Fake houses for fake buyers.

Could our market get any more surreal?

As if marketers pretending to be buyers wasn’t weird enough now there’s a pretend house as well.

Last week there was the story about the 2nd most expensive property ever listed in Canada

(spoiler alert: it’s a teardown in West Van).

It turns out those pictures of a weird gaudy Barbie palace that looked like it was built out of frosting and gold plastic were not of the actual home.

Screen Shot

The Sun has since learned that the photos on the listing realtor’s website are artist’s renderings and not photos of the actual home on the property. The home on the property is a rancher/bungalow built in 1964. Realtor Laura McLaren says the images on her website depicting a mansion “are renderings of what could be built on this property.”

Yep, they’re ‘artist renderings’ of the sort of thing that could be built on that property.

Design is subjective, but if you had $38 million and enough left over to build a dream home would this be your ideal style?

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realperson
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realperson

The $38,000,000 is probably a scam . It boosts the average price per property that’s selling in west Vancouver to mask the true fall in asking prices. Remind to avoid that agent.

Richard
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Richard

Re: Marty Pospischil’s blog post:

Ignore and laugh at your peril. Marty is extraordinarily plugged-in to what is happening on the west side of vancouver, the fave bellwether for blogs such as this. Marty has acted as our agent in a number of transactions and he is the sharpest, shrewdest realtor I have met in terms of advising his clients. His comments of November appear prescient to me because I certainly see renewed vigour in the market in my kits neighbourhood. Fwiw.

Vulture Fun
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Vulture Fun
I found this in the comments section of Mick’s FP link: Remaxed-Out whazzup • 5 hours ago “I hardly feel the need to add anything to this or the CMHC story, Whazzup. As you know, my wife and I sold our house last spring, for three times what we bought it for in 1996. Having paid off our mortgage years ago, we are now renting in the same neighbourhood and have conservatively invested close to $1,000,000.00 in dividend paying stocks. While we do own another home, we felt we could not risk losing too much of our equity in real estate, so we diversified. We sleep much better at night. 2 questions for you: 1) Why is it so important for you to keep on trying to convince people that prices can only go up when they have corrected in… Read more »
Anonymous
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Anonymous

“or worse yet these nervous buyers during their subject period who were intimidated by ‘friends who told them “they were crazy to buy as homes would be far less next year”

“this rebirth of the market has begun and is gaining momentum every day….the active leaders in the market are securing property at great value and will be the envy of those who waited

” so this is my alert for buyers waiting to buy, dust off your shoes because we are entering a blockbuster 2013″

http://www.martyhomes.com/Blog.php/team-pospischil-real-estate-winter-newsletter-and-market-update

oh Marty, i sincerely hope your clients didn’t listen to you

Short'em High
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Short'em High

@MM Says: …REW launched Chinese langage site a few days ago “zh.rew.ca”… 100% aimed at (local? Foreign?) Chinese buyers

According to Alexa.com all sites rooted at REW.ca have negligible interest outside of Canada.

http://www.alexa.com/siteinfo/rew.ca

This contrasts sharply with MLS.ca, which may have numerically more users from the People’s Republic of China than it does from Canada. Give it a few days and see if REW.ca conjures up a PRC ranking. They might even scoop the CREA by being first to launch a localized site!

Although, if the CREA did localize MLS.ca to Simplified Chinese, there could be some uncomfortable questions in the mainstream media about why so many Chinese nationals are browsing the Canadian MLS, given that so few are recorded as the beneficial owners of Canadian property in official surveys.

Landbaron
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Landbaron

This listing has had the wrong building as it’s picture since Feb.8

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V989571

She’s selling herself short, The Pacific Rim is a gorgeous building!

Way to earn that (possible) huge commission…

derp
Guest
derp

Audio of Cameron McNeill speech/apology at Georgie awards: https://anonfiles.com/file/c39c18308239dfd31a03f40a6b5b3cb8

MM
Guest
MM

Sorry if old news, REW launched Chinese langage site a few days ago: http://zh.rew.ca/

REW CEO was on CBC radio, claimed UBC and Richmond condos 100% aimed at (local? Foreign?) Chinese buyers, while 50/50 Chinese/”normal” buyers in other places like coquitlam (more or less his words, you can probably find full interview in their archives, think it was Steven Quinn’s program yesterday)

Best place on meth
Member
Best place on meth

I guess ALL realtors are now switching careers.

Anonymous
Guest
Anonymous

….BTW, my circle of people would switch careers if their incomes didn’t rise by at least 2.5% a year…..

Really. I guess it’s easier to switch careers in fantasy land than it is in real life.

Short'em High
Guest
Short'em High

VMD Says:
…Plus we have the ever-reliable paulB stats to do our own analysis…

Are these data accumulated somewhere on VCI?

Using each of the six standard spreadsheet functions STDDEV, AVERAGE, MIN, MAX, MEDIAN, and MODE on all “new listings” data points ever posted, what values do you get?

