257 Responses to “Friday Free-for-all!”
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January 9th, 2009 at 11:21 am
The CMHC has tried to massage the news as best they can but the numbers are just awful.
” The plunge in construction full time jobs is the most in 30 years”. Heres the full article
http://www.globeinvestor.com/s.....9/GIStory/
January 9th, 2009 at 11:21 am
SEATTLE (AP) — Airplane maker Boeing Co. says it plans to cut about 4,500 jobs this year due to the global economic slowdown.
January 9th, 2009 at 11:20 am
Does anybody know if unemployment numbers include severance payouts. For example if a plant closes and everyone gets 2 weeks per year of service, when is that registered as being “unemployed” or “employed” — as soon as severance starts or after severance is finished?
January 9th, 2009 at 11:20 am
RE: #44 post
yeppers
looks like rentals are imploding
January 9th, 2009 at 11:13 am
I guess I found out how lonely it is at the top boo hoo. Meanwhile todays jobs numbers are bleak
http://stats.bls.gov/news.release/empsit.nr0.htm
Statistics Canada disclosed Friday that the rate jumped to 6.6 per cent last month from 6.3 per cent in November, as the economy bled another 34,400 jobs, and federal Finance Minister Jim Flaherty warned that the country is facing a “difficult year” and “continuing job losses
The CDN numbers are 58% higher than the numbers the government had been suggesting in the lead up. The US numbers indicate a cascading effect down. YIKES.
January 9th, 2009 at 11:12 am
43 – No-lympics – that’s in there too! It’s a chilling read. I recommend it.
January 9th, 2009 at 10:58 am
I am seeing an insane amount of rental listings on CL in downtown/yaletown.
Coopers Lookout alone has a dozen or more being advertised by Prompton.
H&H completed. Elan, Raffles. Flagship is completing… Mariner. Firenze, Espana, TV Towers 1,2,3, the list just keeps piling on.
Boom, boom, boom! Anybody???
January 9th, 2009 at 10:57 am
Post # 41 Bubble Lad
A ONE – TWO punch
(1)Mega projects to create a debt ridden enslaved society
(2) Exacerbate it, if not camouflage it with false hope to enslaved citizens specuvestors with sub -prime and 0/40 loans
The bubble bursts only after the cream “froth” was skimmed by the vested interests.
Your Economic Hit Man story made me recall a CIA operative who broke his silence on how they work Gov’ts(mostly 3rd world dictatorships). He stated that the US tries a 3 stage approach:
(i) to co-opt the leadership with bribes,
but if that fails
(ii) stir up crowds (say a few hundred to a few thousand) hired to give the “appearance of revolt” against the leadership, then put it in the media…
but if that fails to overthrow them
(iii) outright assassinate them
January 9th, 2009 at 10:40 am
35 Normally Lurking Says:
January 9th, 2009 at 9:59 am
Just how much are the IOC penalties? If the city is about to blow its (our) brains out on a massive loser condo deal, perhaps simply paying a penalty is a better choice?!?
======================================================
That IS the problem with the IOC Mafia:
You may never know till the sh*t hits the fan, but by then it’s too late !
The Host City has effectively entered into a quasi P-3 venture , a business agreement with the IOC.
Provincial legislation allows the City to do so, , and they may not be obligated to disclose any of such contracts details due to weasel- words like “Confidentiality” , ” Business/trade secrets ” etc.etc.
Concurrently ,…the IOC would impose the same restrictions on releasing such contact info. That last thing the IOC wants is the Public being made aware in technicolor that they have been sold down the river. We need to maintain this G-L-O-W of being deemed ” a World Class City ” blessed by the benevolent IOC into hosting the Olympics (at least till the IOC bandits leave town in late Feb. 2010 ).
