Leaky condo music video
I see that David Philip just posted this in the forum – A music video for that oh-so-Vancouver scene: the leaky condo.
From the video description on YouTube:
RSS 2.0 comments feed. Both comments and pings are currently closed.This just might be the world’s first Leaky Condominium Music Video. Repairing a leaky condo building can take months and months and months. So why not set it to music! Take it away, Rossini! Starring Jacob Breen.
August 26th, 2010 at 3:40 am
Loved the overture!…But sadly Mr. Breen should not hold out for an Oscar any time soon (like in this lifetime
)
August 26th, 2010 at 7:41 am
No cared when prices were going up…buy and flip with profit.
But when prices stall or decline, they owners say “oh, f***!
August 26th, 2010 at 7:49 am
Mr. A Sharp;
What do you know about the new high rise on Bevan in Abbotsford?
They claimed in a recent story that it was 1/3rd sold out and they haven’t even opened their sales office.
I know they haven’t opened their office, so they sold 1/3rd to “insiders” or what?
I signed up for the email newsletter ages ago and have heard nothing.
August 26th, 2010 at 8:10 am
@metalhead:
I dunno.
I just hope it gets built so I can rent a place in there. (or buy depending on the state of the correction) It would literally be the first really nice condo developemnt in abbotsford. If brio had been finished theN I would be there right now.
Tempo seems like the next best thing at this time…
August 26th, 2010 at 8:36 am
Thanks for the fast reply.
Yeah, it is interesting.
When I signed up for the newsletter I told them I was interested in a south facing penthouse or 1 under just to see if that would spur any response.
I guess it didn’t work, they must have saved those for their friends.
btw, I was googling a bit to see what I could find and that skyscraper forum says there are a couple of other high rises being planned for Abby. It will be interesting to see how they proceed.
http://forum.skyscraperpage.co.....amp;page=6
August 26th, 2010 at 9:17 am
Canadians are more conservative and we didn’t have rampant speculation? I guess somebody forgot to tell this guy:
http://vancouver.en.craigslist.....702843.htm
August 26th, 2010 at 9:26 am
This NYC deal inks the new benchmark on prime commercial space…if so it represents a price which is 80% below peak values for a similar trade in past years.
http://www.nypost.com/p/news/b.....QlNp2slijL
Who says prices aren’t coming down. There were rally’s, air pockets and plenty of denial from famous people when the bear market rally’s of the 1930′s continued to suck the unwary down. The building in the article is 30% vacant ( no longer shocking for NYC) and represents cash flow/debt…in other words ‘reality’. If the vacancies continue to mount so the prices will continue to fall to meet that equation. I forecast Vancouver prices coming into line with market rents in the very near future.
August 26th, 2010 at 9:45 am
Problem for bear fantasy is every prediction so far is proving wrong once again. It’s like a slow leaky tire full of hot air. It’s almost flat bear and blog traffic way down prove my point as bear turn bull in droves. First bear say rising rate sure to cause collapse but rates continue down. Post olympic appocalypse sure to collaspe real estate market but it never happens. Double dip caused by European economic stupidity never happen.
So what do we have after all bear prediction fail? We have growing economy, robust real estate market about to take off like Ryder Hesjedal up mountain pass and still bear believe end is near. Bear I think you should see head doctor. Mold from basement suite causing serious damage to brain stem.
August 26th, 2010 at 9:53 am
Canada’s Best Places to Live 2010
http://list.moneysense.ca/rank.....&sc1=0
Guess where “the best place on meth” ranks………………29th
August 26th, 2010 at 9:53 am
@superduperbulltime:
People predicted for years that the dotcom bubble would burst, and they were wrong for years.
Until they were right.
And all along there were stupid, useless cheerleaders like yourself mocking them every step of the way.
Then they suddenly stopped.
August 26th, 2010 at 9:59 am
Great example of violent price change in a relatively short amount of time: 1147 Keith Rd. NV 1.05Mil down to 950K in 56 days. That’s a ten percent reduction in 8 weeks. More to come. But the real excitement will start in the spring.
