NYC Condos for 80% off

Apparently there’s a city called New York on the East coast of the US that some claim is ‘world class’.  Please… Like they could hold a flame to our shops, restaurants and cultural events.

One thing they did have in common with us is some expensive real estate.  Did have, because it appears to be getting cheaper.  Units in a ‘historic’ upper west side condo conversion are selling for more than 80% off their original prices.

Sounds like they need Bob Rennie.

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patriotz
9 years ago

ulsterman:

Can you imagine if Canada pulled this stunt and limited Chinese buyers to one Vancouver property each?

"Stunt" is exactly right. The bubble in China is entirely due to local buyers and governments, and the bubble in Vancouver is also entirely due to local buyers and governments.

China is simply exploiting xenophobia to divert blame from the real culprits. As is Australia.

Any real and effective measures to end the bubble here would have to target both offshore and local buyers. And they're not going to happen, so don't hold your breath.

Devore
Devore
9 years ago

@rp1: They don't understand how the majority acts and thinks. They're part of the herd. They move with it. There is no conscious decision to do so. It's fine to join them when the herd is grazing, but once it begins to stampede, you need to scoot to the side when the cliff is in sight.

The money is not in running with the herd. The money is in raising your head up, and looking at the big picture to see where the momentum's going, then getting there first. The herd is right, until it isn't. Everyone's an investment genius during the boom, until the boom ends. Then they're running off the cliff with the rest of the genius herd.

rp1
rp1
9 years ago

#80 @Anonymous: "Was just pointing out that a cheap car might not be that economical when it comes down to it."

So true. I drove a $2000 car for 6 years. It was actually a pretty good car. Saved me lots of money compared to the parade of beaters I had before. When it finally died I had money saved for a much newer car. The new car is nice and even cheaper to run, but on the next car I get I want missiles.

rp1
rp1
9 years ago

#76 @Best place on meth: “3 hour line ups at the border today”

I saw that. Are people crazy or what? I think they all just want to feel they’re a part of something, it doesn’t matter how stupid it is. I’ve gained a great appreciation for the RE bull case. They were right, year after year, I think because they understood how the majority acts and thinks. And in a market, that’s everything. At least until the majority is broke 🙂

ulsterman
9 years ago

http://www.marketwatch.com/story/china-reportedly-limiting-foreign-property-buys-2010-11-12

LOS ANGELES (MarketWatch) — China is setting new rules that prohibit foreign companies from buying property there, other than offices for their own use, according to reports of a Chinese media account Friday. The rules will also limit foreigners living in China to the purchase of one residential unit for their own use, reports cited the state-controlled Securities Times as saying. The news was partly blamed for a sharp sell-off in Chinese stocks Friday, with the Shanghai Composite (CN:SHCOMP 2,985, -162.31, -5.16%) down 3.6% in early afternoon trading

Can you imagine if Canada pulled this stunt and limited Chinese buyers to one Vancouver property each?

jesse
9 years ago

@Renting: Here is a quote from mohican himself:

I sold my 800 sq ft 15 year old condo for $200k and bought a brand new 2000 sq ft townhouse for $285k

Do your research properly before spouting off about how "fxcked" up he is.

jesse
9 years ago

@Renting: "So if Millennium discounts the OV 10% over what the presale purchases paid a few years ago they are being sold at below market value?" Of course market value based on sales price. There were very few sales in 2008 so "market value" isn't meaningful until he buys. From that strict definition anyone buying pays market value. However, he stated he paid significantly less than his neighbour for a similar unit. But that is in the end extraneous: the circumstances why the seller sold are interesting but, according to his post, would not have affected his decision to buy. The major consideration was his value analysis — and if you read the comments I thought his analysis was a bit optimistic from a strict investment point of view — but I'm inferring he used optimistic analysis because he had… Read more »

Kim Jong-il buy 3
Kim Jong-il buy 3
9 years ago

Anyone seen this on msn? I think they've run out of ideas

"Looky-loos: How to tell if you have a real estate obsession"

http://money.ca.msn.com/banking/homebuyersguide/g

"You arrive reeking of marijuana.

Especially if it's an open house in a "transition neighbourhood," according to a realtor who'd rather remain anonymous. This phenomenon is particularly apparent in Vancouver, where the laid-back looky-loo might smoke a "fat one" before heading out for a leisurely day of open housing."

Kim Jong-il buy 3
Kim Jong-il buy 3
9 years ago

@ Renter

Lol, that’s more my style but my wife never seems to have the wits at the time to pull it off at the time. Lately I just let them talk, I find the more they say the dumber they sound.

