“I was at a Superbowl party yesterday in Burnaby. There was a traffic jam on their street because of an open house on the block.”

Vansanity at vancouvercondo.info February 7th, 2011 at 7:05 am
“I was at a Superbowl party yesterday in Burnaby. There was a traffic jam on their street because of an open house on the block. I wouldn’t have believed it if I didn’t see it for myself. All Asians, just flocking to the open house in droves. It was pretty discouraging.”

There are also some current stories of quiet open houses. We appear to have a mixed market at present, hot in some areas, less so in others. The numbers will tell all, eventually. Regardless, we will continue to capture a chronological series of anecdotal snapshots, as a record of what people in our city have been seeing and thinking and feeling as the RE bubble plays out. -vreaa

9 responses to ““I was at a Superbowl party yesterday in Burnaby. There was a traffic jam on their street because of an open house on the block.”

  1. I had an open house in fall of 2010. I had a nice heritage style house. 230 people showed up, but guess what ? 80% were my nosey neighbours.
    I had no offers that day but eventually sold 1 month later. Moral of story, cannot draw conclusions just by what you see alone.

  2. Today’s open house to realtors, Bosa’s “Sovereign” located at Kingsway and Paterson, was jammed pack. I saw only Asian faces.

    • 4SlicesofCheese

      Sovereign is going to sell out for sure.

      • “Sovereign” is directly opposite Crystal Mall (Burnaby’s Chinatown).
        Already these investors/flippers are excited of 2 other nearby projects:
        – Intracorp’s Metro Place (46 storeys), across Metrotown on the other side of the skytrain station at Central Blvd.
        – Polygon’s 36-storey condos/townhouses at Nelson/Kingsway.
        Everyone is so confident of flipping for a huge profit, because of a federal and provincial endorsement of continuous supply of new immigrants, international students and foreigners on work visas.

  3. Well – some of these condos, in Burnaby, have dodgy characters in them as the owners rent out.

    It will likely be a good investment – There is tremendous upward price pressure due to purchasers from China and the price-point is smart (unlike the Olympic village). The development is touted heavily in the immigrant news stream back to the mainland – short of a major calamity, China economy wise, in the next few years these developments are a sure winner.

    My aunt bought a condo in UBC south campus three years ago (pre-sell) – she is a lawyer and is quite set financially and probably did this for a bit of fun: well, she flipped and got ~150k clear (tax not inc;): for all you race profilers out there – the condo is almost 100% chinese, the creame de la creame of mainland China.

    • *crickets*

    • for all you race profilers out there – the condo is almost 100% chinese, the creame de la creame of mainland China.

      Question: What made them chose to invest their money into Vancouver vs. other places all over the world?

      • 1. The Chinese have a very strong herd mentality.
        2. Canada has a more lax immigration policy than most developed countries.
        Also see my comment on the same topic in the Jim Chanos interview thread.

  4. Pingback: Spot The Speculator #27 – “She is a lawyer and is quite set financially and probably did this flip for a bit of fun: well, she got ~150k clear.” | Vancouver Real Estate Anecdote Archive

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