arbroathscotland at vancouvercondo.info 3 Aug 2010 9:54 am – “Just returned from Kelowna and Penticton after a week. You would have to see the for sale signs to believe it. They are honestly everywhere. Even some developments that they have stopped working on because they have ran out of money. They are even attempting auction sales in Penticton on new condos. I would not have believed it is as bad as it is up there if I did not get to see it myself. Everyone you talk to up there is talking about it. I truly think the party is over.”
anonymous at vancouvercondo.info 3 Aug 2010 10:37 am – “I know several people who are trying to sell in Kelowna right now with no success. Some people are still delusional, thinking that the market will recover in August, still holding on to their high prices. It is kind of overwhelming when I think of all the people I know who are completely overleveraged in real estate-they have several properties and lots of debt. It is quite scary! It’s the beginning of the end, and yet some people I know are still buying, thinking they’re getting a good deal.”
McLovin at vancouvercondo.info 2 Aug 2010 9:41am – “A few people I have spoken to have a story of someone who has not had a showing in a month in Surrey or knows someone who is stuck with a condo in Kelowna. It appears to even the uninformed that the market is cooling.”
Anonymous at vancouvercondo.info 2 Aug 2010 10:06am – “Overheard a conversation at the grocery store:
“We put our Tsawassen property up for sale but the market is really slow and we haven’t gotten any offers”
“What are you going to do?”
“If it doesn’t sell we’ll just rent it out, we’re not going to sell it for less than it’s worth”
retalker11 at agentwill.com 29 July 2010 4:10 pm -
“We were talking to some local idiots who just speculated on a house, they were telling me how they were going to flip the house in a few years and move, and I was playing along, cause it amuses me. Then they asked me how I was doing, and I am like nothing much just buying a new car. They asked whether I plan to lease or finance, and after I said cash, they shut up.
Then the other day I spoke to some flippers who got themselves in trouble over a condo contract for $900K. They were trying to get out of it and could not complete, but developer refused to give them back their deposit and counter-sued for everything they have.
The other day I came to my bank to close one of my accounts. Obviously the real estate subject came up, cause our banks is nothing more than mortgage pushers now. They asked to pre-approve me for a mortgage because I have an excellent credit and the rates are low. I said I am not interested in buying a house in Vancouver at this price even if it means renting for the rest of my life. The mortgage pusher seemed to agree and then said that she thinks the prices will decline in two years. As I was about to leave, she asked me if I was interested in the investment property in Brentwood Area….. Two days later I got a card in the mail from her saying “good luck in your house search”….”