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Anon
Guest
Anon

“The project’s developers, Telus and Westbank Projects, also didn’t allow anyone to buy more than two units.”

Let’s see- a telecom company building condos and not letting folks buy more than 2? Crazy times…

Peter Green
Guest
Peter Green

It is what it is. Despite vast amount of available info, some people jump without considering the risks. Life changing. Sad and disgusting to look at.

VMD
Member

@jumpin in:
That is my little website tailored to propagate “real” RE info in Chinese : )

“Greaterfool” has been my handle on Chinese forums for over a year, hence it’s in the blog title (I hope Garth won’t mind this…)

The house with balloons came from the movie “UP”, I juxtaposed it with a stormy Van skyline.

The post you quoted said VW median price dropped 13.7% MOM, while VW average price dropped 17.3% MOM. Sure stirred up a lot of angst ; )

http://greaterfoolvancouver.blogspot.ca/

GVREB
Guest
GVREB
FOR EXCLUSIVE RELEASE ON VCI Housing market wavers with slow start to Spring market VANCOUVER, B.C. –April 2, 2012 – The March real estate market in Greater Vancouver saw increasing annual sales volume decreases while sales listing volumes decreased at a much slower rate. Sales activity in Greater Vancouver was well below the 10-year average for the month and was the second slowest March since 2001. Market activity is now firmly below seasonal norms compared with the irrational exuberance which led volumes higher in early 2011. The month of March was the eighth straight month of declines of year/year sales volumes. GVREB reports that residential property sales of detached, attached and apartment properties reached 2,879 in March. This total represents an 29 per cent decrease compared to the 4,080 sales in March 2011. Looking back, sales activities were 8 per… Read more »
jesse
Member

“What happens if the market takes another dive and Telus employees try to walk away from their presales?”

Sue them. We’re talking Telus, not a church. I’m sure their employees would do the same for Telus should the position be reversed.

Anonymous
Guest
Anonymous

@jesse:

Don’t worry about them,all those apt will be sold to Chinese investors from mainland and worry your balls first.

UnagiDon
Guest
UnagiDon

@GVREB: Gvreb, thanks for the great post again.

It is tempting to buy a slot in the Vancouver Sun and publish this. Any thoughts on that plan?

patriotz
Member

“What happens if the market takes another dive and Telus employees try to walk away from their presales? Dock their pay?”

The developer is undoubtedly a different corporate entity from Telus itself.

If the buyers walk away they can be sued and if a judgment is given against them their wages can be garnisheed. But the process would be the same wherever the buyers worked.

gordholio
Member

#4, GVREB: This is brilliant. Are the figures totally accurate? What about that massive quote in the third paragraph? Is that an actual, attributable industry quote?

I ask because I do have a couple of media contacts from previous op-eds I’ve written. I’m sure it’s a little too “true” to be published considering their sordid ties with the RE industry, but I’d love to send it to them anyway just so they can get a massive dose of reality. Unless, of course, you’ve already done that. 🙂

In any case, it’s a beautiful thing.

GVREB
Guest
GVREB

Numbers are accurate within 1% or misc rounding.

Comments are a collection of anecdotes from past month. If we need people to stand behind them, it could be possible.

It is not an April fools joke and should be taken as 90% accurate.

Read the January release and the predictions and see how they have come true so far.

This is meant solely to put a different spin on the same facts. Given the blog nature and informal source nature, difficult to say if msm would want to pick on this other than as part of an official article.

bullwhip29
Guest
bullwhip29
Looks like the guy I talked to recently about this wasn’t BSing me (see last week’s post here: http://vancouvercondo.info/2012/03/sold-out.html#comment-149842 ) Pretty shrewd move to sell these to staff first and leave the scraps for the rest of us. With a min 25% dp required, I doubt anyone would be stupid enough to walk away. As Christy Clark is about to find out the hard way, Darren Entwistle is not a fellow I’d want to be getting into a pissing contest with. @ Peter Green “Sad and disgusting to look at” -I’m no raging bull or anything like that, but idiotic comments like this are the primary reason I stopped visiting blogs like this. Obviously, the vast amount of avail info hasn’t done you any good. Did it ever occur to you that some people in this city are actually employed,… Read more »
Makaya
Member
Makaya

@bullwhip29: “idiotic comments like this are the primary reason I stopped visiting blogs like this”

Or is it because you’ve had your “jump the shark” moment recently?

