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August 27th, 2009 at 11:02 am
When will the gong show on real estate end? So many fools are biting in to those stupid useless condos in Surrey. They should move to Mission or Hope. Vancouver is meant for elites, if you don’t have the cash, get the hell out of the lower mainland.
August 27th, 2009 at 10:41 am
doogle:
Oh, oh. Now you’ve done it! Cue realpaul in 3…2…1…
August 27th, 2009 at 10:36 am
Now is the perfect time to buy !
Campbell can’t afford a new roof for BC place AFTER promising one
Nickle and Dime cuts to all sorts of programs .
Will not allow garbage to be exported.(so we are being set up for massive tax hikes to Metro Vancouver mafia to find a solution in the next 2-3 years as Cache Creek landfill fills up)
Can’t afford its Olympic tab….needs $30 million from IOC due to sponsorship shortfall yet has spent billions on Olympic Venues.
Likely allow the ravenous Translink monster to go after us again next year.
Focus on all sorts of diddling legislation like cell phone bans while driving.
HST, etc etc.
Yep, all is well….
August 27th, 2009 at 10:27 am
Cash guarantee has Winter Games ‘ready to go fully operational’
http://www.theprovince.com/spo.....story.html
As I thought, a misleading headline. The article actually says that the IOC promises to cover up to $30 million in international advertising dollars which the IOC itself failed to line up after Kodak and other sponsors withdrew. So much for “covering any shortfall”. Can you imagine if the IOC was claiming it would pay Vancouver Olympic debts? What would Athens say?
On a side note, an IOC rep was asked whether they were concerned about security since that reality TV show murderer walked into Canada from the USA.
It’s a good point, the story was big in the USA as well as here. Every nut job around now knows (if they didn’t already) that Canada is pretty much free access (if you are willing to hoof it or drive a back-back-back road) (or walk over from Point Roberts apparently).
August 27th, 2009 at 10:17 am
I’m surprised by the headline about IOC guaranteeing to pay any olympic over runs.. I’ll do more digging. Can’t be true (can it?)
August 27th, 2009 at 9:48 am
Vancouver is a rainy paper mill,sea port and fishing town. Those industries never have and never will be “high class”. In fact those industries are dying a fairly quick death. How the hell can such a crappy run down piece of shit town be called “world class”. And why the hell would “everyone” want to live there? Vancouver is just a bigger version of Prince George only not quite as smelly.
August 27th, 2009 at 8:48 am
#42 – “wine cooler”? Jesus, the retard doesn’t even know what the thing is called, but still has one ordered on the presale.
August 27th, 2009 at 7:34 am
This guy looking to be bailed out by investors or co-signer will be joined by many more speculators trying to get out from under their “investment” after the olympics.
August 27th, 2009 at 12:49 am
Of course it will be worth the original peak $780,000 valuation by the time it completes, because real estate only goes up. Which is why you’re trying to hock your presale right?
“Full stainless steel appliances + laundry, ( wine cooler if requested), granite counter top in kitchen and marble in bathrooms” ahh the siren song for Vancouver poseurs
August 26th, 2009 at 9:52 pm
Here’s a good ad for one of the “reduced” Beasley units.
http://vancouver.en.craigslist.....46626.html
“The listing price has very small room to negotiate as it is at the minimum as it can be.”
“first payment is about $11,000 due immediately”
“This listing will only stay on for a week at most and will not be available again”
“Note: this unit was originally priced at $780,000 before GST, so by the time it completes it will definitely be valued close to this amount if not higher so huge investment opportunity”
August 26th, 2009 at 9:10 pm
#6 should read ” I would not” sorry
August 26th, 2009 at 9:09 pm
Anonymous:
#35 A, It would not be my first choice as a private investor to give money to wet shingle in a recession. Selling mutual funds (CSC) and advisory services (CFA level 1) along with a BBA- Bach of Business Administration won’t get you a bank tellers job today. Which is pretty much describing a tellers qualifcation these days.
