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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8 years ago

luxury villa mykonos…

[…]Vancouver Condo InfoCondo owner against speculation – Vancouver Condo Info[…]…

Fraud investor
Fraud investor
8 years ago

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

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

vangrl
vangrl
8 years ago

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… Read more »

SunBlaster
SunBlaster
8 years ago

@ 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!

Bailing in BC
Bailing in BC
8 years ago

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… Read more »

Mortgageslave
Mortgageslave
8 years ago

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.

Bailing in BC
Bailing in BC
8 years ago

@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.

Mortgageslave
Mortgageslave
8 years ago

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.

Mr Know It All
Mr Know It All
8 years ago

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

gordholio
8 years ago

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

mattymatt123
mattymatt123
8 years ago

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

vangrl
vangrl
8 years ago

:
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/

Extremely rich Van house owner.

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

patriotz
8 years ago

@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.

fixie guy
fixie guy
8 years ago

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.

VMD
VMD
8 years ago

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

logic
logic
8 years ago

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

VMD
VMD
8 years ago

@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… Read more »

jesse
8 years ago

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

VMD
VMD
8 years ago

@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 : )

Disbelief
Disbelief
8 years ago

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.

jumpin in
jumpin in
8 years ago

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

good-format
good-format
8 years ago

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
jumpin in
8 years ago

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