Seller Urgency – “I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS?”

$278000 I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS? (15152 RUSSELL AVENUE – WHITE ROCK B.C…)

Date: 2012-07-19, 12:57PM PDT
Reply to: ********@hous.craigslist.org

THE ADDRESS IS 15152 RUSSELL AVENUE. THE 21 FLOOR BUILDING WAS BUILT BY BOSA PROPERTIES IN 2009. IT IS BY FAR THE NICEST BUILDING IN WHITE ROCK AND THE BEST LOCATION. THE CONDO IS VACANT NOW AND I CAN SHOW IT TO YOU FRIDAY. THIS IS A 502 SQUARE FOOT STUDIO ON THE 5TH FLOOR, IT IS VERY WELL DONE AND HAS EVERYTHING. I HAVE A FULLY ASSUMABLE MORTGAGE WITH TD CANADA TRUST AT 2.2% INTEREST, $180,000. FOR 35 YEARS. THE INTEREST PAYMENTS ARE ABOUT $600. PER MONTH. THE STRATA FEES ARE $137 PER MONTH WHICH INCLUDES MAINTENANCE, HEAT, AIR CONDITIONING, GAS FOR THE COOKTOP STOVE, AND HOT WATER. IT ALSO COMES WITH A PARKING SPACE AND A STORAGE LOCKER. THE UNIT FACES NORTH WITH A VIEW OF THE MOUNTAINS. THIS IS A LOT CHEAPER THAN RENTING. THERE IS AN AMENITIES ROOM AND A GUEST SUITE. THE POOL AND JACUZZI HAVE NOT BEEN BUILT YET BUT WHITE ROCK HAS EVERYTHING YOU WILL NEED WITHIN A SHORT WALKING DISTANCE. INCLUDING THE OCEAN, THE BOARDWALK AND THE BEACH.

IT IS BY FAR THE NICEST BUILDING IN WHITE ROCK AND THE BEST LOCATION. THE CONDO IS VACANT NOW AND I CAN SHOW IT TO YOU TOMORROW. THIS IS A 502 SQUARE FOOT STUDIO ON THE 5TH FLOOR, IT IS VERY WELL DONE AND HAS HIGH END LUXURY EVERYTHING. THESE UNITS ORIGINALLY SOLD TWO YEARS AGO FOR $349,000. PLUS GST. I AM SELLING FOR $279,000. (INCLUDING HST) BECAUSE I HAVE SOME PERSONAL PROBLEMS AND NEED TO LIQUIDATE ALL OF MY REAL ESTATE ASSETS. MY LOSS IS YOUR GAIN. FORTUNATELY, I HAVE A FULLY ASSUMABLE MORTGAGE WITH TD CANADA TRUST AT 2.2% INTEREST, THE BALANCE IS $180,000. THE AMORTIZATION IS 35 YEARS. THE MONTHLY PAYMENTS ARE ONLY $600. PER MONTH. THE STRATA FEES ARE $157 PER MONTH WHICH INCLUDES INSURANCE, MAINTENANCE, HEAT, AIR CONDITIONING, GAS FOR THE COOK TOP RANGE AND HOT WATER IS ALSO INCLUDED. IT ALSO COMES WITH A SECURE UNDERGROUND PARKING SPACE AND A STORAGE LOCKER. THE UNIT FACES NORTH WITH A VIEW OF THE MOUNTAINS. THIS IS A LOT CHEAPER THAN RENTING. THERE IS AN AMENITIES ROOM AND A GUEST SUITE. WHITE ROCK HAS EVERYTHING YOU WILL NEED WITHIN A SHORT WALKING DISTANCE. INCLUDING THE OCEAN, THE BOARDWALK AND THE BEACH.
PETS ARE ALLOWED UP TO 15 KILOS. YOU COULD RENT THIS CONDO OUT FOR $1,000. TO $1200 PER MONTH OR IF YOU FURNISH THE CONDO WE CAN GET YOU $1500 PER MONTH GUARANTEED IN OUR CORPORATE RENTAL PROGRAM.

– from craigslist, 19 Jul 2012 12:57PM [hat-tip ‘Anonymous’ at VCI]

Our apologies, the screaming capitals are exhausting to read, but we’ve let them stand as a reflection of the urgency that some sellers are beginning to experience.
Notes:
Selling below prior purchase price is not “less than cost”. Selling “below cost” means selling for less than the cost of production (and even that may be above fundamental value, given land price speculation and inflated construction costs during a bubble). Properties will sell for what is truly “below cost” much later in the price decline.
– vreaa

42 responses to “Seller Urgency – “I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS?”

