A Tale of Two Trump Towers

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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Joe Mainlander
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Joe Mainlander
More on Trump Holborn form last month articel: http://www.vancouversun.com/business/Donald+Trump+eyes+Vancouver+presence+site+nixed+Ritz+Carlton+project/7982041/story.html Some interesting quotes: “There are several other hotel-condo projects in Vancouver, including the Shangri-La, which was completed in 2009 and is Vancouver’s tallest building at 62 storeys. Paul Albrighton, a realtor specializing in resale units at the Shangri-La, said prices in the luxury building have risen an average of two to three per cent in the past 12 months — above average for Vancouver condos. He said buyers are both Vancouverites and offshore buyers, but that there has been a bit of a slowdown, particularly among offshore buyers, in the past six to eight months.” “Michael Ferreira, principal at Urban Analytics, said he is not sure if Vancouver is ready for more luxury hotel-condominiums. “It’s hard to say because we haven’t tested it for quite some time,” Ferreira said. “A lot… Read more »
registered
Member
registered

@19 yvr2zrh Says: “In Vancouver – people must understand- the deep distrust of the “East”. Something that sounds like it is associated with Toronto, or to a lesser extent, New York, is actually disliked.”

Hence Starbucks, Sugoi, Lululemon….

mac
Member
mac

YVR,

I think by mentioning investing rock star, you are missing the point–or the forest for the trees–of the article, which is don’t miss the forest for the trees.

VantoZurich,

I can’t understand why, if prices are going to go up 10% in 5 yrs, which is a soft landing, why it benefits the down-payment poor not to jump into the market? I can understand putting your money elsewhere if you’re looking for appreciation but then again, you’ve got to find that elsewhere.

jesse
Member

” I obtained rate holds from three different banks back in June”

You got simultaneous rate holds from 3 banks? Hopefully not all for yourself.

YVR
Guest
YVR

mac: “I think by mentioning investing rock star, you are missing the point”

No, that is exactly the point. In 1999 Warren Buffet was considered washed up by many as he didn’t understand the ‘new economy’ and Peter Schiff was openly laughed at on TV for claiming US housing was in a bubble. They only became rock stars after everything played out.

mac
Member
mac

Really?

So you’re making a parallel between Buffet and yourself? Between Shiff and yourself? You’re going to be as right as they were but on Vancouver housing? That’s an almighty crash you are predicting. At this point, you’re expecting the average wait-and-seeer to be able to buy a house at say 50% off, which will be well over a million bucks. 1.5 million if you look at knocking down Westside 3 million homes by half. The economy here would collapse if that happened and your wait-and-seer wouldn’t have a job, let alone the downpayment.

Tell me how this can happen and prove Josh Brown’s point number six while you do it.

jesse
Member

“Peter Schiff was openly laughed at on TV for claiming US housing was in a bubble. They only became rock stars after everything played out.”

Peter Schiff… there’s a name… are people still giving that guy money to invest?

Softy
Guest
Softy

“You got simultaneous rate holds from 3 banks? Hopefully not all for yourself.”

Yes. All for myself. They expire consecutively: the first expired in the first week of September, the next expries in the first week of October and the next expires in the first week of November.

chin
Guest
chin

hey big mac we are already in the crash

VanRant
Member
VanRant

@ 33 Softy

Time’s ticking. Better hurry and purchase something soon rather than trolling this blog.

jesse
Member

“Yes. All for myself.”

Softy, you score +100 on my personal credit meter. I mis-underestimated you.

Beuller
Guest
Beuller

Yes. All for myself. They expire consecutively: the first expired in the first week of September, the next expries in the first week of October and the next expires in the first week of November.

So what are you wasting your time here for? Go out and buy your next two properties!

YVR
Guest
YVR

mac:

The economy here would collapse if that happened and your wait-and-seer wouldn’t have a job, let alone the downpayment. Tell me how this can happen and prove Josh Brown’s point number six while you do it.

Better to be a wait-and-seer with no job AND no mortgage than a person with no job AND an underwater mortgage.

It happens they same way every other bubble bursts. We run out of greater fools.

Laurey
Guest
Laurey

“Better to be a wait-and-seer with no job AND no mortgage than a person with no job AND an underwater mortgage. ”

it is the same for both. you think your landlord would keep you for free? Give your head a shake.

o yeah, don’t tell me usual that renter can move to Ft.Mac for jobs. there wouldn’t be any jobs there either when oil crash to $40. and you can’t train Vancouver yoga instructor to be welder anyway.

Devore
Member
Devore

THREE rate holds, all just for yourself? Wow, that’s a lot of pent up demand right there.

YVR
Guest
YVR

Laurey: “it is the same for both. you think your landlord would keep you for free? Give your head a shake.”

I know you are not that bright but let me help you with this. Who is better off if both are unemployed:

Person A

– Owes $700K on a condo worth $500K after putting $100K down.
– Has a mortgage payment, maint fee and taxes of $4400 per month
– Has no cash

Person B

– Owes nothing
– pays $2200 per month rent for the same place as person A
– Has $100K in cash.

Devore
Member
Devore

@Laurey

I know that when I am out of a job, I would totally prefer to have a house with a fat mortgage, than a month-to-month rental I can ditch to move in with family or relocate. I mean, with the mortgage at least no one can kick me out or tell me what to do, right?

Laurey
Guest
Laurey

@YVR
You are assuming that person A has No Cash and Person B has 100k.
Based on what? How old are you? 12?

Laurey
Guest
Laurey

@Devore
“. I mean, with the mortgage at least no one can kick me out or tell me what to do, right?”

You can SELL it bozo for probably 3 or 4 TIMES more that you bought. That did not cross your mind? (emphasis on words with capital letters)

2.79% 5 yr. NEVER AGAIN
Guest
2.79% 5 yr. NEVER AGAIN

So Softy what are you going to do if you don’t pull the trigger and your holds expire?

Randy Randerson
Guest
Randy Randerson

Hahaha, Laurey you’re just as bright as a donkey. How the hell are you going to sell a house 3-4x the bought price? So if you are going to buy a $500k house, you expect that to fetch you $1.5-2.0 millions?

As for YVR’s example, that’s because Person B didn’t put $100k down payment, and instead kept it in his bank account. For Christ sake, do learn some math before trolling.

Newcomer
Member
Newcomer

@mac:

Economic collapse. Never thought of that. I guess that rules it out then.

@Laurey:

Sell it for three or four times what you paid for it. Genius! In busts up to now, no one has thought of that, but it would definitely solve their problems. You should set up shop as a financial advisor.

chin
Guest
chin

maybe she really is Eeyore

Laurey
Guest
Laurey

Randy: “As for YVR’s example, that’s because Person B didn’t put $100k down payment, and instead kept it in his bank account. ”

But what 100k in bank account for christ sake. you people are delusional. Every week there is report that canadians are living paycheck from paycheck. There is no money in the bank. Maybe 2-3% have significant savings.

paulb
Member

New Listings 250
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