So who’s buying condos?

By now even the reader of the province know it’s a slow real estate market out there.  Not much is selling, sales to list ratio is low and prices are dropping.

..and yet, we still hear of new developments that have big opening day sales (where ‘opening day’ conveniently ignores months of marketing).

So who’s buying these new condos?

According to Bob Rennie it’s young people without any money:

Rennie Marketing registered 7,500 potential buyers before the sales launch, and he says the majority were under 28 years old. He believes it is the young demographic that is fuelling the sales of projects like the two he’s selling at Marine and Cambie. Part of MC2’s appeal is that because it’s not downtown (a 20-minute SkyTrain ride), the prices are lower. And pricing on more than half the homes was kept under $350,000, to appeal to the young demographic.

“So, we made the right decision bringing on both towers at MC2,” he reflects, sitting in a trendy coffee shop on Main Street. “We’ve released all the affordable product. There are 130 homes without parking so that we could get inventory under $300,000. We really did the research on the first-time buyer when we did Marine Gateway across the street, and 28 per cent of our buyers answered in an exit survey that they were receiving down payments from mom and dad, and grandparents.”

Full article in the Globe and Mail.

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Naked Official #9000
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Naked Official #9000
@rp1: comrade, your disharmonious ideology of racism does no good for the great harmony loving harmoniously harmonized middle kingdom! why would you petition for the failure of the master race? upward! and beyond! (straight into the fucking sun with ye) whatever happened to craftsmanship? now it’s just a dick measuring contest. a little history here for you all: “And at the heart of Hitlertopia would be a domed monument called Volkshalle. This building was going to be so big that it should have been called Hulk’s Halle. At 950-feet tall, with a diameter of 820-feet, you could have actually fit St. Peter’s Basilica inside the thing. It was so big, in fact, that the architect, Albert Speer, speculated that the acoustics would be literally deafening and that moisture collected by the people breathing inside could actually make artificial rain indoors.… Read more »
Naked Official #9000
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Naked Official #9000

@RaggedyRenter:

oh that is too rich..

from the website:

“You live downtown in a landmark building. Inside, you’re surrounded by contemporary elegance. Outside, a world of endless possibilities awaits you. THIS IS ROLSTON. It sets the stage for iconic downtown living. Where you want for nothing, and your possibilities are limited only by your imagination.”

just one big stroke job. cocaine makes you feel like a lot of possibilities are endless, but then your septum falls out.

is this what we’re doing with the lot the cecil was on? pfft.

Anonymous
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Anonymous

@Anonymous: ….so who is buying the condo? the ones with vision, not chicken shit for sure…..

Maybe chicken brained?

Naked Official #9000
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Naked Official #9000

@G:

after the 8 ball or before?

Naked Official #9000
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Naked Official #9000

@WantToBuySoonBut:

“woah is me” – you’d be a better troll if you had a better grasp of the language beyond Finance 100 at BCIT.

English lesson time, comrade:

woah vs woe

“Woe is me” is in fact the correct usage, “woe” being the subject of the sentence and “me” being the object. Grammar aside, it is also a direct quote from the Bible and Shakespeare’s Hamlet. It is an exclamation of sorrow and misfortune. The verb “woe-is-me”ing is a modern adaptation of this meaning to express said sorrow and misfortune to others. Glorified moaning, perhaps.

Ophelia: “O, woe is me, T’have seen what I have seen, see what I see!” – William Shakespeare, Hamlet. You might almost say Ophelia was ‘woe-is-me’ing… if you wanted to make Shakespeare turn in his grave.

Anonymous
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Anonymous

so who is buying the condo? the ones with vision, not chicken shit for sure.

Extend and Pretend
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Extend and Pretend

Anybody have a link to the actual study?

http://www.vancouversun.com/business/2035/Study+shows+legalizing+could+earn+billions/7585188/story.html

Pot taxation was discussed on this forum before. I wanted to read how they estimated prices and impact of legalization on usage. The article suggests usage would decline as well. It would be interesting to read the study itself.