In a rather perverse way “I feel quite confident ” that the IOC would make absolutely sure that the penalties for Non Completion /Breach of Contract in anything Olympic -related will be to such a degree of severity the Host-Victim City will not even think about it. Hence, and cost overruns to be incurred will pale in comparison to F*cking with the IOC’s Olympic baby. Add to that your stooopppiiidd politicians who will not let reality get in the way of their egos.
Or ….put it this way, if you were the IOC , would you not do the same ?
January 9th, 2009 at 10:38 am
37 NO-Lympics – am currently reading “Confession of an Economic Hit Man” detailing how the US destroys countries around the world. The plan sounds basically the same as the Olympic committee!
1) Sell a mega-project to a country that needs “development” (usually some form of massive infrastructure nightmare). By appealing to a small cadre of powerful people at the top of the economic pyramid who will benefit with contracts, leaving everyone else to “suck it”.
2) Get them so massively in debt to build these “developments” that they will spend the next 2-3 generations trying to pay it off (at the expense of the people at the bottom who never wanted the f-ing thing in the first place).
3) When the country can’t pay (and it’s purposefully designed so it’s not a possibility) dictate different terms: military bases, political decision making etc).
So where are the Olympic People chomping on their over-sized cigars: “I love it when a plan comes together.”
January 9th, 2009 at 10:31 am
RE: front page of Sun/ Olympic Village:
So I’m guessing it’s safe to call this as the “Vancouver wakes up after the kegger in a pile of its own sick” moment?
January 9th, 2009 at 10:26 am
islander:
I agree, it is wishful thinking. Just a quick look at headlines today and we see:
Job losses mounting, with Flaherty expecting massive job losses for 2009;
Building permits drop 11% in value in Nov from Oct. lowest in 21 months;
Millenium approaching deadline on financing;
Ya… I think we’re about ready for another bubble or two. Why not, eh? lol!
January 9th, 2009 at 10:07 am
Let’s forget Olympic Village, leave it as is and instead have City, Olympic Comity or whomever’s in charge to rent fancy condos from flippers/specuvestors for two weeks and give it to athletes during the Games. I guess we have a plenty of available “villages” all over the place, they are already built and this will be a way cheaper for everyone. Needless to say that smart condo investors would make some good profit too.
January 9th, 2009 at 10:07 am
Olympics, Trade and Conventions Centers, et al.
Yeasrs ago I listened to an interview on the radio re the Olympics. An investigative reporter named Andrew Jennings had written a book titled ” Lords of the Rings”.
Sequel is “New Lords of the Rings”.
http://joeclark.org/lords.html
Basically the Olympics is promoted as some altruistic event masking a rather corrupt underbelly full of hidden agendas. Cutting to the chase…much like getting a backstage pass to a rock concert…the Politicians in host-victim Olympic cities are awe -struck and arm -twisted into hosting this 2 week Olympic party.
The Olympic movement breaks it down (2 )ways
(i) IOC sees the given host-victim cities star-struck politicians as the KEY and THE KEY to the vault…as convincing this disproportionately empowered minority of elected representatives is all it takes.
(ii) The Host-victim City’s citizens wil be converted into long -term “cash -cow slaves” and obligated by these star- struck elected representatives to pay and pay dearly for this Olympic party.
Litany after litany of host-victim Olympic cities have lost and lost big time. They have been left with massive debt and the Olympics have not been the long term and comprehensive economic generators as they have been promoted within the bidding cities…only a select few groups benefit from the Olympics in almost formulaic fashion.
–Why does each new host-victim city feel it is different?
–There is NO historical evidence to suggest that it will be any different.
–Why do they continually ignore this ?
–When will the world wake up and gang up on the IOC? ….its almost like their main agenda is to wreak economic havoc throughout the world.
==============================================
The same insidious lobbying side show happens with Trade and Convention Centers.(To be continued…)
January 9th, 2009 at 10:03 am
Patiently Waiting: Yes, Patiently Waiting, I believe it is just hype. They want to take advantage of the “crisis” and their wishful thinking that it is temporary to get your contract on a 5-6 year loan now.
