Fast meets slow: Two markets collide
There’s a strange thing happening in the Vancouver real estate market right now. Even as some rush to buy while interest rates are at rock bottom, others are trying to figure out how to get out of a presales purchase agreement they may have rushed into.
At least one local law firm is marketing themselves as condo presales litigation specialists. Harper Grey represents clients that are being sued or fear being sued by a developer. From their site:
Harper Grey LLP represents individuals and groups of pre-sale purchasers who signed contracts for major lower mainland condo projects including:
33 Pender – Vancouver
Aria 2 – Port Moody
Aura Townhomes – Surrey
Axis – Burnaby
Cosmo – Vancouver
Donovan – Vancouver
Espana – Vancouver
Esprit 2 – Burnaby
Fairmont Pacific Rim – Vancouver
First on First – Vancouver
Fitzsimmons Walk – Whistler
Ginger – Vancouver
H & H – Vancouver
INvue – Kelowna
Mariner – Vancouver
Millennium Waters – Vancouver
Patina – Vancouver
Quattro – Surrey
Silhouette – Burnaby
Sophia – Vancouver
Tangiers Townhouses – Revelstoke
The Breeze at Airdrie – Calgary
The Exchange – Vancouver
Three Harbour Green – Vancouver
TV Towers – Vancouver
Watermark – South Surrey
Watermark Beach Resort – Osoyoos
Westwood Village Edgemont – Coquitlam
Whitetale Lane – Coquitlam
Woodwards District – Vancouver
That’s quite the list. It’s fascinating that even with the recent rebound in the market developers are still finding it easier to sue pre-sales buyers rather than release the unit back to the market to find a new buyer. Do we have more inventory that buyers out there? I’m guessing no one told those rushing to buy that homes are a place to live first, a source of wealth second.
Thanks to Stanislav and Arit for pointing out the links.
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November 25th, 2009 at 6:46 pm
Oh drachen, you’re so silly.
Why would supraboy worry about silly things likeath, logic and economics? Didn’t you know everyone wants to move to Vancouver because you have canada’s largest population of lady boys?
I mean come on. Van and Richmond streets are crammed with Mercedes and bmws filled with fat German tourists looking for some of that sweet lady boy action. Why do you think supra and his friends hit Earl ’s and Cactus on Fridays? They get all dolled up and sit giggling in a booth, hoping some rich European tourist will sweep them off their feet.
Hey, it certainly explians a lot of his insider knowledge when you think about it.
November 25th, 2009 at 2:55 pm
@Supraboy:
Yes yes Supraboy, if you know the market so well where’s your Data? Growth models? Comparative markets? Any economics model that actually suggests these prices are sustainable?
Nothing?
I thought as much.
So, here’s a little free advice;
When, in a debate one side is clearly right and the other clearly wrong (ie not a debate on moral issues but one on substantive issues, such as real-estate markets) but it is not obvious which side is right there is an easy way to tell which is right.
Listen to the arguments coming from each side. Does one side provide logic, science, mathematics and/or factual data while the other side provides only FALLACIES?
If so the correct answer in 99+% of cases will be the side of the argument with an actual substantive argument.
For additional certainty, follow the money trail, is the side arguing without many facts also getting money for their arguments?
This logic also works for the Global Climate change “debate”. Not that, as with Vancouver real estate, there’s any ACTUAL debate, again, one side providing hard scientific data, the other a bunch of gibberish disguised as a cogent argument.
November 25th, 2009 at 1:37 pm
Nothing wrong with made in Korea is there? I would expect them to have more experience with rapid transit than we or bombardier does anyway (?).
There’s a massive discussion forum for the canada line at skyscraper page forum anyway. Plus a good dose of bullishness.
Re: young pharmacists – yes, good high pay in the beginning. Anyone know the rate of rise?
I wouldn’t be surprised if half the fresh grads didnt have student loans either.
November 25th, 2009 at 8:56 am
“In fact, the cars don’t even have any manufacturer’s nameplates, contrary to usual practice – no-name transit. Were they trying to hide something?”
Not true. There is a ‘made in Korea’ plate on the inside of the cars on the end wall. I noticed this because I had assumed they were built by Bombardier, and was a little surprised to see Korea there.
November 25th, 2009 at 7:56 am
Sorry, create a Canadian Housing Bubble page. Everyone else has one according to the list of links on the wikipedia housing bubble page and ours is one of the biggest or maybe it can only legitimately be called a bubble after it’s popped?
Australian property bubble
British property bubble
Bulgarian property bubble
Danish property bubble
Dubai housing bubble
Indian property bubble
Irish property bubble
Japanese asset price bubble
Polish property bubble
Romanian property bubble
South Korean property bubble
Spanish property bubble
United States housing bubble