  1. It’s a strange market where giving something away can be conflated with selling it for over a quarter of a million dollars without apparent irony.

  2. I actually contacted the seller when I saw this on VCI. He responded, saying he’s planning to leave Canada permanently to Mexico (ya, HMM) and needs to get rid of the 5 properties (3 of them identical units at the said Miramar building) he has on hand. From the tone of his response, it sounds a little bit like a prank, but perhaps he’s serious. I just don’t know.

    By the way there are 15 listings at that Miramar building (~200 total units?), and seas of listings at little White Rock.

  3. “below cost” I guess includes land cost. Haha

  4. It takes more than 3 years to build a swimming pool and jacuzzi?
    I have seen a few of these on CL recently, have a bit of the scam feeling to them…

  5. Sea of listing in White Rock is correct….Not to mention 2 new towers currently going up right next to this one!

  6. thanks Vreaa for pointing out the difference between ‘price’ and ‘cost’. Back to school for this guy. At some point in the future it would be interesting to see an inventory of Bosa properties and how well they are faring in the bust.

  7. BTW, This studio on Marine Drive on the beach in WR, F1207225, is selling for $157,500. Built in 1975. Been on the market for a number of months with at least one price reduction.

  8. It’s only a FleshWound.

  9. Also, this is a good example of how the marginal sale sets a new bar for market price. These listings by the truly motivated are now what others are now competing against to move their property.

  10. pffft! …
    realize I don’t want to be a miser
    confide with sly you’ll be the wiser
    young blood is the lovin’ upriser
    how come everybody wanna keep it like the kaiser?

  11. Good to be out

    What, only 80k off? That’s not much of a discount these days. Please, call back when your ready to offer a real discount.

  12. There is a 2 BR unit for sale at Shangri-La. On Thursday or Friday a signboard in front of the building said “MUST SELL TODAY!!” and the price was approximately $1.08M. On Sunday the same signboard had the price crossed out with a handwritten price of approximately $998K. The “MUST SELL TODAY!!” was unchanged, though.

    I say “approximately” because I can’t remember the exact numbers with 100% certainty. But those figures are correct or very close to correct.

  13. Ha – you’re across the street from Surrey. Technically White Rock!

  14. He may have lowered the price $80k, but it still looks $80k overpriced. He says it rents for $1,000 – $1,200. Using 15 times annual rent – it should cost between $180,000 and $216,000.

  15. Carioca Canuck

    $80K below “cost” would mean $80K below whatever he actually paid, no othe rfigure, real or imagined matters, especially since we are talking RE sales, where “truth in advertising’ does not matter one iota…………..anything else he says is just more of the same old, same old.

    If he owns 5 units he probably paid under around $200K each to the builder as a “VIP client” to help thebuilder go to the bank and say “we’ve got 50-60-70% sold…..now give us our your money”………..

    Yah gotta love his BS excuse though……the moving out of the country, going travelling excuse is the best one because it does not involve RE as part of the answer.

    • Seems to me this guy is closer to the project than he is admitting. Is he one of the developers or a realtor with a close realtionship to insiders perhaps. Note in the last line of the ad he states…

      “…IF YOU FURNISH THE CONDO WE CAN GET YOU $1500 PER MONTH GUARANTEED IN OUR CORPORATE RENTAL PROGRAM.”

      So my question is, who are “we”? A guarantee of 1500 per month is quite a good offer. So good that I do not believe it is true. A corporate rental program sounds even fishier. I will assume this is an ad from a specker who has close family ties to the developer.

  16. No way a studio in White Rock will rent for $1200. In fact, here’s a studio in the same building asking $950. And remember that Craigslist asking prices are notoriously “optimistic”.

    http://vancouver.en.craigslist.ca/rds/apa/3127469250.html

  17. Does anyone know how the SoLo pre-sales went this weekend? Its the new Bosa development at the corner of Lougheed and Wellington.

    I am curious if they secured enough sales to begin construction. Its the only development I hope manages to go ahead, its actually quite beneficial to the area.

  18. Funny how the average price is suddenly getting attention. I just came across an article suggesting there really is no correction taking place because high priced homes skew the average.