I understand that car leases are no longer an option, so they have to push the loans. Don’t fall for the pressure. Cars will be much cheaper in the future, I believe, because they will include more widely distributed hybrid technology.
From a question-answer with Jeremy Cato:
http://www.globeinvestor.com/s.....2/GIStory/
“Mark Armstrong writes: Many are excited about the Chevrolet Volt and the move towards electric cars. Unfortunately, at the rumoured price of $40,000 it will fail, if it even sees the light. Is this technology really that expensive? If GM is truly believe this is the future, surely they’d make it affordable to the masses, even if it is initially a loss leader.
Jeremy Cato: Hi Mark:
There is that rumoured $40,000 price tag, though nothing is official yet. For the consumer, though, it will be much less. The U.S. Government has already passed legislation for a subsidy program to the tune of $7,500 and the Volt qualifies. So right off, say that $40,000 is real, for the consumer the price will be $32,500. There may also be state and local subsidies to push the real cost down even lower.
The technology is expensive for three reasons:
1. The batteries. Probably worth about $10,000 per car, though the cost should go down a lot once volumes go up.
2. Up front research and development. GM said in its statement to Congress that it’s investing $750 million to develop the Volt. First-year sales are project to be about 10,000 units, ramping up to 60,000 in the second year. GM has to build in its costs to the pricing.
3. Contingencies: The Volt’s batteries and many other technologies are completely unproven. Therefore, GM must build into the pricing structure the worse-case scenario for warranty costs, depreciation and so on. This is just the way business is done.
I would expect to see the price tag of Volt-like technology drop dramatically within two year of launch in 2010. GM wants to make it affordable for the masses, but as you well know, it can’t afford loss leaders right now.”
January 9th, 2009 at 9:59 am
Just how much are the IOC penalties? If the city is about to blow its (our) brains out on a massive loser condo deal, perhaps simply paying a penalty is a better choice?!?
January 9th, 2009 at 9:59 am
i just looked at BC assessment prices for the Pomaria on Howe st.
a lot of these apartments are down
by over $100K from the selling prices that the flippers got.
nice building but that kind of haircut has got to sting……..
January 9th, 2009 at 9:46 am
Since the SFH detached benchmark has dropped from $771K in May to $648K by December, specuvestors are out $122K in half a year.
Wake up specuvestors, we are in the worst real estate crash in the last 75 years, how much more money will you bleed before you have to declare bankruptcy?
January 9th, 2009 at 9:42 am
You think Vancouver is bad?
January 9th, 2009 at 9:39 am
job losses.
i find this bit interesting… “Construction layoffs drove the decline, as the sector lost 44,300 full-time jobs to register one of the sharpest monthly drops in more than three decades. ”
January 9th, 2009 at 9:36 am
OT -
So, I was watching BNN and they were saying that this quarter would be the best time to buy a new Japanese car. Reason being the C$ is falling so the current incentives are temporary. Is this just hype or is there truth to it?
January 9th, 2009 at 9:35 am
28 Anonymous Says:
January 9th, 2009 at 9:17 am
NO -LYMPICS: You’re a sexist pig.
Translation:-
—-You have already e-mailed the “link” onto 100′s of others.
—-You are all down at Kits beach in your speedos holding binoculars.
January 9th, 2009 at 9:17 am
NO -LYMPICS: You’re a sexist pig.
January 9th, 2009 at 9:14 am
Is there a future in trade shows and conventions?
Don’t worry the Realturds, mortgage brokers and home builders will hold their annual conferences there allowing the convention center to turn a profit, those guys are loaded…what?
January 9th, 2009 at 9:13 am
Joshua tree enema?
Looks mighty painful:
http://en.wikipedia.org/wiki/Yucca_brevifolia
January 9th, 2009 at 9:09 am
Trade and Convention centers:
(Tourism) Richmond had wanted to build a Trade and Exhibition Center, it had been planning one for over 10 years, but recently pulled the plug (NOV. 2008) with a formal letter to the City stating as such ie its a dead duck.
