Should you just move to an island?

Skook has a post over at VancouverPeak.com about an island dream gone sour.

A BC couple purchased land on Mayne island and started building their dream home only to run into a confluence of cost overruns and real estate market downturn.

Today, their house is only a wood frame shell that looks out over one of B.C.’s most dramatic views, with the Lower Mainland in the distance, and regular sightings of ferries, whales and seals. The tiered wooded lot is only a five-minute drive to the ferry.
It is the idyllic best that B.C. has to offer, and yet the Klingsats won’t even break even on the near $1-million they spent on the property and construction. They have relisted it for $539,000, after previous listings at $649,000 and $699,000 didn’t get any offers. “Everybody loves the place, but the people don’t want a house that’s not finished,” says Mr. Klingsat, who gave up on the project six months ago. “And I can’t do it. I haven’t got any more money to put into it. “The whole economy everywhere is lousy – nothing is gangbusters. There are places for rent all over here on Vancouver island.”

The original article in over at the Globe and Mail. Skook adds some extra thoughts and information.

RFM has also added some information summarizing other properties in that particular island market.  There are 113 properties for sale on an island with a population of 900.

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OV
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OV
Son of Ponzi
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Son of Ponzi

My wok kitchen is finished.
Spent 20k.
Sheng Fui Master Wong say value will go up 100k.

Many Franks
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Active Member

(Bodged the HTML above. Here is the link.)

Many Franks
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Active Member

CAAMP has just acquired CMT. Not that Rob McLister has ever worked very hard to conceal his disdain for housing bears — but I hope at least it still remains a reputable source of information.

Son of Ponzi
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Son of Ponzi

If an English speaker gives a gift to a German speaker, they would never accept it.
Gift is poison in German.

aaa
Guest
aaa

>The number 4 sounds like death in both Korean, and Japanese as well, not surprisingly is not liked in those countries either. It’s not based on complete superstition such as the western dislike of 13, and 666, which are based on supernatural causes

you’re right. being afraid of the sound of a word is totally rational and not based on superstition at all. GTFO.

Xi's cab driver
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Xi's cab driver

U.S. Pending Home Sales Fall Unexpectedly

http://www.hellenicshippingnews.com/News.aspx?ElementId=fd7720a8-331d-4d54-ac1e-3fc0bdb13ee6

The number of people signing contracts to buy previously owned homes unexpectedly declined in February, a sign the sector continued to struggle through unusually cold weather and rising mortgage rates.

The National Association of Realtors said Thursday its seasonally adjusted index for pending sales of existing homes dipped 0.8% in February from a month earlier to 93.9, its eighth straight month of declines

An Observer
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An Observer

@71 “Currently, in Van West, there are 718 SFH for sale with price > $1,5000,000. Can anyone confirm if this is a record number?”

Nope, not even close and actually a little low for this time of year although the MOI for van west in March might be at or near record levels

It was at 961 in May 2012.
March 27, 2013 was 802
March 27, 2012 was 775

UBC in crisis mode
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UBC in crisis mode

I ammmmmm back?

Can anyone help to solve this mystery? Was it a fake sale a few weeks ago? Can realtor put a “SOLD” sign on the street even it is not sold, or realtor fired?

6002 Chancellor Blvd (Van West, UBC), sold a few weeks ago, back on the market for the same listing price $1,890,000

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1046465&REBoards=All&From=MLS

Superstition Lessons
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Superstition Lessons
The dislike of the number 4 is not derived from superstition (supernatural causes). It is disliked because the spoken word sounds like the word for death, but with a different tone. It’s like the difference between saying death? and death. It’s unpleasant, and over time has caused an avoidance of the number. The number 4 sounds like death in both Korean, and Japanese as well, not surprisingly is not liked in those countries either. It’s not based on complete superstition such as the western dislike of 13, and 666, which are based on supernatural causes. Don’t get me wrong, Chinese, in general, are extremely superstitious, but the dislike of 4 is based on linguistics and not superstition. Wiki says it’s a superstition, but I don’t agree, because it’s based on linguistics, rather than supernatural causes. Phobia is a better term… Read more »
patriotz
Member

@82: “Using real estate data on close to 117,000 house sales, we find that houses with address number ending in four are sold at a 2.2% discount and those ending in eight are sold at a 2.5% premium in comparison to houses with other addresses.”

