Return of the condo lineup
Yessir, the good old days are back in the Vancouver condo presales market and the Province has the news. This weekend buyers lined up in the rain, some reportedly sleeping on the street over night to get a chance to buy a presales contract. The development located at Pacific and Seymour is set to be completed in 2013, and is called ‘The Mark‘.
I am NOT making that up.
Mayur Arora, who told The Province he hoped to land a top-floor unit, and his realtor K.D. Dhaliwal, said location and scarcity make the site an attractive investment.
“I’m here because they are selling Yaletown at today’s prices, but the speculation is [that] prices will go up after the Olympics,” Arora said.
Here’s an open challenge: can anyone tell me how many host cities saw real estate prices rise after the Winter Olympics vs. those that saw prices rise before hosting and fall afterward?
Steve Dhana was amazed by speculator interest as he watched investors rushing to place bids on units.
“The prices went up $50,000 last night,” Dhana said. He hoped to buy a unit in the $500,000 price-range, and also expected prices to surge in February 2010.
Well now, with prices going up at a rate of $50k a night how can you lose?
Hat-tip to Donald for the link.
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August 8th, 2010 at 7:13 pm
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December 2nd, 2009 at 5:08 pm
“Richest? The US is the world’s biggest debtor.”
Economic output, disposable income, access to capital … .
China is one of the biggest creditors. Does this make it one of the world’s richest countries?
“Most innovative? In what, except IOU’s? Have you bought a GM car lately? Technologically advanced? Did you know that the US, which invented the Internet, lags most other developed countries in high-speed Internet use?”
More than half the world’s R&D occurs in the US. The US has won over half the world’s science-based Nobel prizes. Apple, Microsoft, IBM.
Oh, but they don’t make good cars anymore so you must be right. And TVs and radios! When’s the last time they produced a decent shortwave?
December 2nd, 2009 at 1:06 pm
Let’s not dog on the great superpower while their down. They most certainly are the greatest consumers in the world as we know it. No matter what is said about the U.S. they are and always will be our big brother. Beside Blenz and Hudsons bay company, Canadian Tire and smarties they control what we buy. Look around I see Starbucks and Walmart and Sears and almost every American fast food giant. So they are smart enough to take your own backyard and your money. They pretty much own Canada and if they wanted to could take over.
The vast majority of them are buffoons but we have a lot of half wits too. Look at the morons here who think Real Estate only goes one way.
December 2nd, 2009 at 5:56 am
@scooby:
Richest? The US is the world’s biggest debtor.
Most innovative? In what, except IOU’s? Have you bought a GM car lately?
Technologically advanced? Did you know that the US, which invented the Internet, lags most other developed countries in high-speed Internet use?
December 2nd, 2009 at 2:24 am
@scooby: Yes, but there are over 300 million of them. If 90% of the population is ignorant, that still leaves over 30 million-which is slightly less than the population of Canada–that are not.
December 2nd, 2009 at 12:46 am
“What I meant was, that Americans are some of the most PROFOUNDLY ignorant people on earth.”
Cognitive Dissonance Alert.
It’s always a wonder that this lazy Canadian trope about our neighbour happily resides alongside the fact that America is one of the richest, most innovative and technologically advanced countries on earth.
December 2nd, 2009 at 12:00 am
“What I meant was, that Americans are some of the most PROFOUNDLY ignorant people on earth.”
Yes they are, but what does that say about the Canadians who watched their housing bubble collapse, yet are part of this housing bubble and can’t see it.
December 1st, 2009 at 11:49 pm
Boobust
if you really think that while the rest of this planet is watching their equity recede before their eyes and such a thing can’t, won’t happen here. The true definition of you is incredibly naive and ignorant.
December 1st, 2009 at 10:17 pm
“yeah thats it we are the best place on earth just no one has heard of it yet they want to all move here. Good argument boom/bust, I guess that is the logic of a bull.”
And you? What are YOU talking about?
What I meant was, that Americans are some of the most PROFOUNDLY ignorant people on earth.
And, who gives a shit what they think about us or anyone else, for that matter?
In other words, they don’t “define” me.
December 1st, 2009 at 10:14 pm
“I was watching old war movies over Remembrance Day weekend. Nazi Germans were cursing them “scammers”, “swindlers”, “piece of scums on earth” and other derogatory terms. It was not race stupid but profession.”
What the hell are you TALKING about?
December 1st, 2009 at 10:12 pm
yeah thats it we are the best place on earth just no one has heard of it yet they want to all move here. Good argument boom/bust, I guess that is the logic of a bull.
December 1st, 2009 at 10:11 pm
“In an affidavit filed in September, Hewitt alleged Poloni once threatened to torch the home”
An “affadavit”? So?
People lie all the time. Just ask Judge(mental) Judy.
December 1st, 2009 at 10:09 pm
“When I mentioned to an American fellow and his wife…what the average price was here…”
What the hell would THEY know? They have probably never even heard of Vancouver.