The letter to the City stated that its offshore financing had dried up and it was also dependent on 20 acres of Federally -owned land and only IF it came out of the ALR. The capital costs were over $ 100 Million,( as per usual the costs kept increasing from the original cost ) and years ago Richmond Hotels were permitted to levy a room tax to help fund it.
Surrey was also in the process of planning one (I recall 400,000 + sq, ft.) in the Cloverdale area.
Don’t know its current status.
January 9th, 2009 at 9:07 am
I wonder if Sam Sullivan and Petard Ladner have ever heard of a Joshua Tree enema? I’ll be first in line to JT those realtards.
January 9th, 2009 at 9:05 am
Lily pad,
Yes, the ones in the 800s like this one:
http://vancouver.en.craigslist.....54254.html
January 9th, 2009 at 9:03 am
Those numbers are from opponents cities.
January 9th, 2009 at 8:54 am
From the Globe and Mail: Deepening economic gloom cost Canada 34,400 jobs last month –12,200 more than economists had been forecasting – with the big hit coming to full-time positions, especially in construction, Statistics Canada said Friday.
The unemployment rate was 6.6 per cent, the highest level since January, 2006. This is up from 6.3 per cent in November, when 70,600 jobs disappeared.
“Today’s dismal data offer additional strong evidence that the Canadian economy has quickly waded knee-deep into recession,” Douglas Porter, deputy chief economist at BMO Capital Markets
And from our PC Peanut Gallery:
‘My own belief is if we were going to have some sort of big crash or recession, we probably would have had it by now.
Stephen Harper, September 15 2008.’
January 9th, 2009 at 8:46 am
“As I said, Vancouver Trade and Exhibition Center is 100% over budget, the Province kicked in another $ 400+ million..total cost is now almost $1 Billion. They will claim its is not Vancouver’s . ..but who cares?”
Well the sad thing is it seems that trade shows are a thing of the past and not the future or even present. The internet has really changed the way things get done for many businesses. If you are in business where do you get your new information about a product or service? Where are you going to provide information to future prospects?
The internet has Fucked up many of “old ways” of doing things and fundamentally changed most businesses. Things that seemed rock solid like newspapers now seem to be on the endangered list.
Is there a future in trade shows and conventions? Is the Vancouver convention center going to be a failure in more ways than just cost overruns?
January 9th, 2009 at 8:46 am
Post # 17
QUOTE:
VANCOUVER Absolutley showing no respect to it’s opponents cities,
“opponent cities” ?
Yes ,very clever,VB2, that IS the future.
The Metro Vancouver area will evolve into feudal ” opponent city ” states.
SkyTrain will have border crossings at City limits with armed guards set up.
Vancouver will be bankrupt by May 2010.
Vancouver Property can be had for the contents of a homeless person’s shopping cart.
What wise old VancouverBoom2 is actually implying is a “future prediction”.
“Vancouver Real Estate Never Go Down “is because it will be worthless…can’t go below zero(unless they , mostly ex-Rich Asians , pay you to take it).
PS:
I want first dibs on Casa Mia and Stanley Park !
January 9th, 2009 at 8:38 am
Patiently Waiting: Here is what I found re: free rent on craigslist. Are these the ones you were referring to?
http://vancouver.en.craigslist.....;bedrooms=
January 9th, 2009 at 8:24 am
UNBELIEVABLE
VANCOUVER Absolutley showing no respect to it’s opponents cities,Sitting out dumbs are patting their foreheads in jolted dissappointments,All dumbos are asking themself a very comman single question and that is Why were we waiting for that long?.to save money/make money?.but what happend?.Condo prices? are picking up and home prices?. are also picking up Did you ever have to make up your mind before Owners vs Renter Combat Call your realtor today and say good bye to three year of false speculations because hey VANCOUVER REAL ESTATE NEVER GO DOWN.