Those six objectively qualify the notion of a “big” listing day and a record listing day.

Obviously, many would like to know an objective answer to the question of what is a big listing day.

Thanks in advance for pointing out the cummulative data source or posting the results.

VMD
Member
WorldJournal Chinese Newspaper backtracks: “Van CNY RE Sales Did Not Crash. Up 7.8% 2-wk-post-CNY vs 2-wk-pre-CNY” (Area covered: Van/Rmd/Bby/NV/WV). – They’re saying previous headline quoting “70% sales decline” was likely caused by delayed data-entry. (What an amateur mistake, VCI had this figured out long ago! Plus we have the ever-reliable paulB stats to do our own analysis) -Too late, damage done. As I said few days ago, “even if the data is inaccurate, the headline in big bold letters would’ve already made major psychological impact”. My own analysis showed +19% Sales 2-wk post-CNY vs 1-wk pre-CNY. Much worse than last year (+60%), but definitely not a “70% plummet”. (World Journal’s big bold headline today is: “Boomers have No intention of downsizing – 51% of interviewees prefer SFH. Only 16% will downsize to condos” LOL, this is the quality of “journalism”… Read more »
Many Franks
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Active Member
Many Franks

Looks like Laura McLaren didn’t like the scrutiny. All the interior renderings are gone from the listing, leaving just the exterior one (which no longer has a note about it being non-existent).

FlipFlop
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FlipFlop
Like any other market, supply and demand will rule the day. We can see demand waning (credit conditions, ownership saturation point, record high personal debt levels, cooked HAM, dissapearing upside for Speckers). All of these factors are leading to lower sales, as less people can, or want to, make the transaction happen. We can see supply building (Speckers trying to get out, Boomers trying to cash in, builders trying to move inventory). This is all apparent in the numbers we see from Paul B, and the numbers and analysis we get from Jesse, VHB, YVR, et al. Rates can do what they want. If supply contimues to come online, and buyers continue to be elusive in large numbers, prices will fall (this is why there’s such a pretty corelation between price movement and MOI). Low rates will be the soft… Read more »
Mick Murphy
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Mick Murphy
Groundhog
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Groundhog

@Vote Down The Facts

“Payments will remain the same, too.”

I think he means in real terms.

Billy Bob
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Billy Bob

Anon – don’t you know pink shirts are for fags?

Anonymous
Guest
Anonymous

for all the vancouver haters and whinners, it’s a anti-bullying day. it’s has nothing to do with RE or realtors. so, wear pink, get out there and lend your voice, support the boys and girls club. dont just hide under your mamas’ skirts and pretend to be smart.

JD
Member
JD

Could they be asking the tenant to rent out the suites because of problems with the suites themselves.

Let’s say there is problem with toilet in suite, tenant calls who?
Who pays for repairs?

Has landlord had trouble with unlicensed suite from city?

Anonymous
Guest
Anonymous

RealityCheck:”Example: if 40% of your income went to mortgage payment, then after it will be around 45% if rates double.”

If rates double, for every 100K mortgage at 3% will require an additional $3000 per year to service. For the average person who has a 500K mortgage making 60K per year disposable income that takes another 15K per year to service. That is an additional 25% of their net income. Yes some people will get raises but most will not keep up with inflation and many others like realtors will be making much less. It will be the ones who can’t afford it who will flood the market. Game over.

N
Guest
N

Who would want to rent to someone who needed a “rent helper” suit in the basement? Even if you could find someone who wanted to be that kind of tenant, you know from the get go that they can’t cover the rent if the suits aren’t tenanted all the time. You also know from experience that it’s not that easy to rent out those suits, otherwise you would just do it yourself.

Vote Down The Facts
Guest
Vote Down The Facts

“If rates stay the same after 5 years, payments will be 15% less the next 5 years term.”

Payments will remain the same, too.

900kCrackHouse
Guest
900kCrackHouse

First there was HAM, then there was SPAM ( fake HAM). Then there were incredible van-west palaces for sale (but you have to build your own palace after you buy the land for $38 million). What comes next? A wave of helicopter flying realtors buying houses as they swoop over the city inspecting their rooflines. Oh wait, that already happened too.

Well the tide is now going out and all of us now get to see who is swimming naked.

VultureBoy
Guest
VultureBoy

Fake Buyers, fake sellers.

Now the CMHC is pushing to hide that a sale is a foreclosure. Even realtors are questioning the ethics of this!

http://business.financialpost.com/2013/02/27/cmhc-seeking-to-hide-foreclosure-information-from-home-buyers/?__lsa=e416-9fc5

patriotz
Member

Can’t be bothered to take a photo either – image appears to be from Google street view.

Assessment for this property (5408 Union Street) is $1,415,000 and they’re willing to rent out the whole thing for $3800/month. Great yield.