Friday Free-for-all!

Hey everybody! It’s the end of yet another work week and that means it’s time for our weekend news round up and open topic discussion thread! Here are a few recent links to kick off the chat:

OV condo bargains: 1 bdrm 790 square feet now only $590k! (video)
OV suites so close “it will be like non-stop reality TV.”
Ready to lose money taxpayers?
Vancouver house shopping? Welcome to the money pit.
Earn good money lining up for condos!
Apparently only chinese language media interested in lineup story
50% increase in mortgage delinquency
What’s going on with Vancouvers west side?
Household debt surpasses six figure mark
Housing market implications of BCs age structure
Olympic white elephants?
34% of Seattle houses now worth less than their mortgages

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

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GSP
Guest
GSP

Housing envy and the ‘Joneses’…How a realignment in consumer expectations will pull at aggregate Canadian house prices

http://financialinsights.wordpress.com/2011/02/17

blueskies
Guest
blueskies

Beware the ides of March

Rocker guy
Guest
Rocker guy

I was in Spain earlier this week, Barcelona in particular. A few years ago, Barcelona had a Vancouver-style housing bubble. Now everyone there is hurting and their system of regional savings banks is ready to go under. Spain is a beautiful country, but a property bubble will be their fiscal undoing.

scullboy
Member

@Dave:

Um, seriously? I've always been pretty scrupulous about *not* taking a strip off you. I don't agree with you but I at least respected your right to hold an opinion and left you alone.

None of you have seen me at my worst, not even Grampy. Getting him riled up was entertainment.

If you feel like mixing it up… bring it, son.

Just remember that you asked for it.

Patiently Waiting
Member
Patiently Waiting

http://www.courts.gov.bc.ca/jdb-txt/SC/11/01/2011

The courts seized two grow-op houses that belonged to a housing developer. There was actually three houses involved, adjacent to each other on the 5000 block of Boundary Rd.

I'm not really clear why the developer got to keep one of the houses, as they seemed to be one operation spanning all three properties.

Extremely rich Van h
Guest
Extremely rich Van h

These are houses that first-timers who can't bear to leave the {city are investing in, to raise their families and build their futures. Houses like the 100-year-old Vancouver east-side fixer-upper that recently sold for $800,000, which was $151,000 over its list price after a bidding war.

Read more: http://www.vancouversun.com/life/Buying+house+Van

BEAR LISTEN NOW AND REPEENT YOUR CRIME WHICH MISLEAD MANY FIRST-TIME BUYERS FEW YRS AGO AND THEY ARE NOW BE PRICED OUT FOREVER.

yOUR CRIME ARE UNIMAGINABLE DISGUSTING;WHERE IS THE FREAKING 50% CORRECTION? YOUR DEAD FEET STILL STICKING OUT FROM THE COOOKING POT IN DEFIANCE?

Extremely rich Van h
Guest
Extremely rich Van h

@Patiently Waiting:

WHAT DOES IT RELEVANT TO THE RED HOT MARKET;WILL THIS PC OF SHIT UTTERING WILL DAMPEN THE SPIRIT OF CHINSE BUYERS. TAKE YOR MED NOW.

Extremely rich Van h
Guest
Extremely rich Van h

@Rocker guy:

WHAT DOES IT RELAVENT TO VANCOUVER?

Kuboo
Guest
Kuboo

"OV condo bargains: 1 bdrm 790 square feet now only $590k!"

My question is for that price, whos cum stains do you get? They'd have to be at least silver medal cum stains.

scullboy
Member

Extremely poor house owner:

Dampen Chinese spirits? Really? I thought the official line was that nothing could slow the purchasing power of Magic Flying Asians. Are you saying they read this blog and invest accordingly?

Honestly if they did I wouldn't be the least surprised. I mean who can predict what Magic Flying Asians are going to do next?

Dave
Member

@scullboy:

No, it wasn't srsly. Just a joke. Sorry if it wasn't taken as such.

Squished by Squatchi
Guest
Squished by Squatchi

@Patiently Waiting:

That "developer" was a slum lord that allowed his houses to be used as grow-ops. So says: Kim Bolan: http://communities.canada.com/vancouversun/blogs/

I wish it was a developer.

