Friday Free-for-all!

It’s that time of the week again!

Let’s do our regular end of the week news round-up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Experts perplexed at decline in sales
Vancouver too tiny to count?
CTV video on squeezed families
Downtown Vancouvers Dead Zone
Toronto condo sales plunge
Offering 90k over ask on single bid?
Expanding the seawall past Kits
tougher credit cheaper houses

So what are you seeing out there? Post your news link, thoughts and anecdotes here and have an excellent weekend!

 

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[…] “In the southern interior around Kamloops and Clearwater on holidays, and can’t believe how many people want to cash out right now after buying in last 2-6 years. Nothing selling. Prices softening already and only sharply discounted properties moving. Family and friends I have been telling to hang on and let rent cover payments for at least five more years, which they can do fortunately…no point selling at a loss. But many ppl want or need the “cash” now. Five years of reno’s, renters…and ending up in the negative after transaction costs. Not even having a good time with my told-ya-so’s. So much glut and lack of interest in buying, but this time no more “yeah but it will turn around”…more a sense that “this time it is different” and not in the good sense. True stories from the… Read more »
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[…] the market. But by the end of the year, I guess his condo will worth less than $300,000.” – good-format at VCI 8 Jul 2012 9:14am Share: This entry was posted in 16. Missed The Boat? and tagged Anecdotes, British Columbia, […]

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[…] “In the southern interior around Kamloops and Clearwater on holidays, and can’t believe how many people want to cash out right now after buying in last 2-6 years. Nothing selling. Prices softening already and only sharply discounted properties moving. Family and friends I have been telling to hang on and let rent cover payments for at least five more years, which they can do fortunately…no point selling at a loss. But many ppl want or need the “cash” now. Five years of reno’s, renters…and ending up in the negative after transaction costs. Not even having a good time with my told-ya-so’s. So much glut and lack of interest in buying, but this time no more “yeah but it will turn around”…more a sense that “this time it is different” and not in the good sense. True stories from the… Read more »
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[…] are blowing them out however so you’re seeing the Whistler stats spike a bit on volume.” – ZRH2YVR at VCI 8 Jul 2012 11:06am Share: This entry was posted in 08. Overextended Buyers, 11. Regrets about Investing in RE and […]

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[…] So two days ago my friend phoned the City to see if there were any neighbour complaints or any other reason why they were all stuck with a hole in the ground, some foundation and some wet, rotting plywood for these last four months. And the Lady from City Hall said, “Hmmmm… nope. Nothing here. They’re all clear but we’ve been getting a lot of calls like this lately. In this downturn (her words not my friend’s), we’re seeing a lot of people go bankrupt.” – mac at VCI 6 Jul 2012 3:23pm […]

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[…] “My old boss recently got transferred to Toronto and has been providing a steady stream of Facebook updates regarding the RE market there – how he can’t believe he’s moving there at the peak of the bubble, how he’ll need to rob a bank, etc, and now he’s gone and bought a place! Is the Anglo-American ownership obsession that strong that even when you know you shouldn’t be buying you do anyway?” – CanuckDownUnder at VCI 6 Jul 2012 7:21pm […]

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[…] “One of my friends who has seen everyone on his street, except one set of neighbours across the road, sell to Mainland Chinese has recently called the COV about a halt in construction on his street. The backstory is the Mainland Chinese owner bought the house two years ago, let it sit empty, tall grass, weeds, problems with garbage, rats etc. And then about a year ago knocked down the house and left the lot empty. About eight months ago construction started. For about four months. Then it stopped. Month after month, my friend wondered just what the heck is going on. He asked another neighbour on another block who is a retired developer what he thought was up. The developer said, “Well, when you have a project stall like that it’s one of 3 things. It’s either money,… Read more »
metrotown
Guest
metrotown

In the building i am renting, there was an open house yesterday. Went up in the elevator with the realtor, asked how the market is, reply was “very slow, typical spring time with a lot of listings” and disbelief in his eyes, “you know is July, spring is long time over”, i got a dirty look :-). The condo is asking for 380K – 950sqft in Metrotown area, i don’t see it sold for more than 300K …

Anonymous
Guest
Anonymous

@patriotz: Actually Broadway and surrounding area are a great densification options, even on west side, west of Oak/Granville.

Makaya
Member
Makaya
Sorry to bring back China’s topic once again. I’m in the camp of those who believe Chinese’s investments has had a real influence on the inflation of our real estate prices. I suspect that the slowdown we’ve seen in Vancouver is also partly due to the situation over there. Here is an interesting article from the International Herald Tribune: China’s Economy: Apocalypse Soon? Nomura, the Japanese financial services firm, has launched the China Stress Index, and the Nomura analyst Rob Subbaraman affirmed Monday that the company sees “a one-in-three probability” that China will experience “a hard economic landing commencing before the end of 2014.” (…) Wealthy mainlanders, including government and party officials, are feverishly offshoring their cash by buying properties abroad, from Hong Kong and Macau to Australia, Europe and the United States [no mention of Canada!]. Hedging against possible… Read more »
Vote Down The Facts
Guest
Vote Down The Facts

@Vote Down The Facts:

Also, a friend of mine who lived in Aquarius said the walls were super thin – he said he could hear his neighbours talking, even.

