Larry Yatkowsky, local realtor, recounted the main points from a chat with fellow realtors 21 Mar 2011 [thanks Larry] -
“# March 18th’s end of the 35 year amortization may have a greater affect than previously thought
# Sales have slowed!
# Early outlook, expect March numbers to retrench
# Happened fast prompting the question – was the spring market over before spring arrived?
# buyers are indecisive
# interest rates are not an issue
# listing inventory is becoming a factor in slowing the market
# seeing solid buys on condo’s as some sellers are getting anxious”
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- 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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How can we know sales have slowed? It’s only been a few days. I do think there was some advanced buying though.
My wife’s friend is a realtor who specializes in HAM. She said it has been dead since the Japan quake March 11. She said 2 clients who have bought within the past 2 months are wanting to sell. The main concern is the fear of a big earthquake and home insurance in Richmond (5 meters below sea level) does not cover flooding as a result of an earthquake. Hot asian money is not stupid because that’s how they got rich in the first place. She was told by a client: “I’m not going to throw my money into the salt waters of the ocean.”
If HAM is so smart, then why the hell is there so much of it in Richmond to begin with. Seeing Richmond go is the only benefit of a large earthquake.
I heard that some buyers changed their minds to buy in Richmond after the Japan quake. Guess we have to wait for the stats next month.
Tonight’s sales number posted by BOM @VCI exceeded listing. Set a limit and/or a dateline, fools rush in.
More on HAM. 2nd para, 2nd sentence: “after a 5-minute inspection of the luxury house, he plunked $22M to purchase it.” 3rd sentence: “This wealthy man (from Fujian province) had bought 10 other luxury houses in Vancouver West.”
http://tinyurl.com/5sdfcqp
This house in VW was overbid by $600k
http://www.mingpaovan.com/ftp/News/20110322/_22a1.jpg
3rd para, buyer’s instruction to realtor “to overbid $800k above others.”
http://www.mingpaovan.com/htm/News/20110322/vaa2.htm
Is it just me getting the brain freeze trying to decipher the “chinglish” in the “mingpao…” link? Geeeeeeez..!!!!WTH
i’ve done my best
“Mansion price nights of 茘 600,000 Yuan 18 buyers compete to buy the identical room The Chinese rich and powerful people west the Vancouver the area “sweeps the goods” in “the first-level war zone” the technique, makes the real estate broker who has fought many battles to feel is astonished. Some people start out “, no matter others how much money, are higher than him 80,000 Yuan” condition; Some people bid between one night raise 600,000 Yuan, worried that others “the truncation stick” by a higher price, requests the homeowner to hand over the room as soon as possible, is willing to let in the homeowner 8 months “free, no matter what lives”. Real estate broker Li Heng indicated that at present the greatly warm real estate market “the first-level war zone” west the Vancouver the area, already presented the out of control condition. Many houses just now license, in several hours will then have under the multi-people the list, moreover high will not be only low. Even has the Chinese rich and powerful people when snatches the building to the broker under the instruction, “, no matter other people give the how much money, I compared to the highest that high 80,000 Yuan, certainly must snatch in brief down!” Real estate broker Ji Wanchen disclosed that the other day west area Quilchena area Prince of nearby the Wales middle school between an initial price 1,998,000 mansion, attracted 18 buyers to emerge. Estimated originally pays for is about 2,200,000 Yuan, but in a night of between storm increases 600,000 Yuan unexpectedly, finally finalized a deal by 2,800,000 Yuan day prices, is higher than originally the initial price over 40%. Finally the deal buyer started out makes the condition which one was astonished, requested in 2 weeks to hand over the room, but the original homeowner might in the room “free, no matter what lived for 8 months”.
no joke, the fawning is indicative of the general mood – are we calling a top or shall we watch the chinese test the einstein’s theory of the infinite nature of human stupidity?
at least i can say i grew up in a nice place.
i just realized they are even deliberately over paying in denominations starting with the number 8.
that is fucking rich.
fool apparatchiks are soon parted from their monopoly money.