Friday Free-for-all!

It’s Friday and that means it’s time for our regular end of the week news round up and open topic economic discussion thread!  Let’s hop to it with a few recent stories to kick of the chat:

Developers push wave of presales into slowing market
-Fairmont Residences price chops 40%Rennie slashes again.
10 worst first time homebuyer mistakes
Central Bank lowers forecast, raises interest rates
BOC rate increase to have little effect on real estate
Once again the Irish are leaving home
Boston luxury condos at big discount
UK house prices to drop 20% by 2012?
14 charts for the Chinese housing bubble
US Home sales drop 5.1% in June

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Realerpaul
Realerpaul
10 years ago

And you better hope the cops don't come to deport realpaul.

In fact someone should campaign to have him deported, he's too much of a drain on our resources and I pay taxes

Realerpaul
Realerpaul
10 years ago

Good Work Realpaul you've ranted against someone else but it does not explain what you are doing posting on this blog. It's about Vancouver Condos! Not seniors hanging out at the food court at 9am, drinking coffee, talking about how great the Socreds were before going to the library and then Ricky's for a late Dinner at 2:30pm, giving you enough time to get home for wheel of fortune and jeopardy starting at 7pm Woodwards building is empty! Rents are dropping, more speculative units are entering the market as cheap rentals. L'Aria on Robson has already dropped to the $1300 for BRAND NEW, so watch for vacancies to swell in the surrounding buildings as people upgrade to better and cheaper units. Watch for a flood of units at the Mondrian, Pinnacle, Miro, Gallery, YTP, Savoy etc. etc. as anyone paying… Read more »

realpaul
realpaul
10 years ago

Wow, Toilet cleaner, Sigmund Freud of the shithouse brigade….do you think anyone gives a fuck for you? Admitting that 'you had some problems in Vancouver that forced you to move' is any indication. Yapping at your betters is just making you look more like an ass. I detail contemporay topics…. you just whine. Moving out was good….thank you…we have more than too many dipshits out here. Stay gone dipshit.

scullboy
10 years ago

Wow Grampy, great posting there. Way to reinforce your reputation. As I said before feel free to continue to call me whatever names you like. It's pretty clear when you don't have a reasoned or rational response you resort to scatological references and a fair amount of homophobia. I suspect the "care" you feign for women, the elderly and children is just a screen to allow you to spew hatred while feeling self – righteous. I find the ugliness you constantly spew from your soul fascinating. Do you come here because it's a safe space? I can't imagine your wife (if she's still around and didn't run for the hills long ago) would put up with a fraction of the behaviour you exhibit here unless she's as horrible as you. I imagine your kids are pretty tired of hearing you… Read more »

patriotz
10 years ago

@chip:

In fact you will find most racist parties also favour more state control over the economy, price controls, restrictions on imports etc.

That's called "fascism". Not what most people, especially leftists, consider "left-wing".

Basically, the whole right wing – left wing definition breaks down under any scrutiny.

No it doesn't. Left-wingers are those who advocate more equal distribution of wealth and equal rights for the dispossessed. Of course there are many different ways to try to do this, but that's what they have in common. People who try to associate other attributes are trying to discredit them by association.

Anonymous
Anonymous
10 years ago

First off just ignore Realpaul, he does not live in Vancouver or in a condo and has nothing to say about condos. He lives in Richmond (just like that Gold guy randalbard, the yellow fever guy) and has nothing to add to any conversation. This is a fellow who hates the world and found this blog and posts. He/She has nothing to offer to the board except intolerance, narrow minded, right wing rhetoric, possibly from a lifetime of inadvertently inhaling solvents at work?

Boombust
Boombust
10 years ago

I visited a friend at the Polygon highrise, "Nahanni" in Port Moody earlier today.

A friend has rented a unit there for the past year at $1600.00/month. (Brand new last August).

I had to laugh when I saw an ad posted for a suite for sale on the front door of the building. The owner offered it for the measly sum of $510K "today only". ("Discounted" by about 30K, I think).

The WHOLE Nahanni/Sahalee/Klahanie area is crawling with 20 – somethings who are bunkin' to save $$$ (and bonkin'?) in the units that failed to sell.

"Massive" flips that flopped. Oh well.

Did I say massive?

chip
chip
10 years ago

@Jimmy:

Actually you would be referring to the WHTO-OF index, otherwise known as We Had The Olympics – Oh Fuck

coastal
coastal
10 years ago

@Bilbo Bloggins:

More sheep to the slaughter. I have been reading of another developer wannabe who made money in an up market but has never seen a real down market. They're all experts til the shit hits the fan, as it's doing now.

To quote the kid, "it will be a learning experience". You got that right junior, a very large one.

crashcow
10 years ago

John Hussman does it again, with his piece "Betting on a Bubble, Bracing for a Fall"

http://www.hussmanfunds.com/wmc/wmc100726.htm

Jimmy
Jimmy
10 years ago

#142 chip Says:

It’s a shame the WHTO* index is now defunct. I always found that one a sure bet for confirming prices were about to explode.

*WHTO – We Have The Olympics

—————————————

Sure, the WHTO index still exists, but it's a negative one:

WHTO — We HAD the Olympics.

Now we HAVE to pay for the party.