UnagiDon
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UnagiDon

@RaggedyRenter:
OTHER BUILDINGS CAN TELL THAT IT IS DESPERATE

painted turtle
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painted turtle

“Boomers have money, they will give their children money”
The boomers I know leave in McMansions and go on expansive holidays, and let their children live with their kids in small condos. It is the mentality of their generation: everything they have is well deserved. They are self made, and their children just need to work harder. And, by the way, they value being individualistic.

s
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s

@Con-Rad

Most sales are made a few weeks ago, December/January sales should be terrible.

WantToBuySoonBut
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WantToBuySoonBut

The market is HEATING up again, look at the sales/listing ratio – once the GREAT UNWASHED realize prices are going HIGHER they will pile on and on and on.

Whoa is me, here’s to record new prices in the coming months…..

G
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G

How much money does a realtor take home(after association percentage)if he/she helps a buyer buying a $500k home?

Con-Rad
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Con-Rad

Aww yeah 100+ sales day.
Average sales still the same as yesterday?
WHY ISN’T THE AVERAGE MOVING?

Screw you, statistics

rp1
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rp1

#34 @Extend and Pretend: “Their 30 story prefab 360 hour timelapse”

I saw that video when it came out. I agree they’re on to something. However 30 stories in 360 hours is 12 hours per floor. 5 floors per day is under 5 hours per floor. And super-tall skyscrapers are in a completely different league of complexity. Look at the Burj Dubai and all the troubles they had when it was 2/3 built. Some serious expertise went into that. If these guys think they can just throw up a 200 story building, well, I expect it to fall.

mac
Member
mac
Here’s more anecdotal bear food for a slow, rainy day. Last weekend we stopped in at a cafe in S. Granville near all the hot high-end shops and I overhead these two women talking about their condo. Of the things overheard was… : We didn’t get out like the [Name]’s. They got out at the top of the market. Oh well. We’re still happy. : We did the roof, we did [something else] so there’s only a few more major jobs to do : I guess that’s the best thing you can do when your condo goes down in value is just make sure that it’s well maintained and all the building work is done. That way it will pick up value in the long run. :And then tons of bitching about everyone else on the strata or who lives… Read more »
Girlbear
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Girlbear

@paulb: I think we are at that stage in the year where people pretty much are not that interested in listing their home.

paulb
Member

New Listings 133
Price Changes 90
Sold Listings 106
TI:17275

http://www.paulboenisch.com

Chabar
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Chabar

@Neptune:

What all those young Chinese are going to do here anyway? They are totally unemployable and not interested in any social aspects that this city has to offer. Just pure waste of human resources at the wrong place.

Eddie
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Eddie

Miss BPOM too.

“McGarret is missing”

mac
Member
mac

@RaggedyRenter: No! That’s pathetic. Where’s CondoHype when you need him?

Landbaron
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Landbaron

@pricedoutfornow

hehe, I rent in the OV (thank god!) and it’s amazing how many problems are happening here. Parkades/buildings being re-sealed, roads being re-built, floods (just one the other day), and more!

The Salt building is being rented out every weekend like it’s a night club, and sometimes during the week. Not that I’m against that (I like to have fun ;), but as a buyer I would be pissed!

WOWSERS
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WOWSERS

Canada line poorly planned, such small platforms, it’s already near capacity, just wait 10yrs when the cambie corridor is full, it will faster to walk downtown,marine condo tower buyers enjoy your landfill nearby stinky

RaggedyRenter
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RaggedyRenter

Just saw the advert for The Rolston (therolston.com). This has to compete for the worst ad ever
tagline: OTHER BUILDINGS WANT TO HAVE SEX WITH IT
It’s a rarity that a building can evoke an emotion… let alone entice other buildings.

mac
Member
mac

@Extend and Pretend: No. I don’t know as much about it as you do. All I know is that once it comes here the trades will cut corners and somehow the thing will leak and fall over but the real estate agents will proclaim it as new rainproof technology. Ta da!

But it does sound interesting, if somewhat rushed.

pricedoutfornow
Guest
pricedoutfornow

@Landbaron:

I think he didn’t get the memo that condos are often selling for less once completion comes around, not more. This is what happened to some friends of mine who decided to invest in the Olympic Village.