January 9th, 2009 at 8:24 am
Alexcanuck:
re: rob’s blog.
yes, i had the same concern this morning.
however if you click around at other parts of his site, you get the same error message. so i’m hoping that it’s just a technical, not-ready-for-prime-time problem. and we’ll all regain access to our daily fix.
January 9th, 2009 at 8:17 am
Re: Chipman’s blog. Everything on the site is down, except the main page, so either it is technical, or he has absconded to South America with all the rent money from his clients.
Just joking on the latter! Sheesh, lighten up. If he was to abscond he wouldn’t tip anyone like that.
Speaking of ways to cheat, either people or taxpayers, check out the clever way UBS is dealing with the IRS.
The IRS has been pressuring Swiss bank UBS to release records of Americans they suspect of having undeclared money. Lots of it! UBS has closed the accounts, and sent the clients a cheque, all nice and legal. If the client CASHES the check, the IRS has the paper trail they to bust their asses. So the client has to choose, go to jail, or kiss off their ill-gotten gains. I think UBS gets to declare the money abandoned in a year, and keep it.
Clever, eh?
January 9th, 2009 at 8:16 am
Post # 12
QUOTE:
” I feel the chances of this working out well is roughly the same as the chances of Kits beach being wall to wall bikini babes today!”
Funny you said that.
I just got back from my jog down at Kits with Sam Sullivan, , and these posters were being handed out by concerned Kits area citizens. (see link below).
http://www.alittlesomethingfor.....6/Scam.pdf
(These were seen in the general area of Kits beach).
I guess that miracle to cancel the Perfect Storm due to hit Vancouver is here. Call Bob Rennie and make an offer (before John snaps them up) !!!
Oh yeah….. and Esther Lo will be coming back to work for the City !
January 9th, 2009 at 7:55 am
Vancouver Olympic Village fiasco:(Cont’d)
As noted previously…Vancouver will be drafting its budget in March and April 2009 . However the Olympic Village mess may hit the wall on Thursday.
Vancouver is in a pickle re: this one single Olympic Village deal to the tune of what amounts to its annual operating budget .
Campbell is also in a pickle .
My guess is he wants to help out…but he won’t or can’t. And he better not.
My view is the City of Vancouver is caught BETWEEN
(i) the ” rock ” of enacting its legislated right to engage in a Private Sector venture versus
(ii) the “hard place” re: legislation that states it must have a balanced annual budget.
Forget the Feds…they have enough trouble all over Canada.
If Premier Campbell intervenes in ANY way…he will open the floodgates of pissed – off citizens and angry Local Gov’t Councils.
They will demand that Campbell assist them in their own Local Gov’ts Private Sector venture.
As I said, Vancouver Trade and Exhibition Center is 100% over budget, the Province kicked in another $ 400+ million..total cost is now almost $1 Billion. They will claim its is not Vancouver’s . ..but who cares? ….it is built with BC Taxpayers money, IN Vancouver and will benefit Vancouver.
Enough BC Gov’t funding of Vancouver white elephants. Time to spay and neuter them, at least wean them off our BC Gov’t tax dollars
In essence you , the Vancouver taxpayers, are or will be obligated to:
—fund a project that is only 1/3 sold in a collapsing market ,
—fund a project which was projecting high – end prices at the ass -end of False Creek .
—you can NOT cancel the project…
—it has to be completed by Oct. 2009,or IOC penalties kick in.
—given the current and foreseeable market,a profit will not be realized
—this glut of product you are obligated to help finance affects YOUR OWN property value ie (lots of)Supply versus Demand(low)
— City won’t cut their losses and “fire- sale” the project …. yet your own Local Gov’t implies it will hold on till the market gets better (LOL), thus incurr even more financing costs ?
—Now political ego kicks in (ahhhhh!!!) at YOUR expense.
—No wriggle room….really no way to delay this till after the Olympics…the money has to be sourced NOW and the funding secured NOW to complete this certifiable ” Grade A ” white elephant , all has to happen VERY VERY soon.