August 26th, 2010 at 10:04 am
@Anonymous:
Link fixed:
http://vancouver.en.craigslist.....02843.html
August 26th, 2010 at 10:08 am
Come on grumpy bear, cheer up. Get brain stem treatment from male nurse Rob A.
We are two years into economic Armageddon with Bruce Willis and still market not crash. Pretty soon economy start recovering, today’s report show wages already up 4% YOY. Then what bears? You will be like man who tell Roger Bannister, no way you can run 4 minute mile. It’s not different for you Roger. Then he did and rest is history. Bears still sitting at starting line arguing about how fast a person can run. Life is passing you by bears. Don’t avoid all risk and stick to silly simplistic MOI and Inventory models, RE more complex than that. You say, NO it is not, it is just irrational right now, but soon all those irrational people will begin to act rational. But RE is not like gravity, easy to predict. That why risk. Take off bear 3D DougieDog Downer glasses and see the world in full colour.
August 26th, 2010 at 10:18 am
@SuperSmartBull:
Then there were those who predicted the US housing bubble would burst.
http://www.youtube.com/watch?v.....re=related
Naturally, there were plenty of sneering, slack-jawed, worthless cheerleading douchebags (like yourself) mocking the ones who had any sense.
Then the scumbags went silent.
August 26th, 2010 at 10:27 am
@Best place on meth: When will arrogant bear go silent? Another decade of being wrong? 20 years? When bear wake up at age 75 in moldy basement no kids no wife and say real estate crash just around corner?
August 26th, 2010 at 10:27 am
@Anonymous:
Are the rents for the rented units realistic? Going by 150x rent – those units in langley are still 30% overpriced. Or a bad investment.
Speaking of rents – I always hear that craigslist rentals are wishing rents – what is a good source for rental information? Downtown suites seems to list 1 bedrooms for ~1400 in yaletown.
August 26th, 2010 at 10:32 am
A question for the forum. There are a number of highrise/midrise starts in Metro Van, including the OV area, Spruce on Broadway, etc.
Are the developers at this point committed to completing these builds? What is the first logical point to stop building (and construction costs) if required?
August 26th, 2010 at 10:33 am
@arbitrage: “Downtown suites seems to list 1 bedrooms for ~1400 in yaletown”
At 150x, that’s $220K.
August 26th, 2010 at 10:33 am
@Best place on meth: Still wearing your bear 3d glasses bear, please take off. It is causing you to call all people ‘cheerleader’ who doesn’t think big crash has already started in May and will drop 70%. What do you think SSB prediction is? Peter Schiff was good at predict US housing bust, but also wrong on many things since then. Trying to overlay Phoenix or Miami experience onto Vancouver is simplistic and likely wrong. Even smart Bull can see that 10% price growth YOY into eternity is fantasy. But that doesn’t mean only other option is 70% crash. Grow up.
August 26th, 2010 at 10:35 am
I don’t care if Don Knotts was best character actor of his time. Mr. Furley was still a dork.
August 26th, 2010 at 10:36 am
We talk about leaky condos all the time in Vancouver but condos are only a small part of the leaky buildings. There is an equal percentage of houses, coop’s, purpose built rentals and commercial buildings that are leakers. In most cases these buildings have not been repaired like many condos have.
Condos get addressed due to the strata system. The strata gets an engineer to assess the building for maintenance issues, etc. The engineer reports it needs a new envelope (as it does). The strata/owners are forced to do it as it is now public record in the minutes. Immediately a discount is put on the building units until something is done. The owners are stuck with it so at some point it has to be done.
For a SFH many owners never realize they have a mould infested leaker as it is never properly assessed. Real estate building inspectors are working with Realtors so they give it a pass regardless (many have no clue anyway). A house with a major building envelope problem is usually not cost effective to repair properly. You are better off bull dozing the house down and rebuilding over doing a proper rain screen. You do not have the economy of scale like a condo. So most do nothing or just patch leaks. There are tons of leaky houses out there and most owners do not realize the extent of the problem.
