Friday free-for-all!

Are you ready for a long weekend?

It’s time for our regular end of the week news round up and open topic discussion thread!

BCREA: Average home price to dip 7.8%
MOI: This one goes past eleven?
The top ten weakest markets
Cheatsheet: What percentage drop equals rise?
Genworth: Condos demand will continue
Jump in claims pinch CMHC
Falcon flies away from cabinet
Interrupted by dancing butterflies
Phoenix realtor on bubble bloggers 2006
What that market did after

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

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Don Lapre
Member
Don Lapre

First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!First!!!!!!!!!

Broken Clock
Guest
Broken Clock

It’s late August and VHB hasn’t crawled back into his hole. That means we get 2 extra weeks of summer.

Still waiting the second coming of Freako. That will signal the ‘end times’ which is a turbulent period that happens before Garth Turner establishes his kingdom on earth.

Epte
Guest
Epte
At the risk of being irritating, I’m going to post an exchange I just had with Jesse on the Friday Free For All thread, because I’m hoping more people will see it here and consider participating in the action Jesse suggests. Thanks everyone for your patience with my doing this. Epte Says: August 31st, 2012 at 9:33 am Jesse, thanks so much for this information and suggestion! I have been involved in trying to get a petition drive going that would itemize various aspects of the RE craziness here that might actually be addressed by City Council and help affordability. I’ve also written and phoned City Councillors, MPs, the CMHC, and others. I’ll definitely consider drafting a letter about opening up the MLS. Anybody else who reads these blogs (VREAA and VCI), I hope you’ll consider speaking up too, or… Read more »
kansai92
Guest
kansai92

Seen this townhouse listed a few times before.
Originally it was gutted out right from the beginning after completion.
Possibly renovated more than once.
Just saw a sign that says “court ordered sale”.
Anyone know the details (original purchase price, previous list prices)?

http://www.6717000.com/mls/V943011-960-cooperage-wy.html

VHB
Member
VHB

When bulls get spittle-spraying angry, you know the peak is in. Example? Check out this rant from Greg Swann in Phoenix in 2006.

How many of his “21 Reasons to Bank on the Phoenix real estate market” sound *very* familiar? Population growth, in-migration, ‘good weather’. It’s all there. It’s different in Phoenix!

BTW, he posted this right before a **60 percent** drop in Phoenix house prices. zillow graph.

VHB
Member
VHB

@VHB: lol I just checked out Swann’s recent 2012 posts. He’s dog blogging; telling us about books he is reading; ranting about Zillow; going all right-wing crazy on the politics.

Is that what is in your future, bulls? ha ha.

Anonymous
Guest
Anonymous

@kansai92: “Just saw a sign that says “court ordered sale”. Anyone know the details (original purchase price, previous list prices)?”

This unit has been for sale for at least 6 months. I am not 100% sure it was this unit but I know someone in one of the townhouses in that building was busted for manufacturing fake credit cards just before this place went up for sale. That may be why it is a foreclosure.

Anonymous
Guest
Anonymous

@VHB: “BTW, he posted this right before a **60 percent** drop in Phoenix house prices.”

Ya but Vancouver is only going to drop 57% so we are not so bad off.

Many Franks
Guest
Many Franks

@VHB: “…[T]o lurk among the BubbleBloggers … is to acquire an education in a slice of America invisible from this side of the sewer gratings.”

Heh, hard to disagree with him there. Must be dark down there.

Anonymous
Guest
Anonymous

@Epte: “I’ll definitely consider drafting a letter about opening up the MLS.”

I wonder shy someone doesn’t make a website to supply this information. Something like Zillow but starting on a smaller scale. They could either work out a deal to get info through BC Online in bulk or get it from a realtor through the back door. Maybe the competition bureau could help them. The info is also available for free during tax assessment season. Even if the info was somewhat incomplete this website would get tons of traffic and generate lots of ad revenue.

