“The young couple that moved in is currently listing the same unit for 30K less than I sold it to them for in 2011. If it sells at all it will be far below that.”

“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

26 responses to ““The young couple that moved in is currently listing the same unit for 30K less than I sold it to them for in 2011. If it sells at all it will be far below that.”

  1. River slows to a trickle
    Through murky cataracts
    Black bear locks eye with red salmon
    Focus

  2. 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.

      • Naked Official #9000

        ..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.

      • 4SlicesofCheese

        “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.

      • Real Estate Tsunami

        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.

    • “Caucasians”

      Racist. There. I said it.

      “Asian” doesn’t mean what you think it means. I can point to a half dozen examples.

  3. Dimitri Tishchenko

    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!

      • UBCghettodweller

        >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.

  4. Sales slow to a trickle
    Through murky contracts
    Starving realtor locks eye with virgin
    Close ‘em

  5. theboywhocriedbubble

    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’

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