Purpose built rentals usually are patched up since the owner cannot recover costs of putting millions into an envelope which will not get him anymore rent. In fact they would have a lot of vacancies for the 3 years when the green tents are up. These buildings rarely get repaired properly.
Coop’s and low cost housing projects typically have no money so again nothing is done.
The big difference between condos and the others is the public record of the strata. The engineers know this and target stratas by providing cheap assessments on the building. They make their money preparing the RFP for repairs and managing the project. In the other situations, with one owner, it can be swept under the carpet or in many cases the owner just does not realize the extent of the problem. Lots of mouldy leaky buildings out there still to come.
August 26th, 2010 at 10:37 am
@superduperbulltime: Remember, bear only have to right once, even if at age 85. Bulls have to be right all the time.
August 26th, 2010 at 10:44 am
bpom,
I love those Schiff videos.
Those laughing hyenas look like total douchebags now.
We are now supposed to believe the Canadian equivalents?
August 26th, 2010 at 10:53 am
I find it hard to believe that a condo can be sold when the “Future assessment for building is unknown”.
Granted, it’s selling at a sizable discount but what if the assessment turns out to be 150K? 200K? 250K?
Has real estate in this town become a game of roulette?
http://www.mls.ca/propertyDeta.....-145069781
August 26th, 2010 at 11:00 am
@ metalhead “Those laughing hyenas look like total douchebags now.”
Yet they still insist they’re right, even as markets continue to tumble.
August 26th, 2010 at 11:10 am
@superduperbulltime:
AGREE MAN,Right on those one-ball bears.
Any girl,even the most undesirable one won’t marry to a Vancouver RE Bears who would rather squander their limited and meager income on beer and cheap prostitutes instead of putting a dime on the most secured commodities,Van RE;on contrast,those prudent and foresighted Bulls are investing their hard-earned income in Vancouver RE in the past three decades,are now the winners and recipient of a prosperous and abundant retirement full of quarterly Vacation around the globe in luxuarily life style .I know you bear will face a bleak future and meager retirement.But that won’t excempt you from fullfill your obligation as a tenant who should pay their rent on time.Remember pay your rent on time or you will be kicked out on Hasting street and ended up being a drifters holding all their belongs in two Superstore shopping carts.
August 26th, 2010 at 11:17 am
@Best place on meth:
“I find it hard to believe that a condo can be sold…”
Not just the cost of repairs, but first off living in a mould infested building and then putting up with 3 years of green tents and construction. And there is no assurance repairs will even get done or get done properly as you need 75% of the owners to agree.
A place like this should be sold for less than land value as it is a liability until repaired.
August 26th, 2010 at 11:25 am
Question to the trolls: Why aren’t you buying condos rather than posting here?
August 26th, 2010 at 11:25 am
@Wealthy House Owner: wow, a lot of gibberish today, does that mean we’re seeing low sales? Phone not ringing at the real estate office? Why is that everyone who believes Vancouver real estate is currently a good investment writes in a mangled clot of nonsense. You’re pulling our leg right?
August 26th, 2010 at 11:28 am
What’s the matter bear no more inventory party?
August 26th, 2010 at 11:29 am
Was golfing out in hope last night, and heard the line straight from the Realtor’s mouth… “Had a cold start of summer and its been too nice for the last few weeks… But traffic is picking up and we are anticipating a busy fall….
He left a few sarcastic comments were thrown around, and a few laughs were heard.
Took a long time but the sheeple are starting to realize you cant trust a Realtor for an accurate assessment of the housing market
August 26th, 2010 at 11:29 am
@James:
Oh, yes, please let me live in Yellowknife (ranked 23rd, 6 places above Vancouver) so I can suffer -40C temperatures for several months of the year and become an Ice Road Trucker.
Who makes up this nonsense?
August 26th, 2010 at 11:30 am
@superduperbulltime:
“What’s the matter bear no more inventory party?”
I think they’re having MOI parties now. Expect inventory parties to return once inventory hits 20K and MOI falls to 5.
