Canada, humor, hype, prices, supply

A Tale of Two Trump Towers

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108 Comments

Even though Vancouver is the bestestest city that ever there was, we’re yet to get our Trump Tower.

But if you want to get excited that we will be getting you Trump Tower you can rely on the Vancouver Sun to reprint the best press releases as news articles.

If you could buy a unit in the luxurious $360-million Trump International Hotel & Tower Vancouver, to be finished by fall 2016, you might never want to leave.

But if you have to, you will probably be able to go in style. Access to private jets, helicopters and Rolls-Royce limos for Trump buyers are probably going to figure as “residential amenities”, or perks.

..probably.

Meanwhile there’s another Canadian City that already has it’s Trump Tower and yeah, that would be Toronto.

But the one in Toronto apparently doesn’t have that problem where people ‘might never want to leave’.

Apparently the problem there is sort of the opposite.

A unit in Toronto’s troubled Trump Hotel up for auction Sunday only received one bid — and below the minimum offer.

Kashif Khan, managing director of Toronto-based Ritchies Auctioneers, said the $550,000 bid will be taken to the owner of the unit.

“At that price, we can’t close the deal . . . but we will be presenting the offer to the seller,” he said. “We don’t know (if he will accept) — crazy things happen.”

The owner is a real estate broker who after seeing lots of similar units stagnate on MLS for months on end decided an auction would be a good move to unload the condo.

 

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tedeastside

EastVan is dead offer 40% below

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crikey

@99 BPOM: “don’t be afraid to offer 10-15% below asking and telling them it’s your final offer”

Forget asking, asking is all too often some crackpipe fantasy number.

I think that somebody that must buy shouldn’t be afraid to offer 10-15% below *assessment* value. Of course I myself won’t be buying right now though, and don’t recommend it.

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YVR

Yale Distinguished Professor says expect a 4% a YEAR INCREASE IN US HOUSE PRICES OVER THE NEXT 10 YEARS!!!! It’s on BNN.

Want to argue with Shiller on his views??

No I don’t want to argue with Shiller. He called Vancouver the most bubbly city in the world and has predicted a crash. We agree on that.

Even if some cities in the US went up 50% in the next 10 years the house prices would still be 1/3 of where Vancouver is today. So it makes sense. Vancouver gets a price cut of 50% and the US goes up 50% in some cities. No arguments here. The problem is you have all your money on the losing horse.

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Manatee

@Laurey #96, Here’s a link to the full Case-Schiller index, straight from the source, without carefully chosen start and finish dates. http://ca.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index. There’s a few things here that I think are important: First, What’s interesting about the Case-Schiller index is that by September of 2008 (the start date of the chart you’re showing) 62% of the Case-Schiller Index drop occurred BEFORE the start of the graph. The recover since March of 2012 is still pretty large, but housing has nowhere near recovered. Second, the graphs have substantially different shapes between 2008 and now. Even with different reference points, the shape should be the same. I’m not convinced your graph is an accurate representation of the data. If someone can explain this please let me know why. Is one of the graphs misnamed and representing another data set? Finally, the index… Read more »

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Son of Ponzi

Gold bars under the mattress !
That’s why I wake up with a sore back every morning.

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Many Franks

@mac: As any advisor will tell you: short-term investment goes into low risk. That applies to those of us building up downpayments and expecting an RE decline; I plan to be actively house-shopping well within 5 years. However, I’ve gotten to the point where I think cost/benefit favours investing new cash medium- and long-term rather than building up “too large” a downpayment and having it sit idle in low-risk investments. (Interest rates are going up, but I don’t think we’re going back into 80s territory barring policy self-destruct.) I have a fairly diversified portfolio (higher risk on the RRSP side). Contrarian sentiment in choosing investments served me well going into 2008, but regardless, I’ve stayed fairly balanced throughout. I work with an advisor I like and who counterbalances my wilder opinions. Long story short: we don’t all invest in gold… Read more »

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Case Shiller

Jesse, Patriotz, BPOM, etc….

Want to argue with Shiller on his views??

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Case Shiller

Yale Distinguished Professor says expect a 4% a YEAR INCREASE IN US HOUSE PRICES OVER THE NEXT 10 YEARS!!!! It’s on BNN.

WOW!

That is a compounded increase of 50% in 10 years. He says no bubble because half the houses are being bought with cash! That 50% is an average. Expect choice cities like Phoenix and San Diego to go up much more than that!

