Monthly Archives: November 2010

Olympian Marketing Task – “I’ve set a target of selling 100 units by June. Everything is now on the table. It has become a do-right or die effort.”

‘Marketing specialist’ Bob Rennie’s quotes extracted from the Vancouver Sun 29 Nov 2010 -
“It has become a do-right or die effort. The village has only one last opportunity to be successfully marketed if it is to escape its vexing image as a troubled neighbourhood.”
“The word ‘Olympic’ is a really, really expensive word. It is wrought with controversy. It can be seen as a weakness. But it can also be seen as a strength.”
“When someone gets into a taxi at the airport and says “take me to the Olympic village” everyone knows where that is. It’s not the same when someone says the name of a residential building downtown.”
“That’s the strength in this project. It is the only Olympic village. But we have to get this one right.”
“We will begin to market about 150 units in two to three waterfront buildings. Half of the condos, which average 1,000 square feet, will be under$1 million, and the other 50 per cent will be over $1 million. I’ve set a target of selling 100 units by June. It will take upwards of three years to sell all of the 473 remaining units in the village.”
“Everything is now on the table. These will be price-competitive to what is out on the market.”


Addendum:
Regarding the structure in the image above, from Wikipedia:
“The Temple of Olympian Zeus (Greek: Ναὸς τοῦ Ὀλυμπίου Διός, Naos tou Olympiou Dios), also known as the Olympieion, is a colossal ruined temple in the centre of the Greek capital Athens that was dedicated to Zeus, king of the Olympian gods. Construction began in the 6th century BC during the rule of the Athenian tyrants, who envisaged building the greatest temple in the ancient world, but it was not completed until the reign of the Roman Emperor Hadrian in the 2nd century AD some 638 years after the project had begun. During the Roman periods it was renowned as the largest temple in Greece and housed one of the largest cult statues in the ancient world.
The temple’s glory was short-lived, as it fell into disuse after being pillaged in a barbarian invasion in the 3rd century AD. It was probably never repaired and was reduced to ruins thereafter. In the centuries after the fall of the Roman Empire, the temple was extensively quarried for building materials to supply building projects elsewhere in the city. Despite this, substantial remains remain visible today and it continues to be a major tourist attraction.”

Los Angeles Compared With Dunbar

Hat-tip to ‘metalhead’ [at RE Talks 29 Nov 2010 8:56am] for pointing out the Bel Air, LA property above, for sale for $2.45M.
“4,200 square feet, 4 bedrooms, 5 bathrooms. Office and staff quarters. Spacious back yard has a heated, free form black bottomed swimming pool, attached spa, barbecue areas, circular sunken fire pit and a large lawn area.”

This is just one of many such examples we could take from LA.
As ‘metal’ suggests, let’s compare this to what you’d get in Dunbar [Westside Vancouver] in a similar price range. Keep in mind that the LA market likely hasn’t yet bottomed.

$2.26M; 3419 W 23rd; 2,838 sqft; 33×122 lot; MLS V857830.

$2.388M; 3688 W 35th; 3,895 sqft; 50×130 lot; MLS V820562

$2.50M; 3356 W 27th; 3,021 sqft; 33×131 lot; MLS V849344

$2.60M; 3930 W 38th; 3,349 sqft; 62×166 lot; MLS V856281.


Afterthought:
For the aesthetes in our readership, we thought we’d add this bonus ‘butt-view’ of the $2.388 Million property.
Where do we sign?
What are we thinking?



“I have a friend who has a super luxurious place and advertises it as a furnished short term rental continuously while he lives in it. He can’t afford his 5K per month mortgage payments. He will be forced to sell in the next 6 months. He is basically broke.”

Renting at vancouvercondo.info November 27th, 2010 at 4:50 pm- “A lot of high priced rentals are furnished short term rentals. They are competing with hotels. I have a friend who has a super luxurious place and advertises it through an agency continuously while he lives in it. There are several people in the same building doing this. His place has only been rented for two months of the past year. When it rents he goes on vacation or stays with someone else. He does this to make ends meet because he can’t afford his 5K per month mortgage payments. I figure he will be forced to sell in the next 6 months as he hasn’t had anyone rent it since summer and I know he is basically broke.”