August 26th, 2010 at 11:37 am
#27 R, I agree totally, there is no assurance of cost after you start ripping the walls out…no contractor would do it on a fixed price….you don’t know how extensive the damage is until you get inside, and it can get really ugly once the walls are out, as many condo owners have found out. There have been innumerable cases where people have trusted the ‘judgement’ of a realtard who had misled them as to what the refurbishment costs would be when buying into a ‘leaker’ at a discount…only to find the the survey was far beyond the costs suggested by the whore. You’d have to be out of your mind to dive into a trap like the one suggested….walk…no run away from a problem property.
I have seen many examples of buildings where reno costs have gone into the millions forcing unit holders to buy there properties back for far more than they originally cost. I remember an example on W 8th avenue where the building was eventually condemned and several unit holders who couldn’t eat the demo and recon costs lost everything. In cases where a building has leaked two and even three times I cannot understand why anyone would stick around or buy in. It comes down to there being a lot of stupid people.
On another nore regarding the falsity of information in Canada we see that a parrellel exists in the US wherein they have a public reporting of the real unemployment numbers while ours are secreted away not for public consumption. While it is true that the public system has exacerbated the furor of negative opinion in the US, it does not mean that we are not seeing exactly the same thing happen here, except that the market is retarded by the lack of public reaction to the same economic numbers. We have high and rising unemployment, high bankruptcies, highest personal debt and rising and a slow motion implosion of the RE market that the government admits it is powerless to stop. They have already ground yields to zero and still we have broached the precipice….classic ponzi scam action.
http://finance.yahoo.com/news/.....amp;ccode=
Think its differant here??????? What the f##k are u smoking?
August 26th, 2010 at 11:45 am
@Anoymous:
What parties are Bulls (Realtors)having?
Go have a tea party instead of posting on a Bear forum just because you have no sales to process. Or pick up the phone and call each other since no one else is calling you.
August 26th, 2010 at 11:51 am
@Anoymous: LOL you idiot, the analysts that rank the city’s probably realize that in the long run it’s better to suffer a few -40C winters than to end up with a $1,000,000 mortgage for a $290,000 house in a city where incomes are half as high.
August 26th, 2010 at 11:53 am
Interesting parellel….is Canada the Saudi Arabian equivelant for real estate in the western world????
http://www.cnbc.com/id/38863440
Ignorant interferance from a hamstrung government means inefficiency and corruption.
http://www.cnbc.com/id/38863440
August 26th, 2010 at 11:53 am
@Anoymous: Hey man thanks for the PM invite to your Realtor (TM) circle jerk but I’m not really interested (did you erroneously assume I was a realtor?).
BTW do you all sit around thinking up posts for VCI while you watch each other wank?
August 26th, 2010 at 12:07 pm
@SuperSmartBull
I know this will sound like I am a bear..but I am not.
Yeah! 4% YOY…WOW my lousy middle class hourly wage just went from $25 to $26. I guess I can run out and put an offer in on that million dollar crack shack.
Since your such a “SuperSmartBull” why don’t you post some MLS listings of rental property in Vancouver where an investor can receive a positive cash flow without having a huge down payment?
You may be a bull but your logic is far from smart.
August 26th, 2010 at 12:31 pm
@Cranteeny Bitchezz:
“LOL you idiot, the analysts that rank the city’s probably realize that in the long run it’s better to suffer a few -40C winters than to end up with a $1,000,000 mortgage for a $290,000 house in a city where incomes are half as high.”
Exactly. They’ve applied some arbitrary weights to some criteria. Same as the Mercer reports which put Vancouver at the top.
August 26th, 2010 at 12:33 pm
@Cranteeny Bitchezz:
“BTW do you all sit around thinking up posts for VCI while you watch each other wank?”
The fact comments like get voted up +6 shows what’s becoming of this blog. Not everybody who disagrees with you is a realtor. Try and get your head around this simple concept.
August 26th, 2010 at 12:45 pm
“Same as the Mercer reports which put Vancouver at the top.”
