“Yesterday I sat in Kitts coffee (Vancouver) and listened too a realtor go thru his BS to an unsuspecting female.
She had obviously just sold her place and he talked her into a $1.2m offer on a place just off W. 4TH.
They were going for a second viewing on Sunday, and making a “strong” offer after that.
I felt very sorry for her!”
- Sanddancer at greaterfool.ca 10 Dec 2011 10:50am
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Latest Anecdotes:
- “The bank encouraged her to take the equity in her home to purchase another home. She bought a 2nd home at the peak.”
- “Let’s remember how we got here” – Looser and Looser CMHC Limits
- Don’t Worry, I’m Sure Somebody Will Sort This All Out – “Policymakers now know better and will be a lot more proactive in preventing a collapse.”
- “Things have changed, we are not doing that type of mortgage. We are not interested at all.”
- “We are noticing our target type of housing in price decline, albeit slow, as our money increases in value, slowly as well but outpacing housing.”
- Renter Buys In West Van – “For a few hundred more per month, you could own the place. Which is what I will be doing as my offer for a place down the street has been accepted. There is some value in staying in one place.”
- A Bed in the Bathroom, Why Not? [Let Us Count The Reasons...]
- “My husband and kids are pretty happy in our rental house within cycling distance of work that we could never have afforded otherwise. We’re doin’ pretty dang well, thank you, for median income earners in this expensive city.”
- “I Wish Them Bad Luck.” – Jim Flaherty, on those who wish to profit from Canadian RE price drops
- “We asked why he doesn’t just rent the whole house. He said he can’t, it wouldn’t cover his mortgage – he’ll get more to rent it out as two suites. These new landlords are hilarious, thinking that rent will cover their mortgage!”
- “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%.
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I felt very sorry for her!
Why???
I’ve sat in coffee shops and had ethical dilemmas. I mean, if you saw a pickpocket grab a wallet, you’d try to step in before they got away with it, right? Buying a home right now will likely result in far more financial and emotional harm than losing a wallet. But if you cause a scene, you’re more likely to get booted.
That’s a BS comparison. We are not talking about a victim that has no idea about what is going on. This is an adult person making a conscious decision.
I agree.
In fact, the only ones who are likely to get pick-pocketed are those of us who have been careful during the bubble who will have our income taxes raided to help out those who have not.
Exactly.
And by inflation caused by “emergency” rates, every time the smart debtors screw up.
And by inflation caused by “emergency” rates, every time the smart debtors screw up.
SO TRUE. That’s what caused all this, the never-ending emergency rates.
Yeah, the coffee shop realtor pitch is common in bubbles. I remember clear as day in Phoenix and Miami sitting in cafe’s hearing the “prices always go up” pitch to people that I assume are now financially ruined.
Why would you feel bad?
If you are bearish on RE you should be happy to see people putting their $ in at these levels. Actually, the more people getting in now the better.
Especially those that don’t have enough $/equity to withstand a downturn in price. The more people desperate and going broke later the better…
For one,
Most of us do not enjoy seeing people suffer, even though it is partly their fault.
For two,
The higher this thing gets pumped up the more collateral damage there will be when it pops (i.e. the rest of us).
freako » Sun Sep 19, 2004 5:07 pm
“Funny I was at the pool yesterday working out and overheard two 18-20 year old lifeguards talking about how they should buy a house and sell it in 6 months for a “guaranteed huge profit”.”
http://realestatetalks.com/viewtopic.php?f=8&t=15903&p=28627&hilit=overheard+two+18+20+year+old+lifeguards#p28627
Yeah, the bubble was already in full swing in 2004.
[We make this statement partly as a joke, partly as a genuine observation.]
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+1! great post!