Crazy Bull Anecdote of the Week

Oneangryslav wrote this in the comments:

Crazy bull anecdote of the day (week?):

My brother lives in North Burnaby in the area bounded by Hastings and Parker, Willingdon and Gilmore. His neigbhour a couple of doors down (whom both he and I know as we played soccer on the same youth team) many years ago) tore down a nondescript bungalow and built himself a large house. Almost to the day of the one-year anniversary of the place having been completed this friend is sitting at home watching television early in the evening (this happened a couple of weeks ago), when he hears the doorbell ring. He opens it to find a gentleman standing there asking if the house was for sale. The friend asks sarcastically “do you see a for sale sign?” “No”, responds to (as it turns out) real estate agent. The real estate agent continues, “would you be willing to sell it, anyway?”

The friend thinks about it for a second and says “sure, the price is $1.3 million dollars” thinking that would scare the real estate agent away. Anyway, long story short, the real estate guy goes to his car to call someone, comes back and says “okay!” Now my brother thinks that his home is worth about a million dollars.

Crazy! I’m going to get in touch with our friend to find out more of the details.

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VHB
Member
VHB
Total days	19
Days elapsed so far	13
Weekends / holidays	7
Days missing	0
Days remaining	6
7 Calendar Day Moving Average: Sales	80
7 Calendar Day Moving Average: Listings	259
SALES	
Sales so far	1055
Projection for rest of month (using 7day MA)	478
Projected month end total	1533
NEW LISTINGS	
Listings so far	3835
Projection for rest of month (using 7day MA)	1553
Projected month end total	5388
Sell-list so far	27.5%
Projected month-end sell-list	28.4%
MONTHS OF INVENTORY	
Inventory as of September 20, 2012	19276
Current MoI at this sales pace	12.58

Looks like the sell-list has bottomed out for the year. It will likely head up from here to January. See here for a graph of the sell-list seasonal patterns for 2010-2012. It has been a good run!

Patiently Waiting
Member
Patiently Waiting

How a New Home Warranty works in China

http://www.liveleak.com/view?i=ae1_1348116853

Best place on meth
Member
Best place on meth

@Bo Xilai:

Cam even referred to Yaletown as a “borough” of downtown Vancouver.

What a fucking clown.

For anyone who missed the lengthy spotlight on Vancouver it starts at 32:00

http://www.cbc.ca/player/News/TV%20Shows/The%20National/ID/2282025802/

A borough! Baaaaahahahahaaaa!!

pricedoutfornow
Guest
pricedoutfornow

http://www.cbc.ca/news/canada/british-columbia/story/2012/09/20/bc-housing-bubble-garth-turner.html

“The fact of the matter is, in Vancouver today, you can buy a condominium and you can rent it out and you will have 40 people in line trying to rent that condominium,” McNeill says. “If you have that much desire for people to live in a condominium, I think the market’s got no problem sustaining itself.”

Really? Is this true? Oh, he forgot to mention that little part where you will be renting it out AT A LOSS, and the only reason people want to rent your crappy condo is because the rent is dirt cheap compared to owning the damn thing. You’ll be forking out at least $1000 a month over the mortgage amount in expenses. Those 40 people are the smart ones, guess who the dummy is.

Bag it and tag it
Guest
Bag it and tag it
Bag it and tag it
Guest
Bag it and tag it

@vangrl: At first I thought that sounded like a total rip-off, then I saw it had Bosch appliances and it all made sense. My buddy pays $3500 for a 1100sf 1/4 penthouse in Yaletown with 1200sf rooftop patio on 32nd floor…also furnished. That shangrala unit doesn’t even have a balcony.

Makaya
Member
Makaya
Here is a great article that shows how different things are… until they aren’t. Oh, one detail… we’re talking about New Brunswick! Who would have thought they had a bubble, eh? Housing glut creates buyers’ market Average house takes months to sell An oversupply of houses for sale across the province is creating a buyers’ market, according to the New Brunswick Real Estate Association. There are currently 6,700 active listings on Multiple Listing Service (MLS) and more than 1,000 of them just came onto the market last month. (…) “We all have lots of listings and we all have lots of unhappy people trying to sell their houses who just can’t quite understand, in spite of the numbers — why haven’t you sold my house?” he said. More than 100 homeowners in the greater Saint John area knocked their prices… Read more »
skippa_azza
Member
skippa_azza
I work for a leading brand as an IT Manager. Recently we are trying to recruit some entry level positions. Good story so far, more jobs. Not exactly, these positions are created by axing seniors who were highly experienced and drawing higher salary. So it’s a way of inducing fresh blood at low cost. The position offers 10% less pay compared to similar posts created 5 years ago. This means wages are going down and a huge difference accounting for inflation. Although we are looking for developers or fresh grads with hands on development skills, 25% of the applications I received were from Mortgage professionals. It’s sure sign that real estate business is really weak and they are trying to find a safe haven. In the past we were flooded with applications from top Universities as getting a position in… Read more »
Bo Xilai
Guest
Bo Xilai

Cameron McNeil on The National comparing Vancouver to Manhattan… He says it’s the “Swiss Bank of International Real Estate”. HA, HA!!!

