“Lesson To All” From A Vancouver Realtor: “Ignore My Prior Lessons”

thinktom (local realtor) at RE Talks 24 Mar 2011 3:20pm“Funny enough, my buddy is a firefighter and lives in Richmond. He said the same thing. Many ‘For Sale’ signs and no buyers, unlike a month ago. If true, this should be a lesson to all of Vancouver East and West about how fickle the market can be, even with the ‘Asian invasion’ as it is often described.”

Gee, thanks for the heads up and ‘lesson’, Tom, but isn’t that the complete opposite of your breathless panicked warnings of just two months ago? [23 Jan 2011]:

thinktom at RE Talks 23 Jan 2011 4;38pm“One of the owners of a large west side RE company has a friend in Hong Kong who’s been living there 20 yrs. He says that the ‘official travel destination’ status from the Chinese government, combined with a restriction on investing in China RE, has opened the flood gates to dumping money into Vancouver real estate. He says ‘it’s only the beginning’.”

14 responses to ““Lesson To All” From A Vancouver Realtor: “Ignore My Prior Lessons”

  1. Thinktom seems to know the tune: while the music keeps playing, take as much money from people with too much of it as possible.

    I think hype selling to those chasing movement the primary driver right now. I am fascinated how this is playing out.

    • Agree, jesse, it’s fascinating.
      We might have seen a ‘blow-off top’ in Richmond.
      What’s next? Inventory flood? Sales seize-up on the westside?

    • Inventory “flood”
      Sales “seize” up
      “Wave” of foreclosures
      Listings “erupt”
      Recent homeowners “underwater”

      Hoho! Notty headlines filled with innuendo are among the few enjoyments journalists/editors must get.

  2. Nice catch, VREAA. One might call it….fascinating.

  3. What?!? That can’t be!! Is it possible that Rich-man (sic) is quickly becoming Poor-man?

    I’m sure Confucius had a saying that would be instructive here.

    • “Study the past, if you would divine the future.”

      “By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.”

      “The superior man understands what is right; the inferior man understands what will sell.”

      …………..Confucius

  4. Funny video on CHMC and Housing Market

  5. Do you think the Asian buyers will ever figure out this boom they’re creating only stays afloat as long as people continue to believe in it? It’s that precarious. In the late 80’s they ran up the price of houses in Burnaby, we sold close to the peak, and then house prices fell. This is what they do. And it does end. Why? Because things change. Japan has an earthquake, tsunami, nuclear meltdown. The Eurozone PIIGS go into default. The Middle East revolutions spread to Europe. The US goes into default. The xxxxxxx country has a major natural disaster (who knows what’s coming next disaster wise).

    They may have a lot of money, but they are not wise investors, they are sheeple at the extreme. The property we are renting was bought by an Asian investor who did not research at city hall what he could and couldn’t do with the property before he bought it. Now he finds out he cannot store dump trucks on the vacant portion of the acreage. If he wants to do anything with the vacant adjacent property he has to put a lot of money into it first. His primary business is not doing well, so he will see a great erosion of wealth. If you think the average Canadian is a sheeple, well the Asian buyers of late are even greater sheeple. And they will experience the greatest loss of wealth.

    • pricedoutfornow

      I agree. I hear so many news stories about HAM buying up real estate and I think So? Does this mean that they are smarter than everyone else, because they’re buying overpriced properties? This doesn’t mean that real estate prices will never go down, because HAM is buying it. Last I checked, people from overseas don’t have a special gene which makes them immune to losing money. So they want to buy what locals know is horrendously overpriced property? Let them! This doesn’t mean it will never go down in price, they’re fools just like the locals for buying it. And we are silly for calling this “news” on our nighttime tv.

  6. In all seriousness, the West Side of Vancouver is extremely active right now. A builder friend of mine says lots are being bought based on development potential, some are being held while the permits clear and others are being held a bit longer for whatever reason. She says it’s not uncommon to find off-label financing in the form of investment partners who finance building and share in the profits. The name of the game now is to find buyers in the form of future or current in-migrants who will agree to purchase the property on spec. I cannot deny this is a different market from any I have seen in the past few years.

    I wish thinktom and his colleagues all the best. Money has a way of flowing to its rightful owner.

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