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Anonymous
Guest
Anonymous

@Anonymouse: …..But look how desperate they all are to eventually get into the market…..

Actually, I’m quite desperate to keep out of the market. Don’t want to work until I’m 90!

patriotz
Member

@UnagiDon:
You mean RE is a good investment when the yield is a lot better than for stocks or bonds?

What a concept.

xyz
Guest
xyz

I work for Telus.

Believe me very few ‘Employees’ are buying these things… We couldn’t afford them on our meager salaries.

If the article was correct it should say TELUS Directors and CEO’s

UnagiDon
Guest
UnagiDon

@patriotz: “You mean RE is a good investment when the yield is a lot better than for stocks or bonds?”

Of course, the article is not offering revolutionary investment insights. But I find the contrast in what constitutes front-page RE news in the US vs Canada to be remarkable.

The temptation to buy a rental property in Seattle is getting increasingly tempting…

patriotz
Member

@xyz:
“Believe me very few ‘Employees’ are buying these things… We couldn’t afford them on our meager salaries.”

But the “buyers” don’t have to be able to afford them. They just have to plunk down a deposit. That’s what makes pre-sales so attractive to speculators.

mac
Guest
mac

@patriotz:

No one in Vegas has to make a home in a casino chip. It’s a fun analogy but it stops there.

patriotz
Member

@UnagiDon:
Compared to many other US markets Seattle is not attractive to an investor. Still cash flow negative in many cases. Note Seattle has high property taxes (because there’s no state income tax). For example in the University District:

http://www.zillow.com/homedetails/5223-21st-Ave-NE-Seattle-WA-98105/49019352_zpid/

However you can say a couple of things about Seattle. One, you get a comparable property for 1/2 (or less) the price of Vancouver. Two, there are far more character properties that haven’t been bulldozed or been given crap “renos”.

Oh and three – having someone living in the basement of a house you’ve paid a million for is not considered a selling point.

Drachen
Member

@mac:

Nobody here has to buy a condo.

Many people manage to live in houses/apartments without purchasing or speculating. I don’t know anyone personally who’s crazy enough to try it, but I’ve heard the kids on the street call it “renting”.

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

I watch the condo market in North Van. It’s been a while since a project has sold out. There is so much inventory online now with many new projects still in the works. I’ve had a few realtors mention to me that North Van is overbuilt now. Something has to give.

Buildings that are slated for completion in 2014 are selling about $100/sq ft higher than what is comparable in the resale market today. It appears that these buildings are being targeted more to those who are downsizing in a couple of years. Won’t these people be doubly screwed if prices fall? Not only will there condo be worth less at time of completion, but so will there current detached house when they go to sell. Yikes….

Anonymous
Guest
Anonymous

“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”

that silicone (or whatever it is) patchwork that they apply to leaky parkade ceilings is crap. What they’ll need to do is dig up all the landscaping around the building and apply a new torch membrane to the top of the parkade that runs further than the building, and run the membrane a foot up the building when it meets the building…super expensive but a true fix.
Can’t believe the membrane is faulty already:(. We had to do it to a building that I owned a place in, but that was a 45 year old building.

UnagiDon
Guest
UnagiDon

@patriotz: Thanks for your comments.

Seattle property taxes don’t look too bad to me — they’re about the same as what I used to pay in Ontario. Compared to other US cities, Seattle has the advantage that I can drive down in 2 hours to look after maintenance issues, tenants, etc. Also, I could conceivably install a suite as a second home for use during shopping trips down to Seattle, etc.

space889
Member
space889

@UnagiDon: Isn’t that against the law in US if you don’t have a green card or work permit? I thought you aren’t allowed transact in any business like showing the place to renters, or do work that could be paid like doing maintenance yourself?

rp1
Guest
rp1

#27 @patriotz: “You mean RE is a good investment when the yield is a lot better than for stocks or bonds? What a concept.”