bullwhip29
Guest
bullwhip29

@ Makaya

Perhaps you are correct. That being said, I could be completely wrong and I’d be ok with that too. Some of the individuals on this board have been ranting and raving like lunatics for years that everyone else has it wrong. This makes no sense to me. In fact, it just reeks of sour grapes.

mac
Guest
mac

@bullwhip29:

Ahhh you think that’s leaving the scraps for the rest of us. I just found out that the City brought in busloads of Chinese investors to sell the 10 units of Canada House on offer. These were the more reasonably-priced units (1.3M for approx 1,600 sq. ft). The rest of the units are astronomical. I met a guy in the OV who went to the open to buy but said the city had already sold 9 out of the 10 units to these “bussed-in” buyers. Pretty sleazy stuff for the City to have done. So the best goes to what… Rennie’s best clients or something? And the rest goes to the chumps in the city? Is this not discrimination?

Anonymouse
Guest
Anonymouse

@bullwhip29:

“Some of the individuals on this board have been ranting and raving like lunatics for years that everyone else has it wrong. This makes no sense to me. In fact, it just reeks of sour grapes.”

Especially because many of them claim that “nobody ever has to buy, renting is cheaper”. But look how desperate they all are to eventually get into the market. Of course they’ll claim that they’re actually altruists who just want the economy to return to normal for the good of the decent hard-working man, but really they’re vultures. It’s a little odd.

mac
Guest
mac
So where are we now? We have a slowing resale condo market but at the same time anything “new” that is being built is being snapped up? Definitely, I believe that foreign buyers want new but I also believe a lot of local people are competing with these foreigners for space in line. Why? Why do the locals want new when anyone can see that these units are slapped up with even less care than the older, built-in-the-90s leaky condos were slapped up. Friends with a unit in Walmart…er…Woodwards say there are problems in the building already. We live in the OV and the leaks are unbelievable. Two-yr old building and the garage needs patching almost every week. The ceiling in the garage trickles water onto the cars. They patch and the trickle moves somewhere else. Kayak owners moan and… Read more »
bullwhip29
Guest
bullwhip29

@ mac

Are we not talking about Telus gardens? Read my post from last week again:
http://vancouvercondo.info/2012/03/sold-out.html/page-1/#comment-149842

bullwhip29
Guest
bullwhip29

@ mac

“We have a slowing resale condo market but at the same time anything “new” that is being built is being snapped up?”

Some new stuff is being snapped up, not all.

Have a great day all…

mac
Guest
mac
@bullwhip29: Uhhh I’m talking about my own garden, over here in the OV. What about your last posting? The fact that the best units are reserved for insiders? Who are they? Usually it’s the developer or the agent like Rennie. They hoard them then sell them later when prices have gone up. Or do you want to discuss that people are feeling flush again, eating steak? A lot of people aren’t eating steak. Lots of shops and restaurants going under. Or your assertion that the cracks will start to show in a year or two. We’ve been saying that for a long time. There are no cracks for the developers and big agents in this city. They have the government’s ear. They’re getting tax breaks for 2nd homes now. We live in a one-industry town. But the bussed in insiders… Read more »
patriotz
Member

@mac:
People in Vegas sure don’t complain about the casinos busing (or flying) in gamblers.

The more slezebags from China the CoV takes to the cleaners the better. Bring them on.

registered
Member
registered

16 mac Says: “We live in the OV and the leaks are unbelievable.”

Not to those who cycled past regularly in the months preceding the completion date. Truly unbelievable was how quickly it was slapped up after months of minimal visible activity.

registered
Member
registered

15 Anonymouse Says: “Of course they’ll claim that they’re actually altruists who just want the economy to return to normal for the good of the decent hard-working man, but really they’re vultures. It’s a little odd.”

Odd indeed. In normal English usage those who profit from pumping an essential good for personal profit are considered the vultures. These are topsey-turvey times in Vancouver.

jesse
Member

@mac: I thought most of the breaks were for outside the Vancouver/Capital regions. Which would make sense, the rest of the province isn’t so peachy when it comes to sales these days.

Anonymouse
Guest
Anonymouse

@fixie guy:

“In normal English usage those who profit from pumping an essential good for personal profit are considered the vultures.”

I never said they weren’t.

UnagiDon
Guest
UnagiDon

Front page of NYTimes today:

Investors Are Looking to Buy Homes by the Thousands
http://www.nytimes.com/2012/04/03/business/investors-are-looking-to-buy-homes-by-the-thousands.html?_r=1&hp

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