More trouble brewing at the Olympic Village. Condo owners are opposed to the proposed opening of a new pub. These people sound extremely NIMBY. Another article talks about concerns the pub will bring down property values. If owners at the Olympic Village are concerned about property values, I think they have much bigger problems than a local pub. Property values are falling because the bubble is deflating, not because a pub wants to open up.

http://www.vancouversun.com/travel/Battle+brewing+over+Craft+Beer+restaurant+planned+heritage/7758404/story.html

Monkeys in a controlled experiment exhibit immunity to evidence by repeating the financial mistake of trading away a loss(rent) in preference for the choice with lower mathematical(expected) return.

The highly repeatable experiment shows that a small and unlikely chance of getting ahead of their peers overwhelms any caution or benefit calculation in the decision.

The experimenter also reported that the same community of economically trained monkeys was rife with theft and bereft of savings.

http://www.youtube.com/watch?v=DUd8XA-5HEk

The working hypothesis is that humans involved with buying and holding overpriced RE have the same cognitive deficit as lower primates. In other words, they are exhibiting monkey behavior.

So tired of the bull posters who can’t put together decent thoughts, or even sentences, but endlessly say that VCI contributors are “sad” or “miserable” for having been wrong for as long as the blog has been going. Yes this is a bear blog, but how the hell do they know what bear posters have been doing in RE all these years? Many posters here have owned, or maybe even still own (probably strictly owner occupiers). Just sayin, some bubble believers have done very very well in RE with thanks to the ongoing discussion and data provided by this excellent blog and others. If you are in the RE market and haven’t been paying attention to these blogs, quite likely you are getting badly burned in the RE market right now..

Does anyone know a good data source for what rental costs in the various areas of Vancouver are or should be based on property type? What’s listed on Craigslist is one way of course but from what I’m hearing on here is that a lot of CL listings are out of whack and with falling home prices I would think rental prices should be falling – would be great to have some data/graphs to monitor the rental situation in Van.

@No Noise

“So tired of the bull posters who can’t put together decent thoughts, or even sentences, but endlessly say that VCI contributors are “sad” or “miserable” for having been wrong for as long as the blog has been going.”

LOL! When U R right U d0n’t need th0ghts and s3ntanc3s, ROFL! Despite the bull’s awesome stats, pretty graphs, and top notch analysis they’ve been wrong for almost a decade 🙂

That should lead a thinking person to question the quality of the bulls analysis. An unthinking person, on the other hand, would just hit the thumbs down button. 😛

@No Noise: It’s not perfect, but padmapper.com has some of the features you’re looking for.

Thanks Many Franks!

and

@ BullBullBull

Thanks too for a perfect example of nonsensical writing!
Not worth bothering to try to understand what you are saying or responding. All that needs to be said is that the bubble is bursting and you know it..

@No Noise

“Not worth bothering to try to understand what you are saying”

An excellent example of bear logic.

*puts fingers in ears*

“la-la-la-la-la!”

@Many Franks

Padmapper.com is awesome – love how they give %above/below median rents for the neighborhood. Could use more listings, hopefully it really catches on or teams up w CL. Not sure exactly how it works yet..

Here are a few stats to enjoy

1) 10% of properties listed for sale right now in Vancouver West (and Vancouver East) were purchased in 2011

2) 28% of those in Vancouver West would currently sell at a loss if they received asking price

3) 18% of properties in Vancouver West and 14% in Vancouver East are now listed below assessment

Shaughnessy and Arbutus both have 29% of current listings having been purchased in 2011 and combined 30% of listings are below assessment. That first number is pretty mind boggling…

77% of the downtown listings that were purchased in 2011 and relisted currently will sell for a loss if the seller gets asking price. Kitsilano is 63% and Yaletown is 50%.

2013 should be interesting, have a happy new year!

Here’s another cool stat. 100% of the HAM degenerate gamblers are going to disappear once the banks start asking for that negative equity to be paid off.

And yes, some pay cash, but if you were a HAM degenerate gambler and stupid white folks are climbing over each other throwing credit at you, are you telling me you wouldn’t take it?

Slow day at the board so far. No sales recorded yet, a dozen changes and a couple dozen new listings.

Barring a busy afternoon, we are looking at sub 1150 sales for December. ~25% below last year and ~40% below 10 year median. New listings will finish around 1350. ~15% below 2011 and 20% below 10 year median. Sell to list of 87%.

@No Noise: Padmapper aggregates listings from many sources, including Craigslist. If something is on CL but not Padmapper it’s probably because it couldn’t be mapped based on what was provided in the ad.

Troll

A couple of dozen new listings on NYE?? That surprises me. Interesting.

While we are posting rental anecdotes, I just renewed my lease for another year.

< 10 year old house in Marpole ~ 3,800 SF / three stories. Very nice house, 3 car garage. Separate nanny quarters. Too much space for us.

Owner and his agent were happy to rent to us for another year with no increase. "Owner has no intention of selling……."

Happy new year everyone and look forward to more of the same in 2013.

VC

real professional said:
“Weather here sucks for New Year and the events are lame.”

B..b..but you can go the beach and skiing on the same day!

Lol, I can’t believe people are still pitching that garbage. The only time of year that you can do anything that resembles skiing near Vancouver, its beaches are cold, dreary, wet, and totally uninviting. And vice-versa, for the few weeks that the beaches are half-decent, nearby ski hills are guaranteed to be barren.

So why do the RE pumper idiots insist on trumpeting that nonsense? I don’t know if it speaks less of the lying pumpers, or any overly trusting buyers who believe verbatim what a salesman is saying.

“you can go the beach and skiing on the same day”

Never heard that one before. It’s usually “ski, golf, and sail” – which is true.