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

45 Responses to “Condo owner against speculation”

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    Boombust Says:
    1

    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…

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    taylor192 Says:
    2

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

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    Patiently Waiting Says:
    3

    Found this from a link on Craigslist:

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

    Some gristle for us bears to chew on.

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    Best place on meth Says:
    4

    @Patiently Waiting:

    That might be the dumbest realtor yet.

    All 5 of his points are pointless.

    Like or Dislike: Thumb up 0 Thumb down 0

    Not much of a name... Says:
    5

    @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.

    Like or Dislike: Thumb up 0 Thumb down 0

    CrashMahArse Says:
    6

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

    Like or Dislike: Thumb up 0 Thumb down 0

    Inventory Says:
    7

    15009

    Like or Dislike: Thumb up 0 Thumb down 0

    jumpin in Says:
    8

    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…

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    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.

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    @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.

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    paulb. Says:
    12

    New Listings 338
    Price Changes 134
    Sold Listings 118

    TI:15069

    http://www.laurenandpaul.ca

    Like or Dislike: Thumb up 0 Thumb down 0

    @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 though they did not have US-style sub-prime rules.
    5. This seems to be another acknowledgement that we are in bubble and that we just can’t be sure when it will end. Which is true.

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    patient renter Says:
    14

    lovin’ those numbers today!

    Like or Dislike: Thumb up 0 Thumb down 0

    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% 

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    Makaya Makaya Says:
    16

    @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…

    Like or Dislike: Thumb up 0 Thumb down 0

    Navin R. Johnson Says:
    17

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

    Like or Dislike: Thumb up 0 Thumb down 0

    gordholio Says:
    18

    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.

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    jumpin in Says:
    19

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

    Like or Dislike: Thumb up 0 Thumb down 0

    jumpin in Says:
    20

    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

    Like or Dislike: Thumb up 0 Thumb down 0

    jumpin in Says:
    22

    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

    Like or Dislike: Thumb up 0 Thumb down 0

    good-format Says:
    23

    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 
    

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    jumpin in Says:
    24

    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

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    Disbelief Says:
    25

    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.

    Like or Dislike: Thumb up 0 Thumb down 0

    @jumpin in:
    Good work jumpin in, you are keeping me busy tonight occupying the chinese RE forums. It’s kinda difficult for the realtors/pumpers to argue against their own RE associations, the finance minister, the bosses of TD/CIBC banks : )

    Like or Dislike: Thumb up 0 Thumb down 0

    118. srsly? Come on Vancouver IT’S MARCH.

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    @jumpin in:
    To quote the first paragraph of the article:
    “The federal government and some of the country’s leading economists remain worried about Canada’s housing market and rising household debt and are cautioning Canadians against borrowing too much.

    However, they are a little more optimistic about the overall state of the Canadian economy than they were just last fall, and now project stronger-than-expected growth in 2012.

    I’m getting the feeling that Flaherty is setting up the stage for the next round of mortgage tightening.. There had been(valid) concerns that a housing downturn will impact the country’s economy (to the tune of every 10% drop in house price resulting in 1% drop in GDP). But now Flaherty and the economists are forecasting a strong-than-expected growth in 2012 — Methinks this extra growth can become the cushion of the economic impact of another round of mortgage rule tightening.

    Of course, I could just be biased by my bear-goggles.
    http://www.leaderpost.com/Flaherty+warns+overheated+housing+market/6255451/story.html

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    I do hope so. Mortgage tightening suits me, and will slash to “I can afford the monthly” crowd out of the market.

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    The MISH article re: “See What $890,000 Buys In A Housing Bubble And After The Bubble Pops” had been re-published in Business Insider, and had made top-in-24-hours in digg.com

    Canadian RE is truly world-class ; )

    http://digg.com/newsbar/topnews/see_what_890_000_buys_in_a_housing_bubble_and_after_the_bubble_pops

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    fixie guy Says:
    31

    28 VMD Says: “There had been(valid) concerns that a housing downturn will impact the country’s economy (to the tune of every 10% drop in house price resulting in 1% drop in GDP).”

    Shows the insanity of their economic policies. The real concern is they made our GDP that dependent on real estate.

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    patriotz patriotz Says:
    32

    @gordholio:
    All the comments seem to have been removed.

    All his points are nonsense, but the easiest one to pick apart is the “US is non-recourse” big lie. Only 1/4 of states, and not in all circumstances in those (i.e. all refis, HELOC’s, 2nds are recourse in California). Florida is full recourse.

