“Sold my 2 bedroom condo in Port Moody a year and a half ago in the mid 300K’s and I was lucky to get that. It took 6 months and it was in a really good building during the height of the market.
The buyers were honest and said they were going to live in it for a year or two then flip it for a profit.
The young couple that moved in is currently listing the same unit for 30K less than I sold for. If it sells at all it will be far below that. Flip fail!”
- Landbaron at VCI 9 Dec 2012 at 6:28pm
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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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Anecdotes Banks Bears blogs British Columbia Bubble Bulls buyers Canada Capitulation China CMHC Construction Debt Economy Employment Fear Foreign buyers Fundamentals Government Housing Interest Rates Landlords Life Media Mortgage brokers Okanagan Olympics Ownership Prediction Real Estate Realtors Relationships Rent Retirement RE_ATM sellers Sentiment Speculators Toronto US Vancouver Victoria Visual Anecdote Whistler
River slows to a trickle
Through murky cataracts
Black bear locks eye with red salmon
Focus
Nice poem.
But me thinks is more like a deer staring at the headlights.
Yes, very nice poem.
Are these speculators Caucasians On Credit or Hot Asian Money?
Big Picture: It makes little difference. Either of those types of buyer/owner hates falling price markets.
Given our local demographics, there are roughly as many Asians on Credit as there are Caucasians on Credit. It’s time to retire this idiotic meme.
..But .. But.. what will the Loyal Cadres with a chip on their shoulder bleat out loud for the sake of their own raging insecurities and fear for their net worth (which is probably all in one basket – like a true fiend) cadres need their scapegoats, too.
Cite?
How about you cite any study that proves that our local Asians (not counting Chinese communist party officials) do not buy on credit.
“Hong Kong announced a 15-percent stamp duty on non-permanent residents and corporate buyers as well as a higher stamp duty on the resale of property within three years in late October in an attempt to rein in soaring prices”
We need some of this, if only to shut some people up about HAM.
Cheese,
Agreed.
It’s impossible to say for sure, but POMO in particular and the North Shore in general are hot beds for COC.
I think the big loud white anchor on GlobalTV proclaimed POMO the new kits, and the small white sports guy agreed whole heartedly ( not sure if that was a segway to the two recent gang shootings there, can’t remember ). So the area is being promoted by prominent figures in the Caucasian community.
Squire Barnes is not exactly a prominent figure
Such disharmony today
NO#9 you make me laugh everytime!
I mean the Motherland amuses me, err, shit nevermind…
“Caucasians”
Racist. There. I said it.
“Asian” doesn’t mean what you think it means. I can point to a half dozen examples.
Why are they called Caucasians in the first plays?
Are they Russians, because I think the Caucasian Mountains are in Russia?
Maybe they’re Iowans because the primary caucuses are held there.
Where does the term “White Devil” come from.
What does it mean?
This is what condos have become. Live in it for a couple of years, “build equity” then sell and move up. I think condos will soon become like cars. They cost a lot when they are new and depreciate with age.
If only a Condo could be as minor a liability as any car on earth!
When was the last time you paid $10k for a car and ended up owing $100k on it, which you had to pay before you could get any other vehicle?
When was the last time you had to declare personal bankruptcy because a third party determined you owed an *additional* $100k for repairs to keep 4-year-old car from killing you or others or falling apart? (It turned out that although it was built to “modern standards”, certified to meet the BC government spec, and came with a warranty, the exhaust system was water-soluble! The cabin therefore began to fill with carbon monoxide shortly after the warranty expired.)
How about if not making your car payments meant that a freakin Sheriff showed up and moved all your shit out into the street, and you had to move in with your sister?
Let’s all raise a glass to rental…cars!
>the exhaust system was water-soluble
Judging from the fact that there’s more rust than steel holding together my exhaust pipe right now, I would say that my system could be considered water-soluble.
Sales slow to a trickle
Through murky contracts
Starving realtor locks eye with virgin
Close ‘em
VREAA,
Home of RE poets.
Realtors, care to contribute.
Something that rhymes with crash.
It’s just a slowdown
Things will be fine in the Spring
I need money fast
-A Haiku from an unknown Realtor
Twas a trig flipper from Mission
for big chunk o’ change he was fishin’
bought on the Ridge just over the bridge
now a 40% loss is just wishin’
VREAA,
I vote Bubble Boy for the best RE poet of the week.