It’s Friday!
And we’re having tech difficulties.
We’ll flesh this thread out later.
Carry on!
98 Comments
@ Anonymous 92 & 94
Your foul-mouthed attacks on patriotz are abusive, and as such, unwelcome. If you object to his or anyone else’s commentary, rebut their arguments. I have learned a great deal from patriotz & other posters on this blog, and I thank them & VCI admin for the opportunity to do so.
Stupidly went to an open house today. The realtor was annoying. Are there any other kind? The entire place, the apartment in a townhouse and the entire townhouse stank of cat pee. There’s was one set of looky loos (married couples) every 15 minutes so your time with the dufus was just you, the wife and him. What topic does he bring up? Bidding wars. And how they’re still happening. And how last year’s spring market was dismal but this year is much, much better. January was bad, then February was up, March not so great and this April was much better than last April. And then back to bidding wars. It took all I could not to say, dude, with the smell of cat piss in this old, but well-priced smelly townhouse with one looky-loo every 15 minutes, yer… Read more »
Go Leafs go!
patriotz may look wrong; look at his handle in the archives of financialwebring for some of the trades he made in early 2009. Good thing he was liquid and not in real estate tee hee.
You’re an idiot.
You wouldn’t know good advice from a mackeral.
this patriotz character is such a fucking bore. no one listens to him in real life so he comes on here to rant and rave.
if you people hadn’t listened to these armchair economists you would have a house by now, with the option to sell it for double or triple it’s original value.
instead, while everyone else got rich you have NOTHING to show for it. the bears told you that when the crash comes the speculators won’t be able to get out.
the way things are, you could moonwalk to the exit and still end up rich.
The most significant part of the article IMHO:
and the federal government is underwriting nearly 9 out of 10 new mortgages via a multitude of state-sponsored programs and federally backed bonds. If a healthy housing market is one that is inclusive and not dependent on government support, “we’re a long way from there,” says Yale professor and housing expert Robert Shiller.
The US housing market is only able to support current prices – which are 1/2 those of Canada – because the government is backing it up with mortgage guarantees. The means a truly healthy housing market – one which is stable without government support, as Shiller put it – would have lower prices.
And a truly healthy RE market in Canada would also have lower prices than the US today.
The Housing Mirage
http://www.time.com/time/magazine/article/0,9171,2143008,00.html
Went to an open house in West Van. Wildly over-priced renovated view home. At the end of the tour the realtor asked what I thought. ‘The house is nice, the price is bizarre’. I replied.
He (WASP) took offence. “Well we are in a world-class city (barf) and we are priced internationally. This is not really priced for the local market.”
“Well since I am not related to any communist party chiefs and I don’t own a sweat shop, I will pass.”
Wow, it hasn’t even been three months since MAC Marketing Solutions was caught red-handed lying to Vancouverites on the local news, and BC Business is already giving their president column space to make uncontested claims about the benefits of buying presale condos.
#83 Can you move a modular home? Yes they are often moved but usually only two or three times usually at least 3 to 5 years apart. I used to move them for BC Forest service staff housing, and also for BC Hydro. Most are two parts but some models are three parts. It takes about a day to separate one and jack it off the foundation onto dolly wheels by an experienced modular home crew.
Scameron MacNeil pumping condo investment in BC Business http://www.bcbusiness.ca/real-estate/tips-for-condo-investment?utm_source=MagMail&utm_medium=BCBusiness+Newsletter&utm_campaign=BCBusiness+enewsletter+09May2013#comments His pitch: “New condos will have less maintenance issues and a warranty in place. You can often buy early enough in the development process (even before construction starts) and enjoy up to two and half years of potential market growth prior to completion.” Of course this fails to mention: – On a cap rate basis condos are terrible investments right now you’re essentially speculating on future price appreciation – good luck with that! – You face sigificant construction risks (timing and quality of completion) – Your deposit could quite likely be almost worthless by the time it comes to complete requiring you to put up a bunch more equity just to complete your sale – You’re paying a higher price or as Scameron calls it “New condos can come at a… Read more »
“However I wonder how many condo owners are aware that they just went into business with a group of complete strangers?”
Nobody puts it better. Welcome back Strataman.
I cannot think of an ownership structure that is so loaded against the interests of the owners. Makes publicly traded corporations, for all their faults, look Utopian.
Strataman-can you move a modular home? I was under the impression that since it’s on a foundation, it’s not meant to be moved. I’m not against modular homes, just in this case, my friend seems to be buying beyond her means. But what else is new in Canada these days? Does ANYONE buy within their means? Probably not. At least her debt is “only” 155k, not several hundred thousand like people in the lower mainland.
I was reacting to the condemnation of a modular home purchase in the context of home ownership. The modular home is more free title than any condo. In the interior I have seen them moved from parks to free title.I have also seen 30 year old ones that form a core of custom additions and in fact are free standing houses on free title land.Some are beautiful and some are rag tag. You actually own your modular you can take it away, knock it down, add a room outside. If you need to fix the roof you will do it whenever and if the neighbor needs to fix their roof YOU won’t pay for it. High density MFH is here to stay and I am not arguing that. However I wonder how many condo owners are aware that they just… Read more »
“Devore, almost none of them – but you already knew that.”
Shrug, rhetorical statements get equal treatment. Strata Man has proven himself to be a reputable and informative poster, not to mention entertaining. No one is suggesting boom-time construction condos will collapse in a couple of decades. They will be still be standing long after we’re not, continuing to suck thousands of dollars of capital from their owners.
“Except there are 30 year old condos in Vancouver that rent and sell for a lot more than $0/sqft.”
Not without substantial injections of capital over those 30 years.
Devore, almost none of them – but you already knew that.
How many of them have exploding balconies or leaking envelopes?
Except there are 30 year old condos in Vancouver that rent and sell for a lot more than $0/sqft.
Bullish posts being deleted by website owners. Just thought I’d let others know. Only bearish sentiment will be tolerated.
enjoy your one sided, myopic blog. Oh, RE is going to crash 95% in value..
Good to see you back Strataman. Always enjoyed your posts.
#73 “Modular homes last about 30 years then they are basically garbage. The pad is worth nothing because it is leasehold and you have to pay maintenance fees. She may as well buy a time share” Or you could say “Condominiums all of them last about 30 years when they are basically garbage. The land is worth nothing because you own a few sq.inches which you cannot independently sell, and you have to pay exorbitant maintenance fees to continue to rent AIR SPACE!!! You might as well buy a time share.! How the hell anyone can call Condo owning home ownership is beyond me you are renting airspace! The only differance between a condo owner and the owner of a modular home is the person that owns the modular home can change a window, move the space to a legal… Read more »
Pricedoutfornow: “Friend of mine (not in lower mainland) is hell bent on buying.”
As bad of an investment Vancouver real estate is right now, buying a modular home (a trailer) on a lease hold pad is even worse. Modular homes last about 30 years then they are basically garbage. The pad is worth nothing because it is leasehold and you have to pay maintenance fees. She may as well buy a time share. Then add in she can’t afford it. Amazing how people commit financial suicide like this thinking they are doing the right thing. The only good part for her is with her low income and a child bankruptcy will be fairly easy to go through.