OV Buyers sued for wanting out

What weird times we live in.. As people lined up to buy Olympic Village suites at firesale prices others are being sued for not wanting to complete their pre-sales agreements. A few years ago the lawsuits against pre-sale buyers went not only for their deposits, but for the difference in sales price of the unit as well. Fortunately for OV presales buyers they only seem to be going after the deposits, which are generally less than $100k.

In one of the lawsuits just filed, Port Coquitlam resident Cordelia Lins and her husband had put down $50,090 in May of 2008 for a unit they originally agreed to buy for $500,900. Problems with records make it difficult to determine the assessed value. Ms. Lin said she couldn’t say anything about the lawsuit because she was “in negotiations.”
Vancouver resident Gee Lim, who paid the largest deposit for a unit he originally agreed to buy for $1.4-million, did not answer his phone. He originally agreed to buy his unit in April 2008. Last July, the province’s land-assessment authority valued that unit at only $1.172-million.
The third buyer, who also put down his deposit in April 2008, has no phone listing at the Richmond address provided in the suit. Tian Qi had agreed to pay $516,000 for his unit in the Kayak building that is now being marketed. It was assessed at $504,000 by B.C. Assessment Authority last July.

Please note these are different cases than the six buyers who sued over building deficiencies, most of those cases have been settled. Read the full article over at the Globe and Mail

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Kuboo
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Kuboo

The Olympic Village isn't for everyone. It takes a special pallet to appreciate the aroma and texture of the cum stains in the Sydney Crosby suite, for example.

These buyers are realizing that their provincial tastes don't measure up.

blueskies
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blueskies

Can households withstand oil, food price shocks?

"Household balance sheets in both developed and emerging markets, Mr. Holt said in an interview, are not yet strong enough to withstand sharply higher energy and food costs.

..….

“This is getting much more reminiscent of 2008 by the minute as an oil shock is being imposed upon fragile recoveries, only to be met by central bank talk of taking the punch bowl away,” Mr. Holt said earlier in a research note."

from the Globe and Mail

a TSHTF moment for all you RE bulls..……

Extremely rich Van h
Guest
Extremely rich Van h
@blueskies: Oil price will only affect US and weaken its military and econiomic power,while China will subjugate US in next decade with a lightening strike once it has completed it economic and military build up. Middle East will soon be falling into Muslim fundamantalists’ hands and tuned into a Islamic dictatorship in parliamentary disguise like the one as Iran. Once the whole region has completed its Talibanization,will u expect those Arabian be nice to US and its Cronies? Luckily,Vancouver is blessed with Chinese Money which wisely guided and channelled to Vancouver to supportted Van RE which in turn props up Canada economic;due to Van’s Chinese donminance,Chinese government is encouaging its citizens buying all sort of properties to establish a beachhead in future Canadian and Chinese alliance against American Imperialism .So I don’t see there is any minor downwad collectinon in… Read more »
DaMann
Member
DaMann

Forget just the deposits, these people should be sued for the difference as well. Put the message out there loud and clear that it's not a poker chip ( well it is) it's the purchase of a property. It's ok when they make money but if they lose money they want to just walk away? Don't think so, pay the piper losers.

DaMann
Member
DaMann

@blueskies:

Not so sure about that, if it tanks again they will drop the rates back down to zero and the stupidity starts all over again. Best thing that can happen to crush the market here is a booming economy ( worldwide) then rates will rise fast.

Steve
Guest
Steve

I remember the stories about presales buyers being sued for the difference between the original contract price and lower market price when they tried to walk.. I wonder how many waited in lines for those units and tried to flip them on craigslist like the sovereign story.

Don Lapre
Member
Don Lapre

I don't understand why these people want to get out?? It's like trying to get out of claiming a winning lottery ticket! Haven't these people heard about the hot asian money, land constraints, bidding wars, March 18th deadline, great cap rates, world-class city status and that if they don't buy now they will be priced out forever??

Best place on meth
Member
Best place on meth

@Don Lapre:

Yeah really, with rich Asians lined up 7000 deep to buy in Vancouver why would anyone NOT want to be a part of of a real estate market that only goes up?

