Media Cosy With RE Industry, Yet Again: Vancouver Sun & Telus Garden – “Sometimes you find out that what they release to the media is complete crap. Telus Garden has not sold out, no matter what people tell you. I have e-mails from their marketing company saying they still have units for sale.”

“I’m not a fan of pre-sales because sometimes you find out that what they release to the media is complete crap. You see, what happens is, a month ago The Vancouver Sun reports that Telus Garden in downtown Vancouver is sold out. However what they didn’t tell is that all these people who lined up and purchased had one week to rescind their purchases without any penalty… so what happens is, of course, not everyone goes ahead with their purchase and Telus Garden is still flogging all their properties, whatever they have remaining. There are still properties remaining at Telus Garden one month later. It has not sold out, no matter what people tell you. I have e-mails from their marketing company saying they still have these units and these units and these units for sale. So if you think the market in the pre-sale market is ultra hot, and you think you going to buy it to flip it, think again.”
Ian Watt, realtor, self-posted youtube video, 7 May 2012

See also:
‘Telus Garden condos sell out’, Vancouver Sun, 2 Apr 2012
– From that article: “Telus Garden’s 428 condos sold out in about one week. “We’ve been marketing them for a few weeks and we had a tremendous response from the public as well as from Telus team members,” said Andrea Goertz, Telus Corp.’s senior vice-president of strategic initiatives, on Friday. “Demand was stronger than anticipated.”

12 responses to “Media Cosy With RE Industry, Yet Again: Vancouver Sun & Telus Garden – “Sometimes you find out that what they release to the media is complete crap. Telus Garden has not sold out, no matter what people tell you. I have e-mails from their marketing company saying they still have units for sale.”

  1. Words cannot express how grateful I am to have Ian Watt on Youtube.

    • Generally speaking, I would ditto that… but, in view of Ian’s ‘prior’… I would vastly prefer the BoudoirCam to the DashCam (caveat: no visible ‘action’ please.. just Ian mid-shag gurning his market analysis/opinion with the same TradeMark insouciance/nonchalance he devotes to the drive)… Rather like this…

      • FastForward/Scrub to 00:48

      • “…there’s no place for the state in the bedrooms of the nation. What’s done in private between adults doesn’t concern the Criminal Code…until it becomes public” -Trudeau

        No concern of mine either. I can only hope he’s the type of guy who would take it to the paint to make his customers happy.

  2. Situationroom

    At what point to we hold our media accountable? If we do hit a housing crisis the media will be a big reason behind it.

    • My biggest complaint: the media’s inability to find any Vancouverite qualified to elucidate the bear case. All rational voices with such view are from “back east”. Rabidoux is a good example but there are others who get featured that present a compelling case why Vancouver is screwed.

      I might just have to pay the Mop and Pail to continue to get some perspective.

      • Prediction: The G&M pay-for-online-content scheme will outlive the Vancouver housing bubble, but not by very long.
        Too much good stuff available for free; eyeballs will go elsewhere.

    • …the media; and the central banks (including the BOC); and the Ministry of Finance; and the CMHC; and the Banks; and the mortgage brokers; and the realtors; and the marketers; and the developers; and the construction industry; and the provincial government; and the local government; and the flippers; and the buyers; etc, etc.
      That covers just about all of us!
      Speculative manias sweep everybody along.
      How long will it take for humans to develop group alarm systems, so that some kind of bell rings and banners jump up emblazoned with the words ‘Ponzi Line – Do Not Cross’?

  3. If units offered to the public didn’t sell out, then who will wholesalers assign their units to? Remember the public offering is after the wholesale offering, but the wholesalers intention is to assign their units (sell) to the public too.

    The issue is, if the developer can’t sell the remaining units, they would have to lower the price, therefore depreciating the value of the units held by wholesalers, who can not sell the unit until occupancy status.

    See how screwed up this gets when demand falls. It’s going to be a bloodbath.

  4. 4SlicesofCheese

    I just got a pamphlet in the mail from Trapp Holbrook in new west. They have the floor plans and some of the smaller 1 brs have that sliding door thing, but without a window. I thought you had to have a window to be considered a bedroom.

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