BC, hype, prices, supply

Locals only

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38 Comments

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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would-be buyer

@vangrl: I see there are over 500 SFH properties for sale on the westside. I have no idea how many SFH are actually for sale, since my browser stops at 500. There are only 319 SFH for sale on the eastside where locals shop and most of those houses are crap unless they are well over $1M. So, anything decent goes in a bidding war as inventory is tight. There appears to be tons of SFH inventory on the westside, unfortunately locals can’t afford to buy there. There are only 240 SFH for sale in North Vancouver, again most of those houses are crap unless you have well over $1M to spend. There are only 62 SFH in “affordable” New West for sale. For locals, the SFH market is tight, no doubt about it, which is the only reason “sane”… Read more »

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DaMann

“US Investors Shorting Vancouver housing”
http://www.calgaryherald.com/business/News/11162797/story.html?ref=yfp

Interesting. That’s putting your money where your mouth is.

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space889

– right vangrl, that will show those overstretched homeowers who will then hurrily drop their asking price by 3/4 so you can swoop in with a smirk on your face and become what you always wanted to be, a Van West homeower.

You are a pathetic human being. Dreams of profiting not by your own strength and hard work or even luck, but at the misfortunes of others and feeling good about it.

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best place on earth

“Gentlemen, *WE* are the pool of FTHBs. I propose a strike on buying. No open houses, no emailing realtors, no buying any of these inflated properties. A month or two of no sales and the bottom will fall out of the market. Perhaps a new hashtag is called for? #noRE4aMonth.”

dont make a fool out of yourself! you cant afford to be a first time buyer even.

someone pointed out WSR = romeo jordan = fake. give it up, fake!

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bullwhip29

honestly these guys are in a bit of a pickle with the sale of this penthouse. first and foremost, the whole “locals only” approach is beyond laughable given rosewood is owned by new world china HK. also anyone that is familiar with Vanc and this hotel’s history knows full well that it is not the iconic, ultra-luxurious destination that it now pretends to be complete with a reincarnated feenie-like celebrity chef that most outside of Vanc have never heard of and likely never will in due course. imho hawksworth restaurant is completely overhyped, overpriced and overrated very much like this whole property is. in a way, he personifies what vancouver and many of its style over substance douchebag residents have morphed into in recent years. it is no wonder that there are no serious buyers willing to pay this kind… Read more »

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Bull! Bull! Bull!

buyer’s strike… lol, that’s funny way of saying you’re priced out. seriously, white ppl are the best at rationalizations.

when they can afford the west side they look down on the east. when they can’t afford the west side they say the west side is boring and it’s all about “eclectic” commercial drive and main street “little mountain”. when they can’t afford a house at all then living in a condo becomes the moral decision to be more sustainable. now that they can’t afford anything it’s a “buyer’s strike”. being poor has become a social movement, lol. your energy would be better spent learning mandarin.

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Shlomo

One thing is for sure: we are hopelessly adrift on a sea of low interest rates, HAM etc etc, and we are mostly powerless to control a lot of those factors. But there is one thing we can control and that is buying a house. WE know that housing in Canada is like a ponzi/pyramid scheme where the people in the middle can only move up once a first-time home buyer appears. Once the pool of FTHBs dries up, the whole gig is up. Gentlemen, *WE* are the pool of FTHBs. I propose a strike on buying. No open houses, no emailing realtors, no buying any of these inflated properties. A month or two of no sales and the bottom will fall out of the market. Perhaps a new hashtag is called for? #noRE4aMonth. Jawing about extraneous factors is good… Read more »

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Westside Realtor

Our office is back to the “where are all the GAM lately” water cooler conversation.

Summer slowdown or end of the boom?

I suggest the later, unless mtg rates drop to new lows. Without that, this ship is going down. No matter what Oracle might want to believe.

WSR

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patriotz

The miserable truth to Canada’s economic recovery

Is that it’s based on rising consumer debt and record low interest rates. But you know that.

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patriotz

@28: “precisely because house prices have risen so much since the tax was introduced in the 1980s.”

That should be, precisely because they want even higher commissions. Reducing the PTT would result in higher prices (because what buyers have to pay is the price+PTT) and higher turnover.

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shiol

Time to pare Vancouver realtors’ skyrocketing commissions

The cost “was not unreasonable 10 or more years ago, but, in the current market, these fees are quite absurd.

“Realtors will tell you their fees are negotiable, but just try and see where you get.”

McNeill believes it is high time for a downward adjustment in Vancouver realtors’ fees given that home valuations here have increased so dramatically.

It is interesting to note that the Real Estate Board of Greater Vancouver, with 11,000 members, for years has lobbied B.C. to reduce its percentage take for the Property Transfer Tax — precisely because house prices have risen so much since the tax was introduced in the 1980s.

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JR

#25 That one needs a seven figure mortgage for anything in East Vancouver sums up the delusional nature of the market here. This is going to end very badly.

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Shut It Down Already

24, it’ll be 12k after the month-end expires.

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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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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

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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.

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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.

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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 ?

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paulb

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

http://www.paulboenisch.com

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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.

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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

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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.

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patriotz

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.

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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

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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?!

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