I haven’t been in the second mortgage game for a long time but heres what I used to look for
1) recently seperated couple who have got back together after spending a huge wad during their short seperation.
2) they are both gainfully employed in a long term careers or secure jobs
3) never lend one party more than 20K
4) thats it….period.
5) that business used to pay 14 to 16 %
6) I would loan money to anyone without these qualifiers or for less money. In a falling market and during a recession there is simply too much risk.
August 26th, 2009 at 8:57 pm
NO -LYMPICS:
The ‘penalties’ are laughable. Re-taking a section of this article or that is the worst. Fines are virtually non existent. However with revenues slowing down you will probably see more levied as a way to subsidize the fuck ups support system down at the board offices.
The two bodies are the REGVB for disputes with the public and the CREA for disputes between agencies ie ( two real whores are trying to screw one another like dogs in the street) and the like. Both exist only to spoon feed spittle and erronious pap to the public and hide the fact that realwhores are little better than crackheads who’ll rip anything they can from a gullible citizen.
August 26th, 2009 at 7:34 pm
Apts would not lead to financial security but single house does. Van RE is solely depended on land value and Chinese power.
August 26th, 2009 at 7:29 pm
“Cosigner/Investor Needed for Self Employed Person”
Self employed = unemployed
Which is why the bank would not up the ante.
Pre-sale probably underwater in any event. Who the F would jump at this “investment opp”????
August 26th, 2009 at 5:51 pm
“Have A1 Credit Rating
Self Employed for 5mths with great earning potential
Professional Person with BBA, CSC, and Level 1 CFA”
that “CFA” wouldn’t happen to mean “Certified Financial Adivisor”, would it?
no thanks, i’ll pass.
August 26th, 2009 at 5:23 pm
# 26 realpaul
I read a few decisions.
Are you saying the decisions are bogus ?
Is it easier to take the heat than appeal ?
The decisions tend to cite violations of the legislation that realtors are beholden to.
Also, my understanding is that there are 2 bodies that can render disciplinary action to realtors.
August 26th, 2009 at 5:20 pm
stop the madness:
#3 “Cosigner/Investor Needed for Self Employed Person”
One would think that the Realturds would be lining up in droves.
August 26th, 2009 at 5:06 pm
Good place for the pathetic speel. I once thought USENET was the armpit of the internet until I discovered Craigslist.
August 26th, 2009 at 4:36 pm
Opps , #30 above was me
August 26th, 2009 at 4:33 pm
Hovering:
Teranet is 3 months behind.
I don’t doubt that there has been a big bounce again. The idiots seem to be out in full force with cheque books in hand…erm should I say loan papers in hand. What they couldn’t afford at 5% they sure can afford at sub 3% variable rate!
What shocks me is that it’s one thing to get suckered into a cheap mortgage rate for a 5 year fixed ( close your eyes for 5 years and PRAY it hasn’t gone up a lot) but word on the street is that a lot of these idiots are buying based on the super cheap variable rate!!! Umm hello, it really has no where to go but up, what are these people thinking?!?!?!?
August 26th, 2009 at 4:17 pm
Hovering:
Telling a potential client that real estate doesn’t always go up in price.
August 26th, 2009 at 4:14 pm
NO -LYMPICS:
It seems like alot of realtors on that reprimand list. Compare it to the BC law society reprimands some time.
Weak penalties though (those I looked at anyway), 7 day suspensions, take a course, $2000 fine or less. I wonder what it takes to get thrown out?
August 26th, 2009 at 4:08 pm
new teranet monthly report out
http://www.housepriceindex.ca/Default.aspx
tiny uptick in vancouver. ski jump curve / spring bounce. doesn’t look like we returned to peak levels as claimed by some realtor friend mentioned above (in June at least). See the “communique” section for the June 2009 write up.
