Oil to go up, in fact the exact opposite .
January 1st, 2009 at 9:41 am
Can someone help me here? I’m hoping that someone has the ability to see the listing history details of a particular active listing in the Cambie area… cuz I think the details will be juicy and will show a surprisingly dramatic decline in the asking price.
The listing is MLS #V737031 which is a SFH in the Cambie area currently asking $879,000… but if my memory serves me correct, this same house was listed for like $1.2 million just last February.
January 1st, 2009 at 9:07 am
domus – funny, long time no see.
“Metro Vancouver Home Equity Takes a Huge Hit”
http://www.vancouversun.com/bu.....?id=932498
Wonder what this crash will do to all those that took out HELOC or HEL… Hell?
December 31st, 2008 at 8:54 pm
#44 great blast from the past thx
December 31st, 2008 at 7:54 pm
Some humour, straight out of 1992:
http://tinyurl.com/7c42rs
So, who said that it is a time to buy now…?
December 31st, 2008 at 7:43 pm
Just heading out to Bar none and hopefully one of my vacant condos with a lady. I know you bears are staying home brooding about your stock market losses but don’t worry because the olympics are coming. The stock market rallies during the olympics and the housing market goes nuts. I’m ready and you should be too. Just in case you should buy some great SUVs. Anyway I’ll have a few luckies on you guys.
December 31st, 2008 at 6:38 pm
From the UK…
Half of middle class home owners fear their properties could be repossessed next year
December 31st, 2008 at 5:46 pm
If you boys want mortgages for 2009, I can get you best rate from my mortgage broker not my company I work there. This year bonus not much money biz no good.
December 31st, 2008 at 5:28 pm
Post # 30 and # 32
Good article re: the Media.
My cynicism rose when I observed the Vancouver papers turn so much of the papers into infomercials….full page ads for developments accompanied by butt kissing “reporting ” of the same projects.
================================
The robo computer program you imply is called the Borat/Chinglish translator Version 2.1
December 31st, 2008 at 5:16 pm
squidly,
Why don’t you help albertans shovel some snow off the street.
December 31st, 2008 at 5:02 pm
#23 scullboy
you need to give credit where credit is due
being the greatest fool of all is no small accomplishment
http://www.irvinehousingblog.c.....bble-1.gif
think how proud he must feel when attending GVRB functions
he can look around the room and laugh at all the lesser fools who could not attain his status of the greatest fool of all
happy new years vancouverites
a crashed housing market now lays dead ahead..cheers
December 31st, 2008 at 4:47 pm
Hey John !
Glad to see you back.
Here is the SUV of the future.
http://telstarlogistics.typepa.....car-m.html
It keeps both side of the enviro – extreme happy !
PS
Red Necks in the Suzuki foundation have them back ordered
Happy New Year !
December 31st, 2008 at 3:26 pm
“It must rrrrrrealllllllly stick in your throat that buyers have stopped entering the market, huh?”
Shut up
buyers are experiencing most emberesed moments of their life to what ever unit they are sending an offer in vancouver owners are pulling their units off the market as far as it is concern to other consumer goods lots of shoppers returned back without buying their favorite stuff because it was no longer available on shelfs locations in Vancouver Guess when ever it will be available what would happen to those goods.
What ever rental unit comes to hit the markets owners Telephone does not stop ringing and e-mail’s are consuming gigabites of space.Oh yeah happy new year to you as well hope you would find 40k inventory by new year.
Month over month year over year Vancouver is “The Best PLace On Earth”“HAPPY NEW YEAR VANCOUVER”
December 31st, 2008 at 3:19 pm
The BC Hydro bill arrived today and I got the huge increase due to having electric heat and appliances only with no gas used. I think once everyone in BC receives their new bills the poll numbers for the liberals will continue to decline. GUESS WHAT GREEN HIPPIES? WE DON’T LIKE YOUR GREEN TAXES
December 31st, 2008 at 1:09 pm
Here’s the latest serving of the gospel according to “our market is not like the U.S.”
“Canadian housing Market Still looking good compared to the U.S.”
http://www.househunting.ca/buy.....4720b31328
…so go out there and buy something will ya….
December 31st, 2008 at 11:51 am
#22 Your are mostly correct about the newsbiz. I have no illusions. It is not currently illegal for them to NOT disclose paid relationships with advertisers in Canada as it is in the US. That doesn’t mean you can’t you can’t tie them up in a journalistic/ethical/liability ball of angst and self loathing by threatening to expose them publicly on some of the more blatant issues.
They don’t actually want people to understand the true nature of the buisness and wiegh their options when someone threatens to expose them on liabilty issues.
