Simpatico at vancouvercondo.info January 26th, 2011 at 9:44 pm – “I lived in Portland for over 20 years until moving here 4 years ago. After meeting lots of Vancouverites (the nature of my work), I can honestly say 1) too many are not critical thinkers nor well-read; 2) developers and real estate industry is much more powerful here (reminds me of Arizona in this respect, where I grew up); 3) Portlanders are also the most well-read bunch you can encounter…more books sold per capita in Portland than NYC, a stat that has held for several years. So, prices never got anywhere near the bubbly amount they’ve reached here, simply because less BS, and not as many bought the BS. With one important exception: The mainline banks and the many fly-by-night mortgage lenders launched a mighty predatory lending assault on the Hispanics, in particular, signing entire extended families on the dotted line, including illegals and people who were not literate in their first language, let alone English. It was these who lost their downpayments, paid outrageous fees at closings, were intimidated out of life savings, and lost their homes in droves. These pushed the price fall, especially in the extended metro area. I know because I built social housing for farmworkers, the poorest, and they were buying homes that were 3 and 4 times what they could afford. Nothing was really affordable to them and they would have continued to be good renters who could sleep at night until these sleazy lenders got hold of them…
And also consider that the average HH income in Portland was about $60K when I left, compared to just over $50K here, and you see how out of whack this market here really is.”
4SlicesofCheese at vancouvercondo.info January 26th, 2011 at 11:40 pm – “My uncle is from Portland. At one point he had 3 houses. One primary, two rentals. Occupation – Mailman.
Prices were going up back then and I remember them bragging to my mom about how smart they were. One year I guess something happened. They were up in Vancouver for my cousins wedding and he was talking to my mom that they just got their property taxes worth 10k and they couldn’t pay it. Again house rich, money poor.
My mom offered to lend them the 10k. Thank god he refused to take it. He told my mom he was thinking of selling one of them as it had almost doubled in value, his wife was really against this as she thought prices would go up till infinity and wanted to keep the house for her son.
Thankfully he sold one off to a greater fool, made some good money and paid off the other house (even though its paid off its still worth less then what they paid for it years ago).
Three months later the market tanked.”