Leaky condo buyers blame the guru

Ozzie Jurock is in the news lately as buyers of leaky condo units around BC blame him for their money losing investments.

In a 2001 newspaper column, Jurock addressed “scams and shams,” saying, “Someone comes along and sings a seductive song and there it is. People simply hand over their money because they believe. All the victim has to do is make the judgment that the other person knows what he’s doing and is a good person who will take care of them.”

When real-estate markets heat up, “the marketers come out of the woodworks,” Jurock wrote. “You know, you go to a seminar and are told that in this city or that city in the United States, Europe or elsewhere, there is this great deal. While some of them are legitimate, caveat emptor [‘buyer beware’] . . . on the rest.”

Jurock’s media appearances had caught the attention of Shannon Stange of Vancouver, who owns an office-construction business.

“He was promoting himself as this real-estate guru,” said Stange, 43. “So I went to his ‘Real Estate Action Weekend’ then joined his ‘Real Estate Action Group.’”

Stange said he had “zero knowledge” about real-estate investment before he became involved with Jurock. “I was a total greenhorn,” Stange said.

In early 2007, Stange and a business partner bought six condos from Jurock for about $450,000, which included three condos in the Roosevelt Apartments and three others in Merritt.

“I said, ‘Let’s buy from Ozzie; he seems like an honest guy,’” Stange said.

The Merritt investment has also been a money-loser, but Stange blames himself for believing values there would rise. He and other buyers of the Roosevelt Apartments have done research and concluded that the condos weren’t worth what they paid, Stange said. Putting the $35,000 into their units for the repairs and selling them would still mean a loss, but a smaller one, Stange said.

Stange hadn’t travelled to look at any of the properties before buying, he said. “I believed in Ozzie too much to go out and do my own due diligence.”

Read the full article in The Province.

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4444 4444 4444 4444
Guest
4444 4444 4444 4444

Bosworth, Dom, Stachniak, Stange et, all:

It's karma and may your greed take you to whatever nightmare you deserve.

Homes are for families to live in,, not for speculating.

Manna from heaven
Guest
Manna from heaven

In today's Sun

"One important policy field that must be re-examined in light of the 2008 financial crisis, and the U.S. housing bubble and its collapse, is the role played by Canada Mortgage and Housing Corporation in the rapidly appreciating housing market that some analysts argue is producing a similar Canadian housing bubble."

http://www.vancouversun.com/business/Time+rein+po

The author, Ian Lee, a professor from the Sprott School of Business at Carleton University, also made an appearance on BNN.

rp1
Guest
rp1

Newsflash: population blames the pied piper instead of their own magical thinking.

Alum
Guest
Alum

behhh

bubba
Guest
bubba

Re Ozzie:

No sympathy….to many Pied Pipers.

Have any of these investors been to say Williams Lake.

Doesn't it have a high crime rate ?

Merritt ? LOL….

I wouldn't care if Ozzie gave it to me….it's a liability.

Extreme weather climates ie ranging from 30+ to -30 Celsius are very hard on buildings….

Perhaps this is a good lesson to others not to follow these deals.

I always found Ozzie as sounding like a carny blathering at the mouth about all these deals….all he did was attract sheep. By the time he blathers…the deals are long g-o-n-e.

PS patriots…how many did Ozzie sell you?

chilled
Member
chilled

When a Realturd® industry "all star" turns out to be a crook like the rest of them, you know a much needed overhaul is imminent.

chilled
Member
chilled

@Manna from heaven:

"In today’s Sun"

Amazing how the CanTurd Propaganda machine NEVER allows comments on ANY real estate story. In their attempt to appear transparent and objective, they still subtly control the minds of the many minions they helped to make.

900kCrackHouse
Guest
900kCrackHouse

I'm surprised Ozzie got duped into buying leaky condos. With the amount of years of experience he has the number one criteria for buying on his list should be "does the thing leak"?

Sounds like it may hurt his reputation big time. It will be interesting to see if he comments on this on MoneyTalks where he appears on a weekly basis.

Keeping An Eye On Th
Guest
Keeping An Eye On Th

@4444 4444 4444 4444:

"Bosworth, Dom, Stachniak, Stange et, all:

It’s karma and may your greed take you to whatever nightmare you deserve.

Homes are for families to live in,, not for speculating."

It would be so cool if Bill Slut & co, got fukced into a deal like this.

bubba
Guest
bubba

Patiently Waiting…

I'm not so sure its re: Hospice….Asians buy blindly and pay the price.

A few years ago, in Richmond ( SouthWest corner of Cooney and Lansdowne )a twin Hi- Rise was built.