I had some success getting BCTV to refrain from using ‘world class city’ on heavy rotation. I was successful having them pull ‘the Diamond Triange’ campaign.
Don’t think that you as an individual can’t have some effect on communications policy. It is not as blind as you may think. In fact they do care about their public image and manage it carefully.
You should know how to approach them , know the ‘right words and phrases’ that ring the bells in a corporate office.Complaints and letters to the Editor are dealt with at the board level. This is mandatory under the Broadcast Act. Your voice is actually heard. Whether they give a ratz ass is of course another question. In that you may be correct.
I have not worked in the Newsbiz but I have done a lot of corporate relations, the groupthink is similar for the most part in that we all take semesters of law and ethics in business school.
December 31st, 2008 at 10:43 am
#31 that post sounds like it was generated by a malfunctioning robot. Some new form of RE industry AI?
December 31st, 2008 at 10:33 am
Vancouver best place in buying frenzy due to interest rate decline like joe plumber drain pipe. Bears waste time on investing in stocks that all go down while condos continue huge rise as rich asians flock to olympics town.
December 31st, 2008 at 10:20 am
Re: Vancouver Sun/Canwest
http://www.adbusters.org/magaz.....alism.html
December 31st, 2008 at 10:18 am
I’m still buying SUVs there are really reall good deals on SUVs right now. I heard the SUV factories are closing so once the economy picks up people will be knocking at my door. Got some good boxing day deals on pepperoni sticks and a fur hat for when I go bear hunting. Once the snow melts rich asians will be coming to Vancouver in droves because the olympics are only 1 year away. The speed skating oval is already drawing huge crowds to richmond.
December 31st, 2008 at 9:03 am
Statistics from Gov’t and their “bed partners “aka Banks are to always be taken with a grain of salt.
Not every person without a job shows up on these stats. Many never register, or else get re-categorized.
The grassroots always has a better pulse on reality. These other bozos like Gov’t and banks create self – serving criteria in their info-gatekeeper role they can twist in any way that fulfills their given agenda.
December 31st, 2008 at 8:53 am
supraboy is just john, he’s being funny just ignore him like you did john. there is no one out there who’s as stupid as he’s pretending it’s called trolling.
December 31st, 2008 at 8:51 am
yes, of course.
California unemployment level = 8.4 % atm
http://www.edd.ca.gov/About_ED.....200812.pdf
No sign of a tumble there yet, then, eh?
Retard.
December 31st, 2008 at 8:23 am
Unemployment to rise to around 5%? That’s something to yawn at, it won’t affect housing or take it down that much. Housing only tumbles when we’re at +10% unemployment.
December 31st, 2008 at 7:23 am
Post # 22
Agree wholeheartedly re newspapers ( also applies to media in general)
Actually it was a realtor I know who awakened my cynicism of the wall the media will hit and the line it won’t cross re: certain stories ala “they know WHO butters THEIR bread “.
The worst is local newspapers, who are beholden to Local Gov’ts and School Boards for a major portion of their revenue ie advertising. I know from a reliable source of one editor that got bounced via local trustees not happy with an editorial and complained to the paper.
What I have noticed is that when something bad becomes blatant , the secret is out, and becomes “old news” is when the media can’t help but report it…so that they don’t look like whored shills and thus maintain some credibility. Major BC news outlet like the Vancouver papers have no choice but to report on the economy , their only real choice is to attempt to minimize the negative truth.
December 31st, 2008 at 12:08 am
Hey SatV:
I always wondered how you’d react once the bubble popped and the evidence became uncontroversial that Vancouver real estate was no different then anywhere else.
It must rrrrrrealllllllly stick in your throat that buyers have stopped entering the market, huh?
I mean by definition you are the greatest fool. Even the other idiot flippers have pretty much figured out the top’s been reached and they’re trying to get out. But not you…. oh…. no. Since Vancouver’s bubble is greater then any other, that would pretty make you the greatest fool in the WHOLE BLOODY NATION…..
And since this particular bubble was the largest in history that would make you the GREATEST FOOL IN THE HISTORY OF CANADA.
Hey buddy, congratulations on that remarkable accomplishment and happy new year. I can’t wait to see what the future has in store for you, and I eagerly await your feces smeared postings.
You sir are the heart and soul of Vancouver Real Estate.
December 30th, 2008 at 11:28 pm
First, to Anon #7: Realtors make what realtors make because sellers enter into a contract and agree to pay them that. If you’re not happy with that, don’t use a realtor. Simple. Stop whining. Take responsibility for your own life.
Second, to realpaul: Hate to burst your bubble, but if you think your letter is going to get the TC newsroom running around in knots, you don’t have a clue how newspaper operate.