Anonymous
Guest
Anonymous

@VHB: Is it true you bought a place in Vancouver?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@VHB: “lol I just checked out Swann’s recent 2012 posts. He’s dog blogging; telling us about books he is reading; ranting about Zillow; going all right-wing crazy on the politics.

Is that what is in your future, bulls? ha ha.”

Reminds me of you. Except he didn’t shut down his blog and disappear.

kansai92
Guest
kansai92

@Anonymous:
While it may be related, the bust happened on another townhouse unit.
I know cuz I live in this building and talk to the staff all the time.

Sidelines
Guest
Sidelines

Needing a bit of a laugh? I recommend reading the listing description at the link below. I guess you could called it “inspired.” Bird songs and “the dances of butterflies” – on Prior Street… yes, of course. Just reduced from $828K, by the way. What are you waiting for? Jump on it! http://www.ecorealtyinc.ca/listing?id=259741424

AlmostPerfect
Guest
AlmostPerfect

@VHB: This pretty much tells his (Greg Swann) situation now.
http://www.bloodhoundrealty.com/BloodhoundBlog/?p=15991

gordholio
Member

#14, Sidelines: OMFG. ‘Tis the vilest of dung heaps, isn’t it? Perhaps suprpassed only by the hallacious POS next door. Pride of ownership, baby, pride of ownership.

I do like the secret code language though. Birds = Crack Dealers. Butterflies = Prostitutes.

It’s crapholes like this that make me think predictions of a 50% crash in some areas are far too conservative.

Turkey
Guest
Turkey
@AlmostPerfect: Nope, this captures Greg Swann’s current sitch. From further down on the blog, This is from mail Cathleen sent today to someone (one of many someones) we owe money to: We do have a problem: Greg and I are broke just about to the point where we aren’t able to keep our business afloat. We have shut off notices for our internet and phone (we gave up TV months ago), for our electricity, for our gas, and for our water and city services. Our house is scheduled for foreclosure within the next three weeks. Since the First of April, we’ve only closed four transactions, for a total of $9,220 in commissions. We have only one transaction in escrow right now, and that’s a short sale, so who knows when it will close. I’ve been busy getting two houses ready… Read more »
Bag it and tag it
Guest
Bag it and tag it

@Sidelines: Just looking at the pic of that house has me feeling I need to take a shower

Chabar
Guest
Chabar

@gordholio:

Right, that burrow should go down at least 80% to get a sane person to even consider it.

watcher
Guest
watcher

@ 10 –
Do you know how much it costs to get access to BC Online data which is essentially land titles data from the government? The bulk data and ongoing updates is at least $250,000 per year. Think of the Landcor business model. How much do you think they spend per year for their information….

gokou3
Guest
gokou3

@watcher: Chump change for companies like Zillow or Zoocasa (Rogers), isn’t it?

kabloona
Member
kabloona

@Turkey:

Greg Swann, whutta tool…..

He probably blames Obama….

🙂

Yalie
Guest
Yalie

@Turkey:

Wow. As an entrepreneur myself, I feel for that guy. I know what it’s like to work your butt off for months/years and still be broke at the end of it all.

But there’s working hard and then there’s doing good, which is not always the same thing. Goldman Sachs investment bankers work hard, but they don’t do much good. Quite the contrary. And with the exception of a few brave individuals (Paul B comes to mind), many real estate agents are doing a lot more harm than good. Knowing what I do about Greg from his blog – in particular how he was pushing mortgages on unsuspecting Phoenix residents at the height of the US property bubble – I wouldn’t exactly put him in the “good” category.

Karma’s a bitch, eh?

silverfish city
Guest
silverfish city

@Turkey: Here’s the complete link to that post: http://www.bloodhoundrealty.com/BloodhoundBlog/?p=16166

Kind of sad really. Sales work often attracts people like this, it seems.

watcher
Guest
watcher

#10 was clearly talking about a start-up, and where does revenue come from? ads? there is a reason why MLS is paid by member dues and user fees from listings..

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