Condo owner against speculation

This comment was left by Condo Paradise in the previous thread:

This rambling is addressed to all those who contributed to the insane property values we have here.

First, I would like to disclose some relevant info.

I own my 1000 sq, ft condo(no intention to sell) which I purchased new back in 1996 for $279,000. I don’t care what it is worth today because I enjoy living here. The building is situated in a very quiet neighborhood and consists of 120 suites. We have had very little problems with the structure as we are diligent with our maintenance and repair. Our strata fees are $300 – $400 /month and have a healthy contingency fund Over the years the demographics of the building has changed dramatically. We have 25% of the suites vacant.

This is where I begin.

I would personally like to thank all the offshore owners and any investor of any kind as most of you care very little to the day to day business of our building. The only important matter to you is the rise in value. The great thing is that most of you are never around so it is always very quiet. And when you do show up, your ill conduct and lack of knowledge of the bylaws result in many infractions. Fines mean more money for the building. Thanks again.

Council meetings are great as there are none of your concerns to deal with as you never bother to attend. Just keep paying your strata fees. We used to have more rentals but thanks to your greed the rental rates became delusional so there is little interest. Past renters have made a favorable contribution to our community.

To the speculators: Stop bothering the council and manager regarding the condition of your suite as in worn out appliances, faulty toilets, electrical fixtures not working etc. This is your responsibility, hint: hire your own inspector instead of using your RE agent. We take care of the building only, the rest is your responsibility.

And speaking of agents, please stop turning our building into a circus at every open house. It diminishes the dignity and value of our humble residence. How can we take this profession seriously?

You do it to yourselves.

Oh and while you are sitting around doing nothing (as most recent open houses have been very quiet) perhaps you can brush up on some math skills. You certainly can extrapolate your commission fees, but how is it you can turn a 2 bdrm 950 sq.ft condo and market it as 3 bdrm 1100 sq. ft?

The balcony is NOT a bedroom. Invest in a proper measuring tape and while you’re at it use your quiet time to read some of the bylaws. Proper info is important , as opposed to guesswork and pulling answers out of you rear end.

The sooner this whole fiasco comes to an end the better. Please sell your suites quickly and leave us alone.I would like for some nice people to move in and make this place their home.

Thanks for listening

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Boombust
Guest
Boombust

Yup, he must be fed up dealing with these cretins…

Say, is everyone familiar with the Christy Clark/Jaspal Atwal acandal? CKNW refuses to pursue it.

Google: Alex G Tsukamis’ blog for more…

taylor192
Member

Wow, $279K in 1996. A coworker bought a 900sqft condo down in 2002 for the same price. Prices stayed flat for a long time.

Patiently Waiting
Member
Patiently Waiting
Best place on meth
Member
Active Member
Best place on meth

@Patiently Waiting:

That might be the dumbest realtor yet.

All 5 of his points are pointless.

Not much of a name...
Member
Not much of a name...

@Best place on meth: I like point 3

No. 3: The doomsayers may be afflicted with “recency bias,” which says that people’s view of the future tends to be shaped by what recently occurred.

This can be applied to bulls who view the run up of prices over the last 10 years as a predictor as to where the market is going in the future.

CrashMahArse
Guest
CrashMahArse

@Patiently Waiting:
Those are good points, real estate market will continue to rise. I’m looking to buy an investment condo this year.

Inventory
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Inventory

15009

jumpin in
Guest
jumpin in

I had a chat with a developer. According to him, it is normal for a condo to change hands 3 times before it is occupied. But there is no speculation in Vancouver…

jumpin in
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jumpin in
Extremely rich Van house owner.
Guest

Story from the moon again and again.Is the article written by a real Condo owner or a fake by pennyless,unempolyed and delusive bears.Don’t forget paying your rent on time.

Extremely rich Van house owner.
Guest

@jumpin in: Each time the owner gain 30 to 70% at least coz there is a huge demand from Chinese rich immigrants who buy Condo like sacks of Potato,China wealth is out of your immigination.

paulb.
Guest
paulb.