Newspapers are in business to make money, not to inform people in any significant way. The ultimate power at a newspaper rests with the advertising side. It calls the tune, and the editorial side dances.
If anyone in the newsroom had run with a story about plummeting real estate prices before it was already old news, there’d be a quick call from the head of advertising to the publisher, who would call the managing editor, who could call the section editor, and such stories would never again see the light of day.
Builders pay $10K +/- for a full-page color ad. You pay $1.50 for a single copy. Do you really think anybody at the TC gives a rat’s @zz what you think?
Answer: No.
The only power you have over a newspaper, over realtors, over any business, is to not patronize that business.
Of course, even THAT doesn’t work when it comes to auto companies, because our very refusal to buy the junk the domestics produce has resulted in our parasitic government stealing from productive taxpayers in order to reward failing companies and their bloated management and staff.
December 30th, 2008 at 11:19 pm
I agree with gadwin comment #16
And I would add the road ahead for specuvestors will be “The Road To Hell”
Chris Rea on the David Letterman Show in 1989.
http://www.youtube.com/watch?v=rOimUM_sA0Q
“And all the roads jam up with credit
and there’s nothing you can do
It’s all just bits of paper flying away from you.
Look out world, take a good look what goes down here.
You must learn this lesson fast and learn it well.
This ain’t no upwardly mobile freeway
Oh no
this is the road
this is the road
this is the road to hell”
_______________________
Good old Chris Rea, a bit prophetic eh?
December 30th, 2008 at 7:52 pm
re: Bilderberger article:
anybody who uses the word “synarchy” is
asking for cynicism and outright laughter
i could picture this article done in bright red crayon on brown paper….
December 30th, 2008 at 6:55 pm
Global conspiricy theory anyone?
http://www.michaeljournal.org/bilder.htm
December 30th, 2008 at 6:22 pm
Dave S #12:
Thanks, but “Anon” and “Anonymous” aren’t the same…
December 30th, 2008 at 5:42 pm
Well-to-Do Turn to Last-Resort Lenders; Putting Up Diamonds, Dumpsters as Collateral
People Pulling Up to Pawnshops Today Are Driving Cadillacs and BMWs
December 30th, 2008 at 5:16 pm
The road ahead for specuvestors? The road ahead leads to a FALL OFF A CLIFF FOR SPECUVESTORS that bought in May, 2008 and haven’t sold yet!
December 30th, 2008 at 4:53 pm
Great opinions from Vancouverites it’s being notice that most of people are worried about some one else’s job not at all worried about their own jobs hmmm? great,Ok reason behind the strength of opinion is our interdependent economy that we are still hiring through an long haul that no economists or banker will tell you now but why?
Because all banks and economists comes to know that bears are friking lazy idiot who are still wasting their time on blogs while they should be in the market.hey bears listen carefully lot’s of economists were predicting the upswing but lots of bears missed the boat now lots of economists predicting downturn but lots of bears already missed the boat do you know what i mean? Boom2 has begun a month ago because hey VANCOUVER REAL ESTATE NEVER GO DOWN and economists or news papers can only tell you in 2010 but in this critical time you have to think about it,please help your self to find mortgage deal that won’t last till economists or news papers report back -GO.
December 30th, 2008 at 4:17 pm
GMAC:
Anyone been following the news lately?
http://blogs.wsj.com/deals/200.....ut-defeat/
QUOTE:
“Auto lender GMAC wanted to be a bank holding company in order to get government bailout funds that would go a long to way to ensuring its survival. That looked like a long shot two weeks ago, as a crucial $38 billion debt-exchange offer foundered and co-owner General Motors was struggling with the specter of bankruptcy” .
Yet GMAC succeeded, garnering $5 billion in Troubled Asset Relief Program funds and its coveted bank holding company status.”
==============
So, GM , in effect, get assistance on 2 fronts…
(i) as a BIG 3 automaker in trouble, yet also
(ii) on the troubled bank front.
Do I get a feeling it will use the ” GM brand ” bank to assist the “GM brand ” auto manufacturer , and in ways far more creative than last time?
Of the Big 3…GM seems to be the one that will survive/not even an obituary drafted…., it seem either FORD or CHRYSLER will be the odd man out, (if any).
December 30th, 2008 at 3:45 pm
NO-LYMPICS
Yep, I think they’ve been trying to kill some of the dealerships for a while. I saw a Larry King a while back where the CEO of Ford was on, a viewer called in and berated him for only providing Ford backed financing to one dealership in town and leaving the others to shrivel up and die.
December 30th, 2008 at 3:31 pm
Anon,
You make some great posts and then flush it down the toilet with immature banter about realtors. Car salesmen, lawyers, realtors, financial advisors, whatever, people need to be responsible for their own decisions.
