Friday Free-for-all!

The end of the week has arrived and that means it’s time to round up the news and start up our open topic week-end discussion thread.  Here are a few stories I’ve noticed lately to kick things off:

No Canadian real estate crash? Who are they kidding?
Canadian housing sales fell 17% in 2008
Calgary price drops lead nation, volume declines trail only Vancouver
Top city official in charge of Olympic Village resigns
Olympic village scandal grows and grows
Premier rushes to give city power to borrow $458 million
Gary Mason, if I bought at Millenium Water can I get out of the deal?
“Rewarding failure” may not be the best course of action
A bankrupt Nortel would still support the games
BC forecast to lose more than 42,000 jobs in 2009
Office vacancies on the rise
US foreclosures up 81% in 2008

Quick! Someone find a forecast for a strong spring recovery in the Vancouver real estate market, we need some sunshine and rainbows to counteract all this doom n’ gloom!

So what are you seeing out there?  Post your news links, thoughts 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 into your comment will automatically create a clickable hot-link. Linking to more than one external link within a single comment may cause your submission to get held up in the spam filter.  Operation of this website under the influence of kool-aid is not recommended.

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NO -LYMPICS

Leopards don't change their spots.

Can't say I have found much positive about ONNI product…for some strange reason they seem to continue their way of doing business, likely indicative of luring new suckers.

Wouldn't put it past such leopards to try rigging the appearance of demand with staged crowd.

If they actually had a crowd of 25…that is 25 lookee -loos with some "possibly" interested in buying.

That ain't exactly a mad rush.

Stoxxman

MAC marketing dope was quoted as saying the condo market was turning and the long line-up for FLO was evidence of it.

I hate to burst anybody's dopey dreams of greatness but ONE of those supposed eager buyers was the Onni receptionist.

This is a propaganda exercise my friends. Believe NADA word from these lying POSs and for sure don't buy into the plastic hype.

NO -LYMPICS

Update:

Just drove by the Flo….

Dark, lonely, no heaters, no tent… no one in site..

What was mentioned earlier probably a staged photo opp.

Mold city

Like looking back at all those laughable predictions for 2008, like house prices going up?

Despite near record low interest rates and 15% price drop renting is still quite a bit cheaper than owning.

There, fixed it for you.

Anonymous

Funny, i hope prices go down more but i keep hearing good arguments emerging as to why prices have bottomed and will go up soon. Would be funny if prices are higher a year from now and we come back, look at the archives and have a good laugh about all our crash talk. Despite low interest rates renting is still a bit cheaper than owning.

NO -LYMPICS

411 alexcanuck Says: January 19th, 2009 at 6:27 pm No-lympics: Yeah, what he said! (MrBear) Yes, they would have done it given the chance, but no, they weren’t in power for any of the run-up and explosion.!! Exactly what I had in mind. I’m not a big fan of the lefties, they mean well, but end up messing it all up anyway. These rightwing nutjobs though! Such a naive belief in the power of free markets to be rational long-term, when the entire incentive structure on all levels is set up so short-term. Small-c conservatives they aren’t. More like Bill Good type shallow thinkers placed into power by much smarter, richer and un-principled business interests. Of course outsourcing to the low bid can deliver caring, compassionate help to the dis-advantaged and improve hospital stay outcomes. Yeah, right! Let them eat… Read more »

alexcanuck

No-lympics:

Yeah, what he said! (MrBear)

Yes, they would have done it given the chance, but no, they weren’t in power for any of the run-up and explosion.!!

Exactly what I had in mind. I'm not a big fan of the lefties, they mean well, but end up messing it all up anyway. These rightwing nutjobs though! Such a naive belief in the power of free markets to be rational long-term, when the entire incentive structure on all levels is set up so short-term. Small-c conservatives they aren't. More like Bill Good type shallow thinkers placed into power by much smarter, richer and un-principled business interests. Of course outsourcing to the low bid can deliver caring, compassionate help to the dis-advantaged and improve hospital stay outcomes. Yeah, right!

Let them eat cake!

NO -LYMPICS

Post 408

If its the same 25 people in the morning and nobody else joins them..what can we say, its either a S-C-A-M or a dud of a sale.

