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Friday Free-for-all!

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It’s Friday and that means it’s time for the weekly news round up and open topic discussion thread! Here are a few recent stories to kick off the chat:

–Canada’s hidden housing bubble
–No longer the best place on earth?
–Ain’t gonna be no US style housing crash
–‘Cause their ain’t no housing bubble
–The sagging lease-hold market
–Victoria prices will keep on rising
–Canadian real estate chart book
–Record low interest rates don’t matter
–Chinese property boom getting wobbly
–Developers in China slash housing prices
–Rebalancing Chinese economy almost ‘impossible math’

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

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[…] “Two anecdotes: One nephew and spouse bought leasehold condo at SFU. Sold, but bought a SFH in Ridge Meadows at the peak (ouch!). Other nephew PhD student (married, one child, in Victoria), had a condo. It was a prime leaker candidate(1980′s stucco all over). I put him onto a few RE blogs….gave subtle hints, aka ‘beware!!!!’. They sold at peak, it dropped shortly after. They are now in students’ housing on campus renting.” – bubba at vancouvercondo.info October 7th, 2011 at 12:01 pm […]

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[…] They are now in students’ housing on campus renting.” – bubba at vancouvercondo.info October 7th, 2011 at 12:01 pm Share:TwitterFacebookRedditStumbleUponDiggLike this:LikeBe the first to like this post. This […]

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rent4evr

I was poking around mls for dunbar, I thought I'd share a few links.

Via MLS ~155 properties in the target area starting at 1.2 million.

This place is for rent, $2500 a month. Becuase it's a short term rental, I'll bet the owner believes this is a "reasonable rental price". http://vancouver.en.craigslist.ca/van/apa/2640092…

It's also for sale. 2.5 million. http://www.realtor.ca/propertyDetails.aspx?proper…

Price / rent. 2,500,000/2500*12 = 83.3
The average long run P/E is ~16?

How about this cookie cutter new build? 4.3 million. http://www.realtor.ca/propertyDetails.aspx?proper…

Compare to $899 in Bby (I know, really not a comparison) http://www.realtor.ca/propertyDetails.aspx?proper…

or this (yes, smaller) just a few kms away near QE Park at $888 http://www.realtor.ca/propertyDetails.aspx?proper…

Ok, same cost then. Whiterock – full acre & 9000 SF. http://www.realtor.ca/propertyDetails.aspx?proper…

Richmond – 9.14 acres http://www.realtor.ca/propertyDetails.aspx?proper…

Or even West Van / British Properties. Large lot and view property. http://www.realtor.ca/propertyDetails.aspx?proper…

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Li Kai Shing

Not matter if Li posts winning lotto #'s or cure for cancer.

Vote DOWN is sign of honour. Clear this site is full of whiners who wish to marinate in "I missed the boat" and want group hug. even if houses go below all the ratios….VCI whiners still bitch

Look in mirror ( and not just one on ceiling )

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Anonymous

@Anonymous: ……The point you and most naive buyers miss…both agents are working for the seller. …

Not missing the point at all; in fact, your point is central to my point. I fully understand that the prick acting as my agent is not really working for me and that's exactly why I don't have the slightest hesitation to unflaggingly grind him on his part of the commission.

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Anonymous

We have a higher ownership rate now than America did at the bubbliest moment. Theirs topped at 68%, and ours is 70%. They built 29% too many houses. We built 41% too many. They assumed record household debt. We’ve piled on even more. And we share the same basic economy.

– garth turner (greater fool)

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jesse

@fixie guy: The real story behind Whoreton is just plain odd. When dysfunctional forums meet dysfunctional reality.

I'm surprised regular non-anonymous Realtors like thinktom and Mike Stewart continue to post on RET to be honest. It can't help their reputations any.

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kits girlz

Li Kai:

Why ReTURDs are necessary lefty?

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jesse

I just vote down anything with vulgarity in it. On that front Li Kai Shing is batting about 0.900.

Poo

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Anonymous

Mc lovin shut up! What is it with you calling for eveyone's banning? On entertainment value alone Li Kai blows you out of the water! And, it isnt like you often have anything intelligent to say either

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Li Kai Shing

McLovin:

Actua- elly ……. YOU and your possee' should be BANNED.

Popez has a Leftie Returd "vote down" mechanism……unlike 99.9% of Internet Blogs.

What more you want you Leftie ReTURD?

You remind me of wah waaaaaah…… tattle tales at school WAAAK WAAAAAAAH teechur..WAAAAAAAAHHHHHHHHH !Wipe my bum !

If want to be "Lead – TURD" of NDP, go ahead.

If Popez blocks me.aka kisses Leftie YER ASS Sphincter……no problem……ya Bolshevik p*ssy.

This site has de-evolved into whinny AA equivalent of waaah waahhh I didn't buy SOON enough !

Maybe Grow TFU..or YOU F*ck off.