DS
December 30th, 2008 at 3:14 pm
Post # 5
QUOTE:
” Oh, and how many people will no longer be employed in our car dealerships by the end of 2009 ? ”
In my following the BIG 3 crisis, and from what I read, it appeared that they already had plans to cut a lot of auto dealerships. Apparently, in their view there are far too many .
Thus:
I think we will see a lot of dealerships go broke…close, or fold. How can they even continue in business with all that overhead when big ticket items like cars sit unsold , gathering dust, and inventory piles up at storage facilities all over the world.
There must be a point the profit collapses , it then costs money , the losses mount, and the vehicles may as well be given away. It then dominoes into the next model year .
Auto Malls may survive, but the stand – alone dealerships might not and be the first to go. Reminds me of the gas station business model, more people, more cars but more and more gas stations close , and resources are focussed on the fewer remaining ones.
December 30th, 2008 at 2:58 pm
Re Bank economists and their TRUE role in the bigger scheme of things ?
IMHO, they are there to stop a run on the banks…a professional ” whored” , they provide a calming air(err?) of credibility.
PS
If they told the frikkin truth the banks would need snipers instead of 80 year old security guards .
December 30th, 2008 at 2:50 pm
I believe that giving credit to people that cant afford it is the same as selling contaminated meat or toys made with a high content of lead. However, I dont think you will see the banks doing any recalls or giving any public apologies.
Also over the holidays, just by talking to friends and family, I heard about an architect, a landscaper, a business development officer and two marketing analysts beeing laid off. Oh It is happening and it is happening fast.
December 30th, 2008 at 2:23 pm
13 Gianni33 Says:
January 2nd, 2007 at 4:57 am
A lot of people seem to be buying property without making the realization that this is going to greatly affect their lives for a LONG time. They use “home as investment” as reasoning that they made a good decision when in fact they’ll be so miserable with their ridiculous mortgage payments, locked down to their overpriced shoebox.
December 30th, 2008 at 2:12 pm
Q)How different is a realtor from a car salesman?
A)The realtor makes $30,000 for an afternoons work and the car salesman makes $400 for a few days and is still seen as a scoundrel.
December 30th, 2008 at 1:24 pm
“TD economists predict sales to be down by 9% in BC in 2009″
Kelowna Dec. 2008: 1100 condos for sale – 37 sold.
Hmmmmmmm, I think TD may be a little low.
December 30th, 2008 at 1:23 pm
“TD Economics estimates that B.C. unemployment will average 5.3 per cent in 2009″
What a joke! Everybody who is willing and allowed to speak publicly always assumes the best possible outcome, however unlikely. Just construction and real estate industries will provide sufficient shrinkage (or have done it already) to make sure unemployment in BC goes above those numbers. Add to it all other sectors, both real and services, and you get a much more serious situation.
A simple question: how many people will stop working at Starbucks in Vancouver for example? Will anybody even notice if half of Starbucks shops close- won’t there be more than enough left? Just on Davie they can close four-five coffee shops and there will still be lots of choices left.
Oh, and how many people will no longer be employed in our car dealerships by the end of 2009?
Summary: you don’t have to be an economist to be confident that economists quoted in public are wrong, wrong, wrong.
December 30th, 2008 at 1:05 pm
It seems that our chief touts and cheerleaders are spouting prophesy out of both sides of their mouths while running backwards. Helmut Pasternak, what a two faced lieing douchebag!!!! He should be publicly flogged with a wet collection of his own interviews about how Vancouver real estate would go up forever ‘just because’.
I for one am so happy that these bozo’s are being proven liars and dipshit pseudo professionals who learned nothing from history and proved only to be shills for the highest bidder.
How can an economist for a credit union project rising unemployment AND stabizing sales figures in the same breath. Is this man on acid? How stupid does he think we are?
BTW I sent a letter of complaint to the editor of the Times Colonist regarding the advertising without disclosure issue discussed on the earlier string. I’ll post whatever response I get, if any.
I would suggest that anyone here who is concerned over this salacious behaviour by the local media do the same. Call them on it and attempt to em bare ass them by putting their crap back into public view. BTW, they have to deal with complaints from the public on the board level, so get them talking amongst themselves and voice your concerns at all times.
December 30th, 2008 at 12:51 pm
John was right!
it seems that SUV sales in the
US are increasing……
December 30th, 2008 at 12:23 pm
On Global TV they just stated that this year’s Christmas Shopping Season was the worst in 40 years.
What do you make of that John or are you calling yourself supraboy now?
December 30th, 2008 at 11:44 am
First….