FFFA! Condo Hell.

Ladies. Gentlemen. Does anyone have a timepiece on them?

What time is it?

Oh, yes. I see. It’s Friday Free-for-all time!

So lets waste no more time and hop right into it.  This is what we do at the end of every week, our traditional link round up and open topic discussion thread for the weekend.

Let’s go!

Hell is life in a Condo
$91M saves $1.1B Boondoggle
Mo money, mo problems
$1M mouse infested house
Sad you can’t buy?
25% regret buying a house

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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No Noise
Guest
No Noise

Excellent economic real data lately (no noise) the past few days. Yatters shows a very short term yet meaningful drop in Van sales prices (although volume is up). So many indicators that loose money having negative effects again: deep sub primes USA rising again, Chinas RE represents 13% of GDP, more than twice North America levels of 6%. Debt is way above normal again, global rich continuing to look for yield and safety for their “laundered” money in Van

George
Guest
George
I am sorry this is off topic but I was just reading this news story about the RCMP investigation into alleged financial irregularities to the tune of millions of dollars out of UBC’s dental program. The article says the head of the program recently resigned in December, a few months after UBC started investigating. http://www.vancouversun.com/health/High+profile+Vancouver+dentist+left+positions+after+audits/9798269/story.html Haven’t we heard similar stories about fraud/financial impropriety out of UBC recently? Just do a google search of UBC and fraud and just on the first page of results you do get several different cases of alleged financial irregularities in recent years and one out of SFU. I want to emphasize that I don’t know if any of those cases resulted in criminal charges–they are just news stories about allegations of financial wrongdoing. The point I am trying to make is this: We hear a… Read more »
George
Guest
George

Vancouver Sun headline: “Accountant at UBC-based criminal justice think tank charged over alleged million-dollar embezzlement”

http://www.vancouversun.com/news/Accountant+based+criminal+justice+think+tank+charged+over+alleged+million+dollar+embezzlement/8328628/story.html

George
Guest
George
George
Guest
George

From Canada.com: “UBC sues former employee, alleging fraud and theft of materials”

http://www.canada.com/vancouversun/news/westcoastnews/story.html?id=1845988c-1ca0-4a43-a49c-6d91d5b99796

Son of Ponzi
Guest
Son of Ponzi

I know of a Chinese family from Shanghai who lived in a high level TH in Richmond for 3 years.
As soon as they got Canadian citizenship thynmoved back to Shanghai but kept the TH as a vacation home.
On their first “vacation” they had to stay in a hotel for a few days because BC Hydro had turned off the juice.
Then they discovered that the place was infested with mice, which invaded from an adjacent TH, which was also an empty vacation home.

George
Guest
George

From The Ubyssey: “SFU sues former financial manager for alleged fraud”

http://ubyssey.ca/news/sfu-fraud-243/

GKP
Guest
GKP

The following statistics are from the latest credit market summary data table released by Statistics Canada:

On December 31, 2013 the total debt outstanding in Canada (bottom line of the data table) was $5.55 Trillion. For the calendar year 2013 the total debt outstanding in Canada increased by $312 BILLION.

http://www5.statcan.gc.ca/cansim/pick-choisir?lang=eng&p2=33&id=3780122

I think the following song by the Irish Rovers says it all.

http://www.youtube.com/watch?v=6faVxeFnJto&list=RD6faVxeFnJto&index=0

mikey
Guest
mikey

Check condos around sfu area… prices are at the same level as 2008. Knowing somebody that bought there 6 years ago and sold for the same price recently to a rental mangement cimpany. They had another offer from a private person that was turned down by the bank on a low 300k mortgage.
interest rates are not affecting the higher end of the market but sure do the lower end + the cmhc changes.

