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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Anonymous134282
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Anonymous134282

Pope, could you please post some more registration codes for VancouverPeak? I would like to join the 16K party. Thanks.

Guy Smiley
Member
Guy Smiley

@ Jumpin in

That’s MLS®: 303267 in the western communities outside of victoria. Listed at a meagre 14.5M. There’s a story that goes along with it – something about a nice couple from alberta, recently retired and struck by ill health just after having just finished building their dream home.

Strange building but pretty nice inside judging by the pics. And room to host dinner parties for up to 85 people. Here again though, i imagine you can get some much sweeter places elsewhere in the world for 14.5M…

jumpin in
Guest
jumpin in

A message to Cam Good:

If this is what people in yellow helicopters are buying:
http://pls.ca/

then I feel relieved: this is not at all the market segment I am interested in 🙂

Cam Good's Helicopter Pilot
Guest
Cam Good's Helicopter Pilot

Any Requests?

McLovin
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McLovin

Dvovan,

You just chose today to post after reading this blog for 4 years?

Sales a little slow at Remax today?

Beat it Troll.

Anonymous
Guest
Anonymous

@Dvovan: Even a blind squirrel finds a nut from time to time

N
Guest
N

@Dvovan:

Here’s the thing. I know this guy who went to a party and drank quite a lot. At the end of the night he wondered about how to get home. One of his buddies called a cab, but he decided to drive. He got home fine and, unlike his buddy, he did have to take another cab the next to pick up his car. In other words, he got away with it. Does that make him smart? Would you recommend that every follow his example?

All people are saying here is that, if you buy into a bubble, you risk getting burned. Nobody is claiming that people never get away with it, but the fact that people get away with it doesn’t make it a smart move.

jumpin in
Guest
jumpin in

Re Cam Good video:
not convincing… only one family of millionaires who do not want any one to know they are buying property (?!?!?!).
But a very good sense of humour (the helicopter is yellow).

At the end, they ask the opinion of a local resident from Chinese origin: an excellent move, I think.

BLISTINGAGENT
Guest
BLISTINGAGENT

Not just another Cam Good spot … it was another Cam Good helicopter trip! And this time the helicopter actually landed to allow the wealthy Chinese passengers to inspect an oceanside estate from ground level. Perhaps something looked amiss from 1,000 feet and they needed a closer look.

Does Cam Good have an uncle at Global or something? They sure plug him a lot, and they mentioned his company’s “pls.ca” website at least twice.

VHB
Member
VHB
gordholio
Member

Didn’t I hear rumors about a Global RE spot tonite featuring our favorite shyster, C. Good? Anyone see it?

good-format
Guest
good-format
Copied from PaulB’s number http://www.laurenandpaul.ca Date Listing Price(+-) Sold Inv Inv(+-) S/L(%) Mar 01 313 94 123 14,912 5 39.3 Mar 02 251 97 163 14,919 7 64.9 Mar 05 338 134 118 15,069 150 34.9 Mar 06 298 114 163 15,161 92 54.7 Mar-07 260 114 71 15,305 144 27.3 Mar-08 237 106 152 15,345 40 64.1 Mar-09 229 76 69 15,454 109 30.1 Mar-12 306 119 120 15,588 134 39.2 Mar-13 290 122 146 15,640 52 50.3 Mar-14 238 97 133 15,701 61 55.9 Mar-15 208 83 180 15,693 -8 86.5 Mar-16 224 91 97 15,734 41 43.3 Mar-19 319 138 193 15,778 44 60.5 Mar-20 267 118 158 15,837 59 59.2 Mar-21 238 104 153 15,864 27 64.3 Mar-22 219 107 136 15,904 40 62.1 Mar-23 204 113 123 15,940 36 60.3 Mar-26 303 161 127 16,038… Read more »
YLTNboomerang
Member

@Dvovan: So Dvovan, I’m assuming you’re going to buy a place when you move to Ontario right? Let us know how that goes, I’m interested to hear how much your $135K grows over the next 1, 2, 3 years.