Those bears here that say Vancouver is no San Diego/Phoenix or want to move South better do it now before they’re priced out over there as well.

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Best place on meth

Plenty of lowball offers being accepted on SFH in Van east, Van West, Richmond and Burnaby.

If you really want a house, don’t be afraid to offer 10-15% below asking and telling them it’s your final offer, especially if it’s been on the market more than 30 days.

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mac

Patriotz,

Good for you but I doubt many bears are putting their downpayment to work in stocks & bonds. Maybe a few toes in the water but the most conservative and responsible thing to do with “house money” was to keep it “safe” in GICs. QE punishes the wise and rewards the foolhardy, we all know that. I doubt you’re all in like Dave… with his testicles to the wall. Har. D. Har. Har. Yeah, right Dave.

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UBC in crisis mode

New flipper on the block:

5530 Chancellor Blvd, UBC
Listed for $3,280,000 in May, 2011.

Someone bought this 1926 old timer, renovated it (for how much???), then back on the market for $4,388,000

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1026514&rowc=1&rowp=1&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=4000000&MXPRC=9000000&SCTP=RS

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Laurey

since you like the charts here is one for you: Case Shiller says we are back to 2008 levels in US. It doesn’t lie. if you bought at 2008 you would be way up.

since you are there check the debt. all is down except student loans.
http://www.npr.org/blogs/money/2013/09/13/222063196/jobs-debt-and-home-prices-since-the-crisis-in-four-charts

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Best place on meth

“i read ZH i admit and you can find some decent analysis but they always like to spin doomer side.”

That’s why I avoided pointing to their commentary and went straight to the chart.

It doesn’t lie.

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jesse

Here is the MBA refi application index for the US (Calculated Risk)

Now the only trick is to convince yourself that Canada is different because it is not the same.

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jesse

” If you believe in collapse from interest rate normalization, or inflation, I doubt you’re in stocks”

Not everyone believes that, obviously. I don’t think there is a high chance of a US recession in the next two years.

“bank workers layoff in US”

Refi activity was jacked over the spring. There is strong evidence based on mortgage purchase applications in the US that the rise in rates “brought demand forward”. I would be surprised if the same effect was not occurring in Canada.

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Laurey


Do we all have to like the same thing?
I mean Moscow got MacDonalds 23 years ago. Would you call them Americanized?

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UBC in crisis mode

Massive bank workers layoff in US, due to largely lack of mortgage activity (everyone renewed their mortgage already if they are able to?).

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Mortgageslave

@Laurey

“Costa Rica”

I bet you’ve never even been. Americanized and an expensive tourist trap. You don’t even have a clue, try one country to the North. Same climate, waaayyy cheaper.

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patriotz

@88: “How many of your guys have loaded up on stocks in the past 4-5 years?”

Me. For example, BMO @ $25. But I’m just one of those weird people who like buying low.

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mac

How many of your guys have loaded up on stocks in the past 4-5 years? I suspect not many. It’s the same problem with all equities after QE. If you believe in collapse from interest rate normalization, or inflation, I doubt you’re in stocks.

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Best place on meth

“In the summer, La Jolla has NOTHING over Vancouver.”

Yeah, for those 6 weeks it’s pretty awesome here.

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HAM Solo

Met with a few associates active in local RE circles this morning. Here are some takeaways: – Commercial construction is going absolutely bonkers in Vancouver. There are now 8 active office tower projects at some stage of planning or construction. Most ever. – The money for the construction boom has come from yield chasing institutions and pension funds. -There is not that much net new demand for office. What is happening is tenants of older office towers in Vancouver are signing up in droves for the shiny new towers. Could be a complete implosion of rents, especially in older office towers, within 2-3 years. -Mixed use condo-retail space, for example along Marine Drive North Van is very slow to rent out. -Outside of commercial construction, industrial and infrastructure order book in British Columbia is at an all time high. So… Read more »

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tyler

ted east side:

My cousin lives in La Jolla and am there about a month each year.

In the summer, La Jolla has NOTHING over Vancouver. Only in the winter…. when the weather is better.

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tyler

BPOM:

Hogwash! Wishing things wont crash the market…you should have learned that about 10 years ago…

Dallas area prices at a record high. Fastest increase on record.

Phoenix area prices on a tear. Was just there last month!

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