New Listings 338
Price Changes 134
Sold Listings 118

TI:15069

http://www.laurenandpaul.ca

b5baxter
Member
@Patiently Waiting: re: James Louie Chung points: 1. Mortgage rates have been a record lows in the US for some time and housing prices still continue to fall. Japan even had lower rates while its housing prices decreased. 2. Isn’t this point an acknowledgement that Vancouver is in a bubble? In the US some markets declined 50% and some declined 10%. PEI may be a 10% place, Vancouver will be higher. 3. Completely inaccurate. Take a look at the Case Shiller index. For over 100 years housing has seen periods of sharp run-ups followed by steep declines. Most recently Vancouver saw this happen in the early 1980’s 4. The subprime market is different in Canada but there is no evidence it is any less significant. This also ignores the fact that places like Ireland also saw RE bubbles burst even… Read more »
patient renter
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patient renter

lovin’ those numbers today!

VMD
Member

first 3 days of March 2012 vs 2011:

Year Sales List  Ratio
2012  404   902  34.9
2011  578  1034  55.9
Diff -30%  -13%  -21% 
Makaya
Member
Makaya

@VMD: we aren’t seeing increase in listings yet, so the panic on the sellers’ side has not yet set in, but with such low sales numbers, the buyers are getting scarce…

Navin R. Johnson
Guest
Navin R. Johnson

absolutely fabulous numbers today! I can’t believe the run….

gordholio
Member

Just posted 10 reasons housing WILL crash at Mr. Realtor’s site:

http://www.hellovancity.com/2012/01/29/5-reasons-why-the-housing-market-wont-crash-real-estate-news-in-vancouver-january-2012/

Gotta fight ’em in the trenches.

jumpin in
Guest
jumpin in

Well done!
I really liked this one:
“One of the first signs of a crash are realtors saying the market won’t crash.”

jumpin in
Guest
jumpin in

It is getting better by the hour 🙂
http://www.vancouversun.com/business/House+prices+expected+ease+this+year/6251737/story.html
House prices expected to ease this year

http://www.news1130.com/news/local/article/337770–bc-home-sales-not-expected-to-repeat-2011
BC home sales not expected to repeat 2011
CREA predicts slight drop in prices

jumpin in
Guest
jumpin in
jumpin in
Guest
jumpin in

And the award for the best pumping quote goes to:

Gregory Klump, CREA’s chief economist, said the main reason for B.C.’s forecast price decline is because multi-million-dollar sales activity in West Vancouver, Vancouver’s westside and Richmond in early 2011 caused both the provincial and national average prices to temporarily spike, a phenomenon that’s not expected to repeat itself this year.

Read more: http://www.vancouversun.com/business/prices+drop+sharply+this+year+report/6254346/story.html#ixzz1oJ0QGhRE

good-format
Guest
good-format
Copied from PaulB’s number http://www.laurenandpaul.ca Date Listing Price(+-) Sold Inv Inv(+-) Feb 28 294 120 179 15,012 81 Feb 29 239 112 145 14,907 -105 Mar 01 313 94 123 14,912 5 Mar 02 251 97 163 14,919 7 Mar 05 338 134 118 15,069 150 Total-C 902 325 404 162 5 day-avg 287 111 146 54 Total-Est 6,355 2,441 3,170 16,095 1,188
jumpin in
Guest
jumpin in

Sorry for the spam, but it feels so good 😉

Some of the big banks are suggesting Ottawa also consider implementing “measured actions” for the housing market, such as reducing the maximum amortization period for mortgages back to 25 years, and consider increasing the minimum down payment, possibly to 10 per cent.


“There’s a general feeling that more than just the condo market, the Canadian housing market, is starting to get a little bit overdone in terms of price momentum,” Shenfeld said.

Read more: http://www.canada.com/business/Flaherty+economists+warn+overheating+housing+market/6252767/story.html#ixzz1oJ2RtTiZ

Read more: http://www.canada.com/business/Flaherty+economists+warn+overheating+housing+market/6252767/story.html#ixzz1oJ27KIs2

Disbelief
Guest
Disbelief

The Government is a big part of the blame just like it is here in the US a la Fannie Mae and Freddie Mac. If the Feds hadn’t been screwing with the lending practices we certainly wouldn’t be in the bubble that Vancouver is in. Unfortunately tax payers who had nothing to do with it wil be on the hook for it post crash. Too bad the rich Asians will be long gone. On that leaky boat that they came here on.

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