Provincial government has so far introduced the following tools to pay for it: HST, on-line gambling. There's gotta be more coming….Yikes!

realpaul
realpaul
10 years ago

#146 Scullery maid, it seems you've taken you're head out of the shithouse for a minute. Is this your coffee break? I told you…wear a mask when you clean the restaurants crapper, the fumes are turning you into an asshole.

realpaul
realpaul
10 years ago

#141 Chip, don't forget the PC cunts and all the other truth deniers whose agendas require the world to stick its head up its ass so that they get their way. The PC assholes knee jerk reaction is to call everyone a right wing rascist when the truth becomes uncomfortable. They call this style of ad homonim attack 'the fall back position'. From memory it was used successfully against the Canadian population by Ottawa Liberals when the population was in direct disagreement with the insane policies of the Trudeau Libs. Trudeau and Lalonde overcame the objections by creating hundreds of small constituencies in southern Ontario and stuffing them with new immigrants beholden on them for welfare and promises. Trudeau came out west once and got ridden out on a rail because people here were much more aware of the political… Read more »

scullboy
10 years ago

Wow Grampy you're in rare form today. By that I mean you're especially fucking crazy. For a guy who claims that other cultures have nothing to offer Canada you sure seem to hate your own country and particularly Vancouver. Tell me something Grampy, if all those brown cultures are violent and homophobic, and you yourself are violent and homophobic (which clearly you are) then what makes you any better then them? And more importantly if you hate Canada, BC and Van as violently as you obviously do then why on earth are you still living there?I mean plainly you hate: Unions, government workers, immigrants (at least the ones not willing to work for pennies in place of unionized workers), city hall, and gays and lesbians. So…. who don't you hate, exactly? Who exactly do you see as contributing to society… Read more »

Best place on meth
Best place on meth
10 years ago

@logic:

"Enjoy the weather all".

Indeed I will. Summer in Vancouver is always the 3 best weeks of the year.

Happy Renting
Happy Renting
10 years ago
Bilbo Bloggins
Bilbo Bloggins
10 years ago

Holy is this fool in for a world of hurt.
http://www.realestatetalks.com/viewtopic.php?f=8&…

Thinks he can flip a 200 to 250K condo in this market in a years time.

I knew BC bud is good, but THIS good?

Constantly amazed at how many amateur flippers there are.

Take one guy I know. Buys a fixer upper house for 650.

Spends every weekend for 6 months fixing it up.

Figure he spent about 60 thou more in materials.

He sells this thing for 730 and he thinks he's made money?

OMFG. Punch this thing into Excel you idiot.

Realtor takes 50. Interest is another 10.

He tied up his downpayment 6 months.

Ya buddy, congrats on losing 6 months of your life and over 40 thou.

We need more flippers like you operating in this market.

chip
chip
10 years ago

@Best place on meth:

It's a shame the WHTO* index is now defunct. I always found that one a sure bet for confirming prices were about to explode.

*WHTO – We Have The Olympics

chip
chip
10 years ago

@frank:

"This site is becoming a magnet for a few right-wing racist crack-pots."

Not to be pedantic but it's a myth that one has to be right wing to racist. The BNP is picking up support in the UK from disaffected Labour supporters while the KKK and France's Le Pen are backed mostly by economic nationalists.

In fact you will find most racist parties also favour more state control over the economy, price controls, restrictions on imports etc.

Basically, the whole right wing – left wing definition breaks down under any scrutiny. They should be junked as political adjectives.

NO-LYMPICS
NO-LYMPICS
10 years ago

Re: Saltspring etc.

I see this as another RE canary in the mine.

You hvae a combination of those who drove up the price, the family cabin has been inherited by squabling family members, as well as probate fees and capital gains, and everything in between. Then you have the Islands trust, etc.

These paradises lose their appeal after a while.

logic
logic
10 years ago

Open house day?

Screw that, I'm off to the beach. Enjoy the weather all (as it will be miserable again in a month or two).

realpaul
realpaul
10 years ago

Classic example of an excess of greed and a shortage of talent. Dubai was rich when credit flowed, the emirate now struggles under a crushing debt. residential prices are off 60% and falling continually, rents are failing, infrastructure can't be maintained and power blackouts are common in the energy rich state. Cars are simply abandoned at the airport as foriegners flee before they can be imprisoned for debts asd many are underwater on their loans. http://www.propertywire.com/news/middle-east/fall… This is a fact worldwide, deflation has hit. In the weaker economies it is obvious, for the higher taxed regions we are on lifesupport, but we know whats coming. How long can people here continue to pay ever escalting taxation to governments that want to push the notion that 'its differant here'. I see the government here in an all out fight to control… Read more »

Anonymous
Anonymous
10 years ago

well, i went out to that 388,800 house in vancouver east. there is a sewer running under part of the house. new construction on it would be restricted, hence the lower price. the place was packed. i'd guess it will sell pretty quickly.

another place i was at i asked the realtor what % of his clients put 20% down or more. he said a lot of his clients where overseas so they put down 35% or more due to regulations. so i asked what about the locals, and he said locals usually put 10% down. asked why he said they would rather eat the penalty and invest the rest of the money since rates are so low. i also asked how's business and he said its "busy". am i inclined to believe him, well…

Best place on meth
Best place on meth
10 years ago

@McLovin:

Here's 100 open houses to get you all started.

http://www.mls.ca/map.aspx?&SsID=5&Vs=VER

Remember, be safe out there. And no double-deckers please.

McLovin
McLovin
10 years ago

Today is open house day! If anyone happens to drop by one and engage the highly trained Realturd in conversation please share their experiences.

BTW does anyone know what the total inventory is?