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    Where is your Condo?
    Another fake story from the Moon to support their doom day scenario.

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    vangrl vangrl Says:
    34

    “@gordholio:
    All the comments seem to have been removed.”

    Can’t believe he removed the comments. last time I looked they were all tasteful and certainly didn’t warrant being removed!

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

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    mattymatt123 Says:
    35

    Finally!!! It looks as thou RE Armageddon is starting…

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    gordholio Says:
    36

    The comments magically reappeared! How did that happen? *cough*

    Too bad they’re formatteed so poorly. Stupid cut and paste.

    On another note, I see the Calgary Herald headline writer is extremely CREAtive:

    http://www.calgaryherald.com/business/real-estate/Canadian+consumers+remain+bullish+real+estate+market/5717797/story.html

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    Mr Know It All Says:
    37

    Was picking up my wife at her friend’s condo.

    Looked at the registry of names(you know…with the plastic letters).

    12 were listed as “OCCUPIED”Hmmmm aka No one lives there?

    Newer projects are all electronic screens..so harder to ID

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    Mortgageslave Says:
    38

    Once you make an offer on a house and sign the papers. Can you back out a day or two later or is there any recourse if you do? I can fill in the details in a bit just need to have a discussion with a friend who just signed his life away last night.

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    Bailing in BC Says:
    39

    @Mortgageslave:

    Has the offer been accepted?

    Is it subject to anything? Inspection or fiancing? If it is it could be pretty easy to get out of.

    Is your friend having second thoughts or is it just you? If he’s happy about what he’s doing it will be pretty hard to change his tack.

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    Mortgageslave Says:
    40

    I asked him if he’s excited and he said “kind of nervous”. I would be too if I bought a 2500sq foot half duplex in Pitt Meadows for 500k.

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    Bailing in BC Says:
    41

    I think I just found it on the mls. Looks like it’s pretty close to some major rail yards. Seems nicer than the other duplexes in that price range.

    Good luck with your friend, now could be the exact wrong time to buy. Before you go too hard on him make sure that there is a loophole out. No one wants to hear that they have done something stupid when it’s too late.

    I’d start with this Sun article.

    http://www.vancouversun.com/business/prices+drop+sharply+this+year+report/6254346/story.html#ixzz1oIzv9rtr

    When the message comes from the msm and crea it’s hard to ignore, and if prices drop 4% he’s lost 20k. It’ll cost him another 20k in realtors fees to get out plus mortgage insurance, property purchase tax and legal fees that he won’t get back.

    Also show him an amortization schedule. People are frequently amazed by how much money they are throwing away on interest, insurance taxes, city utilities and how little is actually going to equity.

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    SunBlaster Says:
    42

    @ Mortgageslave

    Don’t bother helping your friend with advise, it won’t work. If he bough a Half Duplex in PittMedows for $500K he needs A PROFESSIONAL HELP!

    Like or Dislike: Thumb up 0 Thumb down 0

    vangrl vangrl Says:
    43

    Kind of irritating that Garth never admits that he’s wrong or that his timing is terrible. The quote below is a commenter on his blog (not me)

    “Garth, Generally I agree with your views and have learned much from your blogs. However, the crazy RE agent you quoted above wasn’t far off the truth in one part of his rant – “…how about the people that listened to your ******** for the last 4 years and missed out on MASSIVE opportunities?” Anyone who sold real estate a few years ago, in order to escape the downturn you’ve been predicting, acted too soon and lost out on two, three or four years worth of price increases – in Vancouver and Toronto that’s quite a few bucks. Isn’t this obviously correct? Everyone knows that timing market changes is difficult. You did your best, but missed the mark by a few years. And those who sold prematurely, on the basis of your suggestions, are ultimately responsible for their own decisions. Isn’t it time for a little humility, and an admission that your timing has been off? We’ll still love ya.

    Garth:
    Attitudes like your have been pivotal in creating a casino environment for residential housing. It’s evident when average families cannot afford average homes that markets will correct, as they have already in much of the country. Knowing that allows people who listen to avoid the inevitable woes of a downturn, especially if they bought when you have suggested, and have done so with little or no equity. I will not apologize for my work here. — Garth”

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    Fraud investor Says:
    44

    Canadian house bubble trouble, it’s an interesting analysis article to read.

    http://canadabubble.com/bubble-watch/2324-canadian-bubble-trouble.html

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