Unless I’m mistaken, not any more. I’m typing this more for the practice than for any hope it ever sinks in: the Mercer Livability Index is targeted to executive relocations. It’s not a Ms. City Universe beauty pageant, it’s an HR tool for determining compensation when relocating employees. That it’s constantly trumpet here otherwise is a symptom, not an attribute. The above ignores it’s only one of many similar such city rankings which Vancouver doesn’t top.
Reason to be proud? Yes. Justification for current prices? No. But no matter how many times this has been and will be spelled out, you could set a watch by the next time someone says ‘but….Mercer!’.
August 26th, 2010 at 12:59 pm
@fixie guy:
I wasn’t saying that the Mercer report is correct, just pointing out that all of these reports take an arbitrary weighting of a bunch of criteria – some objective, some not quite so much. Take them all with a Costco-sized bag of salt.
August 26th, 2010 at 1:11 pm
@superduperbulltime:
“What’s the matter bear no more inventory party?”
That’s right supercheerleadingdouchebag, we’re now having “unemployed realtor” parties.
August 26th, 2010 at 1:21 pm
@Patiently Waiting, regarding “Question to the trolls: Why aren’t you buying condos rather than posting here?”
They’ve lost all their money on bad RE investments. They have nothing else to do with their time (they’re unemployed and have until recently been living off home-equity loans) other than to prepare for the eventual foreclosure on their “investment” residence by looking for rental basement suites on CraigsList. You can imagine that gets frustrating for them as they alternatively (a) self-indulge in pity and (b) vent on a convenient target such as the bloggers here. Their day consists of switching from one Mozilla tab to another, one being CraigsList rentals, the other being VCI, hour after relentless hour, day after relentless day. You know the pitiful stereotypes they paint of “bitter renter”, “basement-dwelling bear”, “living at home with Mom and Dad”? Well, that’s merely an expression of their deepest fears … where else could it come from?
August 26th, 2010 at 1:25 pm
@Anoymous: If the people spending dozens of hours every week to post nonsense arguments supporting the ridiculously obvious housing bubble in Vancouver are not real estate agents or their marketers then they are, unfortunately for themselves and their families, most likely mentally ill.
The reason some posters on this forum assume you’re a realtor or cut from a similarly putrid cloth is that you post garbage monday through friday during business hours, maybe you should add a night shift of astro-turfers to obscure your mandate.
August 26th, 2010 at 1:32 pm
Or you could rent. The list is of best cities to live in not to buy a house in. I’ve never been to Yellowknife, but I have experienced some -40 winters, and I wouldn’t move there if you paid me.
August 26th, 2010 at 1:33 pm
Did anyone notice on GlobalBC noon news yesterday that they are now in the real estate “selling” business ? First they bring on the ex-weather girl turned RE agent as a real estate advice/commentary, and now they are actually showing homes with pics and prices and ooooing and ahhhhing over each one’s granite and steel.
I realize we have always had a biased media but this has reached the pathetic point. I watch the news for the news, not to be spoon fed some hard-up agent’s crappy listings that aren’t selling. Another sign of the imminent crash IMO.
August 26th, 2010 at 1:41 pm
@Slummerville:
Please bear, do your own research.
Why bitter bears always try to make every argument so simple black and white? bull vs. bear. kite to moon vs. 70% crash. 4MOI = rising price vs. 8MOI = falling price. VCI bear vs. realtor. Get tiring to always deal with false choice, is this how all bear live life? Make world easy to understand, always simple answer and good guy and bad guy. Well bear, this is not Clint Eastwood western. Van RE surprise again and again and again yet bear always cocky and say surprise is over next week. Why not just say, “Look I am crazy chicken bear, I am sad and bitter and think market is going to crash after . But to be honestly it also possible that market may be flat and stagnant for year, or market make minor correction or market keep rising. I am not smarter than 99% of population.” These other view not only realtor view. Fact that bear can’t admit that will hurt bear in life, all decisions made with silly bear filter and hubris always make bear unlikable and bitter when wrong.
August 26th, 2010 at 1:49 pm
@coastal: Hang on to the clip so you can sue them later. That will be the next hot trend in Vancouver when the RE bubble loses it’s appeal. It will be a show on HGTV “Sue That Ex Real Estate Pumper”
August 26th, 2010 at 1:51 pm
@fixie guy:
it’d be nice if we dropped a bit on the mercer report – i wonder if it’s used as an excuse to pay a lower salary vs a comparable job in toronto.
