Strataman at vancouvercondo.info 12 Sep 2010 12:58pm – “I have noticed a number of high end (1.2 to 2.5M) False Creek North suites in buildings I work in (thus I am somewhat familiar with typical residents) being listed by mainland Chinese who visited briefly, bought in the last two years, and never came back. These are generally penthouses and I am exposed to them as a lot of building equipment is also at Penthouse level.
What is interesting is I am finding major realty companies are handing the listing to agents that have no experience and no history of sales. This is a big change because I always used to meet the firms’ “star” agents. This got me to wondering why this would be. My theory…. the senior “star” agents know there is not a hope in hell of selling these places (several are 6 month plus listings), so don’t waste their time, [which is] better [spent] moving a couple of $300K units to the last suckers.”
The place we lived in is owned by an american. They listed it at a price that was stupidly high, and they had the nerve to say stay while we have your life upended for tours of eager buyers. We gave our notice and split. The place is still on the market 4 months later and the building manager says it has been shown maybe 5 times. This is a million dollar condo. Now i noticed that a new agent is listing the place. No reduction in price, but the agent looks like a rookie. Maybe the poster is right and the smart managers are steering sales to guys that can close and the dogs go to the rookies. The whole market is upside down and will be carnage for people who bought in the last few years.
I am so glad I sold out two years ago, and now we watch in horror as many of our friends sink into a quicksand of being house rich and cash poor. Many people won’t be able to refi their own homes, because of the new basement suite enforced rules…..so watch out…it is going to be bumpy for a long while, yet.
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