FREE BEER!

All over BC the decline in real estate is in full swing. When you’ve got more sellers than buyers it takes a little extra to stand out.

And when that extra is FREE BEER! it does stand out.

Allen has had his three bedroom condo on the market for just over a month and says only two prospective buyers have stopped in.

“I have two houses, one in Kelowna and one in Kamloops and I just can’t afford to keep both going.”

The condo located on Springview place in Kamloops, was being rented, but after the tenants moved out and the house went on the market, Allen knew he had to be creative or he could be stuck paying two mortgages.

“I was sitting around thinking, this house is a real pain, it’s not getting nearly as many views as I would like. How am I going to attract people to this house? Well I was drinking a beer at the time and I thought why not just give away beer for a year.”

Allen hopes the free beer initiative will be the final push to get people thinking about buying.

“This place is geared towards students, and that is who I am marketing with this campaign of free beer for a year.”

Here’s the full article.

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patriotz
Member

“I have two houses, one in Kelowna and one in Kamloops and I just can’t afford to keep both going.”

Feeding the alligator. If buying is more expensive than renting a price decline is inevitable. Nothing more is needed.

patriotz
Member

Can we predict a housing price correction?

For the motion: David Madani
Against the motion: Helmut Pastrick

Surprise, surprise, surprise!

Dave
Member
Active Member

I voted for Helmut.

condo watcher
Guest
condo watcher

the problem with “beerman” is the property is priced way too high compared to others in the same complex –here are the links to the 5 properties for sale in the same complex. –just going by the square footage a couple of these are way out of touch with comparable properties

beermans is listed first–#346

http://www.realtor.ca/propertyDetails.aspx?propertyId=11894553&PidKey=1824732185

http://propertyguys.com/property/index/id/64672

http://www.realtor.ca/propertyDetails.aspx?propertyId=11736179&PidKey=1252761736

http://www.realtor.ca/propertyDetails.aspx?propertyId=11624790&PidKey=-796515595

http://www.realtor.ca/propertyDetails.aspx?propertyId=11979541&PidKey=960817106

and a 6 pack of beer every week for a year to the buyer–great incentive–what $500

Anonymous
Guest
Anonymous

“Allen hopes the free beer initiative will be the final push to get people thinking about buying.”

I am sure this will work. Bidding war maybe?

patriotz
Member

Canada joins global list of softer housing markets

Best part is the comments. Standard retorts from the RE shills. Best comment is from “Diplomacy”.

jesse
Member

vreaa needs this under the “jumping the shark” category.

Simple
Guest
Simple

Helmut. If buyers are balking at the prices of high-end properties, what makes you think that the average million-dollar-crack-shack will hold its value?

Come on man.

Mick Murphy
Guest
Mick Murphy
space889
Member
space889

This guy is expecting to sell his condo in Kamloops to students??? WTF?? I didn’t even know there is a university or college near Kamloops with rich students or students with rich family looking to buy. It just doesn’t sound and feel like that kind of place.

N
Guest
N

Didn’t someone try exactly this (free beer for one year) well over a year ago (maybe 2008)? Or was that somewhere else?

mac
Member
mac

I’d feel better if the media frenzy over the bubble would slow down. I rather the whole unraveling was by stealth. Plus I need the entire area surrounding the OV bought by spekers so that it’s completely built out and deadly quiet. A little corner of Dublin in Vancouver.

N
Guest
N

The Sun headline reads, “Canadian home prices fade, market still outshines others.”

The writer is probably unaware that still outshining others is not a good thing in this case.

http://www.vancouversun.com/business/2035/Canadian+home+prices+fade+market+still+outshines+others/6775942/story.html

N
Guest
N

@mac:

“I rather the whole unraveling was by stealth.”