August 26th, 2010 at 1:56 pm
When I compare the reality in the US to what is happening here in Vancouver, I’m just stunned. The latest new home sales report down there notes a new low for July–276,000 unit sales. What’s more interesting from the perspective of one living smack-dab in the middle of the fantasy-land that is the Vancouver real estate market is that of these 276,000 sales, exactly ZERO were sold for more than 750,000! Note that the report implies that is the “luxury home” category!
While not a single new home in the US sold for at least 750K, we have wannabe real estate moguls scooping up east side shacks at that price level.
The report also mentions that only about 1,000 of the new homes sold last month were bought at prices greater than 500K–the average price of a 1BR (with 20 sq. ft. of additional flex space!!) shoebox condo in Yaletown.
YikeS!
http://globaleconomicanalysis......sales.html
August 26th, 2010 at 2:03 pm
Here’s the next episode of “My Sister and her Hubby are trying to seel their house in Coquitlam.”
A quick recap: 4BR, 2BA in the Harbour Chines area of Coquitlam. Decent place with a nice, wildernessy back yard. It’s been on the market just over two months now, with about a dozen showings, a few open houses and not a single offer.
As of this past Monday, my sis and her hubby decided to lower the price. They dropped it just over 2%. (It sounds a bit more impressive when looking at the absolute dollar value.) Anyway, the have had two more showings since, with the very good prospect of an offer. I’ll keep you posted.
August 26th, 2010 at 2:12 pm
@oneangryslav2: So if they’re asking $4 million then they dropped the price $80k? You’d need a stupidly high asking price to make 2% sound impressive in dollar terms. I find it hard to believe a 2% drop would spur buyers into action, but what do I know, I’m just a stupid bear.
They dropped it just over 2%.(It sounds a bit more impressive when looking at the absolute dollar value.)
August 26th, 2010 at 2:16 pm
@oneangryslav2:
But but…we have MOUNTAINS! (of course there are no mountains in the US) we have the OCEAN (no ocean in the US) we have HIGH PAYING JOBS!!! (none of those in the US, of course, nope, none of those investment bankers make over $50k).
Crazy. I was talking to someone about that series in the Vancouver Sun about why Vancouver real estate is so high. Population, land restrictions etc all advanced as reasons. But this person pointed out that they missed one key point, maybe the ONLY relevant reason for why Vancouver RE is so high-FREE MONEY! Did the article mention at all the fact that down payments were dropped from 25% to 0? Did it mention the CMHC windfall for banks? Sure, we have increasing population, but so does Africa for goodness’ sakes! Fact is, people have been given a whole bunch of free money to buy houses which has resulted in a bubble. End of story. What a bunch of nonsense our journalists write these days.
August 26th, 2010 at 2:29 pm
@Tony Danza: No, the asking price isn’t anywhere close to 4 million. Still, the drop does equate to (low) tens of thousands of dollars. I agree with you, though, (so I must be a stupid bear as well) that a 2% price drop would not get me off the fence. Then again, just because renewed interest happened to follow the price reduction, does not necessarily mean that the one was caused by the other–post hoc ergo propter hoc fallacy.
August 26th, 2010 at 2:35 pm
@ arbitrage. Yes, pay scale is one of the livability criteria, otherwise Monaco would probably win every year.
Detail of the index mix are for paying customers only.
August 26th, 2010 at 3:38 pm
Looks like Ian Watt’s not too happy about the level of sales vs. listings;
http://www.youtube.com/watch?v=4IY5qN6ubk8
“We’re getting the crap kicked out of us”
August 26th, 2010 at 3:52 pm
Afghani warlords in Chilliwack.
http://ca.news.yahoo.com/s/cap.....opium_bust
August 26th, 2010 at 4:16 pm
YAH! YAH! YAH! like my girl friend just have bought a pack of TAMPAX to comply with nature so who on earth can collide with the nature of leak? It’s a water buddy it will go through anywhere.However,I am sure you can’t see sand blow out of concrete building while you can see it in other part of this world where developer promise you an concrete building while the eat it in realty.