Renting
Renting
9 years ago

Because he paid less than those who paid presale prices a few years ago. So if Millennium discounts the OV 10% over what the presale purchases paid a few years ago they are being sold at below market value? Only a realtor could make such a silly statement. I think you know better. If not Google "market value". It was the last unit in the complex and the developer was eating marketing costs and other expenses with that last unit on the books. It was, for whatever reason, worth a discount to “clear the books.” The sales center realtor could not have put it better himself. That is just a sales pitch. Again if it was priced at market value it would have sold when the sales center was open. From what you are saying the sales center was open… Read more »

Derek
Derek
9 years ago

The thing with Vancouver is that you can never underestimate the pool of morons who will ante up and buy a house. I'm completely on board for the houses are overvalued thing in Van but it just seems that there is always another idiot who is looking to get in the game. I dunno when this will run out but it will but it could be alot longer than people hope for here…

Yalie
Yalie
9 years ago

BPOM – fair enough. I agree that most people have little appreciation for the sacrifices that were made by others on their behalf. Same goes for those who think we should abandon our military since we live in "peaceful times", not realizing that the presence of an armed force is what keeps us generally at peace in the first place.

shawnchong
shawnchong
9 years ago

There has been lots of talk about province vs. province, so I went to the Statistics Canada page and looked up these stats for 2006:

(B.C.; Ontario; Alberta; Quebec)

Interprovincial in-migrants vs. Interprovincial out-migrants

55,860/44,050; 56,835/75,380; 86,995/46,485; 23,080/30,375

(Vancouver; Toronto; Calgary; Montreal)

External in-migrants (migrants from abroad)

47,710; 92,850; 16,405; 39,890

The conclusions that I can draw are that within Canada, B.C. and Alberta seem quite popular, whereas Ontario and Quebec, less so.

Toronto is by-far the most popular destination for immigrants from abroad, followed by Vancouver and Montreal… with Calgary waaay behind.

Best place on meth
Best place on meth
9 years ago

@Yalie:

You missed the point completely.

But I'm sure all those shoppers sported a poppy over the last week to show their respect for the soldiers because it doesn't take any thought or reflection on their part, it's easy to stick one on their lapels and voila, they've done their duty.

After that, it's a bonus day off to go bargain hunting.

Renting
Renting
9 years ago

@Kim Jong-il buy 3: The post was me… Fair enough if it happened. Although I have seen people offer good intentioned advice to renters I have never seen someone get any type of pity or disrespect. If someone was to show my wife that disrespect I would simply give her some advice on how to reply. For example: Oh do you own? When did you buy? Oh geese right at the peak of the bubble. You must be worried? No. Well then your husband must have a really good high paying job. Oh that is all he does, so sorry to hear that. We will keep our fingers crossed for you that things work out. I mean I am sure what happened in the US will not happen here with the price collapse. And if interest rates do go up… Read more »

Yalie
Yalie
9 years ago

3 hour line ups at the border today, full of giddy Canadians going shopping with their at-par dollars. This is how tens of thousands of us mark Remembrance Day.

I’m sure it’s what our grandfathers and great grandfathers had in mind when they were fighting on the beaches and in the trenches.

When exactly did getting screwed by over-charging Canadian retailers become an act of patriotism?

More Canadians should be shopping in the US, not less. That's the only way the price-gouging is going to stop.

jesse
9 years ago

@Renting: "If it is such a good decision, any reason you didn’t buy one?" I don't live in Fort Langley. What makes you think I rent or even want to invest in property? "Just curious how you determined he paid below market?" Because he paid less than those who paid presale prices a few years ago. It was the last unit in the complex and the developer was eating marketing costs and other expenses with that last unit on the books. It was, for whatever reason, worth a discount to "clear the books." I don't disagree with you that overpaying will in net will leave someone with less capital in the future. For whatever reason some people's personal situations warrant them willing to pay a premium for certain products at certain times. I agree with you that from a strict… Read more »

painted turtle
painted turtle
9 years ago

Property prices and sales expected to fall in Canada in 2011
http://www.propertywire.com/news/north-america/ca

Rental revenue is flat
http://www.calgaryherald.com/business/Boardwalk+R

Anonymous
Anonymous
9 years ago

@midnite_toker:

"Yeah he should get one of those magic cars that don’t require insurance or maintenance "

Was just pointing out that a cheap car might not be that economical when it comes down to it.

Kim Jong-il buy 3
Kim Jong-il buy 3
9 years ago

@ Renting

The post was me…it’s just the funny truth. Some of the mom's I've met appear really high maintenance. I'd hate to be married to them.

As for the log in, I can never remember how to spell my stupid user name which is why I don't often log it.

logic
logic
9 years ago

76 – indeed. Fucking pathetic.

Woodrow
Woodrow
9 years ago

@McLovin: What do you mean sales and prices don't back this up? Its not a free fall, but we have had a pretty rotten last 4 months of sales. It has become obvious this is not going to be a 2008 style crash. This is a real "crash" and its going to take a while, a long while.

Best place on meth
Best place on meth
9 years ago

3 hour line ups at the border today, full of giddy Canadians going shopping with their at-par dollars. This is how tens of thousands of us mark Remembrance Day.

I'm sure it's what our grandfathers and great grandfathers had in mind when they were fighting on the beaches and in the trenches.

The freedom to idle ones car at a border crossing for 3 hours to go buy jeans and milk in another country.

I'm so fucking proud to be a Vancouverite, so much so that I can't even fully describe just how proud.

Renting
Renting
9 years ago

@Anonymous:

WTF’s with your comment, just explaining how the woman responded; For the record we thought it was funny.

Sounds like a made up troll story to me. Try posting with a name and you might have more credibility.

Anonymous
Anonymous
9 years ago

@ Renting

WTF's with your comment, just explaining how the woman responded; For the record we thought it was funny.