Note and photo from jesse1 at RE Talks 19 Sep 2010 4:03pm – “While I am bearish on commercial real estate, I’m also a pedant for fair and balanced reporting. Here’s a picture from Aberdeen Centre today. Buyer’s market indeed!”
Most Recent Comments:
- Real Estate Tsunami on Chat Thread
- 604x on Chat Thread
- Monserrate on David Dodge – “Look mister borrower, you’ve gotta have an equity stake in this as well… so that if things go really bad, it’s not all on the Canadian taxpayer, part of it is on you.”
- 604x on Chat Thread
- 604x on Chat Thread
- Nemesis on Chat Thread
- neonatal nurse Jobs on ‘Giant Bubble Bursts Into The Record Books – “Screams of excitement followed gasps of astonishment as a giant bubble rose up and surrounded the participants before bursting in spectacular fashion.”
- What And When To Purchase Langley Real Estate Langley Real Estate Agents Can Be Busy Because Of The Completely New Building Around The City! | Bookworm Room on Author Of ‘Real Estate Investing for Canadians for Dummies’ “jumped into the market 3 years ago with a 2 BR apartment in Mount Pleasant”; Reports Ownership Cheaper Than Renting; Leaves Out Math
- rod_jonsson on Chat Thread
- Annie on British Columbians Selling & Moving To The US – “It was just too good of an opportunity to turn down.”
- bad credit fast cash loans on British Columbians Selling & Moving To The US – “It was just too good of an opportunity to turn down.”
- Real Estate Tsunami on Chat Thread
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- 01 Vancouver Condo Info
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Latest Anecdotes:
- 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.”
- “What’s the worst that can happen? You can’t pay your mortgage, so sell your house! No fear.”
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This is what will eventually happen to these specuvestors at Aberdeen Mall… Same mentality…
http://www.businessinsider.com/chinese-gambler-jumps-to-death-after-blowing-650000-at-hong-kong-casino-boat-2010-9
Go Aberdeen!!!
This appears to be a genuine example of cheerleading. -ed
All the offices in the Aberdeen are sold out already.
Seriously Alice? This is a mall that since its opening has failed to fill all of its retail space.
I dug this one out, hopefully vreaa reads this and kicks it as a “blast from the past”, but that Aberdeen sales centre is still open. So if they are “sold out” that office is a front for something else. I’m thinking it’s actually an Apple Store.
jesse -> Thanks for the update.
Perhaps a line-up retrospective is called for.
Anybody with any before and after info on the other memorable lineups we’ve seen, please forward.
I have had to learn about finances the hard way, our society is financially illiterate in a world run by finance types and the free flow capital across borders. it took me about 4 years after I finished my university studies to learn how important understanding finance and economics was and then had to learn it on on my own.
If the rate of reading and writing literacy was as low as our society financial literacy it would be considered a national disaster. No one should be able to graduate high school without yearly courses on financial literacy, just like you have to take English courses financial literacy courses should be mandatory.