Ralph Kramden at VREAA 16 Sep 2010 9:14 pm – “The place we used to live in is owned by an American. They listed it at a price that was stupidly high, and they had the nerve to say “stay awhile, 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 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.”
Most Recent Comments:
- Bally on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- kagurazakaman on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Alexcanuck on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Loon on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- buffates on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Nemesis on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- kabloona on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- WEBVAN on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- YVR Housing Analyst (@YVRHousing) on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- pricedoutfornow on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Brian Ripley on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Nemesis on “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
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Latest Anecdotes:
- “My neighbours, in their late 60s, just put their house on the market. They had said they would die in that house, but now they are worried that with the housing market going south they may be losing a lot of equity and they better sell now before it gets worse.”
- Chat Thread
- Taking A Break
- “My best guess: this property is now an ‘investment hold’ and will be built ‘when prices recover’. Good luck on that!”
- Man Loses $745,000 Vancouver Condo Deposit
- Graphic – Degrees of Housing Overvaluation in Canada
- The Rare Individual With A Negative Ownership Premium
- Advice Regarding Renting In Vancouver, Please – “Unfortunately, the Vancouver rental stock is absolutely atrocious. It just seems like every landlord is looking for someone to pay 100% of their mortgage on a crappy place through rental income.”
- “I just visited Manhattan for a week, and happened to snap some real estate ads on both the Upper West and Upper East sides of the island. Compare to Vancouver. It simply doesn’t compute.”
- Ben Rabidoux In Vancouver Next Week
- “The mortgage company told me they were calling in my 40-year, 0-down mortgage. I have paid nearly sixty thousand dollars towards it, but, nearly five years in, I have yet to touch the principal.”
- ‘Vancouver City Hall: Housing Report Card 2012′; Plus Revised Version
- “My folks find themselves at 65 still owing half the value of their home and recreation property to the bank. After almost 30 years of ownership in the BPOE and a number of boom markets, they have very little to show for it.”
- “Rent for $2,200 a month or buy and have a mortgage of $4,310 per month. Why would anyone buy?”
- “They were talking about two couples they knew who had recently bought a lot and planned to each build a house on it and live as neighbours.”
- Greater Vancouver Home Builders’ Association Annual First-Time Buyer Seminar Attendance Plummets
- Mom and Pop Get It Wrong In All Markets, Time And Again
- The average British Columbian homeowner is not going to pay off their mortgage by the time they retire.
- “He’s sold all his properties except his current one, which is now for sale. He explained that the market’s currently in crash mode, worst that he’s ever seen.”
- “One of my old high school buddies finally got her mother to sell the family home in Kitsilano – sold for over $1M, monies realized after debt paid off $185K.”
- “I know someone who just declared bankruptcy because her condo was assessed at $150k and she bought it presale north of $250k in 2005 or 2006.”
- Sturdy, With Views – “Calling Froogle Scott!… Is Dr. Scott ‘In The House’?” [Not In This One, Certainly]
- “She said the market was dead in Victoria and that it would remain so for a very long time. I asked how she knew. Her answer was fascinating and should scare the pants off the real estate crowd.”
- Kits Notes – “I’m pretty sure that this is the first 3+ bedroom property of any type that I’ve seen in the 5 years I’ve lived here that is priced below $700K.”
- “A beautiful Belfast home, in the equivalent of 1st Shaughnessy, bought at their RE peak in 2007 for £3.5 million, has now sold for £800K, almost 80%-off. The market didn’t suffer any significant economic shocks. Rates & unemployment didn’t skyrocket. They didn’t build more land. Sentiment just changed and the prices fell and fell.”
- “Two family members of hers are trapped, underwater, in condos on the East Side.”
- “Interprovincial migration is not saying good things about BC’s economy.”
- Vancouver RE: Not As Expensive Provided You Don’t Think – “It’s clear that our perception of affordability has been coloured by living on a continent where housing is unusually inexpensive.”
- More Undisclosed RE Industry Insiders Publicized As Clients – “In 1995, Allan and Karin Hoegg were mortgage-free. But no more. Today their Vancouver home is a valuable source of income as they plan for full retirement.”
- Rumor that some OV units will be reduced by 20%.