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fixie guy

195 Anonymous Says: "Is the timing right when Horton left RET and Li showed up here?"

Horton's last hurrah on RET was mid-March, the first Google reference to "Li Kai Shing" is mid-May. I keep hoping it's one super-human Energizer Bunny of a fuck up and not multiple infestations.

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Anonymous

@Anonymous: "If he is paid whether you buy or not you should get impartial advice."

You'll get the minimum they have to do to fulfill their obligations – which you've already defined to he zero.

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domus

The discussion about agents' incentives is interesting. I think nobody would stop you from contacting a lawyer/notary and negotiating with him/her a pay schedule. You could agree on an hourly rate plus some final payout in case the sale goes through. The payout could be madea direct function of any discount you get on a listed price: i.e., you could tell your lawyer/notary that he can keep 30% of any discount you get on the listed price. My question is: do you guys know of any lawyers/notary who do this kind of job for RE? I am not talking about the final stage due diligence (e.g. liens' checks) but also the previous stage checks (e.g. strata regulations, special assessments, any other checks that realtors should do). I have heard of some high end sales being transacted by lawyers, but I… Read more »

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Anonymous

"You’re going to pay them in advance, whether they succeed or not, then expect them to act in your best interests?"

Succeed at what?

If the buyers agent is only paid if you buy a house then he will clearly steer you towards buying regardless if the deal makes sense or not. Otherwise he doesn't get paid. If he is paid whether you buy or not you should get impartial advice.

The current commission structures pays the buyers agent a larger commission if the buyer pays a higher price for the house. Everyone succeeds but the buyer.

Some people just don't get what a scam the current structure is.

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McLovin

Pope its time to consider banning Li Kai Shing like Real Paul.

He provides nothing but noise.

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Devore

@patriotz:

That’s assuming the buyer has an “agent”, who is really not an agent of the buyer in the first place because he’s being paid a commission by the seller, and therefore is being paid to look after the seller’s interests.

Just commenting on the mechanic. Yes, I think it's not very ethical that the buyer's agent gets paid by the seller. Sometimes there will be special incentives on the listing (higher commission) for an agent who brings a buyer. You can't expect to have your interests looked after in this setup, incentives are stacked against you.

I don't know what proportion of buyers have no agent, how many use the selling agent (dual agency), and how many have an agent through the whole process.

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Li Kai Shing

196

Anonymous Says:

October 10th, 2011 at 2:42 pm

@Li Kai Shing: You forgot your accent!!!

======================================================

My ***#### is in places of sheer bliss.

Leftie Retard troglodytes can sit in basement suite(with beer and nachos) and watch pit bulls breed…result can't be uglier than their children(if can get date).

Turkey and vaseline not c*unt !!!!

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Anonymous

@Anonymous:

You're going to pay them in advance, whether they succeed or not, then expect them to act in your best interests?

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Anonymous

"So, let me see…. the seller can negotiate terms with his agent, and hmmmm, the buyer can negotiate terms with his agent…." The point you and most naive buyers miss…both agents are working for the seller. You don;t have an agent. The "buyers agent" gets paid by the seller and contrary to what you might think is not working in your best interest. This is a basic sales tactic…let the buyer think you are looking out for their best interest. Next time your real estate agent tells you he thinks this is a great house, think again. He thinks he wants you to buy it so he can make his commission paid be the seller. If you really wanted a buyers agent to represent you then you would need to pay him in advance, whether a sale was completed or… Read more »

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pipewrench

http://www.economonitor.com/blog/2011/10/trust-me…

"As Shai points out, almost half the money managed by Chinese trusts is invested in infrastructure and real estate projects, and trust loans to real estate developers has catapulted 150% from RMB 235 billion in March 2010 to RMB 605 billion today.

The big concern the chain-reaction that could unfold if those developers run out of ready financing and go bust"

bubbles markets are a fantasy and sooner or later the drugs wear off. This should be interesting to say the least.

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Anonymous

@Li Kai Shing: You forgot your accent!!!

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Anonymous

@fixie guy: Is the timing right when Horton left RET and Li showed up here?

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Li Kai Shing

Anon (aka Rothschilds/Bilderberg/Rockeller )

Actually do some history.

US oil production peaked in early 1970's and US was able to set the benchmark price until then. Then it became reliant on offshore interests aka OPEC who had formed a cartel and had control over benchmark price, resulting in HUGE ramp up in prices " Oil Crisis"..aka manufactured shortages which US couldn't stop.

Notice that era as one whereby "inflation" in other aspects of society.

Abiotic oil theory states that Fossil fuels are not produced by rotting dinosaurs, given Russians have apparently found oil at greater depths 30,000 ft., as apparently 18,000 is deemed to be the deepest any rotting organic layer has been found.

Anyway concubines making nice Turkey…no need to read one who "Gobble Gobble" Bullshit as CIA mole.

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Many Franks

It's not quite a Real Estate Professional Dashcam, but it's too good not to share…

http://www.youtube.com/watch?v=rQkYEcJIbR4

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