Tag Archives: buyers

Friday Free-For-All! 2015 is here!

It’s the beginning of a new year and the end of another week.

That means it’s Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

1988 flashback
Chinese bottom fishers in Russia
That’ll bump up the average
Chinese buyers eye Seattle
The pretending to pay buyers gambit

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

Friday Free-for-all! Here comes Autumn.

It’s the end of another work week and you know what that means…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

World warns of Canada risk
Fed renews zero rate, hints at hike
BC too laid back for China business
HAM a myth?
How locals afford homes
Slackers are Debtors?
FIPA is coming

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

So who’s buying condos?

By now even the reader of the province know it’s a slow real estate market out there.  Not much is selling, sales to list ratio is low and prices are dropping.

..and yet, we still hear of new developments that have big opening day sales (where ‘opening day’ conveniently ignores months of marketing).

So who’s buying these new condos?

According to Bob Rennie it’s young people without any money:

Rennie Marketing registered 7,500 potential buyers before the sales launch, and he says the majority were under 28 years old. He believes it is the young demographic that is fuelling the sales of projects like the two he’s selling at Marine and Cambie. Part of MC2’s appeal is that because it’s not downtown (a 20-minute SkyTrain ride), the prices are lower. And pricing on more than half the homes was kept under $350,000, to appeal to the young demographic.

“So, we made the right decision bringing on both towers at MC2,” he reflects, sitting in a trendy coffee shop on Main Street. “We’ve released all the affordable product. There are 130 homes without parking so that we could get inventory under $300,000. We really did the research on the first-time buyer when we did Marine Gateway across the street, and 28 per cent of our buyers answered in an exit survey that they were receiving down payments from mom and dad, and grandparents.”

Full article in the Globe and Mail.

The presales suing starts again

If you’ve been in Vancouver for a few years you may remember the last time the market took a dip was in 2008.

As prices fell we started to see more and more stories about buyers trying to get out of presales contracts and developers going after buyers for the difference between their deposit and the current market value of the condo.

Well looks like we’re starting to see legal wrangling over presales contracts again, the most recent one is buyers trying to get out of their purchase agreements at the Hotel Georgia.

Falling Vancouver real-estate prices and widespread expectations that they’ll fall further have sparked a rise in lawsuits from condo buyers who want to get out of their presale contracts.

The trend underscores the importance for developers to scrupulously follow the Real Estate Development Marketing Act (REDMA) – because failure to do so can render sales contracts unenforceable and enable buyers to get their deposits back.

“People wouldn’t be looking for the return of their deposits if the units were worth more than or as much as they purchased them for,” Harper Grey LLP partner Bryan Baynham told Business in Vancouver.

The most recent string of lawsuits involves Georgia Properties Partnership’s (GPP) Residences at Hotel Georgia project, which is set to be complete in December – one year later than the developer promised buyers.

Baynham had filed six lawsuits from buyers of units at the Residences at Hotel Georgia as of October 24. He expects to file more.

The project has 156 units. As of September, 96 were sold.

If prices continue to fall in Vancouver you can bet we’ll see more legal action over presales contracts, both from buyers and developers.

 

Friday Free-for-all!

It’s that time of the week again, lets do our regular end of the week news roundup and open topic discussion thread for the weekend!

Here are a few links to kick off the chat:

Doors shutting on first time buyers
How many realtors is enough?
Vancouver RE plunges
Families leave BC
Housing affordability?
Moodys warn on Canadian debt
Sales/list Sept 2010-2011
Great new source for data
Toronto sales drop 12.5%
Kleptocrats flee china

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