Friday Free-for-all!

It’s that time of the week again!  Friday is when we do our regular end of the week news roundup and open topic discussion thread for the weekend.  Here are a few links to kick off the chat:

Vancouver market in full retreat
Championship of lost sales
REBGV news release for July 2012
GVREB news release for July 2012
How much $ has left the economy?
New site forces realtors to compete
‘Think Housing’ contest winners
Renovation Boom
BCSC alleges million $ fraud
No new steps to cool market
New framework for credit unions
Global slowdown dashes hopes
Unsold Toronto condos growing

And here’s a couple of charts, the first one is from VMD and shows what the average Vancouver house price has done in the last two years:

This second chart is from Ben Rabidoux and was linked by Jesse – you can draw on your own red line for July:

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

 

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TooExpensiveToBuy
Guest
TooExpensiveToBuy

@G

@vangrl:
Out of curiosity, What part of the city are you referring to?

Anonymous
Guest
Anonymous

……This booming industry caters to a culture that prizes a pallid complexion as a traditional sign of feminine beauty unscathed by the indignities of manual labor……

Tranlation: women that are really fucking ugly can pretend they’re wealthy by wearing a blast sheild.

trackback

[…] that other realtors were very worried that this is the end of the good times, but not him.” – Loon at VCI 4 Aug 2012 6:47pm Share: This entry was posted in 01. He Said, She Said and tagged Anecdotes, British Columbia, […]

pricedoutfornow
Guest
pricedoutfornow

@Anonymous:

“cash only needs major rehab”

That sounds like some of these crappy houses in Vancouver which are currently selling for $800k, or more. Will people realize that one day these houses are only worth $200k (or far, far less?)

Jeff
Guest
Jeff

Obviously a summer lull. Cheap prices will result in a September buying frenzy.

Anonymous
Guest
Anonymous

@Eddie: “Nothing unusual about a home for sale in West Palm Beach Florida for $199,000. The shocking part is that it sold in March ’06 for… $750,000!!!”

Except when it sold for 750K the house was livable. From the listing: “cash only needs major rehab”

Anonymous
Guest
Anonymous

@Eddie: well, what are you waiting for? pack up and move to florida.

Eddie
Guest
Eddie

Here’s something shocking for a quiet night…

Nothing unusual about a home for sale in West Palm Beach Florida for $199,000. The shocking part is that it sold in March ’06 for… $750,000!!!

What is that, a 75% drop? Now start chanting, “It can’t happen here, It can’t happen here”

http://www.zillow.com/homedetails/235-Greymon-Dr-West-Palm-Beach-FL-33405/46938801_zpid/

Anonymous
Guest
Anonymous

@Troll: Vee haf wayze uf mayking yoo naught speculate.

Troll
Guest
Troll

@patriotz:

Are you seriously suggesting that restricting credit and penalising speculation are not effective in curbing RE prices?

Well, you haven’t made the case that credit is restricted in Germany, since it is quite easy to get a loan to cover the larger downpayment requirements. And speculation taxes are present in other Euro countries that have seen a larger price runup.
Alls I’m saying is that there are more causes at play and some unique unintended consequences specific to Germany which played a part in suppressing prices.

But it’s OK, you’re generally not open to new ideas, so keep going with your German superiority theory.

vangrl
Member
vangrl
update from my part of town. The one bedroom in my building that has been listed for about 6 months now, with two price reductions, has now been taken off the market, realtor took the sign down this weekend. The one bedroom kitty corner to my building that had a reduced sticker on the sale sign was also taken off the market in the last few days, just noticed this morning that the sign was gone. The one bedroom down the street that has been on the market for about a month has sold. It was priced at just below $300,000, a whole $104,000 cheaper than the almost identical place in my building (granted the place in my building was a corner suite and had a so-so reno, maybe $10,000 worth of reno’s). sooooo……. I’m thinking that if you price… Read more »
Anonymous
Guest
Anonymous

@FlipFlop: and also the good news is that stupid bears continue hiding; if not, what an eyesore to the public.

FlipFlop
Guest
FlipFlop

@BPOM. The good news is that Troll can now take his wife out in public, without making the rest of us suffer at the sight of her.

T
Guest
T
Best place on meth
Member
Best place on meth

@PennyStock:

Good god, if I saw this on a Vancouver beach I would hit it over the head with a shovel and drown it.

http://graphics8.nytimes.com/images/2012/08/04/world/jp-masks2/jp-masks2-articleInline.jpg

Dan in Calgary
Guest
Dan in Calgary

@Best place on meth, “Boomers are the most greedy and selfish generation in history.

After a youth spent taking every drug that existed and fucking anything that moved, they’re now screwing their own children financially.

Thank god they’re starting to die off, but it’s not fast enough.”

Oooh, that’s harsh.

Anonymous
Guest
Anonymous

@patriotz: and still umemployed in ottawa, arent you!

Anonymous
Guest
Anonymous

@Romeo Jordan: what fear? you never answer the question: did you put your money where your filthy mounth is by selling your ugly condo? it’s losing value, you know? and how about the chick you have been after?

patriotz
Member

@Troll:
The incentives were only for the former East Germany and the oversupply happened only there.

Are you seriously suggesting that restricting credit and penalising speculation are not effective in curbing RE prices?

No Noise
Guest
No Noise

If you are a seller listening, dont feel like its too late to sell. Just price accordingly and get sold. Before prices drop further. Houses all around me are selling at the right price. And don’t be afraid to rent!

Renting’s great. I never have to worry when the dishwasher doesnt work – like now! haha

Loon
Guest
Loon

I met a realtor today at an open house. He was totally convinced that this was a quite summer lull and that there would be a feeding frenzy come September. He also mentioned that other realtors were very worried that this is the end of the good times, but not him. Essentially he was saying that we should buy now because prices will be shooting up again. I told him good luck with that.

Romeo Jordan
Guest
Romeo Jordan

The smell of fear is gradually intensifying.

Troll
Guest
Troll

@patriotz:

The incentives you’re talking about ended years before the current global RE bubble.

Yes, but the result was a massive over-supply which took years to absorb and a widespread aversion to property speculation. Both kept prices down for years.

patriotz
Member

@Troll:
No, I am talking about:

1. Very strict restrictions on mortgage lending.
2. A penalty tax on RE speculation.

The incentives you’re talking about ended years before the current global RE bubble.

Troll
Guest
Troll

@patriotz:

No bubble in Europe’s largest economy, Germany. Their policies could have prevented it everywhere else, too.

So you are suggesting incentives for massive overbuilding (after re-unification in Germany’s case), as sound policy to prevent a bubble?