Sold Out!

Hey! A opening day presales condo in Vancouver SOLD OUT!

Marine Gateway, and the 415 pre-sale units that sold, is big news because at a time when listings are soaring and sales have been falling off a cliff, the pre-sales at this development have bucked the negative trend.
In fact it has completely turned that trend on it’s head.
Hmmm.

Let’s put that into perspective.

A sell-out of pre-sale condo unit offerings hasn’t happened in Vancouver in over six years.  As Global TV noted in this story, you have to go back to the Woodward’s presale in 2006 – before the collapse of the world financial markets – to match an opening day pre-sale sellout of a condo development.

Either the market is on the upswing again or Rennie is back with his marketing magic…  Although he does seem to have lost the ‘be bold or move to the suburbs’ thing.

Check out Whispers from the Edge of the Rainforest for an examination of this sell-out.

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VMD
Member

[Rent or take on massive mortgage debt?]
– Ben Rabidoux interviewed on G&M (video). Advised on rent vs mortgage.
Mar. 26, 2012 5:20AM EDT
http://www.theglobeandmail.com/globe-investor/investment-ideas/lets-talk-investing/video-rent-or-take-on-massive-mortgage-debt/article2230603/

YLTNboomerang
Member

Let’s see, the last time a development “sold out” global markets tanked and VRE likewise…until the govt intervened. Could this “sell out” be an uncanny homage to the past and too be followed by a VRE crash? I truly hope this is the real jump the shark moment.

VMD
Member
[CMHC’s Reins Get Pulled Back.. Way back] March 26, 2012 CMHC is throttling way back on its mortgage insurance business. That was the eye catching revelation in its corporate plan released last week. CMHC is calling for 1.5% annual growth in the next five years, versus 13.5% in the previous five years! With the government reluctant to raise CMHC’s $600B insurance limit, the crown corp. must now largely rely on portfolio run-off to give it more “cap space.” It has also been rationing bulk insurance. Given all this, we don’t have to state the obvious, but we will. CMHC is undergoing a marked change in its business model, perhaps even in its mission. No longer will it generously offer portfolio insurance (which lenders use to lower their funding costs on low-ratio mortgages). No longer will it have the same appetite… Read more »
Patiently Waiting
Member
Patiently Waiting

Hey Kidz!!! Tired of sitting around jobless in your parents basement? Confused about what you want to do with the rest of your boring lives? Here’s a video game for you to play:

http://careerexplorers.ca/

Sorry no white male characters. Their only career option is to move to Alberta, buy pick-up trucks and become rig pigs.

No East Asian male characters either. They get to speed around in expensive sports car all day.

Review: Confusing rules, ran around pointlessly, got paid nothing, and gave up in frustration.

Thanks Christy Crunch!!!

southseacompany
Member
southseacompany

Tonight on Global News: Monday: Are locals being pushed out of the real estate market?

Saw a promo clip; Cam Good plus guests.

supersmartbear
Member
supersmartbear

I’m not sure if anyone has realized this but when was the last time a residential development was built so close to a waste transfer station?

http://vancouver.ca/engsvcs/solidwaste/transfer/index.htm (sorry don’t know how to hyperlink)

That place stinks! Especially in the summer.

bullwhip29
Guest
bullwhip29
Hello all. Haven’t posted for a long while. Been nothing of importance to talk about… FWIW, most of the units @ Telus Gardens have already been “reserved” for “insiders” before official public launch. I know many people that were supposedly promised units that wound up getting the “sorry, I don’t see your name anywhere on this list” treatment last week. This is really remarkable given that many units: -are the usual miniature shoeboxes that we typically see d/t. some didn’t even notice that the balcony/outdoor space was incl in the total sq footage outlined in that beautiful glossy “sales package” -do not come with parking (or even the option to buy a spot) -have little to no view (or daylight) due to very unorthodox architectural features and proximity to other towers in the complex -min 25% deposit required (payable in… Read more »
Raincouver
Member
Raincouver

Bullwhip29 says …
Hello all. Haven’t posted for a long while. Been nothing of importance to talk about…
__________________________

Are you kidding? We’re having a heat-wave, a tropical heat-wave. There was three (3) days without rain with almost normal temps!

Little wonder people will pay $1.2mm for a squat to live in. Of course, everything should be SOLD OUT. Perfectly expected and normal.

As for the MSM … Tonight on Global News: Monday: Are locals being pushed out of the real estate market?

The pundits really have their finger on the pulse.

It’s important to point out the bleeding obvious, years after it has already happened.

Patiently Waiting
Member
Patiently Waiting

Put three people in a glass box and see what happens.

http://vancouver.24hrs.ca/News/local/2012/03/25/19547356.html

mattymatt123
Guest

h

Vansanity
Guest
Vansanity

RBC Raises mortgage rate signalling end to price war.

http://www.bnn.ca/News/2012/3/26/RBC-raises-mortgage-rates-signals-end-to-price-war.aspx

Looks like they’re not waiting for the BoC to do it after all.