More like a less-bad investment. It still has classic downsides. It ties up quite a bit of money, it’s harder to diversify inside the asset class, and structures must be maintained and upgraded. It beats the insanity of bonds, but I’m not so sure it will beat stocks. There are always opportunities in stocks for people who aren’t chasing returns.

mac
Guest
mac

@Anonymous:

Well at least you understood what was happening. I just look at the ceiling in amazement. Alot of little rivulets in a ceiling, no less. Then these long cracks in the side walls, maybe 4-ft long, 3″-5″ wide. Patched with cement, I guess. I have no clue. And don’t want to know. It’s just a rental. Then again, it’s a City rental so I guess the tax payer is going to pay for the rest of those patches from now on as the 2-yr warranty I heard, is expiring soon.

Best place on meth
Member
Best place on meth

Lots of listings today, mostly new but some expired ones coming back on the market.

Anonymouse
Guest
Anonymouse

@space889:

“Isn’t that against the law in US if you don’t have a green card or work permit? I thought you aren’t allowed transact in any business like showing the place to renters, or do work that could be paid like doing maintenance yourself?”

I believe that’s correct. And you could find yourself expelled from the US for life if you got caught. Most websites recommend hiring a US property management company to take care of things for you.

Anonymous
Guest
Anonymous

“Then these long cracks in the side walls, maybe 4-ft long, 3″-5″ wide. Patched with cement, I guess”

side walls of the parkade? those could be supporting foundation walls.

interesting
Guest
interesting

it’s true that the sales were made to “insiders”. apparently computer programmers and engineers can afford to pay $900+/sq ft.

“Before the blah, blah, foreign investors crowd gets in here, I’d just like to say that I know of at least a couple of born and raised Vancouverites that have bought and intend to live there.”

http://www.reddit.com/r/vancouver/comments/rpt9t/teluss_vancouver_condos_fly_off_the_market_the/c47q9ft

http://www.reddit.com/r/vancouver/comments/rpt9t/teluss_vancouver_condos_fly_off_the_market_the/c47qd9s

patriotz
Member

@Anonymouse:
“Most websites recommend hiring a US property management company to take care of things for you.”

Who of course will hire illegal aliens to do the maintenance work.

Superman
Guest
Superman

I got pissed when they got rid of Phone Booths.

No way I’m buying one, except maybe SHAW tower.

UnagiDon
Guest
UnagiDon
@space889: “Isn’t that against the law in US if you don’t have a green card or work permit? I thought you aren’t allowed transact in any business like showing the place to renters, or do work that could be paid like doing maintenance yourself?” I don’t believe so, although I’m not an expert on this topic. See, e.g., http://www.fileusatax.co.uk/owning_rental_property_in_the_us.php http://arlintcpa.com/tax-issues-canadians-owning-rental-property-in-us One could also incorporate a property management corporation in Canada to own that property, then visit the US as an employee of that corporation for the purpose of a performing a business transaction within the US. Since you are not being paid by a US employer, a work permit is not required. This is the same role that in my current job when I visit the US on business trips. (As a Canadian, I need no visa, but citizens of… Read more »
mac
Guest
mac

@Anonymous: Yes. On both floors.

slurker
Guest
slurker

@UnagiDon:

I think you are wrong about the work permit. Even if you are paid by a foreign employer if you do anything in the US that is effectively an activity where you are doing something a US resident could be doing for money you will need a work permit. Negotiating a rental agreement may be ok under a B-1 but maintenance of said property would not be even if you are hired by some Canadian shell company.

paulb.
Guest
paulb.

Holy shit!

New Listings 450
Price Changes 139
Sold Listings 125

TI:16074

http://www.laurenandpaul.ca

market stats
Guest
market stats

Big listing day, even noticed this in sfh hotspot of nth van. also with those big numbers, even with mth end expires only a small drop in active listing count.

At what point do we get to all time record listings for time of year?