The pre-sales pinch

Just a few years ago it seemed like the easy way to get rich was to buy a pre-sales condo in the Lower Mainland and wait for appreciation to kick in.  Well, a funny thing happened on the way to the bank: property values deflated.  That means that many people who bought condo units under construction in the last couple of years now owe more for their condo that it’s current market value.  We’ve posted before about buyers trying to get out of their contracts and developers suing buyers.

Bat posted this link to a craigslist comment, it appears some buyers at D’Corize in Surrey are frustrated with the drop in property values and would like to ask the developer to return some of their profits:

First of all my apologies as I did not know where else to post this info. :

The project is pretty much complete and you are probably being asked to make arrangments for financing. Financing is based on the appraised value of your suite…guess what? Appraisals are coming in well below the price you signed up for back in 2007, this means you’ve got to come up with a bigger down payment. I hear that there are alot of people that are not qualifying due to the poor real estate market, job losses and these individuals may walk away, this won’t be easy as you’ll lose your deposit and then the developer can come after you for further losses….well you’re not alone. Some individuals are approaching the developer to re-negotiate the price and in my opinion there is strength in numbers, if you know of others that have purchased these units in a presale…your friends, your family….talk to them and approach the developer as a group or have someone represent you as a group (lawyer). Where are all the realtors who said that this would be a “Great Investment”. Well they’ve all disappeared and I guess they were looking after their own best interest….. Well good luck…and if anyone else has anything to say,,,,,just post your comments.

Regards,

In the same boat as you…..

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mousie
mousie
11 years ago

Yeay, and I'm off looking at the sailing boats from the shore being glad I dont have the moorage, repair bills, maintainance, fuel bills, tax?.. just sit on the beach with my cuppa tea and snacks watch the boats, the clouds, watch the waves and can leave any time I like, just like renting!

My sailing is only costing..$2 max.

Ok..a little cheeky.

stop the madness
stop the madness
11 years ago

lol, too funny. i shall now stop reading the blog for a few months again until the fall downturn begins and retards such as supra get bored and go away – or simply change their name, as usual.

have a nice end of summer folks – I'm off sailing.

Supraboy
Supraboy
11 years ago

The old man will have to pay a big rent hike next year, to the max. Anyhow, he's lost out. He should've refinanced and taken out a loan to load up another condo instead like every other rich man. Poor sucker's going to regret renting for the rest of his old retired miserable life.

Boombust
Boombust
11 years ago

"People that live in the city don’t generally buy pick ups"

Maybe they're "Urban Cowboys" from Yaletown?

stop the madness
stop the madness
11 years ago

supra-retard –

how does 4k turn into 8k rent in one year when Van has rent increase control?

retard, and troll.

bad me, for rising to the bait.

realpaul
realpaul
11 years ago

Boombust: #79 BB, C'mon 'Clayton Heights', Jesus man what are you smoking. ' Guildford' , ' Fraser Heights ', ' Cloverdale'??????? Why have you left out Newtons 'Chimney Heights' and North Delta 'Brown Town?' You don't choose to live in those places, you are forced to move there because you can't afford anywhere else. Hermano, 4000 sq ft of sewer front is still living in a sewer. If I wanted to live like a refugee in the country I grew up in though, thats exactly where I'd go to slide right down to the very bottom of the barrel. The people who try to fool themselves into moving 'Morgan Creek' etc are really just saying " I'm a pretentious asshole who can't really afford to live anywhere else'. Do they really think they're fooling anyone? But 'Clayton Heights' …. with… Read more »

Supraboy
Supraboy
11 years ago

#87, nice article, there's another millionaire just like that. People like the old man can afford to fork up rent, and there are people with millions to take over the old man's house, poor man will regret it when his house rockets to 3 million and he'll be renting for 8000 a month next year.

nonymouse
nonymouse
11 years ago

Great little tidbit in the Sun today.
http://www.vancouversun.com/Home+With+legendary+R

Supraboy
Supraboy
11 years ago

You're right, nobody gets rich renting in Vancouver. But we do get rich from buying and flipping the houses. For example, buy in the Winter, unload in the summer. This is the easiest way I've ever made money and I will continue to play this game with my spare change.

NO -LYMPICS
NO -LYMPICS
11 years ago

Supraboy:

What don't you understand ?

Banks almost always make money on the spread , they tend to make record profits when times are bad for the rest of us.

Apparently they have been in the markets as well, driving that bogus crap

The CMHC will back them up when their mortgages go South.

Legalized theft.

PS stop your "bum" fetish.

stop the madness
stop the madness
11 years ago

supra (ignoring the fact u are a troll) –

no one gets rich renting to people in Van unless they bought a long time ago – as rentals are so comparatively cheap (comparative with RE prices).

Supraboy
Supraboy
11 years ago

I have a feeling that this website is made for only middle class or low income bums who can't afford a house.

Most of the people on this board is obviously out of sync with reality. The negativity is beyond ridiculous. Each positive comment gets shot down like a dead dog.

Check this out:
http://www.google.com/finance?q=td.to

TD hit another 52 week high. So did royal bank. What part of that don't some of you understand? If there will be a crash coming, stocks wouldn't be touching 52 week highs. US housing is also improving. Good luck boys and girls. Get ready for your 200 square feet living space when more people get rich in Vancouver renting to poor bums.