A few years later, a Hi – Rise development was proposed immediately EAST of it, on an adjoining property.

The residents of the twin hi – rises (mostly Asian) started making protests re: how this new project would affect their health, blah blah…….and hung banners.

Ultimately, the new Hi Rise was built…

Perhaps this is simply an example of lack of due diligence which is the result of blind buying.

Its a typical develop trick to sell the shite with a perception the best view is eternal….then build in front of it.

Bill Slut
Guest
Bill Slut

@Keeping An Eye On The Pimps:

Can't you spell fukced properly?

Hooly shyt !

patriotz
Member

@900kCrackHouse:

I’m surprised Ozzie got duped into buying leaky condos.

He didn't buy leaky condos, he just sold them.

If the above puzzles you, read the news story carefully.

Best place on meth
Member
Active Member
Best place on meth

@900kCrackHouse:

>>>It will be interesting to see if he comments on this on MoneyTalks where he appears on a weekly basis.<<<

I doubt you'll see him there again. Judging by the headline alone he's been thrown under the bus by Postmedia Network.

I'll bet he misses his old friends from Canwest.

Coastal
Guest
Coastal

@Best place on meth: Ozzie is Campbell's lap dog. They will bury it and keep the bullshit flowing real thick as always.

When has there ever been one single real estate bear allowed on that show ? Never. Stock market bears galore,but not a RE bear to be seen, that would put poor Ozzie in a spot. Except for the odd guest, the show is crap.

Ozzie Jurcock
Guest
Ozzie Jurcock

Listen…

Are you guys closing or not ?

If not…I have Cam Good with HAM in posse' riding horseback coming to Williams Lake…then Merritt

Buy yesturday …….or be priced out today.

fricuRomeoJordan
Guest
fricuRomeoJordan

prices fall this month and next, and down 5

% over the next 180 days fucktarts

Westside Hag
Guest
Westside Hag

Completely off topic:

Two waterfront homes were sold to mainlanders (the PRC kind) on Salt Spring Island in the last week or so.

The realtor says they are going to spread the word about Salt Spring properties to their friends.

Anonymous
Guest
Anonymous

@Westside Hag:

Makes no sense, no shopping, no high profile schools, etc. Only thing to do on Saltspring is take the ferry somewhere else, or grow/smoke weed

Westside Hag
Guest
Westside Hag

@Anonymous

Perhaps they are unusual.

It could be just another place to park money.

A Gulf Island Land Bank.

It does seem weird I admit, although I did see quite a large group of them on the main floor of Mouats quite recently.

Strange times.

Best place on meth
Member
Active Member
Best place on meth

@Anonymous:

>>>Makes no sense, no shopping, no high profile schools, etc<<<

Nobody looking for you there either.

Saltspring has long been a haven for people fleeing their governments.

Patiently Waiting
Member
Patiently Waiting

@Westside Hag: HAHAHA the rich white people there are NIMBY as hell. They better not even think of cutting a single tree, never mind build a ghetto mansion. They will be watched like a hawk.

chip
Guest
chip

@Westside Hag:

This on the Saltspring market from Just Jack over at HouseHuntVictoria:

"3 house sales in the last 30 days and 221 properties listed for sale. That's 6 YEARS of inventory! Of course that is ridiculous, evened out over the last year its more like 2 years of inventory. But the point is the same. You may own a million dollar property on Salt Spring. – you just can't sell it in a reasonable time, unless you discount the property heavily. "

Keeping An Eye On Th
Guest
Keeping An Eye On Th

This pimp story could have some far reaching implications for many of the local Re pimps.

Note the well coached words of the Specuvestor Whores?

They seem to imply that they were duped because RE Pimp Ozzie had superior knowledge and established a fiduciary relationship.

If the Judge who hears the case happens to be drunk that day and buys the BS, instead of realizing the only reason, the specuvestors are looking for recourse, is that prices have only one way to go, then perhaps the pimps on the radio, and the condo marketers could all find themselves liable.

And there could be a case made that these “experts” did present themselves as “experts” and they did claim that prices can only go up in the best place on earth.

A huge body evidence lies on bear blogs across the country!

Patiently Waiting
Member
Patiently Waiting

Creating a large pool of stable, non-market housing will help cool the market in my opinion, so a lot of what's in here is a good thing for all:

http://www.vancouversun.com/news/Vancouver+housin

I really hope the funds from the "rent bank" don't go to slumlords. The city should demand some standard of housing before they allow the transaction. As soon as a tenant asks for help, the City is now aware of the rental unit.

chip
Guest
chip

@Patiently Waiting:

Build it and they will come. More homeless, that is.

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