Money for the middlemen
This list of commissions for The Brook in North Vancouver is courtesty of thinktom over at Real Estate Talks:
This is a new building with an open house every Saturday and Sunday. You can call them to book a viewing appoint at other times OR you could pay a 3rd party salesman $50 – $100k to show you the unit. Perhaps they’ll even drive you there in the new Porsche.
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May 17th, 2010 at 7:42 pm
@Purp1: Purp1, I viewed your property at the open house. “Well-priced” (only relatively speaking) compared to similar listings – which were going more at the $650,000 rather than the $599,000 that your property was listed at. The sharp pricing help attract attention and bid the price up to your final price of $640,000, well done. The comparable listings at $650,000 are still sitting on MLS as far as I can tell.
One question I have for you, now that you’ve got your money: any low-ballers and how low? I speak various languages and heard various groups talking in their native languages about what they wanted to bid. One woman was telling her realtor: “$500,000″ which i thought was insane… as that was $100,000 off list price.
Help us out newly-minted bear.
May 12th, 2010 at 6:56 am
Mortgage payments ARE included in CPI in Canada. OER is used in the US.
May 12th, 2010 at 3:00 am
@rp1:
Do you think your grandma’s pension should be indexed to the price of houses? There are plenty of other reasons why asset prices should not be included in CPI, but that’s the most obvious.
The simple solution to housing affordability is to end all government programs which promote home ownership.
Vancouver Real Estate Inventory - Double or Triple in 2010? | Vancouver Condo Info Says:
May 12th, 2010 at 1:47 am
[...] in Vancouver (15,000! 16,000! 17,000!) there’s a little milestone you may have missed: The doubling of number of units for sale since the beginning of the year. We started off 2010 with 8724 units [...]
May 12th, 2010 at 1:04 am
“Since you’re all steamed up about the US government trying to prop up house prices, surely you agree with me and many other posters that our “Conservative” Canadian government should get completely out of the mortgage guarantee business (CMHC and “private” insurers which are government sponsored) and let the free market determine capital flows into RE?
Right Chip?
Hello?”
Absolutely. What’s your point?
May 12th, 2010 at 12:11 am
The simple solution to housing affordability is to include asset prices in the measure of inflation. Two thirds of households own their property, so perhaps the housing component of CPI should be 2/3 teranet index + 1/3 owners equivalent rent. Does anyone want to have a crack at computing this?
May 11th, 2010 at 11:33 pm
@Van MD: Thanks for the link. Gotta love the Google translate version particularly the alteration to ‘buy now or be priced out forever’
“if it do not buy at the moment the later could not afford.”
May 11th, 2010 at 11:23 pm
@chip:
Since you’re all steamed up about the US government trying to prop up house prices, surely you agree with me and many other posters that our “Conservative” Canadian government should get completely out of the mortgage guarantee business (CMHC and “private” insurers which are government sponsored) and let the free market determine capital flows into RE?
Right Chip?
Hello?
May 11th, 2010 at 11:07 pm
@paulb: Damn! I was wrong by 2 units! never mind, we might hit 17,700 tomorrow…and it is still early May!
About new buyres: crazy stuff if you ask me.Pure denial. You can bring the water to the horse, but you can’t force it to drink.
The buyers of April and May 2010 are committing financial suicide.
May 11th, 2010 at 10:59 pm
Wow the amount of sales happening astonishes me still. I would of thought sales would have slowed down considerably after April 19th.
May 11th, 2010 at 10:25 pm
@scoop: *chants* Gra-nite! Gra-nite! Gra-nite!
May 11th, 2010 at 10:22 pm
@scoop: LoL, ouch good find. What do you guys figure would be the actual likely rental rate on this?
May 11th, 2010 at 10:09 pm
Haha, that’s funny that my sales experience got voted down, not sure why. Bears don’t want to hear that some buyers are still buying? I’m sure if I’d mentioned 150 DOM with no offers it would be +20! I’m a bear on RE, and was also surprised at the strength of the market. Let’s face it, it’s roared along a lot longer than most everyone expected. Maybe it’ll slow this month, maybe not. But clearly some properties are still moving briskly.
