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asia man
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asia man

thankl you Mansur good post, interesting to see the opinions of outsiders on our absurd little circus and how our sister circus in australia compares

Jack
Guest
Jack

Yup, $1 million livable home in EAST VAN in Dr H N MacCorkindale Elementary School catchment that is ranked 681 out of 875 (per Fraser Institute – 2009/2010). Hope I can beat out all those others buyers bidding above listing price.

pricedoutfornow
Guest
pricedoutfornow

It's official- we live in Bizarro world.

http://globaleconomicanalysis.blogspot.com/2011/1

registered
Member
registered

2 Jack Says: "…Dr H N MacCorkindale Elementary School catchment that is ranked 681 out of 875…"

Sounds ideally matched to the type of person interested in that property.

jesse
Member

I have to admit that neighbourhood isn't conducive of a $1MM teardown. Slightly wider lot, but that's it.

paradox
Guest
paradox

This is a strange world indeed, yet there is no doubt houses are selling.

I wont be surprised if that shack wont sell over listing price. This story has been consistent the last 10 years, no matter what anyone says, we cant deny the reality.

Mish has been calling for the crash in Vancouver for the last 5 years if I remember.

I am starting to believe that Van might be in a sweet spot with all the corrupt chinese money coming here and could will outlast the wildest crash predictions.

Anonymous
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Anonymous

@pricedoutfornow: …It’s official- we live in Bizarro world.

http://globaleconomicanalysis……raise.html…

So, using their own logic, it wouldn't be unreasonable to put in a bid of $180,000 – which might be accepted.

Would it be awesome if tax assessments were based on 'asking' prices? 🙂

Best place on meth
Member
Best place on meth

@paradox:

>>>I am starting to believe that Van might be in a sweet spot with all the corrupt chinese money coming here and could will outlast the wildest crash predictions.<<<

It already has outlasted crash predictions by a minimum of 3 years. That's 3 years of borrowed time.

China's finished now so we'll see if the dirty money dries up or goes into overdrive as the rats desert the sinking ship.

Anonymous
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Anonymous

It is always interesting to read what others have to say but simply posting a house for sale on the MLS at a inflated price doesn't prove much. Asking prices are meaningless. Why not show an example of a sale price? Then do at least some analysis to show a bubble. That post is not worthy of even putting up.

Anonymous
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Anonymous

#8,

still living with your mama? got any breastfed this morning?

RippedtoShit
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RippedtoShit

Again, I go back to what I've heard anecdotally….the china syndrome appears to have hit a snag, comments i'm hearing are along the lines of a major slowdown of chinese buying/bidding wars…it is only a matter of time before this hits prices, i foresee year over year declines in a few months….

shit is about to hit the fan, plug your nose…unless they sprinkle msg on this market, its ready for some serious decay…

Hu Fak Yu
Guest
Hu Fak Yu

Best place on meth: "China finished now so we'll see if the dirty money dries up or goes into overdrive as the rats desert the sinking ship."

rats already left for ottawa. you are next.

Anonymous
Guest
Anonymous

@Anonymous: ….It is always interesting to read what others have to say but simply posting a house for sale on the MLS at a inflated price doesn’t prove much. Asking prices are meaningless. ..

The thing is though, it's different here, right? If you're interested in that house, you better buy it now cause if it doesn't sell, the asking price will be $70M next year (reminds me of that penthouse at the corner of Burrard and Pacific that no one has actually lived in for 20 years). It's the new law of supply and demented Realturds.

patriotz
Member
@paradox: "I am starting to believe that Van might be in a sweet spot with all the corrupt chinese money coming here" Assuming that Chinese money has been supporting prices metro wide (which I don't) you also have to assume that Chinese money is going to keep ignoring all the other RE opportunities on the planet, virtually all of which are better value than Vancouver. Crooked != stupid. These guys are taking their money out because they don't want to lose it and once Vancouver starts looking like a losing proposition (i.e. prices start falling, and don't tell us it can't happen because it happened in 2008) the dirty money (however much of it there really is) is likely to go elsewhere. Speaking of 2008, I have yet to hear an explanation from the China theorists of why all the… Read more »
Anonymous
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Anonymous

@DEFAULT NAME:

"If you’re interested in that house, you better buy it now cause if it doesn’t sell, the asking price will be $70M next year"

It could be. You can ask what ever price you want. What matters is what a house sells for. If the dump had of sold for 1.05 million it might be a story.

I still remember a past story that made headlines on the news where a downtown penthouse was listed for sale at 17 million. The place ended up selling for about 7 million. The 17 million asking price was irrelevant.

I guess you and Mish both don't get it.

patriotz
Member

@DEFAULT NAME:

"I guess you and Mish both don’t get it."

Mish certainly understands the difference between asking and market price.

What he was commenting on is that the ask was taken seriously by the listing realtor, who only gets paid if it sells, and so it has a credible chance of being taken seriously by a buyer. And it's not the only dump on the East side listed (or selling) for over a mil, by a long shot.

PennyStock
Guest
PennyStock

@RippedtoShit: "unless they sprinkle msg on this market, its ready for some serious decay…"

Nitpick: MSG is not a preservative. It is a flavor enhancer.

Anonymous
Guest
Anonymous

@DEFAULT NAME: ….I still remember a past story that made headlines on the news where a downtown penthouse was listed for sale at 17 million. The place ended up selling for about 7 million. The 17 million asking price was irrelevant….

Ya, that's the place I'm talking about – at the corner of Burrard and Pacific. I's been on the market perpetually for years, always with an asking price at least 3 times what it sells for. It has popped on the front page of the Sun Homes section regularly every few years for the past 20 years – as a matter of fact, it's overdue it's biannual pop up.

If nothing else, the nut jobs marketing RE here keep the laughs coming.

Keeping An Eye On Th
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Keeping An Eye On Th

@PennyStock:

PennySt…. Since we are splitting hairs;

Would campden tablets or potassium metabisulfite do the job?

Girlbear
Guest
Girlbear

http://www.bloomberg.com/news/2011-11-21/china-re

China Real Estate at Tipping Point: Nomura

MM
Guest
MM

@DEFAULT NAME: "Asking prices are meaningless. Why not show an example of a sale price?"

Where do I look up sale prices?

604serf
Guest
604serf

Did anyone see the Financial Post article about "Mingles". Personal Finance profile about how singles are buying into condos and not need to wait until they are in a committed relationship.

http://business.financialpost.com/2011/11/19/ming

WELL…the article states that the girl works in MARKETING…

If you check out her twitter account. She actually works in CONDO MARKETING.

Even the financial post is reaching for this crap now. Really, "interview" someone who works in Condo Marketing about how they're buying a condo…and not disclose that? Seriously??

rp1
Guest
rp1

#14 @patriotz: "Speaking of 2008, I have yet to hear an explanation from the China theorists of why all the dirty money stopped coming in April 2008 and magically started again in early 2009."

http://i.imgur.com/ELkub.png

China's stimulus package was completely insane.

jumping in
Guest
jumping in
Makaya
Member
Makaya

@604serf: Good catch. I actually went on her linkedin profile, and here is how she describes herself:

“Manage strategic real estate project marketing programs for clients. Responsible for marketing strategy, public relations, forecasting, budgeting, lead generation, event planning, media buying and negotiations. Initiate and manage strategy and direction with graphic and interior designers for marketing collateral, sales centers and show suites.”

and here is how she was introduced in the FP article:

“Melissa Yan wondered why she had to wait until she got married to buy a home.

She decided she didn’t. So the 28-year-old, who works in marketing, opted to jump into Vancouver’s hot housing market at Christmas in 2010.”

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