Friday Free-for-all!

It’s the end of another week and that means its time for our regular weekend news round up and open topic thread.

-news links to be added here soon

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

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Anon
Guest
Anon

Got an offer on a brand new RV that is below dealer cost by more than $5k…

blueskies
Guest
blueskies

is the YVR RE tide going out?

are there going to be many kool aid
bloated naked carcasses about?

any REALTORS out there holding onto
depreciating assets?

any mortgage brokers waking up in
a cold sweat?

I await the denouement with bated breath….

CanuckDownUnder
Member
CanuckDownUnder
Exciting week down under unless you're holding a massive mortgage. Since the start of the year the RE pimps have been beating the falling interest rate drum and calling the market bottom. Yet on Tuesday the RBA defied the punditry and held rates steady despite near unanimous predictions of a third straight rate cut. Under pressure from rising overseas borrowing costs two of the big four banks raised variable rates mortgage today, albeit just 6 and 10 basis points. Expect the other two to follow suit next week. There is no confidence left in the market now that the always rising prices fallacy has been exposed as a myth, the employment market is looking bleaker by the day with a steady stream of job cuts being announced, and borrowing costs are going up. If you listen carefully you can hear… Read more »
registered
Member
registered

2 blueskies Says: "is the YVR RE tide going out?"

I might just bet my sneakered right foot on it.

AG Sage
Member

@CanuckDownUnder: Good luck down there. You are going to witness some serious struggling shortly.

Best place on meth
Member
Best place on meth

@CanuckDownUnder:

As a bonus for you, Australia has an extradition treaty with China so there is nowhere down under for the corrupt bastards to hide and launder their loot.

We need one of those ASAP.

Bidingmytime
Guest
Bidingmytime

Home buyer offers $700,000 over listed price in Vancouver

BC Real Estate Association says it could have been due to a marketing strategy

http://www.news1130.com/news/local/article/329314

McLovin
Guest
McLovin

Saw a "New price" sticker on a Westside house I drive by on the way to work everyday.

It brought a smile to my face.

Laibach
Guest
Laibach

@Bidingmytime:

RE-tard Cameron Muir keeps beating a dead horse. Good luck with that.

Best place on meth
Member
Best place on meth

@Bidingmytime:

Strangely enough, none of the sales that went for $600,000 below asking price were reported in the media.

Dyugle
Guest
Dyugle

If you read THE GARTH'S site today it should send shivers down your spine if you are a bull. Toronto appears to have crazy bidding wars going on in its R.E. market. If this forces F act to cool the market, what's going to happen in a market that has already started to cool?

Perfect storm?

On the other hand he will probably give some date in the future when his changes will take effect giving the remaining people with no money their final chance to grab a big pile of debt.

Anonymous
Guest
Anonymous

sorry bears, you got your chance and you missed it. so, grin and bear it.

Anonymous
Guest
Anonymous

@CanuckDownUnder: Funny how realtors say it's a good time to buy when rates are falling as well as rising.

Guy Smiley
Guest
Guy Smiley

@#12

What i'd really like the chance at is to kick you in the bulls.

Anonymous
Guest
Anonymous

"Home buyer offers $700,000 over listed price in Vancouver"

mainland chinese home buyer no doubt..

Guy Smiley
Guest
Guy Smiley

Out of curiosity (and a personal talent for procrastination), i searched mls.ca for houses under $400k within ~10km of the downtown core of Ca's 2nd hottest market – Toronto.

Results: 102.

Under $300k = 18.

These are not real nice houses, with small lots, and i have no idea what the neighborhoods are like, but i doubt they would last long in Van at those prices. There is nothing under $425 here until you cross the Fraser into Surrey (where there are suddenly many many it seems).

So, RE and crashes may or may not be local, but our bubble is bigger than theirs. And i bet it pops louder too. Eat it T.O.!

Makaya
Member
Makaya
Here is a great example of a young greedy speculator that's going to learn a painful lesson… Wealthy Barmaid's RRSP is 2 income properties “Yep, I own two homes,” she laughs. “It’s from the bar; I saved all my money. I don’t want to be a waitress forever, but it’s been my only secure income. So no matter what I was doing, I was always doing that, just saving everything.” She paid a low down payment of $10,000 for the first home and $30,000 on the second, both of which she began renting out immediately to tenants, who cover the monthly mortgage and insurance payments. When one home required a $30,000 renovation, Bajrovic’s parents helped foot the bill. “My parents have always helped me a lot, and my family is really big on real estate; they encouraged me to invest… Read more »
Laibach
Guest
Laibach

HAM novelty in NYC

We learned about ghosts from hospice while New York learns a bit about traditional medicine and healthy child raising.

http://www.youtube.com/watch?v=iORoPWwtM2s&fe

Best place on meth
Member
Best place on meth

@Laibach:

I don't know what that kid is saying but I'll bet $1000 it isn't "wow this is fun dad, can I stay out here all day!?".

At least he's in New York and won't have to endure a mini-van ride to school with 86 other kids.

jumping in
Guest
jumping in
Laibach
Guest
Laibach

@Best place on meth:

Exactly or perhaps have a dad to teach him how to throw firecrackers into a sewerage and celebrate CNY.

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

VanRant
Guest
VanRant

@jumping in: "Seeking answers to explain why Chinese buyers for Vancouver homes were a ‘no show’"

Wonder why our scum medias are not carrying the important story!

Anonymous
Guest
Anonymous

@VanRant: “Seeking answers to explain why Chinese buyers for Vancouver homes were a ‘no show’”

They were a no show last year too. The Richmond and Westside buyers were local Chinese who bought into the real estate industry HAM hype. Now they are looking to flip to HAM that was never here and will never show up. It would be interesting to see how many of those Richmond and Westside listings are flips bought in the past 18 months or so.

yvr2zrh
Member
Friday update on some interesting stats. 1.) Van-West detached. Some pickup in the market so sales are up compared to recent weeks. Listings have slowed and thus inventory is actually down MTD. We did not manage to stay over 800 listings for more than a day. We should be at about 30% below last year on sales numbers and at 5 MOI. 2.) Richmond – continues on its path of lots of lists and few sales. Inventory up 6% on prior month already in the first 8 market days of month. Looking to be Feb 2012 at over 60% below last Feb and still over 10 MOI. 3.) A few more mega sales . Another $10M this week in West Van and also $8.8 at 3333 Point Grey road. 4.) As expected – MOI trending down. But we are much… Read more »
VanRant
Guest
VanRant

No wonder Tsur Sommerville is pro-real estate spokesman.

http://cuer.sauder.ubc.ca/sponsers.html

Is there no credibly in our media!!!!!

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