Vote Down The Facts
Guest
Vote Down The Facts

@G:

Watch out for the ones around Richard+Pacific, due to the ambulance station there. Unless you like being woken up at all hours by sirens.

Elan is nice because there arent many units per floor.

I prefer buildings with a concierge.

Prices are dropping
Guest
Prices are dropping
@G: “I made a few offers, very reasonable offers. But the sellers just seem very firm on their price. Ie: asking for $520k, and wouldn’t accept 510k.” You are very lucky they didn’t accept your offers. Assuming you are taking out a mortgage you can rent a nicer place for much cheaper than your mortgage payment, condo fees and taxes. I owned a condo for a long time and now rent. Renting is not only cheaper but better. You get all the benefits of owning but don’t get stuck if you have a lousy neighbour, dysfunctional strata or problems with the building. Once you own you will realize all of those will happen at some point and you will be stuck with it. Personally I wouldn’t advise buying a condo unless it is way cheaper than renting. You have little… Read more »
jumpin in
Guest
jumpin in
Went to 2 open houses today. Realtors were SCARED, I could feel the tension (both houses were empty). I had great fun chatting with them. One was trying to convince me it is time to buy (yes, may be in 2014!). The home was put on the market for 1.4 mil two months ago, then 2 price reductions (-50k) = 1.3 mil now. Him: “We used to have bidding wars in january. Not any more. Now homes sell below asking. Sellers find it hard to believe, they are hard to convince that the market has changed. The media is all doom and gloom, but this is not true. It is a good time to buy because the interest rates are low. Buyers are coming back.” I ask:”aren’t the mortgage rules changing tomorrow?” “Yes, but do not worry, this will not… Read more »
Prices are dropping
Guest
Prices are dropping

@G:

Below is a map of all the condos in the area you are looking. Look at buildings east of Seymour and South of Smithe only. Generally buildings with larger suites are better (more 2 bedrooms over studios and 1 bedrooms). The nicest area to live is South of Pacific and then along Pacific IMO.

http://www.6717000.com/region-1.html

G
Guest
G

@Prices are dropping:

I made a few offers, very reasonable offers. But the sellers just seem very firm on their price. Ie: asking for $520k, and wouldn’t accept 510k. Their idea is they can rent them out esp during this summer season.

But now I am glad that they didn’t accept it.

French_In_Exile
Guest
French_In_Exile

@G: Anything to the east of Victoria drive.

G
Guest
G

@Prices are dropping:

Good to know about the hookers issue.

so which other buildings are OK and better?

Prices are dropping
Guest
Prices are dropping
@G: I’ve been looking for 900 st ft, 2bed/2bath with price range 500k. If you wait about 3 years you can get your 900 ft condo for 1/2 price or get a nicer place which is larger and in a better location. Prices will still be going down in a year. With exception of Domus I wouldn’t live in any of those buildings. Elan and Brava may be OK if you like Seymour St and Granville being a half block away. Cosmo is probably the worst of the bunch as far as location and the people who live there – lots of hookers, partiers, etc. Freesia you get hookers standing out front at night on the street. Look along Pacific Blvd for a better location and neigbours. Personally I would look for the best deal on a rental that meets… Read more »
G
Guest
G

Hi all,new to here.

Any experts on downtown condos? I’ve been looking for 900 st ft, 2bed/2bath with price range 500k. I have seen quite a few buildings. Elan seems to fit the budget and decent. Domus are better, but pricey. Saw the new Cosmo, nice inside. TV tower, good location, but not enough elevators, Brava is good, but units are small. Freesia is ok, poor quality.

With the market right now, I changed my plan. I think I will rent for a year and buy summer of 2013. But I plan to rent in the building that i want to buy to see how it is.

Any suggestions on which buildings are good? something similar to Elan, Cosmo?

Vote Down The Facts
Guest
Vote Down The Facts

@GNFNGR:

Mortgage application has to be made before the deadline. Sales go through MLS once subjects are removed.

GNFNGR
Guest
GNFNGR

Hi all, I have a few questions: 1)was today the last day a sale could be made and still be insured under 30 years, or is it tomorrow? 2) When would the last of these sales be processed by the MLS? I assume the bank would need a signed contact as of today or tomorrow and that the sales would be entered shortly thereafter, so would we see the last of the sales on the MLS in the next day or two?

Anonymous
Guest
Anonymous

@specialfx3000: “Why is it that getting married always means you have to buy a house? Is this part of the ball-and-chain contract?”

Well, yes, sort of! The old num-nums tap gets turned off pretty quickly once you take the plunge and the BAC (Ball And Chain) knows the only way to keep Mr. Meal Ticket on a leash is to laden him with debt so that he can’t go anywhere.

Guys that live in apartments rarely stay married long – too much sloppins’ elsewhere.

Anonymous
Guest
Anonymous
patriotz
Member

@Joe_blown_away_by_high_housing_costs:
It’s my understanding that this doesn’t work because the insurer will only pay to rebuild and/or the lenders get first dibs on the payout. The insurers and lenders weren’t born yesterday.

Either way the builder gets nothing out of it.