August 26th, 2009 at 3:50 pm
NO -LYMPICS:
That can’t be a entire list. It has to be a partial list of specific types of decisons or actions. When I had the displeasure of getting a real estate division dumped in my perview I had at least one arbitration a week at the real estate board ( every week) for E&O, dipshit complaints, outright idiocy and everything in between. That was a company of just over 200 sub agents. ( sales persons). So, to extrapolate the activity of the disiplinary committee which meets every day , must generate hundreds of files a year.I call bullshit on this list. The decisions were arbtrary and just plain idiotic most of the time. The majority of persons who run for board seats are generally the super wankers and high school drop outs who got a RIBC through home study and think they achieved something Bwahahahahaha.
August 26th, 2009 at 2:13 pm
List of Realtors who have been subjected to disciplinary charges. (I recognize a few names )
2009 RECBC Disciplinary Decisions
http://www.recbc.ca/complaints.....y-2009.htm
August 26th, 2009 at 12:55 pm
# 9 DaMann:
Of course it doesn’t make any sense.
This person in the Craigslist ad will be the poster boy for the typical pre-sale buyer. Obviously they can’t even sell their units at cost, even though the RE pimps claim all is well and now is the time to buy.
One side is lying and the other is telling the truth.
August 26th, 2009 at 12:17 pm
This just happened to a friend of mine with a pre-sale in Surrey. He attempted to pull out after the property value decreased, but it won’t be that easy unfortunately. His real estate broker friend bought three in the same building!
August 26th, 2009 at 12:01 pm
#20. LOL and LOL.
Best laugh I’ve had all day.
August 26th, 2009 at 12:00 pm
EL NINO:
Amen! I guess I am an un sympathetic bastard but let them rot. The presale madness has helped bid up RE prices to stupid levels. If they would have won, they would be running around shouting how brilliant they are.
August 26th, 2009 at 11:58 am
The star of Canada’s recovery: home sales
If you’re looking for a sign that Canada’s recession has ended, look no farther than the massive rebound in the housing market. It’s more than a sign; it’s a ashing neon billboard.
August 26th, 2009 at 11:45 am
#18: perhaps if the contract allowed for this – as it did in the case of “increased costs”. It is all about actually READING the contract you sign, which is perhaps hard to do if you have slept the night before in a queue on the street like the other lemmings.
August 26th, 2009 at 11:41 am
i don’t sympathize with people who gambled but the developers did just what you all propose. There were instances they increased their prices because of increased costs. And the courts agreed. I wonder if it sets a precedent for the other direction.
August 26th, 2009 at 11:41 am
15
If the owner had bought and sold with significant price appreciation, he would have gone around town, proclaiming himself to be a Donald Trump real estate genius. As it sounds, he gambled, and his speculation failed to yield him the investment riches he was “promised” by realtors (the sound “financial advisors” that they are – lol). As they say in the stock market, don’t invest/speculate unless you are prepared to lose all your money.
Please feel free to share your empathy towards a speculator with all the working poor and low-middle class earners, who struggle with every rising rents and cost of living because the speculative actions of a few have impacted the affordability for the many.
I, on the other hand, will remind this person that there are consequences to their actions, so that next time, maybe, just maybe, they will do their due diligence, and not contribute to an asset bubble.
August 26th, 2009 at 11:34 am
#15 – no. they gambled, and lost. time to pay the piper.
August 26th, 2009 at 11:32 am
El nino, I disagree. Ithink we’re all responsible for our own decisions, but that’s no reason to kick someone when they’re down. We all make mistakes, and as Amanda points out, they may have a technicality to be able to get out of their contracts. Why not use all means at your disposal?
I do wonder how many people are still out there who believe that RE is the road to riches though, even with all the examples to the contrary.
August 26th, 2009 at 11:21 am
stop the madness:
#3 this guy is a poster child for why the second mortgage sharks should be doing well, and will continue to do well. There is always money available for a price. Plenty of finance companies out there to tap.
