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Creative Marketing on Private Sales?

February 14, 2011 YLTNboomerang

We’ve seen developers hiding price reductions in the form of tax and strata discounts on new developments but what about the private seller? Check out this new listing:

“BEST VALUE FOR $… DARE TO COMPARE! ” NO HST… Concrete Building, 2 levels, 3 bedrooms, 3 bathrooms, in addition to a family room. Living out of the box with plenty of private outdoor space on the 5th floor with exterior doors out to a garden and kid’s play area. Not to mention, swimming pool, media room, meeting room, 2 storage lockers, 1 parking, Pet Friendly, Rentals ok. The main entrance is well secured with card entry and concierge service. Shopping is only minutes away, with Starbucks T&T supermarket, Costco, Home Depot, McDonalds, and great transportation, the skytrain. BONUS: for a short LIMITED TIME OFFER, the seller will sweeten the deal with a $200 strata fee reduction for 5 whole years.

MLS History

First listed for $548,000 on June 9 2010 (v831995)
Price reduced to $527,500 on October 10 2010
De-listed December 22, 2010
Re-listed for $580,000 this week

So what do you think about this creative marketing? The price has increased $52,500 from where it didn’t sell last year but now you have a carrot of $200/month for 5 years (about $11K if you discount it @ 3%). Is there any benefit to the seller from a cash flow perspective? Surely the buyer would demand the $12K be held in escrow?

Personally, I like the graphic work indicating the townhouse location on the listing image:

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Another Family Gathering; Another RE Discussion – “A few words into mentioning that she plans to sell her home, she was interrupted with “Don’t do it… you can never buy one back. Prices will keep going up and you’ll be priced out…”

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[…] at vancouvercondo.info February 14th, 2011 at 7:57 am- “Another family gathering, another discussion that led to RE: A family member was given an […]

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mmp

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We live in the building, in a similar townhouse on the east side of the roof.

Fees include hear/air conditioning and hot water, and a full-time site manager/concierge and on-site weekend security. Very few buildings you are comparing us to have these services.

Like most buildings, we’ve had issues arising from some substandard developer work, and some stupid owners. But we are fixing everything, investing in improvements, and even pre-emptively improved the envelope. this costs money. Most buildings do none of that, and the owners pay through the nose when it hits the fan. and it will.

pay now, or pay later. but you will pay.

so chill out.

that said, the realtor who made that ad really out to give her head a shake.

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john

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@Patiently Waiting

I'm still patiently waiting. Where is the tension in Vancouver?

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Patiently Waiting

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@john: Go back to sleep now, you tired troll 😛

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john

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@Patiently Waiting #101

"This is the source of tension, and it is very real in Vancouver today."

I live in Vancouver. Where is this tension you speak of?

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john

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@N #99

Shame you consider multiculturalism to have failed in Canada.

As someone who has seen a half-hearted effort at multiculturalism genuinely fail (in the UK), I'd say Canada has done a very good job of absorbing hundreds of thousands of new immigrants from all over the world with none of the race riots, rise in right-wing groups and simmering resentment seen in places like the US, UK, Australia, Sweden, Spain, France and elsewhere.

The children of new immigrants here are generally completely assimilated and accepted as Canadians within one generation. It's something Canada should be proud of IMO, and no amount of right-wing comments on Internet forums will convince me otherwise.

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Extremely rich Van h

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@specialfx3000:

Another crative fairly tale by bear propaganda. Poor bear when u gonna admit defeat?

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registered

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#52 Best place on meth Says: “I wonder if Harper cut back the investor immigrant class numbers as well.”

Does the program have a quota? It was was put on hold for most of last year, processing times currently range from 26 (Korea) to 53 (Egypt) months.
I don’t understand the goal of this program. There seems no requirement on the part on the investor to do anything but lend the government $800K interest free for 5 years in a low inflation environment. You also need to prove sufficient funds to support yourself, which Immigration sets at $29.4K for a family of seven.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

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Patiently Waiting

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@N: Up until recently it was never about "replacing" Canadian culture. It was evolving over time, not being "replaced". This is the source of tension, and it is very real in Vancouver today.

Using what happened to the Natives to justify your arguement is totally disgusting. It is the height of arrogance, and gives the impression of a nasty agenda. HMMMM?

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San Diego is affordable again: Shambling Towards Affordability: Year-End 2010 Edition.

Rich Toscano gets it.

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N

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@Patiently Waiting:

"Its the great failure of multiculturalism (an idea I no longer agree with, and admit to having supported once)."

So I would have to guess that means you are in favor of a mono-culture. In that case, I can't see what the problem is, as you claim that is what is being produced by the Chinese. The native thing is not a red herrring at all. The thing is that cultures come and go. You may think that, for some reason, yours is the best of all possible cultures, and that it should never be replaced, but that's not a likely scenario so, rather than fighting the tide, you might consider learning to swim.

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That's what I thought, I remember trying to track it myself but it required lots of downloading csv's to spreadsheets and manipulating. I'd love to get access to the raw MLS dbase I could datamine the $hit out of it!

