thinktom (a Vancouver realtor) at RE Talks 7 Jan 2011 4:33pm -
“I’ve got a million [regrets about the RE market]. I remember in 2000/2001 watching the market start to move.
I went to see Ozzy Jurock speak in 2001. He said if anyone has balls, they’ll buy 5 condos right now and they’ll be rich in a few years.
I didn’t buy 5. But I bought 1.
My mother and I purchased at 1277 Nelson for $158k a year later I think. Concrete 1 bed w views. Rented it out furnished for a few years and did well. I loved that building and watched 2 beds go for $250k. I shoulda’ bought every unit in the place as they came up.
I know a house near Commercial/12th. Got pulled off the market and sold privately….. for $225k.
I bought a house at Fraser/23rd for $389k. Sold for $815k. I should have bought 5.
I sold some clients in SOMA Lofts. The D plan was a one bed plus den but I told my clients they could easily turn the den into another bedroom. They made a killing. 2 of those D plans sat on the market for a long time. The TH’s were also $315 and wouldn’t sell. *sniff* *sob*
West end was giving away condos for years. SO close to the beach and yet the prices were lower than almost any city in the world with that kind of location.
But even in 2003, people were talking ‘bubble’. I had a client that sold his East Van house for $289k due to ‘the bubble’. He stubbornly refused to ever buy back in as well, convinced it was still coming. Maybe it is???
I never should have sold anything I’ve ever bought and should been renting ‘em all ever since.
I prefer to think about how fortunate many have been to have been involved in RE in the last decade. I mean everyone, not just the realtors. I’m talking builders, plumbers, electricians, mortgage brokers, inspectors, etc… you name it. Not a bad gig and many people/families have enjoyed good employment.
Of course, hindsight is 20/20 for all this stuff. I remember the Google IPO. I thought ‘I’ll drop $10-15k. What the hell I thought. I really like google and use it all the time’ My financial advisor (a serious pro) thought it was overvalued at $105. So I didn’t *sob*”
1. Yes, hindsight is 20:20. The past is the past. You could make an infinitely long list of prior investments/speculations that we can now see would have done well. Look at a long term chart of any market whatsoever and they leap out at you. ‘Regrets’ don’t really mean much.
2. The ‘gig’ that employed and enriched a minority sector of our society has been based on the spending into the economy of vast, vast amounts of borrowed money. It has been the result of a debt fueled binge. We have not yet begun to really pay for this artificial boom.