- Downside Weights On The Vancouver RE Market – “One of the older guys (over 60) mention to the guy beside him that he and his wife were thinking about selling their family home, and renting, in order to get some of the money that was locked up in the house.”
- “My buddy was looking to upgrade to a house in the Coquitlam area. With 200k extra for a home, that’s half of lifetime saving between him and his wife.”
- “I was walking in the Fraser neighborhood yesterday, I noticed that the population, on average, seem to be composed of workers. I belong to the top 5 percent in terms of income. Nevertheless, I cannot afford any of the houses for sale in that neighbourhood.”
- “Vancouver is an urban resort whose value mostly resides in its real estate and not much else.”
- “Rogers Communications is expanding into RE; aiming to relaunch website; providing critical data that can help potential buyers assess the value of a property from the comfort of their home computer.”
- I’m only 50 and I can just about retire if I want to, all because of a single simple decision – “When prices rebounded to their former highs, then rocketed another 30% higher to what I considered to be totally unsustainable levels, I decided that only a fool would pass up a second opportunity to harvest such a massive non-taxable capital gain, and in 2011 I sold my place.”
- The Vacant Lot of Versailles, Richmond.
- “I don’t think that most people think things are going to crash, just that there is going to be a slight correction, but it was amazing to me how sentiment has changed, and the fact Vancouver RE is too high was just understood.”
- “The ‘investor’ who purchased our house put it up for sale two months later, in January 1981, but the bubble had burst.”
- For A City To Have That Kind Of Vacancy, It’s Like Cancer – “Downtown, the vacant unit rate is so high that it’s as though there were 35 towers at 20 storeys apiece – all empty.”
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There are some odd things happening. I have a friend who rents a house in Surrey. He has been there for almost two years and is frustrated with the landlord because many promised repairs and improvements have not been done. Twice the landlord has had the house assessed in an attempt to take more money out on a HELOC. It is clear the owner is stapped for money and cannot afford to do the necessary repairs/improvements. Recentlymy friend found out (from a neighbour) that the house has been listed for sale with a real estate agent. He found the listing online and on MLS (no pictures). He has never been told and there is no sign on the property. He figures that the landlord is petrified that he will move out if he knows the house is for sale and cannot afford to have the house sit empty while it languishes on the market… ergo he isn’t being told (which is bizzare because how can they ever show the house unless they tell the tenant). The asking price on the listing is the current assessed value of the house. After 3 months there appears to have been ZERO interest expressed in the house. Needless to say he is looking for a new place to rent and taking his time to find the perfect place.
how can a buyer buy if they can’t even access the inside of the home? owner is dumb to not let the tenants know.
I recently told my landlord that I would be leaving sometime around Janurary so she decided to put the place on the market. Luckily we have a good relationship so she promised to make the closing date after my proposed move-out time and asks permission to have an open house weeks in advance.
You can put her in the same catagory as many sellers right now I suppose. The place is listed a little high, and I talked to the realtor and she basically said my landlord was in no hurry to sell, so I may be able to stay past Janurary if I wanted.
I gotta say, as long as you have a good relationship with your landlord the whole selling thing doesnt seem to be a big deal. The only way I could see this going bad is if she needed to sell, then I am sure all courtesy would be thrown out the window.
You all should learn the laws regarding rental properties. You cannot ask a tenant to leave so that you can sell the property. If the landlord wants to sell, he/she can only sell it as an investment property ie with tenants. Even if a landlord dies, the tenant cannot be forced out of the home (or condo). The executor has to continue to rent the property (or sell it as an investment property) until the tenant decides to vacate.
Suburban John
Firstly, not one single person on this post referred to being asked to leave their rental because it was being sold. The only mention of leaving was because tenants did not wish to put up with the hassle of their home being shown.
Secondly, you are wrong and should learn the laws regarding rental properties.
“Bailing in BC | 20 September 2010 at 9:45 pm | Reply
Suburban John
Firstly, not one single person on this post referred to being asked to leave their rental because it was being sold. The only mention of leaving was because tenants did not wish to put up with the hassle of their home being shown.
Secondly, you are wrong and should learn the laws regarding rental properties.”
Could you enlighten us then?