PS Maybe stoxxman should go there and discuss "ONNI quality" and " customer after- sale service" with them LOL

realpaul

Richmond Rich Renter:

It wouldn't be the first time that actors had been used to dish up some marketing to a gullible public.

Like Mark Twain said " If you find yourself too close to the mainstream, it's time to step back and reflect".

Richmond Rich Renter

re: Flo Onni Condos

I just drove past on my way home work. Saw about 25 people in a line up huddled under gas powered heaters and tents at Flo in Richmond. What was really funny was …across the street was a colorful painted Onni van (with tons of advertising down each side), with a guy getting his camera equipment out of the back.

If I didn't know it was a "fire-sale" I'd have to assume it was a movie set or a shoot for a commercial. Too funny!

Patiently Waiting

I'm pleased with the Onni success. If its the case, other developers will follow and we will see the market crash quicker than expected.

I wonder how the other Onni sites did. New West, Port Moody, Surrey etc.

NO -LYMPICS

Post 402

Too Funny…and sad…..not surpised….. and perhaps worst fears realized …..all rolled into one

Unless those are actors in the condo sale line- up photo…this reminds me of an interesting phenomenon re: living things that are on their last legs.

Just before they pass away, they can get this burst of energy which gives the impression all is well….then the final flatline.

I'll stick with what the more realistic prognostications are…ie a major fiscal tsunami will hit and hit HARD. There is little if any evidence to the contrary.

realestatesplatter

liveinrichmond:

Yeahhhhhhhhh lolololololololololololo, too funny.

liveinrichmond

Thompson:

I've got to repost this post from an earlier string about how the glossy eyed buyers in 2005 thought the downturn in Miami would be 'short lived' and prices would be continually pushed back up

15 Comments:

At 4:59 PM, Anonymous said…

This is the sort of thing that will keep this bubble from popping–every time there is the slightest dip, the so-called vultures swoop in and bid the prices back up.

NO -LYMPICS

Left – right …..Left versus right: WE don't need to use VISION's Raymond Louie as poster boy for baiting and being fact twisting weasels and thinks the shite won't stick. Sorry, but as a back-handed compliment certain groups in society are inherently bad liars/bad at lying. One can dig and dig and find the genesis for all sorts of bad policies that lead to the current economic meltdown. Lefties try to avoid admitting A-N-Y blame and instead try hard to lay blame elsewhere. Regardless….. my original point was VISION is cleaning house at senior levels of the COV bureaucracy, and will stuff City Hall with apparatchniks with socialist -driven agendas which may exacerbate the situation instead of minimizing it. Or, conversely, headhunted candidates who are Non Partisan and work like true professionals may be fully aware how Leftie administrations work… Read more »

Thompson

I just bought a dozen condos 😀 HA HA HA tomorrow bank of Canada is cutting rate to zero per cent http://www.news1130.com/news/local/more.jsp?conte… Lineups for condo sale: Has the market bottomed? Jim Goddard RICHMOND (NEWS1130) | Monday, January 19th, 2009 2:12 pm RICHMOND (NEWS1130) – Is 'condo-fever' returning to the Lower Mainland market? Slashed prices and a feeling that condo market has 'bottomed', has apparently convinced some people. They started lining up at 9:30 last night for the doors to open this morning at a Richmond condo project (on Elmbridge). Many people in line thought it was the best prices they were likely to see, considering that comparable condo units were selling for tens of thousands of dollars more just a year ago. One potential buyer says the one bedroom unit she's eying is selling for $299,000. Others she's looked at… Read more »

MrBear

markx: "Or did some taxpayer funded agency already cough up the dough for the non-market units." There was federal and I believe provincial money provided for social housing, in the 10's of millions. Probably not a huge amount, given the total cost of the development. I agree, I'm at a loss to see how this thing costs $1000/sf even with social housing. I know the city had consultants doing 'green development' plans for that site long before the Olympics came to town. Once it was decided that the land was to be used for the village I guess everybody just added their own pony to the herd. Certainly lefties have some responsibility here, but I didn't see much in the way of protest when the NPA was out of power or cost control when they were in. We're stuck with… Read more »

VanBanker

Funny, a senior guy in the company today said prices will rebound in Vancouver in 3-6 months! Ha!

markx

To a large extent, I blame the lefties for this Olympics mess. The 250 social housing units would go a long way in reducing sales price per unit required to break even. Or did some taxpayer funded agency already cough up the dough for the non-market units. I'm just having a VERY hard time swallowing the $1000+/sqft construction cost of Olympic Village. Even at boom time, there seem to be plenty of developers able to turn a profit at $200/sqft construction cost. i.e. $350 to $400 everything included.