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

all the misguided young white people in this video should enroll in mandarin classes: https://www.youtube.com/watch?v=aii5AxxGp8Y

Snake
Guest
Snake

Microsoft’s plans to hire 400 new staff in Vancouver and make the city home to its largest centre in Canada is evidence of an upward trend for B.C.’s tech sector, which has been through some rocky time

https://www.google.ca/search?q=Microsoft+eyes+bright+future+for+Vancouver%E2%80%99s+tech+sector&oq=Microsoft+eyes+bright+future+for+Vancouver%E2%80%99s+tech+sector&aqs=chrome..69i57&sourceid=chrome&es_sm=122&ie=UTF-8#cr=countryCA&q=Microsoft++Vancouver%E2%80%99s+tech+sector&tbs=ctr:countryCA,qdr:d

Snake
Guest
Snake

No walls, flooring or bathroom… but penthouse in London becomes the most expensive flat sold in Britain after wealthy Eastern European snaps it up for £140million

http://www.dailymail.co.uk/news/article-2618446/Flat-central-London-expensive-property-Britain-wealthy-Eastern-European-buys-140million.html

registered
Member
registered

@11: Next paragraph FTA:

“Although the tech giant will be more than doubling its workforce here with the opening of its new training and development centre, it’s merely a blip compared to its headquarters south of the border, in Redmond, Wash., where 45,000 people work.”

No thoughts on why Redmond remains so much cheaper than Vancouver with one hundred times the Microsoft pay cheques?
It might be a false impression but the real estate industry panic posting index – the RET Index for short – appears to be rising. It happened in 2008 when even realtors finally admitted the market outlook was dim.

Brian Ripley
Guest
Brian Ripley

Big money is certainly looking for safe havens as the global slowdown grows (16,000sf London Penthouse shell for 140 mil). While waiting for the April Vancouver data I just posted a piece on the Asian Tiger … not so much anymore: http://www.chpc.biz/history-readings.html

Sandy
Guest
Sandy

Regarding the thieves out at UBC,ten years ago Cares Aides had their wages cut by 15%, kitchen staff and cleaners by 50% all so that the “more important people could get a pay rise.We are still earning less than we did ten years ago and now you want us to excuse high paid criminals!!!!!

patriotz
Member

@2: ” Could our bubbly real estate market be a factor that is leading some high paid professionals to allegedly turn to fraud? ”

The person in question was with UBC for 20 years so I doubt he was (allegedly) skimming the till to pay his mortgage, as he would have had ample opportunities to buy something affordable at his salary in the past.

I think it’s just the general onslaught of sleaze and something for nothing afflicting Vancouver.

Son of Ponzi
Guest
Son of Ponzi

The mailman just delivered a coupon from Bob Rennie.
The Gardens.
Own with only $4,800 down.
Bring this coupon to our sales centre and get your 2ND PARKING STALL for only $88!
I wonder which people he is targeting with all these 8s.

patriotz
Member

@1: “global rich continuing to look for yield and safety for their “laundered” money in Van”

You’re certainly not going to invest in Vancouver RE if you’re looking for yield.

As for safety one thing that already happened is the drop in the CAD.

patriotz
Member

@17: “I wonder which people he is targeting with all these 8s.”

People like you, obviously, since it was in English.

And judging from your posting he’s got you thinking what he wants you to think.

patriotz
Member

@9: “Knowing somebody that bought there 6 years ago and sold for the same price recently to a rental mangement cimpany. ”

This is confusing, as rental management companies, as the name implies, manage properties rather than invest in them.

There are of course companies that invest in RE (e.g. REIT’s) but they’re smart enough to know that Vancouver condos are a terrible investment.

Son of Ponzi
Guest
Son of Ponzi

For those who are interested in Richmond RE.
http://www.shuchatgroup.com/blog.mobi/largest-1

Son of Ponzi
Guest
Son of Ponzi

From A. Suchart.
Price reductions in Vancouver.
http://www.shuchatgroup.com/blog.mobi/largest-3

Son of Ponzi
Guest
Son of Ponzi

#19
Obviously he’s not targetting the large German community in the Lower Mainland.
8 in German is “acht” and “achtung” means pay attention, proceed with care.

Son of Ponzi
Guest
Son of Ponzi

Condo hell.
A coworker is renting a Condo in Downtown.
Nice glass tower.
The last 2 days he could not sleep because of the heat.
He will ask the landlord to install an air conditioner or move out before the summer.

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