Doesn’t that mean the Chinese buyers are making housing less expensive for the general population which doesn’t hold such superstitions?

OV
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OV

CA STATE SEN. LELAND YEE INDICTED FOR ARMS TRAFFICKING AFTER SUPPORTING ASSAULT WEAPONS BAN

Yee discussed helping the agent get weapons worth $500,000 to $2.5 million, including shoulder fired automatic weapons and missiles, and took him through the entire process of acquiring them from a Muslim separatist group in the Philippines to bringing them to the United States, according to the affidavit by FBI Special Agent Emmanuel V. Pascua.

http://www.breitbart.com/Big-Government/2014/03/26/CA-State-Senator-Who-Supported-Assault-Weapons-Ban-Indicted-On-Arms-Trafficking

Snake
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Snake

We provide the first solid evidence that Chinese superstitious beliefs can have significant effects on house prices in a North American market with a large immigrant population. Using real estate data on close to 117,000 house sales, we find that houses with address number ending in four are sold at a 2.2% discount and those ending in eight are sold at a 2.5% premium in comparison to houses with other addresses. These price effects are found either in neighborhoods with a higher than average percentage of Chinese residents, consistent with cultural preferences, or in repeated transactions, consistent with speculative behavior.

http://faculty.arts.ubc.ca/nfortin/Superstition.pdf

aa4
Guest
aa4

There are some wealthy people in the city, but often our observations give a selection biased view. For example say you went out to dinner to a nice restaurant, and you noticed it is packed and people are throwing down $500 like its nothing. And the cars in the parking lot are high end new cars.

You might assume from that observation that everyone in the city is loaded. However you are only viewing that percentage of the population who has the money to do those things. Even if 1% of Vancouverites have that money, we are still talking 20,000 people. You may have seen 300 of those 20,000.

Many Franks
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Active Member

(Typo: 2.99%)

Many Franks
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Active Member

Hilarious — Flaherty’s barely gotten his box of personal belongings down the hallway and BMO has slashed rates to 3.99% again. Let’s see what kind of “continuity” Joe Oliver is going to offer up — here’s guessing it won’t be an after-hours call to the bank president.

Heard Herd selling
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Heard Herd selling

@ VHB. What are the historical MOI numbers for this time o year?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@popgoesthebubble

there is no bubble and there never was. prices are based on fundamentals. the fundamentals are easy financing and foriegn demand.

after financing was made a little harder, prices went down a bit.

once foriegn demand is curtailed the prices will probably go down a bit.

bubbles pop on their own because they are unsastainable. this market doesn’t do that, it responds to changes in fundamentals.

tedeastside
Member
tedeastside

will Chinese people go to America and demand they close veteran cemetery’s because ghosts are bad luck

popgoesthebubble
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Reality Check
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Reality Check

Temporary foreign worker program is mostly a scam endorsed by the present gov.

50,000 entered BC in 2012.

5,000 entered Sask.

Really?

Our gov seems to be corrupt to the core.

Sick People
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Sick People

@59

There are sick people in every society. You can find messed up people from any country if you wanted to. Lets not generalize an entire country of over a billion, because there are sick individuals. Here’s a sick story from a different country with over a billions people, I wouldn’t assume they would all do something like this.

http://www.liveleak.com/view?i=f26_1391307486

VHB
Member
VHB

Total days 21
Days elapsed so far 18
Weekends / holidays 8
Days missing 0
Days remaining 3
7 Day Moving Average: Sales 137
7 Day Moving Average: Listings 233
SALES
Sales so far 2287
Projection for rest of month (using 7day MA) 412
Projected month end total 2699
NEW LISTINGS
Listings so far 4606
Projection for rest of month (using 7day MA) 700
Projected month end total 5306
Sell-list so far 49.7%
Projected month-end sell-list 50.9%
MONTHS OF INVENTORY
Inventory as of March 26, 2014 15523
MoI at this sales pace 5.75

UBC in crisis mode
Guest
UBC in crisis mode

Currently, in Van West, there are 718 SFH for sale with price > $1,5000,000. Can anyone confirm if this is a record number?

If 50 are sold each month, that would take more than 14 months to sell them. However, if local salaries are not high enough, who are going to buy these $1,500,000 – $20,000,000 properties?

tedeastside
Member
tedeastside

Chinese people are not suitable to American society…..

Canada is for chinese