Supraboy

"You didn’t stop to think maybe Pastrick, Rennie , Muir etc. are out there with sniper rifles trying to peg us VCI posters off ? What a loss that would be for the World and a gain for realturds and other RE pimps.. You MUST use far more discretion..they will spot you in a hairtrigger heartbeat. Its obvious what you look like right?" You know what? If they spot me, I'll tell them to get lost. FYI, I'm not buying into any of the RE nonsense from those agents. Even though things look rosy in chinese restaurants, I do think the economy will crash harder once the unemployment numbers hit. The thing I don't understand is where the heck do those rich asians crawl out from? Each time there's a liquidation, somehow, they show up without reading the fine print… Read more »

markx

shitsinthefan:

Sorry, that's way out of my league. I don't work in statistics or economics, so how the stats get tallied are beyond me. I do know that cost of housing stayed relatively stable during US boom years, as "equivalent rent" was used instead of size of mortgage payment.

MrBear

NO -LYMPICS: "I never said that the other (right)side of the political spectrum doesn’t have much to answer for. However, if one does trace a lot of these mess, it is often rooted in Leftie decisions that have been buried and camouflaged “de facto”, by a more recent right -of- center administration that kicked their Leftie ass out of office in the last “cage match” at the polls." Umm, it was the NPA who was in power when we bid for the Olympics, The Senator Formerly Known as Larry just didn't have the guts to shut the bid down. It was also the NPA who did most of the bend-over work with Fortress, including approving the loan guarantee and $100M immediate loan. I'm sure the Cope/Vision/NDP set can fairly be accused of all kinds of incompetence, but you're really not… Read more »

NO -LYMPICS

383 alexcanuck Says: January 19th, 2009 at 1:57 pm No-lympics: Don’t let logic interfere with your excellent rants…. But it’s NOT the lefties that got us into this mess. Not saying they would be better, but our current Government, national, provincial, and until recently, civic, although nominally rightish, are anything but fiscally conservative. I’m not sure the socialist hordes could do worse even if they tried. ==================================== Is that a trick comment ? Tut tut! First of all Moi does NOT rant… There are ranters on VCI none of us can hold a candle to, like sc*llboy, World Class Grade A rants that would make Shakespeare green with envy!!!!….. I might add . In fact, I have the beer and popcorn at the ready in anticpation of their next rants. (Maybe time to sick Supraboy on him if he waits… Read more »

gobsmackedandanxious

Skye:

You're so right. Yaletown iz a wanna be's dead trend zombie zone of mock up pretense and suddenly realised failure. It's becoming so obvious to these phony kaks that you can't buy a personality. I think that the news of condo prices going down have shattered the thin veneer of 'being there'. You say they look bored, I say shell shocked. Everyone in the neighbourhood has lost big money on the past 90 days and the whimpering is cacophanous.

kuroame

Skye; "I see people every day living the Yaletown/Coal Harbour “lifestyle” and its kinda sad" I live in yaletown/false creek north and I must disagree, the "lifestyle" isn't as much sad as it is revolting. Every other resident here is a slave to some form of inbred creature that vaguely resembles what used to be known as a dog, the feces of which litter all available greenspace like unexploded cluster bombs, while the other half of the residents are out driving their leased hummers or minis. The local form of dress is a combination between 1980's euro-skier, post-modern gangster, and Zsa Zsa Gabor. The only sports practiced by the population are a game called "Call the cops on the homeless guy sleeping in the only dry spot downtown during a snowstorm so potential buyers of your condo wont get a… Read more »