    So where were the smart CBC analysts hiding when the high end homes skewed prices upwards? Oh wait….do I really need to ask that question?

    CBC news quotes Tsur sommerville and Gregory Klump (our favourite real estate villains) in dissing averages. Hey, theres no problem here folks…numbers lie!
    http://www.cbc.ca/news/canada/story/2012/07/17/f-average-home-prices.html?cmp=rss

  19. Third try…maybe this one won’t go to Mod….

    Funny how the average price is suddenly getting attention. I just came across an article suggesting there really is no correction taking place because high priced homes have a negative effect on averages.

    So where were the smart CBC analysts hiding when the high end homes pushed average prices upwards? Oh wait….do I really need to ask that question?

    CBC news quotes Tsur sommerville and Gregory Klump (our favourite real estate villains) in minimizing average prices. Hey, theres no problem with real estate here folks…those average numbers lie!
    http://www.cbc.ca/news/canada/story/2012/07/17/f-average-home-prices.html?cmp=rss

    • Wheeeee! Three near identical posts. All mine. Maybe a new record. So that is where copy and paste comes in handy. But I never did get the right mix to figure out why I was moderated in the first place. Change this, change that…try again until it works. Must have been the link. And here I was on the verge of testing the theory by reposting variations until it finally worked. Got to know why they get pulled…… once and for all…..

      Next time I guess.

      • You’re catching on, Farmer. Repeat the same message over and over, eventually people will start to believe it. Have you considered a career in shilling? 🙂

      • Good point Farmer, worthy of the repetition.
        😉
        As we said before, we also don’t completely understand the mod criteria… always release your posts (and those of other readers) the moment we see them stuck.. some days not riding shotgun 24/7.

      • Well thanks, ed. I am long past feeling rejected by posts getting the hook. That article though…..boiled my blood when I read it this morning. Not everyone follows real estate as closely as we do here. I can only imagine how a typical reader might greet that story. Likely they would feel a little more relaxed about home prices going forward after the barrage of negative R/e stories of late. They might even feel complacent. Like everything will be ok and so they let their guard down again. The thing is we all know where this downdraft is going. So do Klump and Sommerville. It is beyond disingenuous of them to soften the edges of the recent declines with commentary that suggests it is only how the numbers are being read, not how much damage has actually be seen to date. Even the little chart that was affixed at the bottom of the article implied averages are a silly set of numbers (just look at all the other methods….see…prices actually went up!). Like I say…it burned me up.

    • Ha Ha. Yes indeed Jesse. Maybe I have a future in sales. Practice makes perfect. Even when it looks crazy. I am looking forward to the next post getting stuck in mod. Maybe I will go for a new record. Four, six or eight duplicates. Wheeee. I don’t get tired of repeating myself.

      But seriously.. don’t you find that irritating how Tsur and Gregory are suddenly jumping on the problems with average prices. These guys are talking out of both sides of their faces. All the way up the market all we ever heard was how average prices were rising and there was balance conditions and strong dynamics blah, blah, blah. Get in now or be priced out forever!….but now that prices are falling we can note how quickly they point out the flaw in how numbers work. Especially when it is working against the agenda.

      What a bunch of crap.

  20. $278 K for a studio in White Rock (for a studio anywhere in Canada for that matter) is INSANE!!! I’ll wait till it’s truly below cost, as in 5 figures! Nah! even then I wouldn’t, I hate condos!

  21. Could this be a fsbo that is trying to spark a bidding war?

  22. How can $137 per month cover heat, A/C, gas and strata fees? Even on a 502 square foot box, your utilities would be at least that much. And condo fees on high rises aren’t cheap. Either something is wrong with that ad, or there’s something I’m not understanding.

    Or, is this one of those deals where they have a “vacation” on condo fees for the first 5 years, then charge you through the nose for maintenance for the rest of your miserable life? Ah yes, I bet that’s what it is.

  23. chumpay le chump

    where is F1 these days? I have not seen him since he messed up so badly by stating that TFSAs were taxable.

    I sure miss him.

    F1, if you are reading this, make yourself seen. We miss you.

  24. Pingback: Seller Urgency – “I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS?” |

  25. Let me get this straight…500 s.q.f apartment for over 275k….and that’s a sale? Maybe if it was priced at 100k i’ll look at it…

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