I’d much rather have a US style crash than a Japanese style bleed. Let’s fix this mess and move on.

patriotz
Member
@N: Comment by truthout 2006-10-20 05:30:43 ““Even open house parties must stand out. In May, one agent threw a party at one of his listings in Oyster Bay Cove, complete with DJ, champagne and models in the pool, though he still has no contract.” “Samira Johnson decided to forgo Paris and give a seven-day stay at any luxury Marriott worldwide with the sale of her three-bedroom Northport ranch. She will hand over her 115,000 reward points, after hearing a California seller offer a year’s free beer and pizza. She’ll do another open house this weekend after a lackluster response to her vacation offer.” These sellers must be out of their minds. It is as if they are treating buyers like 3 year old kids. Are these sellers REAL? Cut the freaking price and let me decide what I do with… Read more »
registered
Member
registered

11 N Says: “Didn’t someone try exactly this…”

A little something I posted on RET at the start of the American crash:

http://i47.tinypic.com/2yl4mtu.jpg

Al
Guest
Al

http://www.richmondreview.com/business/157865415.html

“Aberdeen Centre’s landlord is suing the operator of a former mall restaurant for $412,596 in unpaid rent.”

I started to wonder how business can survive in Vancouver/Richmond… $400k of rent for 4 months, without calculating the cost of wage and food, the restaurants need to sell 20600 of all u can eat dinner to cover the rent…

Who’s the fault? Expensive rent? or Most money went to mortgage payment?

Bob123
Guest
Bob123

Someone should start a blog totally dedicated to Helmet quotes, the rationalizations will only get more bizarre as the market continues to slide.

N
Guest
N

@Al:

The Aberdeen Centre was built in 2003, before RE price run ups, and plenty of restaurants prosper there. This is more a story about the popularity and profitability of hot pot than a story about real estate.

Patiently Waiting
Member
Patiently Waiting
Canadian investor immigrant program could be cancelled or have much stronger requirements. There is also some doubt about whether the Americans will continue their program. These programs aren’t working as intended, surprise surprise. http://www.montrealgazette.com/news/canada/Future+immigrant+investor+program+uncertain/6771301/story.html “Regardless of what the Americans do, a price hike is among the changes Canada is exploring as it seeks to revamp the program, which basically gives millionaires and their families permanent residency in exchange for cash. Kenney has said the $800,000 minimum investment required under the current system — it was just $400,000 up until 2010 — and $1.6 million net worth requirement is too low and that Canada needs to consider making it a permanent contribution to the Canadian economy rather than just a loan. As it stands, provinces get the cash to invest in economic-development projects but have to pay back the principal five… Read more »
Al
Guest
Al

@N:

I am just teasing on people running out of money for paying their mortgage rather than out dining~ How is that not RE related 🙂

Anonymous
Guest
Anonymous

Re: TD’s forecast for a 15%+ additional price decline

Earlier in the year, my gf somehow got the genius idea to buy a second condo. I repeatedly showed her what a terrible risk/reward that decision carried, but her house lust was too strong for her to budge. Fast forward to this month when she has lunches with her banker friends. All of them independently tell her their uncensored outlook: that their best case scenario is a further 15% decline in prices. The effect? She went from wanting to double her exposure to real estate to eliminate it completely and rent – all over the span of 6 months. I can personally tell you that market psychology is undergoing a tectonic shift.

Real estate. The most emotional of asset classes.

vangrl
Member
vangrl

oh dear, Jim Doak is crying on BNN about all the bearish news on real estate lately

He’s saying that all the owners that could potentially lose out on capital gains from being too scared to buy a Toronto condo, should get together a class action lawsuit against Flaherty, Carney etc.. to recoup that money. He thinks if that became a possibility that it might stop these bearish predictions.

WTF can you imagine flipping that table, and having all the recent home owners sue the bullish analysts, real estate agents etc.. when (not if) this market goes down…..what an idiot.

Spade
Guest
Spade

Is it really surprising that this Doak joker make that claim about RE?

The first thing that pops up on a google search of Doak is this:

“Jim Doak, Asset Manager, Compares Tax Hike On The Rich To Ethnic Cleansing”

Clearly, this guy is a sensationalist moron….

crabman
Guest

“Against the motion: Helmut Pastrick”

According to the article, Pastrick claims “Prices decline as a result of recessions, not the other way round.”

Is this guy aware that US prices peaked in the Spring of 2006 and the recession started in Dec 2007? At the start of the recession, the Case Shiller composite was already down 15%. Is he uninformed or lying?

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