This from Marco911 at RETalks Thu Jan 08, 2009 9:55 pm -
“..It was disturbing to hear an old friend (one who I haven’t spoken with in years) tell me they had contemplated jumping out of the window of the new condo they just took possession of. She’s a wonderful person who has always been a hard working character and got wrapped up into this recent real estate phenomenon. She works two jobs and purchased two pre-sale units in Vancouver with the hope of making some serious money. She’s never been wealthy even though her parents tried to do everything they could for her. I met her in private school growing up. .. She’s a nurse and also works part time at a pub generating a decent amount of income. Very low spender when it comes to luxury items. All her hard work is about to be wiped out. She has worked a few years almost 7 days a week every week. She is trying to sell one unit along with just about everyone else in the building and it’s not going to go. She’s dropped the price past her break even point and even beyond what her deposit was. Still no bites. The other unit which is completing soon is going to have such a huge mortgage, that 2 months will wipe her out. She is unable to sell her contract at a loss.”