–In just over a year…after the 2010 (5) ring circus leaves town….the Olympic Village will look like an RE cemetery, a monument to this disaster.
–The Brits will crap…they are already feeling this pain (4) years ahead of the 2012 games they so called “won” . Vancouvers 2010 fiasco will be a constant reminder.
Some sympathy Vancouver, , that’s it.
However, just don’t dare ask me, in the capacity as either a B.C or Canadian citizen, to help pay for what is YOUR problem. As I said in an earlier post,I highly doubt you would have shared the Olympic Village profits with the rest of us, you CANNOT have it BOTH ways.
Vancouver Taxpayers…good bloody luck, you are going to need it. This is the “PERFECT STORM” before, during and after 2010.
Waxing philosophically …What would it be like if you had voted down 2010 Olympics ?
Hindsight is 20/20 err 20/10 ?
January 9th, 2009 at 7:38 am
No-lympics: Just to be fair, Vancouver has fairly good financial management, and is certainly capable of that size of loan guarantee. It won’t cost taxpayers a penny IF (and here is where I stop quibbling and come into full agreement) a miracle happens, the economy recovers, the worldwide credit bubble starts up again, the olympics a great success, the world (the rich bits, anyway) moves to Vancouver and leaky shoebox condo prices resume their march to infinity and beyond!
I feel the chances of this working out well is roughly the same as the chances of Kits beach being wall to wall bikini babes today! (Or speedo studs, so as not to offend)
Also, something is up with Chipman’s blog. Last night I could refresh and get new comments after some posts here asking what’s up, now my blog bookmark leads to his main site, and his links to blog show 403 error. I hope it is just technical, it is so cowardly to just shut in the night without a word.
But do expect a lot of businesses to do just that this year and next. Unless the aforementioned miracle happens.
January 9th, 2009 at 6:59 am
Post #4 Re the Olympic Village
Thursday = D – Day ?
Its got to happen sooner or later.
I seeem to recall that Vancuver has used up most of its available cash on hand. The rest of its so called assets are locked up in Real Estate.
So how can Vancouver provide loan guarantees of $500 Million?
Isn’t its annual City budget approx. $ 1 billion?
FROM Canadian Federation Of Independent Business
Report to City of Vancouver Feb . 2007
http://www.fcei.ca/legis/bc/pdf/bc08100.pdf
QUOTE:
City spending drives property tax increases. CFIB is concerned that for the past number of years, spending has exceeded the sum of inflation and population growth combined. For example, the City of Vancouver’s operating budget in 2000 was $610.9 million. In order to keep pace with population and inflation growth, the budget should have increased by 17.1 per cent between 2000 and 2006 (see figure 6). While an operating budget of $715.4 million in 2006 would have kept real per capita spending at 2000 levels, the actual budget for 2006 was $813.3 million. Had the City kept spending in check over the past six years, it could have reduced annual tax revenues by $97.9 million, making a significant difference to the tax load faced by businesses.”
In 2007 the City Budget was approx. $840 Million
If the financing costs are pegged at approx. $50 Million just to pay the interest…OUCH for the Principal payment on an asset that has all the indications of missing all fiscal projections by a huge margin.
The Local Gov’t Act allows City to enter into such Private Sector Ventures. However Local Gov’ts must not run deficits, they must run a balanced budget.
My understanding is that re: A-N-Y Loan the Local Gov’t wishes to acquire , it must first seek the approval of the voters in a referendum. (I realize Vancovuer has their own Charter but my guess is they are also obligated to do this)
I highly doubt the Vancouver Council will go cap in hand to the Voters… that would expose this scandal even more.
(ONLY) SOLUTION: HIGHER Property Taxes !!!
Between now and say March -April 2008 …the sh*t will hit the fan in Vancouver (if one sees how this breaks down into simply digestible terms)
Unless Vancovuer sell or mortages off some of its RE assets into a declining RE market…all indiciations Vancouver taxpayers will get whacked with a MAJOR tax increases. Business which already get hit hard by property taxes will BAIL from Vancouver.