Anonymous134282
Guest
Anonymous134282

@Patiently Waiting: WTF!?! Definite shark-jumping moment. This city is a mad-house being run by the inmates.

Patiently Waiting
Member
Patiently Waiting

@Anonymous134282: After viewing it for a few minutes, I don’t know what to say. It left me with no thought or emotion. I feel dead inside.

bullwhip29
Guest
bullwhip29
@ Vansanity – March 26th, 2012 at 10:36 am Re: RBC Raises mortgage rates… The banks are just playing mind games with everyone. The moment the next promo rate is announced, people will trip and fall over themselves to sign on the dotted line. Get it while it’s hot…only for a limited time!!! Creating this sense of urgency keeps the fire burning hot. At the end of the day, rates will very stay low for way longer than most are anticipating. The BOC and the FED et al are basically screwed and have no choice but to stand pat. We are witnessing an instant replay of the 1980’s Japanese deflationary death spiral all over again. Ultimately people will opt to not take the free money the banks are offering and will stick whatever cash they have left under the mattress… Read more »
Patiently Waiting
Member
Patiently Waiting

@Patiently Waiting: must…buy…surrey…condo

oneangryslav2
Guest
oneangryslav2

@Patiently Waiting:

…a new Surrey development aimed at young professionals seeking an affordable lifestyle.

So a yoga instructor, an actor/bartender, and a photographer are “professionals”? Where’s the barista–the most professional of all professions?

Here’s the problem with this province (my home, but maybe for not much longer), and the LM, in a nutshell. There is no real economy here, which provides decent, relatively secure jobs at a livable wage. Trying to sell real estate to somebody who, based on their income, should have absolutely no reason to consider buying? Sell them on the “lifestyle” and the “monthly” payment. Then, if TPTB are lucky, these young “professionals” (and others like them) will be thrilled with home “ownership” and won’t ask questions like “why can’t I, or any of my friends get a decent job?”

jesse
Member

@Vansanity: “RBC Raises mortgage rate”

We’ll see! There’s a lot of money that has to be leant. I see this more of an attempt to “pass on the risk” to the borrower.

Yalie
Guest
Yalie

It seems to be a slow day around here. I suggest a friendly wager: what is F going to do about mortgage lending in the upcoming budget?

My prediction: He will do nothing. But by doing nothing, he’s really doing quite a lot. Specifically, he won’t raise the 600 Billion CMHC insurance limit, meaning that banks will have no choice but to start lending based on actual credit risk. Say goodbye to 7% cash-back loans to first-timers with no money.

Anonymouse
Guest
Anonymouse

@Vansanity: “RBC Raises mortgage rate signalling end to price war. ”

Your link says: ‘The increases all take effect March 29.’

Isn’t that when the BMO special offer was due to expire anyway (I realise we’re talking about RBC here)? So it’s not like they’re raising rates ahead of the feds, they’re just ending a time-limited special offer that was in place only to level the playing field with one of their competitors. I don’t see anything dramatic here.

Vansanity
Guest
Vansanity

@bullwhip29: I agree with that. That being said… I have no idea what to expect anymore.

@Anonymouse:I just saw that, big deal then! BMO’s expires Mar 28th.

I wonder what these rates were like if the Banks had skin in the subprime game, rather than passing it all off onto CMHC.

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

A friend was just denied insurance through CMHC for a condo purchase. Something about the building being red flagged and they won’t touch anything in the building due to a past leaky parkade. Hmmm…

Anonymouse
Guest
Anonymouse

@Vansanity: “I wonder what these rates were like if the Banks had skin in the subprime game, rather than passing it all off onto CMHC.”

The interest rates would probably be the same.

squeako
Guest
squeako

Sold out? LOL
The glass wall apartment inhabitants/”professionals”:
Only one thing to say, OMG, OMG.
The mantra of young “hotties”.
Is this the result of a media brainwashed generation?

Scottie, puleeeze beam me up NOW!!!!!!! It is unbearable.

Yep, it’s been a hell of a ride, for over a freaking DECADE!

Anonymouse
Guest
Anonymouse

@Not much of a name…: “A friend was just denied insurance through CMHC for a condo purchase. Something about the building being red flagged and they won’t touch anything in the building due to a past leaky parkade. Hmmm…”

Often you’ll come across MLS listings that state a minimum downpayment requirement. They’re for reasons such as this.

Anonymous
Guest
Anonymous
@Anonymouse: “interest rates would probably be about the same” I doubt it. Canadian banks don’t have a reserve ratio, meaning they can lend as much money as they want. The money supply is restricted by a banks willingness to lend – if you don’t meet their requirements, the bank will not create money to lend you. When the CMHC stepped in and said “borrowers don’t have to meet bank lending standards, they can meet our looser requirements instead and we’ll insure against default” this “made available” $600BB in new debt available for Canadian banks as a group to create and sell that they know would be paid back. (Remember – they don’t care who pays) Loosening the standard from 25/25 to 40/5 created millions of new buyers that needed to be sold insured debt. Given that there is more than… Read more »
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