Planned Boomer Sales – In One Extended Family, 5 of 7 Homes Will Be Sold

‘t’ at vancouvercondo.info November 28th, 2010 at 6:07 am- “With regards to boomers selling to either leave the market or downsize…
My parents intend to leave us the house, so they will not be selling…and neither will we because the house simply has too much sentimental value for my sibs and I.
Out of 5 sets of Aunts/Uncles, the eldest has recently sold their home to free up retirement funds. I suspect that 2 other sets will be selling for the same reason in the next 10-15 years.
For the Grandparents, the West-side homes will likely end up being sold because no one in the inheriting group can afford to buy out the other members, and I doubt any of us will be content to leave our share in.”

[Update: One uncle does not own. So, of 7 homes, 5 will be sold. -ed.]

Opinion – “I just came back from California after taking a month off. Long story short, I think Vancouver is priced alright in the scheme of things.”

FuturePorscheOwner at RE Talks Nov 27, 2010 1:33 pm“I just came back from California after taking a month off, went to L.A, San Fran, San Jose, San Diego and got to see most of the smaller towns along the way. After talking with a lot of the locals,realtors and such, it became apparent that the market there is still pretty high. This sort of makes me conclude that maybe our prices aren’t that high, there isn’t a city in Canada similar to Vancouver, which has
-Beautiful women/beaches
-Good bar/club scene
-Decent weather all year round
-Clean in comparison to most of the cities I have been to in Canada (regina, toronto, calgary)
-Excellent transportation infrastructure (as compared to BART)

Vancouver is basically is a mix of the Bay Cities:
-Hollywood North (LA)
-Hippie Ville (Berkeley)
-San Jose (Companies like Microsoft, SAP come into mind)
-Pretty big GAY, DINK population (San Fran)
-Amazing beaches (Montrey)

Long story short, I think Vancouver is priced alright in the scheme of things, even going to some of the Uni towns like Berkeley, and Sunnyvale it seems like the prices here are pretty reasonable.”

“A friend was telling me about how corrupt rich Chinese are buying up everything in Canada. Businesses, real estate, it doesn’t matter, they just want somewhere to park their ill-gotten cash. Buying businesses without even looking at the books, they just don’t care! They have so much money, they just buy everything!” (/sarcasm)

Sour Grapes at vancouvercondo.info November 26th, 2010 at 10:59 pm“A friend was telling me about how corrupt rich Chinese are buying up everything in Canada. Businesses, real estate, it doesn’t matter, they just want somewhere to park their ill-gotten cash. Buying businesses without even looking at the books, they just don’t care! They have so much money, they just buy everything! Vancouver is a fantastic city and they’re just starting to hear about it (in November 2010) because of the Olympics. His realtor friends keep telling him how rich Chinese are buying everything in sight, there’s no end to the sales.
So why don’t they buy up the Olympic Village? Oh, he says, they only buy land. Condos don’t matter to them. The prestige is in buying land.
So why are condos going up like crazy in China? Oh, he says, the rich buy the land, and everyone else buys the condos.
So where is everyone else getting the money to buy the overpriced condos? Before he could answer, he had to go lie down because he suddenly had another one of his migraines.
I guess making shit up causes headaches. I can understand that.”

“I worked for one of the most sought-after private schools on the Westside, and have gotten to know a lot of these families. Here’s a snapshot of the kinds of reasons they sell.”

Simpatico at vancouvercondo.info November 25th, 2010 at 9:25 pm“There are lots of reasons that Asian families, just like other families, sell their homes. I worked for one of the most sought-after private schools on the westside, and have gotten to know a lot of these families. Here’s a snapshot of the kinds of reasons they sell (which reminds us not to stereotype people too easily):

Sold house because Taiwanese father called wife and kids back to Taiwan so wife could return to work in family business during economic downturn in Taiwan. Family needed cash from sale.

Family divorce: Father in China divorced wife (had a second family) and he sold home. Wife moved with kids from this marriage into a rental with instruction from husband to “get a job” — no more support for her, only for the kids. (She was young and naive and failed to get a property agreement before she agreed to move to Canada.)

Mainland Chinese couple folded Richmond-based vitamin business that failed and sold their one and only rental home (kept the personal residence).

Hong Kong couple moved to Shanghai so father could return to principal site of law firm and earn more than at satellite office in Van. Once kids entered university couple decided the would only rent a place on westside to return at holidays when kids are out of university.

Word on the street among many of these Asian families last year was “sell” because Van market was at peak and market would go down for several years. Use capital to buy multiple US properties instead because that market is way down already and they could make a bigger return quicker by speculating. (Of course, they didn’t foresee the banks screwing up the chain of title in the MERS/securitization mess.)”