arbroathscotland at vancouvercondo.info 3 Aug 2010 9:54 am – “Just returned from Kelowna and Penticton after a week. You would have to see the for sale signs to believe it. They are honestly everywhere. Even some developments that they have stopped working on because they have ran out of money. They are even attempting auction sales in Penticton on new condos. I would not have believed it is as bad as it is up there if I did not get to see it myself. Everyone you talk to up there is talking about it. I truly think the party is over.”
anonymous at vancouvercondo.info 3 Aug 2010 10:37 am – “I know several people who are trying to sell in Kelowna right now with no success. Some people are still delusional, thinking that the market will recover in August, still holding on to their high prices. It is kind of overwhelming when I think of all the people I know who are completely overleveraged in real estate-they have several properties and lots of debt. It is quite scary! It’s the beginning of the end, and yet some people I know are still buying, thinking they’re getting a good deal.”
Vancouver Real Estate Anecdote Archive 
I did my monthly run from Gibsons to Medeira Park yesterday (Sunshine Coast) and it certainly seemed like there were a lot more For Sale signs then when I was there 3 weeks ago.
On one stretch of road, it was about 1 in 4 that had a sign out front. All advertised as ‘View’, ‘Acreage’, ‘Waterfront’.
Should have bought stock in whatever company gets the bulk of the RE sign business. Now THAT’s a good investment.
Ouch…my old neighbour in Kelowna had her house for sale earlier in the spring for $430k. No takers. Then reduced to $399k. She had an offer at $375k. She decided not to take it. Guess what? Today I look at MLS and the thing is listed at….$369k! Guess she’ll be kicking herself for not taking the $375k offer.
We spent the long weekend up in that area, (Penticton), and I am a RE junkie. I am forever grabbing RE mags and reading through them, (have a stash of old copies from last few years for references). The ones that I was able to aquire from the OK. area are spectacular for the prices of the places. a couple things really stood off the pages. 1 is this condo PH that is for sale in Kelowna, with a $751K reduction in price from 1,850 to 1,099. in some place called INvue… and the second is this time share for 81K you get your own 1 bedroom @ the spirit ridge Residence Club, the kicker is that, that price is with 8 other suckers who will also buy into your 1 bedroom… I have to agree that the whole Okanagan Valley seems to be for sale. Every place has a listing of “this won’t last long… waterfront doesn’t come along for sale like this”
In the USA they have Florida, In Canada we have the Okanagan Valley. Look out below.