scullboy
Member

@Dave,

That's why I always ask "Are you *sure* you want to get into it? It avoids misunderstandings. 🙂

specialfx3000
Member
specialfx3000
Driving in to work this morning and CBC radio had a segment with some OV on-site interviews…. 1. Existing owner: "Not concerned that others will purchase at lower price. Like buying a dress today and it goes on sale in a couple weeks. That's how it works around here". Translation: Ya, I got duped but have no grounds to sue so I'll just suck it up. 2. Ontario visitor: "Heard about it and just wanted to see what the OV was all about. Sure, I'll consider a unit". Translation: Just hunting for Sidney's stains and hell no, I will not buy here. Condo's in Toronto is hurting more… I'll buy it there instead. 3. Renter: "Love the place. It feels new… No way I will buy one. They slapped it together so quickly. Concerned about the quality." Translation: Rent is… Read more »
Anonymous
Guest
Anonymous

can someone please explain what the heck that graph in 3rd link from the bottom means? I can't understand it. what is the x axis supposed to represent?

registered
Member
registered

15 Anonymous Says: "what is the x axis supposed to represent?"

Percent of population.

vreaa
Member

Onni Pamphlet [thanks to VillageWhisperer]:

Developer Pamphlet – "3 Reasons To Buy In 30 Days" [before prices drop]
http://wp.me/pcq1o-1RM

Developers 'Onni' lay out why we should all rush to buy ASAP. If you pause for a moment, of course, you'll realize that tightening requirements will restrict you and everybody else after 18 March, and thus put downward pressure on prices, and thus you'll very likely save even more money by simply waiting. But, then, Vancouver buyers aren't well known for letting logic get in the way of a good speculative buying opportunity. Race you to the sales desk!

vreaa
Member

ooops… sorry, my html command seems to have bolded the whole thread… please undo if possible, Pope

[actually, this action can be traced to servers in China…]

Patiently Waiting
Member
Patiently Waiting
@Squished by Squatchi: "3. He is also a property developer. He has built duplexes, townhouses, and a recently completed multiplex in Vancouver in April of 2009. He developed his first project in 1993, and estimates that he has developed between 25 and 30 duplexes, townhouses, or homes. In addition to his full-time work as a longshoreman, he works full-time as the general contractor and foreman of his development projects. Family members also help on the sites. When a project is underway, he does not sleep much, as he simultaneously maintains full-time work as a longshoreman." Further down it mentions the houses were a land assembly and he planned to build apartments there. "(d) The defendant was, and is, actually a developer. These three properties are side by side. This is completely consistent with them being acquired for development purposes, as… Read more »
jesse
Member

Hong Kong curbing of house flipping coincides with local real estate boom

The Ming Pao Daily, in a joint investigation with The Richmond Review, has learned that the local boom coincided with the introduction in Hong Kong of a special duty intended to curb speculation in residential properties

Ahhhh. Now THAT explains it LOL

A "joint investigation" now means reading Bloomberg and Reuters news headlines? Wow that's Woodward and Bernstein caliber stuff, that is.

Anonymous
Guest
Anonymous

I was talking to a friend last night and he mentioned they're trying to sell their coquitlam condo – they're out of room and want to have another kid. They bought 5 years ago and have tried selling it two times last year with no luck. The unit is up for sale once again, and yesterday they reduced it down to the same price they bought it for 5 years ago. They cannot afford to reduce it anymore, so if they cannot sell they've come to the realization that they're basically trapped – potentially for 5+ years depending on where the market goes.

This is precisely why I have refused to buy when I first started looking a few years ago.

Thanks to everyone here! (well… almost everyone.)

Eddie
Guest
Eddie

Anonymous Said: "tried selling it two times last year with no luck."

As Patriotz often points out, luck plays no role here – they were simply asking too much. From here on in they will get less and less for it. IE sell now or be priced in forever.

kansai92
Guest
kansai92

How much of a drop in price in Seattle did it take

to result in the 34%??

Probably not that much. Maybe just a correction of sorts.

Signs of things to come my friends.

Best place on meth
Member
Active Member
Best place on meth

@jesse:

I was talking to a friend of mine yesterday, he's local Chinese and sells real estate on the side mostly in Burnaby, Coquitlam and VE.

He told me that the lastest spike in sales in VW and Richmond is due to new regulations in China that bans the purchase of third homes in all major cities.

http://www.marketwatch.com/story/beijings-crackdo

For what it's worth he absolutely hates these offshore Chinese, but then again he doesn't sell real estate in either of those 2 areas.

Renting
Guest
Renting
They cannot afford to reduce it anymore, so if they cannot sell they’ve come to the realization that they’re basically trapped – potentially for 5+ years depending on where the market goes. It is always interesting to see how many people who have bought over the past 5 years can't even break even. With all that spin coming from the cheer leaders you would think they could at least sell for what they paid. I guess if they were going to buy a more expensive house then maybe not selling is a blessing in disguise. If they can't afford to take a small loss today it won't look better in 5 years. They may be trapped for more like 20 years. All the pumpers who talk about the advantages of owing forgot the part when prices don't go up it… Read more »
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