Who gives a rat’s ass what they think/know/don’t know/don’t care to know/will never know…
December 1st, 2009 at 7:27 pm
I just got back from Honolulu where there were ads on the local radio for brand new condos for $250k. That’s Hawaii, which is a heck of a lot better than here.
When I mentioned to an American fellow and his wife on the same dinner cruise as us what the average price was here, he literally fought back the urge to spit out his drink. The only ones justifying the prices here are the local property owners…and they’re in La-La Land.
December 1st, 2009 at 6:35 pm
defn arson job
hopefully no insurance will get paid out
December 1st, 2009 at 6:30 pm
Shaughness Noir aka 1518 Laurier Ave
Have they IDed the victim yet
BC Druglord or
US flipper
“In an affidavit filed in September, Hewitt alleged Poloni once threatened to torch the home, and said she eventually moved to California, fearing for her safety.
Hewitt alleged Poloni then moved into the home with his family in the summer, changed the locks and had her belongings carted away. She said when she returned, Poloni threatened to kill her.
Hewitt also alleged her partner was also assaulted on the property by an unknown assailant earlier this summer.”
“In an affidavit filed by Poloni later in September, he denied he ever threatened Hewitt, or removed her belongings, or threatened to torch the home.
Police said they would looking into the legal wranglings surrounding the home as part of their investigation into the fire and the death.”
http://preview.tinyurl.com/y8kpofv
December 1st, 2009 at 6:11 pm
The Bank of Japan, the country’s central bank, will hold an emergency policy meeting this week, NHK reported, without saying where it obtained the information.
Bank of Japan to Hold Emergency Policy Meeting, NHK Reports
December 1st, 2009 at 2:41 pm
@patriotzed: Indianapolis
December 1st, 2009 at 2:12 pm
Financial Post
Canadian housing boom overdone: Report
http://tinyurl.com/yktkzzz
December 1st, 2009 at 1:30 pm
http://tinyurl.com/yg3t7aq
The back-story to the Shaughnessy film noir real estate tragedy
December 1st, 2009 at 1:24 pm
I was watching old war movies over Remembrance Day weekend. Nazi Germans were cursing them “scammers”, “swindlers”, “piece of scums on earth” and other derogatory terms. It was not race stupid but profession.
December 1st, 2009 at 12:59 pm
@gvrdpropertyowner:
Like where? Where are real RE prices below historical norms? Where are price/income and price/rent below historical norms? Where are RE prices not set to decline when interest rates inevitably increase?
http://www.calculatedriskblog......e%20Prices
In the mid-80′s you could buy a house in Vancouver and break even on rent with a 25/25 mortgage and >10% interest rates. That was good value. Not tremendous, but good.
December 1st, 2009 at 12:28 pm
@#48 Nero, Can’t you detect sarcasm? We live in Best Place for Fools. Let’s pretend we are one of them fools and smart asses @CMHC can collect their big bonuses this Christmas like champions.
December 1st, 2009 at 12:20 pm
Looks like cookies are broken on this site. I am certainly not other ted!
December 1st, 2009 at 12:07 pm
55. nonymouse. What I found interesting about that article was that the mansion was 2 million dollars. so I someone with 2 million can choose between a very nice mansion in shaugnessy or two crack houses in east van. yup this market makes sense.
December 1st, 2009 at 11:56 am
@Niko:
It takes a couple of minutes to do a cash flow analysis on a property before you buy it. If you buy a property that will not generate any positive cash flow than you are speculating on capital gains, or the sliver of a chance at these prices that your property will start generating income one day. The only way to get those capital gains is to sell, and the probability your landlord is sitting on a small capital gain is high. Investing in Van residential real estate is almost the same as buying growth stocks that pay no dividends.
I have no moral guilt if my landlord has no clue about basic investing principals.
December 1st, 2009 at 11:46 am
@Niko:
December 1st, 2009 at 11:34 am
http://tinyurl.com/yb5dut3
Story in the Vancouver sun sounds like a film noir real estate tragedy.
December 1st, 2009 at 10:59 am
@Niko:
Niko the least you could do is buy the guy a beer
then sit around and commiserate on how tough things are….
December 1st, 2009 at 10:46 am
G Lady your scenario isn’t believable. Remember, people here closely watch both the real estate and rental markets. Come back with the real numbers.
December 1st, 2009 at 10:42 am
Never thought about the moral side of the buy vs. rent argument, but yesterday I was talking to my landlord and I felt guilty. He is a good, honest, hardworking man. His mortgage payments plus property tax plus condo fees plus insurance are about $1,000 higher than I am paying him in rent. Essentially, the guy is subsidizing my comfortable living and I am shamelessly taking advantage of his generosity. Do you think buying the place I currently rent to get rid of this guilt is worth doubling my housing expenses?
December 1st, 2009 at 10:14 am
G-Lady,
Are those “professionals” in their late 20-ties with enough down to buy professional growers or distributors?
All the “young professionals” I know just finished school and are already in their mid-twenties while having nothing more than piles of student loan debts… that includes couple of my own kids…