Are you bored of sifting though the MLS looking for condo bargains to flip? Do you ever wish the condo market in Vancouver was a bit more like a television court-room drama with charismatic con-men and lavish life styles? Anyone who thinks that the real-estate market in the lower mainland is lacking in excitement or colourful characters ought to check out this article in todays Vancouver Sun.
A partnership between two men with checkered business backgrounds who are developing several high-profile condo projects in downtown Vancouver, Surrey and Richmond has dissolved in acrimony and litigation.
One of the partners, George Dengin, has sued the other, Mark Chandler, in B.C. Supreme Court for allegedly misrepresenting the status of the projects and failing to account for the sale of dozens of units.
Dengin’s lawsuit is supported by an affidavit filed by Vancouver real estate marketing whiz Bob Rennie, who introduced Dengin to Chandler in 2003 and was subsequently hired by the partnership to sell the projects.
The Partnership of Dengin & Chandler was responsible for the following properties:
- Hamlin Mews, a 21-unit townhouse project at 37th and Oak;
- Tribeca, a 52-unit condo project at Richards and Nelson;
- H+H, a 22-story condo tower at Homer and Helmcken;
- Anndale, a shopping centre on a 16-acre property in Surrey;
- Richards Street, various lots including the present site of Richards on Richards nightclub;
- Eldorado, the present site of the Eldorado Hotel on Kingsway;
- Garden City, two mixed-use towers in Richmond.
Incidentally Bob Rennie is supporting the partner that had his stockbroker license revoked for serious trading infractions in 1987, NOT the partner that was indicted in Arizona on 13 charges of fraud, theft and forgery in 2000.
OK, so you look around and start to see ‘warning signs’ about the Vancouver Real Estate Market.. You know, things like interest rates going up or the fact that purchasing prices are up to three times the rental value of some condos, townhouses and apartments in Vancouver… And you start to worry riiiight? You start to think “but what if Vancouver realestate isn’t worth what its selling for right now?” or “what if the market is dangerously overheated and could be knocked down in a ‘market correction’ that could see my home value drop by thousands of dollars?”
You’re looking at home values dropping in some places in the states and warning signs that the US is headed into a recession and you’re worried that we might follow suit?
eh. easy come easy go I say.
But if you’re really freaked out and you want some sort of advice or encouragement?
I say balls to you.
Seriously. Get some balls, they will help you through any troubled times the may or may not lay ahead. You know those little stress balls? One for each hand, no problem – get a little worried just squeeze those fears away.
Over on the Vancouver Housing Market Blog there’s an interesting historical discussion of 1981. That was the year when real estate prices in Vancouver fell by about 50% after a fast strong run up in prices. There were a few factors that caused that crash, but ‘this time its different’. As long as we keep bidding up the price of Condos in Vancouver we’ll all be fine.
But just for the sake of argument, lets say the real estate market in vancouver crashes in the next year or two.. what would that mean? Well for one thing houses and condos would be worth a lot less. This could be depressing to current owners, but not the end of the world. If you can afford your bills you stay put right? Eventually prices will go back up, you’ll just be paying some premium rent on the money you used to buy your place. As long as you don’t have to move you don’t have to worry about the fact that you cant sell your place.
If things get really bad? Well, I guess in the worst case scenario that would be unemployment and foreclosure right? Buy why get all negative? Even in that gloomy scene you can look at the bright side. Its all a matter of perspective – Vancouver has one of the mildest climates in Canada, people come all the way from Quebec to live on our streets. We have lots of prime real-estate in parks and tarps are cheap! So lets stay positive! I’m off to view this 500 sq. foot condo on east side right now – the MLS listing says I can “just paint and profit!”.
Among the many good things that the 2010 Olympics are bringing to Vancouver it looks like we’ll soon be able to add $55 million more from the Federal Government. Lets Party!
Miraculously the olympics are “on budget and on schedule” despite cost overruns.
Things aren’t looking so good in the US housing market. Sales are down, prices seem to have peaked and are starting to drop in some places. And as we’ve seen in the past some people don’t react to turmoil in real estate values too well.
Just how bad has it gotten? Apparently the rich and famous can no longer afford to live in Wisconsin.
More than a bell is needed to save Dustin Diamond this time around. Diamond, best known as geeky Screech Powers on the 1989-1993 teen comedy series “Saved by the Bell,” is selling T-shirts with his photo on them to try to raise $250,000 so he doesn’t lose his gray two-story house under a foreclosure order.
For the whole story you can visit Diamonds website at http://www.getdshirts.com/.