In Vancouver,we have NATURE,DISCIPLINE,and COMPLIANCE thus far Oh My Gosh-Vancouver Is The Best Place On Earth,There’s so many way to love this city.
August 26th, 2010 at 5:19 pm
New Listings 110
Price Changes 86
Sold Listings 107
August 26th, 2010 at 5:39 pm
This from David Rosenberg at Mish’s site is incredible. He’s referring to new homes in the US:
“The high-end market, in particular, is under tremendous pressure. In fact, it is becoming non-existent. Guess how many homes prices above $750k managed to sell in July. Answer — zero, nada, rien; and for the second month in a row. Only 1,000 units priced above 500,000 moved last month. ”
http://globaleconomicanalysis.blogspot.com/
They probably move a half dozen new homes over a $1 million in West Van alone every month.
August 26th, 2010 at 6:02 pm
And speaking of incredible, here’s one of the reasons why the US is in a hole that deepens every year:
“Miami faces a pension payment exceeding $100 million in the fiscal year that begins Sept. 30, Regalado said, which will consume a fifth of its operating budget. Moody’s Investors Service and Standard & Poor’s both cut the city’s general- obligation bond ratings in the past two months, citing the deficit and pension costs.”
http://www.bloomberg.com/news/.....-says.html
Yep, 20% of Miami’s budget goes to paying the pensions – not salaries – but pensions of its union workers.
Meanwhile, little free market paragon Singapore has posted average GDP growth of 35% in the first two quarters, without having to rob its grandchildren to pay for it.
August 26th, 2010 at 6:31 pm
Two Charts: All You Need To Know About Canada’s Housing Bubble
http://wp.me/pcq1o-1fu
August 26th, 2010 at 7:16 pm
A trip down real estate memory lane with the cheerleading media whores of America…..
http://www.elliottwave.com/fre.....oming.aspx
August 26th, 2010 at 7:35 pm
Rising resale home prices set to stall: Teranet report
“The Teranet measure has been lagging the CREA measure by about four to five months, suggesting that this measure too will soon show a slowing in the Canadian existing home market,” said Petramala.
http://www.househunting.ca/the.....story.html
August 26th, 2010 at 8:16 pm
Will at http://www.agentwill.com thinks Larry is a genius.
August 26th, 2010 at 8:26 pm
Teranet uses weighted average data to calculate the index so it’s not surprising it is slower to recognize price drops.
August 26th, 2010 at 9:19 pm
Realtors launch ad campaign to buff up their image
August 26th, 2010 at 9:24 pm
#63 C, Singapore is a meritocracy, really smart people running things, they base hiring, position and promotion on ability. I have spent a lot of time in Singapore and can attest to that city state as having more Ph.D’s per capita than any other I have ever visited. In Canada we have douchebag-ocracies run by douchebags who are promoted by seniority not ability, education, track record or intrest. Our government is infested with unionist dickweed that can’t run a lemonade stand but exist on the idea that anytime they lose money they can just come back to the well and grind taxpayers for more…thats why Singapore is growing at 35% per Q and Canada is swirling down the toilet. Many people who read only the history of Singapore and have never actually been there will bring up all sorts of nonsense to defend the Canadian douchebaggery but all of that is just nonsense. The affluence in Singers is ubiquitous…the people have a much higher level of income, standard of living and access to education and government services than anything in Canada. Anyone who doesn’t understand this should go there, although I doubt most could afford it. By the way… much lower income taxes.
August 26th, 2010 at 9:27 pm
@ReadyToPop:
Launching an ad campaign?
For Christs sakes, those idiots have had a non-stop ad campaign for 2 years since the last meltdown.
I’m sick them, they’re like the tampon ads of days gone by.
August 26th, 2010 at 9:37 pm
@jesse: I am pretty sure in 2008 it was lagging the Vancouver benchmark price drops also.
