#58 fool's uncle Says:

February 13th, 2009 at 3:37 pm

My nephew got caught up in a pre sale hype and purchased a condo in October 2007, it will complete in late 2009.

Onni's discount sale has tipped the market to the under lying softness in consumer demand. I am currently working with clients who are considering buying a house that was initially priced at $479,000 for $350,000 and I think the price may be too high at that level.

The real test will be when the presale buyers try to close and the banks say the comparables are too low and want more money in. The banks are hoarding cash right now making it difficult for buyers.

#58 fool's uncle Says:

February 13th, 2009 at 3:37 pm

My nephew got caught up in a pre sale hype and purchased a condo in October 2007, it will complete in late 2009.

Lower I expect. You will also have realtors in the mix trying to eliminate the competition. I feel sorry for your nephew. He will have to close or leave a chunk of flesh behind.

Tech layoffs top 300,000. Unemployed numbers keep piling up. Name your sector it's getting worse by the day. Huge numbers also coming out of Europe and Asia. BCREA Cameron Muir signals " All Clear". What a fool!! Local media a fools paradise.

http://layoffblog.com/2009/02/

Although the local news rags are not following the unemployment story snippets of information are filtering out such as

Youth on the chopping block

Younger workers are also disproportionately suffering in this downturn. The unemployment rate among 16- to 19-year-olds hit 20.8% in January. Overall, younger workers may be more likely to lose their jobs during layoffs because more experienced workers are more productive, experts say.

"Overall, I think the data are clear that younger people are almost always harder hit in an economic downturn,"

Yesterday the Olympic Village developer suggested that ' the units were first class waterfront which would sell for millions even in a severe downturn". That statement was bizarre on it's own but now……

I see that it is now becoming politically IN correct that giving 252 units at a million plus a piece to the less fortunate is becoming a difficult sell

Oh sweet irony

Olympic Village social housing at risk after cost blowout

http://www.theprovince.com/Olympic+Village+social…

Didn't BCREA say it was a great time to buy a house. So who isn't expecting a boom in the economy? Everyone else

B.C. should prepare itself for a recession, the provincial government announced yesterday in its speech from the throne.

Major cuts will be made to most ministries, except for health, education and social services, said Lt.-Gov. Steven Point.

"Today, we must brace for a period of recession. How deep it might be, or how long it will last, is impossible to know

Atta boy Scullboy!

Amazing what asian culture will serve/eat with much chemical flavoring.

Thats normal food for asians.

#1 GOURMET FOOD FOR KOREANS IS SPAM-NO JOKE

Lots of nervous cats & dogs living in Richmond!

[…] Comment by Declan regarding this article in the Tyee.  Currently rated +54 That really was a bizarre article on the Tyee. People have said some strange things about Vancouver real estate over the last few years, but saying that supply and demand doesn’t apply to this market really takes the cake. […]

41 posts from NO -LYMPICS in this one thread! Maybe it's time to get your own blog and stop cluttering up this one?

CNN this morning

State of California has laid off 20,000 (TWENTY THOUSAND) state employees.

Canadian Civil Servants best not feel too smug…it AIN'T different here…

===================

Also:

Just caught a news blip re COV Olympic Village:

The Social Housing facet of the project has increased dramatically to a cost over $70 Million from the originally projected $ 30 Million.

re Media:

Maybe its good that the media is using the same bag of tricks. They seem to feel that there is a correlation between a major drop in sales volume to a kneejerk reaction that this will attract buyers like flies to honey.

They seem to disconnect a pattern that clearly indicates that either the pool of buyers is drying up or the only buyers left will sit on the sidelines for a while. I really wonder what mythological buyer the media and RE industry are profiling and thus targeting.

May as well get it over with…pull out all the stops. My own prediction is the next 90 days will be a real bellweather for the forseeable future.

realpaul:

Sounds like you need more stimulation than i do. I agree with the drinking scene. Vancouver is a good fit for me, especially career wise. I can't imagine spending the rest of my life here but ……who knows? I've had the travel bug and am now happy to settle down and focus on my career – i guess it comes down to life stages.