Anonymous
Guest
Anonymous

@McLovin:

2006 – never
2007 – never
2008 – mid May
2009 – never
2010 – mid April
2011 – mid May??

market stats
Guest
market stats

@paulb – The Dexter stats are great information and I think that there should be publicly available disclosure on these number for what amounts to a large assets for most of those involved in the market. Actually if you think about data for the stock market is highly regulated and widely available and at the moment makes up an increasingly small amount of investor portfolios.

Other nice to have additions to those stats would be the Price Changes (+ and -) and Expirations, so we can see the effect on the active listings and market sentiment more clearly.

jumpin in
Guest
jumpin in

Also from yattermatters: “Current informal coffee chats with some of my fellow Vancouver Realtors® suggest a market in turmoil.”

jumpin in
Guest
jumpin in
Yalie
Guest
Yalie

@Dvovan:

I am glad thaT I followed my instincts and didnt listen to what most of you were saying here.

And I’m sure that people who bought Nortel in 1999 and sold in 2000 were equally glad they “followed their instincts” and didn’t listen to the doomsayers who were spouting all that nonsense about how overvalued those shares were.

Now here’s the real question: are you going to “follow your instincts” again and buy a presale condo in Toronto today?

Rob A.
Guest
Rob A.

@curious lurker: Richmond isn’t immune to a correction. If you want to be correction proof you have buy in downtown Vancouver. It has lots of shopping and cafes and is a very desirable place to live.

Dvovan
Guest
Dvovan
Ok here is my 50 cents. I immigrated to Canada 10 years ago when I was 26 with $3000 DEBTS. I have been following this web site for the last 4 years. At first, I was also thinking that the market will crash and that renting is better… We were renting a ground floor 2 bedroom apartment with the owners upstairs. They used to have a big fight approximatly once a week. One day I felt like I had enogh, and we went and within a week purchased a two bedroom apartment on fraser street for total of 305K. We put down 65K and got a 240K mortgage P-0.6% ( 2.4% as of today). My weekly payments were about $200 and the maintanance was about 200$/month which worked out to be less then what I was paying for rent. Because… Read more »
curious lurker
Member
curious lurker

@paulb.:
Wow. almost 1000 houses for sale in richmond, with only 80 sold so far this month… March of 2010 and 2011 had 220 or so sales.

That’s looking like a MOI of 11 or so at the end of this month.

How often do I hear from people the following:

“Other places might fall, but Richmond is immune. All the rich chinese are coming here.”

Only one problem with that statement, “they aren’t.”

Course when a statement states only one thing, and that one thing proves untrue, um, well, wow.

Who would have thought Richmond would be weakest first? I know I didn’t expect this.

McLovin
Guest
McLovin

Happy 16K Monday everyone!

Can anyone tell us what day we hit 16K in previous years?

Anonymous
Guest
Anonymous
@Jesse Not meaning to speak for another anonymous poster, but I think he was meaning that there is no federally mandated minimum capital reserve ratio — Of course banks keep capital reserves. The source would be the bank act, and reviewing changes made to sec.457 until it was ultimately repealed. Specifically, the ‘phasing-out’ was implemented in 457(4), which had read (past-tense intended): (4) On the first day of the first month following the month this section comes into force, the primary reserve referred to in subsection (2) shall be reduced by 3 per cent, and thereafter on the first day of the first month of each of the next three succeeding six month periods, the primary reserve as modified by this subsection shall be reduced by 3 per cent, and on the first day of the twenty-fifth month following the… Read more »
N
Guest
N

@iwanttobuy:

“One word to describe it. RETARDED. ”

How about “foolish,” instead. In general, retarded people tend to rent, because they are more likely than many other people to have well-planned budgets and to keep their financial commitments in line with their realistically estimated earnings.

paulb.
Guest
paulb.