August 26th, 2009 at 11:17 am
Everyone should respond to the craigslist add, and ask the proud owner, who is now underwater, whether he was prepared to share his profits with the developer had the property appreciated as promised. Nothing like privatizing the gains from RE and socializing the losses when things go sideways..
August 26th, 2009 at 11:13 am
This is just an idea, but I know that the Sales and Marketing Co. that sold D’Corize (Platinum projects, McDonald Realty) have changed their name and brokerage to Magnum Projects. I am curious to know if the developer notified their purchasers via an contract amendment. I am unsure that this would be a reason to nullify the contract, but it may be worth a shot. Any one else from Vibe, Crescent West, St Andrews…
August 26th, 2009 at 11:07 am
Funny how the developer should give up profits now. I wonder what the response would have been if the developer went back to the flippers asking for part of their profits during the height of the boom.
August 26th, 2009 at 11:05 am
That should read May 08…
August 26th, 2009 at 11:04 am
But aren’t we in the middle of a massive spring/ summer bounce? ( dead cats anyone?) All I keep hearing from RE agents and the like is that the previous decline of 15% has been wiped out and we are basically back to peak prices. These presale people should be fine no? For some reason the numbers aren’t adding up. The place I sold last May is still 20% cheaper ( comparables) yet I read that Van RE is back up 10-12% in the last 3 months. Something isn’t smelling right in this overbloated town.
August 26th, 2009 at 10:31 am
Are there really people out there that believe realtors when they say the property they’re trying to sell you is a great investment?
When I buy something I decide if the price is worth it to me, not what it’s worth to someone else. That way if the price goes up or down later it doesn’t bother me, I’ve paid what it was worth to me.
August 26th, 2009 at 10:03 am
This is the downfall of the greater fools.
They didn’t foresee that the banks may not lend to them to complete the sale if the value drops…the only solution is a bigger down payment which they never had to start.
This line is a classic:
“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…..”
Pretty much sums it up.
Woe is me the first time, shame on me the next time.
August 26th, 2009 at 9:57 am
Garth has Vancouver realtor Ian Watt’s latest video on.
http://www.greaterfool.ca/
QUOTE:
Not quite sure who this guy is, other than an enterprising real estate agent with a dashcam in bubblicious Van.
Ten offers on a West Van condo, in a city where average prices exceed the national average by 50%. Where 70% of net income is required to carry a SFD, where leaky condos destroyed the financial lives of thousands of people, and where pre-Olympic activity just about guarantees the last ones in will be the first ones munched.
Still, I like this guy.
If you’re going to lead ‘em to slaughter, at least have panache.
And an ego. It’ll help later.
August 26th, 2009 at 9:42 am
Dumb and dumber.
August 26th, 2009 at 9:33 am
I agree that the purchasers are to blame.
However, if there are enough purchasers in the same boat,the problem may become the developers. Strength in numbers. Can’t get blood out of a stone, and developer may have no choice but to renegotiate.
Not all completed units have sold out. I’ve seen some completed a year ago with unsold units, and one near completion which appears 1/2 sold out.
August 26th, 2009 at 9:10 am
Here is another example
http://vancouver.en.craigslist.....08087.html
————–
Cosigner/Investor Needed for Self Employed Person
Have approached lending institutions and have been told I will need a cosigner on a property that I put 10% down over 2yrs ago.
Have A1 Credit Rating
Self Employed for 5mths with great earning potential
Professional Person with BBA, CSC, and Level 1 CFA
Please only serious responses. Send email with your contact details and I will respond in a prompt fashion.
——————
Line on up folks!
August 26th, 2009 at 9:01 am
Ditto. I don’t feel an ounce of sympathy for these people. What were they thinking, buying in that crummy area of Whalley? I lived near that area for years…and I knew better than to commit to buying in a place that’s rampant with homeless and drug addicts. I say, know a neighborhood before you plunk down your life savings to buy there.
August 26th, 2009 at 8:56 am
too funny. cry me a river. next.