Premier Campbell’s neck etc will be on the line. They have already given Vancouver an OVER budget almost $1 Billion Trade and Exhibition Center.(cost = approx Vancouver entire annual operating budget).
To Be Continued…..
January 9th, 2009 at 3:34 am
Vansanity:
I actually politely send them to this url:
http://www.youtube.com/watch?v=qI6DJ0VkBMQ
If they are smart enough they will get it..
January 9th, 2009 at 2:18 am
On Craigslist I’ve found several CAP REIT listings that offer 12th month free rent. They are in New West, Coquitlam, Richmond etc. The small-time specuvestors don’t stand a chance when competing against the big landlords.:)
January 9th, 2009 at 12:15 am
Building analyst warns 2009 is a ‘bad time to buy a home’ as jobs vanish
January 8th, 2009 at 11:23 pm
….More and more people I talk to keep HOPING this is the bottom…..
/fixed
My financial advisor keeps HOPING the market has bottomed. Working people HOPE their jobs are safe. Politicians HOPE all the money they’re stealing from me to give to their corporate pals will pull us out of the ditch.
None of this HOPING has any basis in reality.
January 8th, 2009 at 11:10 pm
More and more people I talk to keep saying they think this is the bottom. I think the market psychology just went back from anger to denial. I have no idea how they’re arriving at such a conclusion but I’ll let them keep thinking it.
January 8th, 2009 at 11:07 pm
Hey, no reason for bulls to worry! Things are looking up down South, so we should be OK soon, right? Right? Here:
Average Mortgage Rate Hits 5%, Lowest in Decades
“The Federal Reserve’s plan to coax mortgage rates lower is working: rates on 30-year fixed loans fell for the 10th consecutive week to the lowest levels in decades, according to a recent Freddie Mac survey.”
http://www.nytimes.com/2009/01.....r=1&hp
Oh, wait a minute, maybe I should include the second paragraph…
“What is not clear, however, is whether rates are attractive enough to lure a significant number of home buyers back into the ailing housing market.”
Yowch. Lowest rates since Freddie Mac’s tracking started in 1971, and it may not bring people into the market. Not a warm fuzzy thought if you’re in a hurry to sell, I’m guessing.
January 8th, 2009 at 10:51 pm
http://www.vancouversun.com/Bu.....story.html
“The news from Vancouver’s Olympic Village is becoming dire. And next Thursday is the day this billion-dollar financial minefield could blow up for the world to see.
That’s when the companies that are building Vancouver’s billion-dollar Olympic Village hope to access more of a $750-million construction loan from Wall Street, to keep constructing the crown jewel of Canada’s 2010 Winter Olympics.
But suddenly, there’s a problem in getting that money. The city might have to offer as much as half a billion dollars in loan guarantees as security, significantly more than the $100 million it has already put up to keep the Olympic Village construction going.”
January 8th, 2009 at 10:47 pm
Here’s the latest update to my Price Reduced Sales to Assessment Comparison. Bottom line? In August the areas I track sold at an average of 5.3% *above* assessment. Last month? -8.2%. Ouch.
And my coworker, the one that has been trying to sell his place since late August, just reduced the price on his property another $20K. That’s an 18% reduction since list, which also puts his property at 18% below assessment. I hope this last reduction gets him an offer, he *really* needs to sell. At 18% below assessment you’d think somebody would be all over it, just goes to show how reluctant buyers are – or they can’t get the financing.
January 8th, 2009 at 10:22 pm
oh yah nutsters! look out for obama bounce followed up by inflation monster!
james grant says
“there are risks to creating a trillion or so of new currency but that is tomorrows worry. frostbite victims tend not to dwell on the summertime perils of heatstroke”
January 8th, 2009 at 10:09 pm
I happen to be first, do I get a prize?