Bull Hubris?… Or Appropriate Owner Confidence? – “My property got assessed 20% higher than last year! Wooooohooo! I’m going to refinance for another house while you cry-babies live in the dumpsters.”

Vancouver RE owners offer up few descriptive personal anecdotes on the sites that we monitor, despite the fact that we’d like to record such stories here. Very few people who are owners/investors/speculators seem to want to describe their situations. This contrasts with the fair number of renters/prospective_buyers who seem quite willing to share their metrics. Are the owners embarrassed by profits? Or shamed by debt? Or concerned about privacy? Or underrepresented on RE forums? … Owners do, however, quite readily offer up opinions and advice about the Vancouver RE market. The price levels of July 2008 have been regained [Jan 2010]. Owners have been voicing more and more confidence on RE forums. Any statements obviously have to be seen in the context of the kinds of exchanges that occur on such forums, as they are often part of playful or jibing banter, but they nonetheless do reflect an aspect of owner attitude. For the record, some such statements are archived and referenced below. If there are any owners who would like to share specific anonymous stories of their gains and holdings, or how RE has changed their lives, please e-mail them to us and we’ll headline them. -vreaa

sideliner at robchipman.net 4 Jan 2010 12:45 pm“The market has been unstoppable for over 8 years now.  Nothing will change.  That time frame shows you how strong the market is.  A minor pullback here or there, 5 or 10% means nothing.  The average person is priced out and always will be.”

EconomicBoom2010 at vancouvercondo.info 5 jan 2010 12:22 pm – “My property got assessed 20% higher than last year! Wooooohooo! I’m going to refinance for another house while you cry-babies live in the dumpsters.”

eyesthebye RE Talks 30 Dec 2009 9:23 am“Bears haven’t said ‘uncle’ yet so I’ll keep twisting the screws”. (With an end-of-post signature that reads): “the cure for higher prices is moving to a destination with lower prices”. [This poster is one who has been generous about sharing specifics. They purchased a SFH in early 2009 which is now up 170K in market value (owner’s estimate), for a 300% gain in equity in 11 months (consider the down-payment as initial equity).]

Johnny Horton RE Talks 1 Jan 2010 8:28 pm – (In reference to a non-owner) “…a severe case of Landless Serf Syndrome.” and 11:06 pm“Vancouver is the best place on Earth.” and 7 Jan 2010 11:44 am – “Don’t worry, when you pass the real estate course, you’ll be out of the in-laws basement in no time.”

mike at yattermatters.com 1 Jan 2010 10:56 pm“Do you bears ever get tired of being so disgustingly wrong? Give up already.”

jimtan RE Talks 1 Jan 2010 11:05 am“We have been over all this stuff time and again. And, the bears have been wrong. What’s the point of bringing it up again? You’ve got nothing new to add.”

Vancouver Rocks at greaterfool.ca 4 Jan 2010 3:50 pm – “Just a history lesson for all the young’uns – prices may rise, and dip, but in Vancouver they maintain their trajectory ever upwards.”

VanLoverBoy at vancouvercondo.info 7 Jan 2010 3:10 pm and 3:56 pm – “I’ve got a word of advice for you: M_O_V_E”… “I’m sure from your cheery disposition you’ve got to be one of the renters who has missed the boat. Too bad. Go start out somewhere better, like Africa, MiddleEast or one of those other notasgoodasvancouvermiddleofbumf—nowhere places you’re in love with.”

silverman at RE Talks 4 Jan 2010 1:30 pm (in response to a post from ‘dot com refugee’ that “We have seen that RE bubbles pop on their own, even with low interest rates. Please see Vegas, San Fran, NYC, Arizona, Miami, Dubai, London, etc etc etc etc etc.”) – “You forgot Istanbul and Timbuctu… Please see B.C.

Steinbock at RE Talks 6 Jan 2010 10:25 pm“Bears are only good at crapping in the wrong spots. Hence the smell in some basements.”

Lastly, these two very trollish and vitriolic posts from someone who calls himself ‘richasian’ (and who is quite probably neither rich nor asian) on vancouvercondo.info 2 Jan 2010 at 2:54 pm and 6:04 pm “Happy new year you scum sucking renters!!!!!!! I hope 2010 brings continued misery as you watch from the sidelines in your crappy rental! Maybe this year you’ll finally come to grips with your financial situation.” … “Put your fingers in your ears and say na na na na when everyone is saying that real estate only goes up. Continue to drown your sorrow in the pubs downtown you sick little losers. Meanwhile I cash your rent cheque and head to Vegas for some gambling. It’s fun being a winner. How is it being a loser… bears?”

6 responses to “Bull Hubris?… Or Appropriate Owner Confidence? – “My property got assessed 20% higher than last year! Wooooohooo! I’m going to refinance for another house while you cry-babies live in the dumpsters.”

  1. While I am bearish on Vancouver real estate, I got a new appreciation for my ridiculously overvalued home while helping some renting friends move yesterday.

    It is definitely worth paying some sort of premium to avoid doing the every-couple-of-years apartment move.

  2. Raven-> Agreed. And each individual will have a different level of tolerable ownership premium. Currently, that premium is >100% for many properties.

  3. You know, I never had any problem with stability in renting until we went bubble-fied. Investors were investors and good tenants were customers to be retained!

  4. Fortunately my landlord is of the old school. Been here for 5 years and he’s promised to never change the rent.

    I think 2010 will be the year it all turns. Government intervention spoiled the last bear run but I doubt they’ll step in to rescue the market again. They’ve been hinting for a while now that they’re going to begin rolling back previous interventions this year too…

    Also, as I’ve said before. To those who call the bears “Wrong”;

    The man who predicts the sun will rise is not “wrong” between midnight and 6:00 AM and “right” at 7:30 when the sun finally comes up. He was right all night long.

  5. Best place on meth

    I’m pretty sure the second last post from “richasian” is actually Ozzie Jurock.

  6. Best place on meth -> Care to share why you come to that conclusion?

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