Locals only

A local developer has figured out a good way to get attention on an 18 million luxury penthouse that has remained unsold since 2012: say its for locals only.

Call it exclusionary, or tapping into the zeitgeist, or just a clever promotional scheme. Langereis says he wants a purchaser who will “commit” to this space and the city, and who will actually live here. If not year-round, then at least most of the time.

He wants to look up from street-level and see the lights on. “I want someone fun, someone who will connect with the rest of residents,” says Langereis. “Not someone who treats this place like some hidden chamber and then leaves.”

Read the full article here.

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Westside Realtor
Guest
Westside Realtor

That sucker’s been on the market for a long time.

Great marketing ploy to get attention, well done. Playing on the growing sentiment around foreign buying.

My view is that as sales continue to taper and inventory ticks higher, prices start their slide.

Some gradual normalization of interest rates over the next few years, and an easy 25%+ slide in prices. Easy.

For max borrowers the prices will be roughly flat when they consider their increased interest carrying charge outlay.

If you have cash, the world will be your oyster, and you can vultch away.

People will look back and wonder what they were smoking. It is always thus.

WSR

StupidityCheck
Guest
StupidityCheck

Mr Langereis is learning the hard way that no local can afford properties like that.

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

“The downtown Vancouver penthouse is now three years old. It remains unsold. No qualified buyer has met the developer’s terms.”

Slagathor
Guest
Slagathor

…..Mr Langereis is learning the hard way that no local can afford properties like that…..

Actually, Mr. Langereis has learned (probably the easy way – Realturd course) that coming up with a novel bull shit marketing idea can garner lots of free press.

mls watch
Guest
mls watch

I know several people aged 50 to 70 who made so much equity it is like they won the lottery. Their plan is to retire to some quiet (more Caucasian) location. They live the dream life. However, they are still living in Vancouver, complaining about traffic and the empty houses in their neighborhood. Why? Because their home is appreciating too fast, and they are addicted to greed: they cannot sell, yet… I am wondering what will trigger the boomers’ migration.

Other topic: three years ago I was warning people around me that racism was growing, that this was a repeat of the 1990’s in Europe. 90% of the people told me: ‘you have to understand it is different here.’

Slagathor
Guest
Slagathor

….No qualified buyer has met the developer’s terms.”….

The most challenging of which is a ridiculous asking price.

Funkeymonkey
Member
Funkeymonkey

There are plenty of high end condos sitting for sale for a long time look at the Olympic village, North Vancouver has Atrium I believe, 5 years not sold out yet. Rich people don’t buy condos except for vacation homes.

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

>Actually, Mr. Langereis has learned (probably the easy way – Realturd course) that coming up with a novel bull shit marketing idea can garner lots of free press.

considering that the unit has been for sale to locals only for three years and we’ve only heard about it now makes me thing this isn’t the case.

not only that, but the news paper may be good at marketing hondas and probiotic yogurt, it isn’t the ideal place for marketing 18 million dollar condos.

best place on earth
Guest
best place on earth

@Westside Realtor
do you lose the information on #1 to prospective buyer/seller? the market is red hot and you know sh*t about it.

Confucius
Guest
Confucius

Repost – Anyone seeing the same thing in the areas you watch?

I have heard many people say the market has slowed down. Seasonally the market usually slows down in the summer. I’ve noticed in my neigbourhood that there were some very high priced bidding war sales during the spring. New listings are now asking these high prices or even higher, but they are sitting on the market much longer and with many more options.

Could the irrational exuberance of the spring followed by a seasonal summer top lead to a panic of listings in the fall combined with buyer exhaustion? This could play out like a classic bubble starting with the blow off top in the spring.

DaMann
Member
DaMann

Bloody hell people! Inventory is 13k and change. I’ve never seen it this low at this time of the year. This market is no where near a slow down yet unfortunately. Wake me when we hit 20k. Until then it’s business as usual.

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

THE END IS NEAR, DEBT SINNERS REPENT!