NO -LYMPICS
NO -LYMPICS
11 years ago

Robber Poops in Yard – Surrey BC

http://www.youtube.com/watch?v=7otxZsdleBg

(At least he didn't shit in the house)

No Longer Looking
No Longer Looking
11 years ago

You're welcome, but I have even more fun info. That squatter house is long gone (the footage is from 2001) and a new house is on the lot.

Check what its selling for 😮

http://bchousefinder.com/property_details-F291115

note: you can see the house address in the footage

NO -LYMPICS
NO -LYMPICS
11 years ago

76 X realpaul Says:

August 27th, 2009 at 6:51 pm

No Longer Looking:

#72 NLK, that's Surrey alright. What was scarier? The people inside the crackhouse or the ones out in the street?

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

Too funny.

The neighbours fit just about every stereotype of Surrey.

BTW: No Longer Looking …. thanks for the Video.

Boombust
Boombust
11 years ago

realpaul,

There ARE nice areas of Surrey, y'know. Just as the DTES of Vancouver doesn't represent all of Vancouver, the Whalley area doesn't represent all of Surrey.

South Surrey, Cloverdale, Clayton Heights, Fraser Heights, Guildford, Ocean Park…

Boombust
Boombust
11 years ago

"I saw Micheal Campbell on Global spouting the same nonsense."

Yeah, I saw that idiot on the 5 o'clock Global News. Furrowed brow, pursed lips…he makes me wanna puke.

PorkyFlu
PorkyFlu
11 years ago

I think Vancouver is really the best place on earth. I've traveled the globe and I've determined that there is truly no place like Vancouver. And so I've decided to buy a $700,000 3 bed 2 bath fixer upper on the east side for my family. It will only take 35 years to pay it off and will be worth every penny. Thanks for listening to my story.

realpaul
realpaul
11 years ago

No Longer Looking:

#72 NLK, thats Surrey alright. What was scarier? The people inside the crackhouse or the ones out in the street? You couldn't give me a house for free if it meant living in that shithole.

Anonymus
Anonymus
11 years ago

I hired certified inspector that searched for oil tank. It was no big deal, took 1/2 hour and cost is $500. That Oil tank inspection is not required by either bank and is not part of home inspection so at the time of my purchase of the house I did not do it because disclosure statement stated that oil tank does not exist. When i decided to sell the house I decided to hire inspectors because few prospective buyers asked for Certificate that Oil Tank is removed. So once i found out about tank I had to dig it up and since soil was contaminated Inspectors have to inform the City right away. As owner you obligation as good citizen under the Environmental Act to clean it up right away. Yes, practically ALL previous owners are liable but most of… Read more »

realpaul
realpaul
11 years ago

Boombust: #73 BB The cheerleaders have got their pom poms out latley thats for sure. I saw Micheal Campbell on Global spouting the same nonsense. This guy is supposed to be an economist, what a lick spittle whore. There is nothing about the fundamentals of the Canadian economy which justifies calls for an ending of the recession. I think these cocktail swilling pretend plutocrats have taken it upon themselves to 'force ' change upon the masses by selling 'good' stories instead of 'real' news. The Premier has authorised spending like a drunken tourist after visiting the weatherman and now the provincial wallet is empty, So what does a drunk do? Well he breaks out his credit card naturally. To hell with kids, the parents surgeries, the wifes education. A drunk like Campbell operates in a very confined state of mind,… Read more »

Boombust
Boombust
11 years ago

I saw Bill Good Jr. and the CTV gang on the 6 o'clock News pumpin' the local RE market once again.

Of course, Cameron Muir was trotted out. He said that consumers are feeling "confident".

My, how they forget the small respite we had last fall.

Cheap money, anyone?

These people should be ashamed of themselves, but, they AREN"T.

No Longer Looking
No Longer Looking
11 years ago

If you know anyone who wants to buy cheap in a rough area of Surrey, have them watch this 10 minute video (the last half is the best):

http://www.youtube.com/watch?v=rUkMfoe_Rd8

NO -LYMPICS
NO -LYMPICS
11 years ago

Backyard nightmare: Leaking oil tank costs $160,000 to clean up

A North Shore woman is suing the former owners of a home in West Vancouver after she shelled out more than $160,000 to remove 5,000 litres of contaminated fuel from a leaky home-heating oil tank buried in her backyard.

http://www.canada.com/theprovince/news/story.html

NO -LYMPICS
NO -LYMPICS
11 years ago

56 Anonymus : Re Oil Tanks If you don't mind my asking again… Did you sell an existing home that had a " subject – to " from the purchasers that ,you ,the seller, had to conclusively identify the existence of an oil tank ? Did you then have to hire an expert to find it ? In my experience, Oil heating was popular for homes built up until the 1950's. Below ground oil tanks often have a small pipe about 6 – 8 inches long above ground with a screw cap on it. Often these tanks are found in the demolition process ie a new house built on the site. Inside the house there can be evidence of previous oil heating as well. Next time….I would suggest a records search at the given City Hall….look up all building permits,… Read more »