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River Green sells out

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River Green, The massive planned housing development advertised as Richmonds ‘very own coal harbor’ sold out this weekend, setting a new record for Richmond presales.

The biggest purchase was by a family who bought four suites valued at $5 million. Four penthouses also sold on the opening weekend at over $3.4 million. The 150 condo complex set Richmond sales records for individual condominium sale price and price per square foot.

Condo developer George Wong says this proves the once down and out real estate market is back. “It does set the tone for Lower Mainland real estate strengths. Certainly hope this is a shot in the arm for real estate in the province.”

The 28-acre luxury waterfront community is expected to take 15 years to build.

In fifteen years those buyers will either be thrilled they bought now before they were priced out forever, or potentially not so thrilled if the housing market fails to thrive. You’re going to have to wait 15 years to find the answer to that one.

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No More Gordocracies

@kwl:

谢谢。现在，你怎么问一个的华人，如果他们有救生衣和里士满地区在其昂贵的车库排船？

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Anonymous

Why rent? To get richer

http://articles.moneycentral.msn.com/Banking/Home…

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Calabuster

@jim:

Grandpa came to check if there were some Asian chicks available to pick it up. Presales are places in Vancouver, where those who know go, to get laid with Chinese bimbos.

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Inventory

June Unit sales

1995 = 1997

1996 = 2424

1997 = 2315

1998 = 1775

1999 = 2446

2000 = 2033

2001 = 2914

2002 = 2768

2003 = 3643

2004 = 3642

2005 = 4485

2006 = 4064

2007 = 4336

2008 = 2478

2009 = 4319

2010 = 2110***June 20

Eight more sales day to go. Unit sales are taking a beating.

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huckmeabone

Coming to a city near you

http://www.latimes.com/business/realestate/la-fi-…

I love the quality of women in China almost as good as Vancouver

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observer

@domus: If I recall correctly, in the latter part of 2008, the expires/cancellations were quite significant and inventory didn't continue in a straight line upwards because at any given time, a large percentage of listings would get expired or canceled, much more so than in the early part of the year. This is probably a feature of corrections in general, at least until outright panic and capitulation occurs (which didn't materialize in 2008 because of central bank intervention). One way to picture it is that there is a growing phantom inventory out there that represents owners in limbo who have listed but didn't get any sale and are deciding what to do next (there is also a shadow inventory of owners who haven't listed yet but are waiting, like millenium project, to put their units for sale at some later… Read more »

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Jim Bob

@Wizard of Ozzie:

Was pretty crowded in there.

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Anonymous

@Anonymous: 115, that's a great link.

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jim

@Wizard of Ozzie: Whats that white guy doing in the video in the end? Who let him in the sales area?

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Wizard of Ozzie

Did you check out the video!

http://www.youtube.com/watch?v=MwiihpZ_9gI

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Dan in Calgary

@Nero, regarding "making it sound like they deserve to die in quicksand" … Did somebody really suggest that? My initial thoughts (post #22) on this complex were that it is foolish to build/sell/buy a luxury complex in the area, because of the stability issues. Why invest a lot of money in something that probably won't last? If you're going to spend $5 million, you should certainly have a firm foundation. My general thoughts on Richmond have long been along the lines of "what is the government doing about real estate development in Richmond generally?" Is there a policy? If not, why not? I don't believe the government is acting responsibly. Post #25 in particular suggests that the issues are as serious as I have long believed. This has been of some importance to my wife and I since the 1970s.… Read more »

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jesse

@McLovin: So if trends continue, all listings will have dropped their prices in 3 months! Seriously though, the big unreported story — and one that isn't well tracked outside of the real estate boards — is price reductions due to expiries and subsequent re-listings. Remember the "victoria flippers in trouble" blog? It hasn't been active for 2 years now. It was taken off the Sacramento one of similar name. This format really gave the sense at how fast some listings were dropping their prices without any bites. I'm almost sure that's happening today with many lower quality listings but it takes effort to track these, either in the form of manually recording them or writing the appropriate parser and UI code to do it automatically. The real story is the stuff that's not moving. They will drag the rest of… Read more »

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Anonymous

@VHB: what is hard to understand and make sense of is the size. The quality of the adjustment is clear, the quantity does not make sense to me.

I am sure your identity is correct, no question. My doubts pertain to the number of the expiries and why they are not relisted.

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Anonymous

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Anonymous

Dear fellow realtor,

Greetings from Wedgewood, Polygon's limited collection of three and four bedroom townhomes on the North Shore. As a member of our local realtor community, I wanted to keep you updated on our latest news. Since opening just a few short months ago, our sales office has been a busy place. In fact, we sold 6 homes last week. As we approach the end of our sales program, we are pleased to offer an increased selling commission of 4.65% / 1.1625% as a thank-you for your ongoing support.

That'll do the trick!

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Woodrow

@domus: Remember when listing where going straight up a few months ago? well a lot of those listing didn't sell.

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crashcow

from Danielle Park's site:

http://www.youtube.com/watch?v=ipmH0RHQ4ec

A housing bubble severely misallocates an economy's resources. It causes homes to be built with such speed that quality and safety are the first factors to be compromised. It eventually leads to a glut of these poor quality homes…deserted, unwanted. What a waste.

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Banklender

@ south_slope

Why River Green is so popular and OV is not? Because OV is finished and if you buy it you have to pay full price and you don't make money. River Green is 3 to 5 years away you only need to put down 5% right now. You can still dream to make it big.

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Anonymous

House prices and rents have been closely linked throughout history, with both increasing at the rate of inflation, or about 3% a year since 1900.

Why rent? To get richer

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McLovin

Here's a headline you WON'T see tomorrow in the Real Estate section:

1% of the entire inventory in the lower mainland dropped there prices yesterday alone. In the past week, 5%.

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Tony Danza

@Boombust: Do you actually think anyone put down 5 mil for a pre-sale? You put down as little as possible with visions of flipping a few months or year down the road and then cry crocodile tears when it blows up in your face.

People buying in this future stalled condo project are not the "hot money" you're looking for.

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Nero

QUESTION:

Are mortgages that were approved prior to April 19th still active and valid?

For example, if someone was approved for $500,000 at 3% on April 18th, would they have to re-qualify their pre-approval on the 19th of April at 6.1% (or whatever the BOC posted rate is)? Or would they have that approval carry through.

In addition, how long does the typical pre-approval last? 90 days?

That would mean that we have about a month left.

Thanks

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Boombust

"Liquefaction….how do you say this in Chinese?|

Sinkhole. Financial and otherwise.

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kwl

No More Gordocracies Says:

Liquefaction….how do you say this in Chinese?

___________________________________________________________________

液化

But I don't know how you say this. I don't even know if it's right.

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Boombust

"why is it that River Green is so popular with foreigners yet the OV is not?"

Exactly. Something smells fishy, doesn't it?

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