Love seeing the Chinese Realtor/Specuvestor shitting bricks about his unsold 1.57 Million pile. Nice game face…

vangrl
Member
vangrl

The National has started 6:30 channel 26

vangrl
Member
vangrl

Ya, gotta love the cleaning fees and that a parking spot will cost you an additional $200 a month

patriotz
Member

@vangrl:
I liked this:

“bi-weekly maid cleaning service… $150 move-out cleaning fee applies.”

Guess that maid service isn’t too good. Also, is it legal in BC to impose an across the board cleaning fee on moving out?

Drachenator
Guest
Drachenator

@curious lurker: So Drachen moved to Detroit? ha ha. Hope the wife has tenure.

vangrl
Member
vangrl

What a crappy ikea furnished cubby hole. I thought the shangrii la was supposed to be top notch

vangrl
Member
vangrl
Makaya
Member
Makaya

@an observer: Not enough 8’s in the asking price, it’ll not sell 🙂

I think we should watch this one carefully, it’ll be fun to see the asking price dropping over and again until this sorry fellow loses his shirt on it…

paulb
Member

@an observer:

LOL WOW! Greed is right.

paulb
Member

New Listings 224
Price Changes 116
Sold Listings 91
TI:19276

http://www.paulboenisch.com

an observer
Guest

Here is Vancouver greed at its best / worst

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V946112

This lot in Point Grey is listed for $19.8 million
It was purchased last June for $10,327,000

No they did not build a $9 million dollar home over the past year, just the same old lot.

YLTN @ work
Guest
YLTN @ work

@Anonymous: Don’t knock these guys too much, they are trying to displace the high commissions realtors take with cheap access to MLS. I personally hope they get a foothold here and un-employ more used house salespeople.

Anonymous
Guest
Anonymous

@Many Franks: ….Good news, everybody! Finally we’re going to get some realtors around this city.

http://www.sacbee.com/2012/09/19/4834993/real-estate-maverick-plans-to.html
….

From the article:

“September 22nd and 23rd, 2012. John Stordy, Franchise Development Manager, and Ken LeBlanc, President and CEO of PropertyGuys.com, will be meeting with prospective franchisees at the company’s booth – in which the private sale real estate franchise giant will feature a branded Mini Cooper.”

Wow, they have a branded Mini Cooper! Look out Bob Rennie; there’s a new King in town and he’s driving a mini!

Did Cam Good move to Moncton by any chance?

Many Franks
Guest
Active Member
Many Franks

Good news, everybody! Finally we’re going to get some realtors around this city.

http://www.sacbee.com/2012/09/19/4834993/real-estate-maverick-plans-to.html

HAM Solo
Guest
HAM Solo

@ patriotz

Fitch = got no clue.

What they are really saying is that they would like to gain market share in rating Canadian bank bonds, and in order to market these, the banks need some positive air cover in the form of supportive rating comments.

As we all know … how could Canada not be in a bubble with prices about 1.6x US bubble peak. I would go on, but I would be preaching to the choir

Anonymous
Guest
Anonymous

@Crikey: ….If a sale goes through at a outrageous price compared to market norms…and the place is back on sale in short order (the next year or two) at market norms (ie: a big loss), I hope the taxman has mechanisms that flag such transactions for for further inspection…..

Agreed! But, you have to wonder: what would the discovery mechanism consider? If outrageous prices were the trigger, every dump in this town would have a big red flag on the roof!

And would a big loss be the trigger? Maybe in the last few years, but certainly not moving forward; plenty of folks will be soaking their poor bones in warm water (i.e. taking a bath!).

patriotz
Member

Your daily laugh:

Risk of Canadian housing bubble appears to be easing, Fitch say

How can there be a “risk” of something that already exists?

More comedy from Fitch (Wed Jul 18, 2007):

Subprime mortgage bonds carrying the highest, “AAA,” rating have not eroded in quality despite price declines in the securities in recent days, Fitch Ratings said on Wednesday.