Nero, our home was in the $600K range, post war bungalow east side. 2 up, 2 down suite. We need more space for a growing family, were considering upgrading but nothing in our area that wouldn’t push our mortgage into uncomfortable territory. Plan is to rent for a while, see if market turns. If it does we’re golden, if it stays irrational we’re ok with that too. It will just mean migrating with other families to the burbs. City is becoming less and less family friendly.
May 11th, 2010 at 9:53 pm
************* 1/1/2010 / 5/11/2010 / % change
Bowen Isld 46 / 109 / 136.96%
_Bby East 68 / 171 / 151.47%
_Bby North 345 / 768 / 122.61%
Bby South 362 / 802 / 121.55%
Coquitlam 531 / 1156 / 117.70%
Van.&Gulf 215 / 266 / 23.72%
___Ladner 65 / 151 / 132.31%
MapleRidge 575 / 1055 / 83.48%
_New West 262 / 610 / 132.82%
_North Van. 412 / 1027 / 149.27%
OutofTown 105 / 68 / -35.24%
_Pitt Mead 121 / 199 / 64.46%
_Port Coq. 237 / 488 / 105.91%
PortMoody 213 / 456 / 114.08%
_Richmond 893 / 1945 / 117.81%
_Squamish 402 / 505 / 25.62%
Sunshine C. 656 / 1084 / 65.24%
_Tsawssen 98 / 206 / 110.20%
__Van East 767 / 1536 / 100.26%
_Van West 1396 / 3483 / 149.50%
_West Van 386 / 722 / 87.05%
__Whistler 569 / 791 / 39.02%
_____Total 8724 / 17598 / 101.72%
May 11th, 2010 at 9:45 pm
Stopped a little short, but still a solid day.
New Listings 466
Price Changes 183
Sold Listings 219
17,598!
May 11th, 2010 at 9:40 pm
Hi Pope,
Your rollercoaster has arrived at local Chinese MSM (World Journal – major Chinese newspaper catered toward Mandarin-speaking Chinese population)
http://van.worldjournal.com/vi.....bull_left1
Somewhat surprised to see them publishing this story without significant bias, since they were among the main Chinese papers pumping RE, including yesterday’s story about China money escaping China to invest in internatinoal RE.
Here’s my translation of some of the paragraphs:
“Tsur Somerville, Director of UBC Centre for Urban Economics and Real Estate, approves this video clip. It strongly conveys the underlying risk in RE market”
” … The only reservation Somerville has about this clip is the ending. The maker of this video clip has hinted (during media interview), that the dramatically pessimestic ending is to help burst the popular delusion [that RE only goes up]. ”
Guess the tide is turning~
Good work Pope,
Too bad they didn’t mention this blog or offer a direct youtube link.. Maybe you should consider offering VCI in Chinese!!
May 11th, 2010 at 9:36 pm
Not all realtors are a–holes, but he Chimp and his Gimp are;
Check out their latest tacky attempt:
“Are you handy? Are you game? Put a bin in the driveway and go to town, then put it back on the market by July. I don’t often point to good value, but for the right buyer there is a deal to be made here. This place needs to be sold and reno’d, and the time is now.”
May 11th, 2010 at 9:30 pm
@paulb:
500 new listings day, that is massive.
This is 2008 all over again, until June 1. Than the hammer falls.
May 11th, 2010 at 9:12 pm
And VancouverRealtor, you’re goddamn right I think realtors spew that crap. Not in those exact words perhaps, but the gist of it is the same nonetheless.
May 11th, 2010 at 9:09 pm
@paulb: please post the today’s closing inventory. Thx
May 11th, 2010 at 9:07 pm
Almost 500 total listings and 240 net listings so far today! How the hell is that a slowdown? Jesus, put the crack pipe down.