scullboy at vancouvercondo.info November 30th, 2010 at 8:29 am –
“I have two home-owning friends who are looking to sell. Both are senior managers, one is a VP. One lost his job last year. Of course he got a settlement that was fairly generous. At the time I said “Learn from my mistake. It will take you a year minimum to find new work. Cut your expenses right now, and sell your condo as fast as you can. The Olympics are working in your favour but you gotta work fast”.
I don’t think he believed me. He gave me that “you poor sap, just because you had bad fortune doesn’t mean I will” look. Sure enough, he made the same mistakes I did. He didn’t start looking for work right away. He didn’t work his personal network of friends aggressively. He didn’t look outside Vancouver.
It’s been a year now, he’s on EI, he’s flat bang busted broke and now instead of waiting for a good offer, he’s forced to sell ASAP.”
“My other friend’s place I have described before, as some of you may remember, it was priced 100K over an identical unit on the same floor in the same building. The place sat on the market for months, and at last inquiry he was waiting till the market improves in the spring. He isn’t forced to sell the way my other friend is… yet.”