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Friday Free-for-all!

October 29, 2010 admin

It’s that time again! Time for our regular end of the week news round up and open topic economic discussion thread. Here are a few recent stories to kick off the chat:

–Does ultra-pricey Vancouver have a housing bubble?
–October new unit sales shaping up to be lowest ever
-$1 million house in Seattle vs $1 million in Vancouver
–Economist survey: Canadian real estate overvalued.
–Rennie: “We are a pre-sale city”
–Premiers TV address cost BC $240,000
–The long shadow over Canada’s housing market
–US foreclosure mess will last for years.
–In Spain your house gets foreclosed, but you still have to pay
–Dubai makes Vancouver Olympic Village look like a success
–

So what are you seeing out there? Is it feeling like a good time to buy now that prices are down a few percentage points from their all time highs? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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First, wake up ya bums.

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NO - LYMPICS

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I'm # 2 !!!

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realpaul

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Pimps tout US properties even though admitting "prices could fall for another year or two". They warn "don't try to time the bottom", as if it anything regarding the legality over title or price has been settled. "Catch a falling knife" say the pimps. "Buy now or be priced out forever" …what nonsense.

The main reason that the pimps continue to release articles like this is to attempt to maintain an interest in real estate "Talk it up" as they say. I still call it pimping.

http://www.vancouversun.com/business/sale+real+es…

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NO - LYMPICS

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Peter Wall's False Creek 'home run' Purchasers cheer as developer removes tarp from downturn-delayed, and smaller and cheaper, residences Read more: http://www.vancouversun.com/business/Peter+Wall+F… "We are a pre-sale city. With a pre-sale, you have 24 months to figure out your life. People love that breathing space," said Rennie, reached in London, where he was attending an art show. "The Olympic Village is a community across the street, and the Olympic Village will attract homeowners who want to live on the water with high-end German cabinetry and Sub-Zero refrigerators. It's a completely different buyer, but it's not just price point." Both the principals of Rennie Marketing Systems noted that the recent enthusiastic response to another, similarly affordable Wall Group project — 2300 Kingsway — set the tone for the launch of Wall Centre False Creek. "When [company founder] Peter Wall and I sat… Read more »

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Bilbo Bloggins

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Forget the 24 months.

If you have $5000 down, a pulse and a pen, you can sign

your life away in 5 minutes.

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browntown

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oh Yeah nutslaps! Gold to the moon nutsters! should have listened to browntown!

presales mania~

park 1/sophia/wall false creek all overnight sucess!

Browntown recommends Uptown for next nutbagger sellout.

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A.Einstein

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# 6 browntown

Which bridge did you take…Patullo or Alex Fraser?

Which dumptruck was yours?

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browntown

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@A.Einstein: OOh yeah nutslap! browntown has rock chip for u! follow right behind potwhole coming!

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Anonymous

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This photo summarizes the Vancouver housing market… it survived the 2008-09 mauling and is up and running again. When will it collapse due to exhaustion?

A photograph has been making the rounds on the Internet of a bison being chased by a grizzly bear along a road in Yellowstone National Park.
It’s a remarkable shot because the bison in question appears to have escaped the clutches of the bear mid-mauling. Chunks of its fur are missing, and it is literally running for its life, with a rather angry-looking Yogi in determined pursuit.

http://fullcomment.nationalpost.com/2010/10/28/sc…

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registered

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"With a pre-sale, you have 24 months to figure out your life."

After signing a 25+ year commitment you have two more to figure out your life? That's what happens when you spin so much bullshit you completely lose sight of believability's limits.

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A.Einstein

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Oy yeah…

That next pothole may be blackhole.

Even worse….I see you now….and the CVSE roadblock ahead.

Remember to cry discrimination….that should excuse you from requiring such luxuries as brakes, floorboards, lights, tires with tread, etc.

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paradox

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real estate and wheather – two things Canadians love to talk about.

Because they both suck in this country.

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A.Einstein

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real estate and wheather

====

You forgot to mention spelling skills

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metalhead

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RET down = more trolls here.

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Bad News Bears

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Wow, traffic and intelligent thought has really died down on this site.

Contrary to the inventory party days, the bears have all gone silent – again. Too many premature parties eh?

Maybe the continuation of the "bubble" has finally got to them and they realize that they have missed out again. Or maybe they just finally bought and stopped their whinning.

Oh well, the good times roll on for homeowners.

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Ridiculous

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Who the hell is Derek Paquette=====>…? that guy looks like he is 18 years old…even the pic looks like it is his grade 12 grad photo. His profile on his website is blank – I guess telling FTB's about his high school grades and that he was part of the 2008 BC championship high school basketball team doesn't help him sell mortgages. There's no way a kid this age can have any experience worth pimping…

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Ridiculous

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@Bad News Bears:

They weren't pre mature parties – Real Estate in this city is too expensive. I know many young professionals (including myself) who are leaving the city because of the bad weather, poor wages, aggravating commutes, fragmented culture and horrific real estate prices. When it comes to quality of life for the young professional working class couple looking to start a family, Vancouver is the worst city in the western hemisphere. Without working class FTB's, Vancouver RE will either die or Vancouver will become a wealthy suburb of China. Even if the bank will let them buy here, locals can't afford it here. Period.

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Anonymous

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"locals can’t afford it here"

Provably false. It's been shown time and time again that foreign buyers make up an insignificant proportion of the market.

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Carioca Canuck

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I just love that link with the $1MM SEATTLE – VANCOUVER house comparison.

The only word I have to describe my feelings is….."speechless"……..

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superduperbulltime

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@Bad News Bears: I think what happened was bear finally looked into mirror hanging on wall and realize problem is with face looking back and not anything else. Bear finally realize he have serious problem caused by not paying attention in school. No wife no kid and moldy basement suite make him obsessed with "crash" never gonna happen.

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The other Garth

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There is an interesting article in the Sun today about the premiere's TV appearance. They made use of some extremely misleading graphs to support their arguments.

http://www.vancouversun.com/news/Premier+charts+m…

Looking at the graph, I am dismayed by two possibilities:

1. That the government thinks the public is so stupid that it will fall for such an obviously misleading graph (BC's taxes are 1/6 of those in Ontario?).

2. That the government may be correct.

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Oh yea, the industry sockpuppets are moving here now that RET apparently ate a bullet. No one believes super, bad news, and the rest of those moronic handles are different people. Fuck off and get a life.

It really is time for moderator deletions.

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A.Einstein

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#

15

#

Bad News Bears Says:

October 29th, 2010 at 12:17 pm

Wow, traffic and intelligent thought has really died down on this site.

Contrary to the inventory party days, the bears have all gone silent – again. Too many premature parties eh?

=========================

No yawwn…its like watching your dog run away in Saskatchewan….on and on and on…bears can see far beyond the current "oasis" horizon.

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Damn, spoke too soon. Itttt'sss baaaaaaack.

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Ridiculous

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You should have read the rest of my response. To me, being able to afford something doesn't require entering into a contract to sign over 75% of my lifetime earnings to a bank in interest payments.

Bubble? What Bubble?