Or sideways.

whydoItry
Guest
whydoItry

Am I misreading the article. It sounds like the recent media story of people buying in the OV was really Rennie's way of getting people to complete their original contract by reducing the contract price on average by 30 percent? So no or very few were "new" sales. Is this right?

vreaa
Member

From last thread: Best place on meth Says:

February 21st, 2011 at 1:22 pm

"@vreaa:

I’m not so sure about the loonie coming down.

Did you see oil up $5.66 today? I wonder how that will affect our petro-dollar."

——-

And TODAY, oil up 9-10 percent,

but loonie is…..down (a smidge, 0.16%, against USD).

Deflationary wave coming, folks.

vreaa
Member

…and Vancouver RE will be in the middle of the deflationary pack.

900kCrackHouse
Guest
900kCrackHouse

@vreaa: Can you please explain how this translates into a deflationary wave?

VanRant
Guest
VanRant

Blood bath in U.S. "Home prices may fall 20% more"-CNN. Coming to Vancouver soon.

900kCrackHouse
Guest
900kCrackHouse

I'm wondering, does anyone have any idea on when we might start to see some real price declines on Vancouver real estate? So far any price declines have proved quite elussive.

900kCrackHouse
Guest
900kCrackHouse

@VanRant: How do you know?

jesse
Member

@Don Lapre: "Haven’t these people heard about the hot asian money"

Read the article. They ARE the "hot asian money"!!!

Drachen
Member

@900kCrackHouse:

When has always been the big question around here.

Let's just say all the markers are looking good for a crash starting this year and lasting 3-7 years. The greatest declines should be 2012 and 2013.

It will fall farther than most people would have believed possible, between 50-70%.

Patiently Waiting
Member
Patiently Waiting

Good news for Vancouverites.

Just heard on CBC radio that Rennie sold about 120 of the OV condos. He is now going to take some previously tagged for renting and sell those to.

No link yet.

pricedoutfornow
Guest
pricedoutfornow

http://www.cbc.ca/news/canada/british-columbia/st

Breaking News!!! (says CBC). Because in Vancouver, we have nothing else to talk about except real estate. Yeesh.

jesse
Member

@Patiently Waiting: "Just heard on CBC radio that Rennie sold about 120 of the OV condos"

Yesterday's post on this very blog was all over that. The MSM's normal sockpuppets take longer to get their stories straight than online forums and blogs. 8)

Dr. Reality
Guest
Dr. Reality

@900kCrackHouse:

When has always been the big question around here.

Let’s just say all the markers are looking good for a crash starting this year and lasting 3-7 years. The greatest declines should be 2012 and 2013.

It will fall farther than most people would have believed possible, between 50-70%.

****

Yes, trust the opinion of the graduate student with no skin in the game. It is good to see that the ivory tower still teaches you to apply your pie in the sky analyses – 70% declines. Lol. That laugh made my day.

registered
Member
registered

@21 Dr. Reality Says:"Yes, trust the opinion of the graduate student with no skin in the game."

'Skin in the game' made all the difference in the rest of the world's RE markets. Look out your window once in a while.

jesse
Member

More pain in the US: Bob Shiller looking at 15%+ declines in the US, even after a 20% decline from peak. But don't listen to Shiller. He's never right.

Home Prices Slid in December in Most U.S. Cities

Mr. Shiller, noting the unrest in the Middle East, a large backlog of foreclosed houses, the uncertain future of the mortgage holding companies Fannie Mae and Freddie Mac, and proposals to reduce the mortgage tax deduction, saw “a substantial risk” of declines of “15 percent, 20 percent, 25 percent.”

Canada doesn't have those problems: no foreclosure backlog, CMHC, and mortgage tax deductability.

Best place on meth
Member
Best place on meth

@vreaa:

Stagflation still looks likely, we have central bank policies promoting inflation and government spending propping up a weak economy.

Good read here:

http://www.safehaven.com/article/20055/if-you-can

danm
Guest
danm

@blueskies #2

“Household balance sheets in both developed and emerging markets, Mr. Holt said in an interview, are not yet strong enough to withstand sharply higher energy and food costs.

If oil prices continue higher as the arab world goes through major changes, that in itself should slow the economy, so interest rates won't be increased any time soon.

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