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Anonymous

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@KWL: I found this little gem today while reading the Pique up in Whistler. It’s an article from the Feb. 9th issue called Whistler 2010: a Blueprint for Business Success. It goes on to talk about real estate of course …….. Gee, what makes that one realtor so honest? He must really have his ear to the ground and be a down to earth guy! More bull shit! You’ve been snookered! First it was the Japanese; then it was the Americans; then the British, then the Europeans, then Mexicans (ya, Mexicans ?). They haven’t tried the rich Asians ruse yet because they know that it’s obvious to everyone that there aren’t any there. Maybe they could try rich Asians that only heli-ski, so all those choppers up there are really full of rich Asians? The truth is that whistler prices… Read more »

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What you're talking about requires people to think in nuanced ways using data and critical thinking and putting it all into a meaningful context. My experience has been that they don't do that – hence our current situation in this bubble.(IMVHO)

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Patiently Waiting

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@frank: Thanks for the history lesson, frank, but what does that have to do with anything today? And quit playing the race card.

I know Asians (eg. "bananas") who are just as irritated with the current wave of immigration as anyone. Its about a culture not race. People of every ethnicity are watching the city they knew disappear before their eyes. They often can no longer communicate in their language because these latest immigrants refuse to assimilate (this is unprecedented in modern Canada).

Its the great failure of multiculturalism (an idea I no longer agree with, and admit to having supported once).

Bringing up past wrongs to Natives in this context is a red herring, and really disrespectful of everyone (Natives included). You are just trying to stifle legitimate concerns. But I know you are a realwhore, and expect no better.

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VHB

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@VHB: correction:

Inventory as of February **14**, 2011 12076

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VHB

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February 2011 month-end projections

Days elapsed so far 10

Days remaining 10

5 Day Moving Average: Sales 160

5 Day Moving Average: Listings 288

SALES

Sales so far 1456

Projection for rest of month (using 5day MA) 1596

Projected month end total 3052 +/- 465

NEW LISTINGS

Listings so far 2851

Projection for rest of month (using 5day MA) 2876

Projected month end total 5727 +/- 375

Sell-list so far 51.1%

Projected month-end sell-list 53.3%

MONTHS OF INVENTORY

Inventory as of February 11, 2011 12076

MoI at this sales pace 3.96

Sales are coming on strong–5 day average of 160. But listings are stronger still. This is pretty much what you might have expected in the pre-March 18th runup. Just like we saw last year with the April change. Super action on both the sales and listings front.

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@YLTNboomerang:

It's not very simple to track. A listing can be cancelled, terminated or even put on hold. It would be very time intensive, if it's even possible to track on a daily basis.

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Best place on meth

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Whistler news from 2001:

A federal survey says the average price of a single-family home in Whistler could more than triple to $3 million by 2010.

http://www.ski-blackcomb.com/news.htm

Whistler average price in 2011:

http://search.suttonwestcoast.com/BC/Whistler/rea…

Oops, missed it by THAT much!

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frank

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Before too many of us get on our high horses about immigration maybe we should ask some of the First Nations, who legally still own most of the land in BC!! You see unlike many First nations people they weren't defeated. the first representatives of the British Government seeing how outnumbered they were, signed treaties allowing them to keep their land, to be exempt from taxes and to allow a few trading outposts unmolested. Well those trading outposts have grown into major cities. Just saying. It's like the when the turd-brains in Australia used to say in the 1960's 'Keep Australia White' forgetting about the original aboriginals, and also conveniently forgetting that many of their own ancestors were convicts sent to Australia rather than being hanged (some preferred hanging) and many of the rest were stow-aways or various other starving… Read more »

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Keeping An Eye On Th

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"But the myth persisted, despite Kelly constantly contradicting it in the local media and elsewhere. Reporters from outside media came to Whistler seeking the story that property owners were profiting off an Olympic-sized boost."

Yeah it's like whispering against the wind. Anytime you turn on the local radio station there it makes Bill slut sound like a blog bear in comparison.

Every 5 minutes, the listeners are reminded that Whistler is built out- land locked, international investors, and of course the Rich Blue Eyed oil barons from Alberta.

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pricedoutfornow

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@KWL: Interesting….my future sister in law owns a condo in Whistler and has adamantly insisted for the past few years "I'm not selling until after the Olympics!" I think she may be in for a nasty surprise in the next few years…The condo is currently assessed at $300k, similar units are on MLS for $250k, they bought for $225k in 2001 or 2002 for $225k and every single year they lose more than $10k on the property (rental income less interest less maintenance fees and various upkeep items)-the property management company makes demands like "we won't keep your condo in the rental pool unless you put new carpets in, get a new TV, etc etc." And the split between the management company is 60/40-they keep 40, you keep 60. It's a losing venture all around. But since her condo's increased… Read more »

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@ulsterman: I hear ya loud and clear, my family quotes the usual suspects all the time but have no data to back up their statements; they accept anything said by the MSM as gospel! I've given up arguing anymore and just "agree to disagree". I religiously believe that the market here will return to fundamentals however I have given up predicting when this will occur and am no longer surprised when it doesn't and the price plot heads for the upper right corner. I will never "give in and buy" as long as fundamentals don't make sense. Interestingly, on the drive home today, I thought about what I would do if prices dropped 50% overnight…in the past, I would have jumped in the market however the repercussions of this would be that I wouldn't have $500K to invest. I'm young… Read more »

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Bubba

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# 84

Whistler is for SCHMUCKS

soon on the silver screen

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Paul, is it possible to report canceled or expired listings or is this not explicitly reported on the MLS system? I lost my access two years ago after my buddy gave up on being a realtor and stopped paying for access.

Bubble? What Bubble?