August 26th, 2010 at 10:10 pm
http://www.sinovision.net/inde....._id=135553
- The commentator, in a TV documentary named “Japan purchased by Chinese?”, aired in May was astounded to find premium areas like Shinjuku, Azabu were snapped up by Mainland Chinese
- 11 Resort houses were snapped up by Chinese in Hokkaido and the developer is planning to release 500-1000 more to meet up with the demand.
- Of course, the highest tower in the world, aka “Tower Dubai” previously, would not escape the attention of the Chinese. “Well, price per sq is $6000 Yuan already in the suburban areas in China and the tower is selling for just $7000 Yuan/sq. Why don’t we snap it up?”, said a speculator.
- In Melbourne, a Chinese business woman paid 120M Yuan for a 9000 sqft Penthouse.
- In Melbourne again, a chinese student, who does not speak English, keep on raising her bids in an auction, securing a 3 bedroom place for 11.4M Yuan eventually.
- Can you imagine the reach of the Mainland Chinese to Jeju island off the Korea coast? A partnership of 150 people bid 183M Yuan for 58 resort houses.
- In Madrid Spain where houses fell 30-40% since the peak, 6 buildings were snapped up by Mainland Chinese. According to the government, 100 foreclosures were sold to the chinese since last year.
- In Italy, Mainland chinese comprises 30% of the foreign puchases.
- In a housing exhibition held in Beijing, developers from the US increased its presence from 2 vendors last year to 8 States and 20 cities this year, a developer from California sold 17 out of 20 of its SFH products.
I have no idea how this will end for those chinese speculators but it seems a lot like the Japanese snapping up commercial real estate 20 years ago around the world, except commerical real estate gave them cash flow while residential gave them nil.
August 26th, 2010 at 10:12 pm
@paulb.: See here for a graphical comparison of the Teranet and GVREB HPIs.
The two lines have offset uncertainty but Teranet indeed has a lag, evident by looking where the slopes change. If prices continue to decline as reported by GVREB, I have high confidence Teranet will start showing declines as well, with about a 1-2 month lag.
Teranet adds averaging on purpose as it is generally interested in tracking longer term trends so they knock down the signal bandwidth. The penalty is a lag in the reported index over what is likely the reality in the trenches. They do a reasonable job at minimizing it, I think, but it’s still there.
August 26th, 2010 at 10:15 pm
@Whitebear: “but it seems a lot like the Japanese snapping up commercial real estate 20 years ago”
Closer to 22 years ago but yes, history is certainly rhyming. My advice to owners: take their freaking money before it’s too late!
August 26th, 2010 at 10:58 pm
Sell list is getting extremely high lately!
August 26th, 2010 at 11:22 pm
@Anonymous: Easy explanation: Buyers have been busy all summer mowing lawns while sellers have been busy trying to sell their home.
Buyers are now exhausted from all the lawn mowing and are doing less of it. With all the extra time on their hands, buyers are buying.
Meanwhile, sellers are finally realizing that in order to get their homes sold, they need to start mowing lawns! Sellers have become so consumed by mowing lawns that their listings are expiring without them even knowing.
Hence listings down, sales up!
August 27th, 2010 at 12:21 am
Good news, your rent includes HST
http://vancouver.en.craigslist.....12520.html
August 27th, 2010 at 12:31 am
@Anonymous: No, we have the occasional high sell/list day, but when you average-out with all the other days its still quite low.
August 27th, 2010 at 4:22 am
@Patiently Waiting: Someone should call and ask for their HST registration number.
September 15th, 2010 at 4:11 pm
I thought the music video regarding leaky condos was clever .I had patience for repairing but not for paying the $60,ooo dollar bill not my repisibility. I rented for a few years after selling and losing on my leaker in surrey. In 2005 I managed to put a small down paymnet on new, rainscreend and under warranty condo.
Guess what??? Continue your music.. the scnadal continues.. a 4 page report on deficiencies…too much for myheart but enjoyed your music…
If you are going to blame the victims.. hard working canadinas for this I will not be able to read…thanks for listening you may see me on cbc news
Jen