Bon voyage on your next adventure – happen you can eat pickled kangaroo in Oz.

dboy: #222dboy, dude, no ones saying you can't enjoy yourself anywhere you go if you have your head on straight, sounds like you do. I prefer city life, Vancouver is not a city. Vancouver is a strip mall without the features of a city, ergo, to me it is a shithole.This is a personal POV. Some people like shit. In India you can buy cow pee to drink in soda bottles , c'est la vie. To each his/her own Always happy to make the aquaintance of another traveller. I have been in 8 international capitals and 2 killer beach locales in the past 12 mos. Don't get me started on food or I will start calling Vancouver a shithole again. There are street stalls in Bangkok that have richer and more complex Thai food than any Thai clone restaurant in… Read more »

I watched the news tonight on Global (God, I'm starting to really hate this network)and saw the segment on RE and how it's going to rally this Spring. Yah, right. If I seem a bit sarcastic, just really tired of the BS year after year from this RE Board who are supposed to provide a public service and instead are being pimped out by greedy developers and RE brokers alike. Enough is enough. What does Global think, if they actually report the truth that the end of the world will come to the citizens of BC? There will be panic in the streets and riots over the RE downturn? Hell no, many of us have been through this before, the only difference is that prices became so high, it became the biggest bubble ever and I think Cameron Muir should… Read more »

Muir crunches the numbers on an investment condo and concludes…

“For both investors and home buyers, your mortgage payment would be several hundred dollars less than a year ago,” said Muir, … “As an investor, the cash flow from the rent will more closely match your mortgage payment on the property.”

Or in other words, you'll still be losing money hand over fist.

http://www.vancouversun.com/Homes/Home+sales+volu…

221 dboy Says:

February 16th, 2009 at 8:23 pm

I’ve been noticing a lot more sold signs lately. Any opinions?

—

No question about it. The market almost stopped for a few months due to a combination of the credit crunch plus the normal seasonal downturn due to the holidays. I'm seeing more activity at open houses and more sold signs as well.

Doesn't mean the market is going to recover – there's still a huge inventory out there not to mention a very severe recession. My impresssion is a lot of the sales are townhouses and condo's.

I am not decoupled from head up ass. Proctologist says find my lost head u know where. Supraboy park car there too so can go for dim sum.

Happy times I tell you

Gordon campbell announce budget tomorrow huge stimulation time for everyone. Happy time is good time because huge deficit coming for everyone.

Vancouver decoupled thanks to change campaign. Condo buying still good for Vancouver because rich people need place to keep money safe from doom. Good time for everyone here in most beautiful land on planet place. Good times ahead. First post.

221 dboy Says:

February 16th, 2009 at 8:23 pm

I’ve been noticing a lot more sold signs lately. Any opinions?

======

Yup:

Sold signs are directly proportional to the number of greater fools still out there.

Since late November, I have seen 3 count 'em 3 SOLD signs

realpaul:

Been here 16 years. I concede Vancouver was better before the Hype, but I can't agree that this place is a shit hole. Sure, the night life is dull, but the restaurants are outstanding. Its always a matter of perspective.

The run up in housing and rental prices really bothers me, but I still love Vancouver.

I've lived in:

Miami, England, Scotland, Turkey, Moscow

Every city has good and bad, Vancouver is a nice place, not out of this world, but has a lot of what i need. I just wish the prices would get back to normal and we can stop wasting our time on these blogs and get out and soak up the good that Vancouver has to offer.

I've been noticing a lot more sold signs lately. Any opinions?

New Buisness plan for Yaletown Diva's

Otzos put his ad on Craigslist. The website's roommate postings nationally increased 70% to 476,045 in January 2009 from 279,389 in January 2008, spokeswoman Susan MacTavish Best says.

Mark Verge of Westside Rentals in Santa Monica, Calif., says roommate inquiries have gone up from two a month in past years to 50 a week now.

Cruz Mayfield, 19, leased his $885-a-month one-bedroom apartment three weeks ago and four days later lost his job at Best Buy.

Now, he's trying to rent the bedroom for $350 a month and crash on the couch.