Oracle
Guest
Oracle

If its Locals causing this boom, one change will finish it: Check Mortgage document information with CRA. I’m sure many brokers are fudging the numbers to get the deal done. Average income vs average new mortgage amount doesn’t make sense.

If its immigration numbers….then…i’ll stop here before being attacked.

Oracle
Guest
Oracle

Yes, the idiots here think the market is slow. This is the hottest market EVER in Vancouver. Detached home price in Vancouver went up by $350,000 in 365 days!!!

WTF?!

Westside Realtor
Guest
Westside Realtor

Confucius – you nailed it.

An absolutely plausible, although not guaranteed, outcome.

Why the heck not.

Oracle, some great posts. Where we differ, I think, is that I think the mkt is percetibly slowing now, the euphoria is dying down, and I thunk any slowdown can feed on itself absent an additional chop in mtg rates.

The mania will end in tears, in my humble opinion, and (famous last words!) the end is near.

WSR

patriotz
Member

Trump hotel profits overstated to woo buyers, court told

Developers of Toronto’s five-star Trump International Hotel & Tower “misrepresented” how much investors could make buying and renting out its novel hotel-condo suites because it was the only way they could sell the overpriced units, a court was told Thursday…

Key to the case will be a 2004 Ontario Securities Commission ruling, which set out strict parameters under which Talon was allowed to sell the units. The commission ruled that Talon would be exempted from basic regulatory requirements, such as undergoing an independent review of its business plan, on condition it not market the units as investments.

Good thing for the developer of its Vancouver counterpart that the writ of the OSC does not extend to BC.

Slagathor
Guest
Slagathor

….“misrepresented” how much investors could make buying and renting out its novel hotel-condo suites because it was the only way they could sell the overpriced units, a court was told Thursday…….

I think that’s an legitimate reason for misrepresentation according to the Professional Realturd’s Ethical Handbook.

space889
Guest
space889

Meanwhile in Manitoba, First Nation people under a 27yr long boiled water advisory gets the shaft again by the Fed gov’t.

Surprised no one there has decided to protest by sabotaging the aquaduct.

http://www.huffingtonpost.ca/2015/06/25/shoal-lake-reserve-reside_n_7666832.html

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

>Good thing for the developer of its Vancouver counterpart that the writ of the OSC does not extend to BC.

did trump vancouver developers make revenue promises? that’s news to me.

paulb
Member
Trusted Member

New Listings 188
Price Changes 75
Sold Listings 191
TI:13184

http://www.paulboenisch.com

Loon
Guest
Loon

I’d like to see y/y and m/m sales numbers, forget prices. Also some sell to list ratios to draw my own conclusions about the market.

Anyone have those handy ?

vangrl
Member
vangrl

#10

I just copied all detached listings in Kits under 3 million. I’m going to monitor it every day to see how fast they sell.

I actually have heard some whispers that it may be slowing, I know the inventory isn’t really reflecting this, but hopefully where there’s vapor there is smoke.

A Realtor in the news yesterday said that certain areas are slowing down.

Best thing we could do is get any negative news out there as far and fast as possible. If I was sitting on a crack shack goldmine and even had the slightest inclination that prices were flattening out, I’d list it immediately.

The Man
Guest
The Man

@#18 Surprised they don’t get jobs and pay local taxes so that their local government can build a water supply. Like the rest of us do.

But then, maybe the folks that are smart enough to get jobs left a long time ago, leaving the slow and stupid to hold the fort.

Troll
Guest
Troll

Hey, what happened to all the inventory parties?

I guess having a 13k party over and over again loses it’s appeal after a while

midnite toker
Member
midnite toker

Derp derp deep. My coworker has a 7 figure mortgage on his place in East van. He and his wife will be tearing it down and building with help from family in construction biz/flipping. Also my brother and wife have moved to squamish. Two sets of couples I know have left this year. One to smithers, one to ft Mac – trying to get out of the Vancouver grind I guess !

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