“I met the landlord’s rep yesterday, and he said prices were going to be weak but Feb 2014 would be a great buying opportunity.”

“I rent a house in a very good area, and was told that it was worth 5 million a couple of months ago when I rented the property.
I was told prices in this area NEVER go down.
I met the landlord’s rep yesterday (he is elderly Chinese, landlord is a Chinese university student!), and he said prices were going to be weak but Feb 2014 would be a great buying opportunity.
I like how he has a very specific date; could be some Chinese astrology call.”

– from ‘T’, via e-mail, 27 Jun 2012

16 responses to ““I met the landlord’s rep yesterday, and he said prices were going to be weak but Feb 2014 would be a great buying opportunity.”

  1. Feb. 2014 sounds like about the right time for a nice bear trap on the slow steady grind back to the mean. It’s all relative … hopefully he’ll buy three more at that point.

    • Yeah.
      Perhaps a good time for that bear market rally/bounce we’re expecting off the 2009 lows? (which will later cease to hold)

  2. Yep. 2014 should see interest rates rise, then we will all get to put our hands in the air and go weeeeeeeee all the way down.

  3. It must be Chinese new year on feb 2014. Buy a home at that time and hold for 25 years, and maybe you’ll make something.

  4. tsk, astrology. We could look at the New Moon for January 30, 2014, 1.38 pm and see what it says for the Chinese new year 2014, but the forum administrator is explicit in his desire not to let (me, anyway) shine the stars on the great unwashed.

  5. Met family today who bought in May. They found the “perfect” (larger) house for them and bought without subject to sale of existing home. Now home is on market for 3 weeks, no bites, and closing is in mid-August.

    Were they crazy to buy now? Given they already own they have some shielding from lower prices. But what might hit hard is the inability to sell in an illiquid market.

    • Bad move. They will have to sell their 1st home for a reduced price. And fast. July 9th is the deadline and sales will tank further. What kind of a friend are you? Obviously, not a good one. I’ve stopped several friends already by introducing then to vreaa and greaterfool. Friends don’t let friends get screwed. U did just that. Or wait, maybe your friend was Asian. Ya, I get it now.

      • Never said they were friends. To clarify they were “a family” not family. They said, all they have to do now is sell. I wasn’t sure what to say to that; I just nodded and listened but they seemed a bit concerned.

      • And I just met them. What are you getting at…?

      • Not really Jesse’s responsibility to stop the lemmings from plunging over the cliff is it?

        Speaking of which, is there any evidence that lemmings ever do such a thing? I’ve heard that this is just a myth. They don’t jump off cliffs or drown themselves. If so, then human bubble behaviour really has no other biological precedent. We’ve transcended nature! We’re so advanced that way. 🙂

      • Besides which, I find that none of my Vancouver-based friends and family listen anyhow.

      • Lemmings = myth… at least biologically.

        Group selection = poor theory.

      • Van east guy -> The implications of racism are (a) unwelcome and (b) incorrect. Go back and read a good sample of jesse’s posts and his position is clear. Otherwise, no hard feelings; your contributions here are appreciated.

        Happy Canada Day, everybody.

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