One Note, Three Anecdotes – Unplanned SFH Flipper; Dual Property Stress; Realtorship Declined

“The young colleague who was approved for a massive mortgage, on a smallish income, and bought a SFH in Coquitlam, is now listing it for sale in the hopes of eking out a profit. Another colleague still hasn’t had any luck offloading his North Van duplex. In the meantime he has to service a $1.2 million loan that he used to purchase his new North Vancouver SFH. He hasn’t received a single offer since it was listed over two months ago.
Had lunch with a pal today that I hadn’t seen in several months. The last time I saw him he was thinking about becoming a real estate agent. I disabused him of the notion with all of the usual arguments. I asked him today if he was still thinking of becoming a real estate agent, “No, not with everything that I’ve been reading and hearing.”

Manna from Heaven at VCI 10 July 2012 2:01pm

12 responses to “One Note, Three Anecdotes – Unplanned SFH Flipper; Dual Property Stress; Realtorship Declined

  1. “A Bridge Too Far”

  2. Anonymous UBC Professor

    Amusingly, I was also thinking of taking a side-job as a real estate agent. The combination of prof & realtor is so outlandish that it might send an important message to the UBC administration. Also, I have close contact with an inexhaustible pool of first-time buyers!

    • I think we are discovering that the pool of first time buyers has pretty much run dry in Vancouver. Sales numbers seem to indicate the healthy appetite of the past has turned into a feeling of sickness that cannot be cured with a prescription.

      • Renters Revenge

        That this moment would come has been obvious for some time – to anyone paying attention, the market is just clueing in.

    • “The combination of prof & realtor is so outlandish that it might send an important message to the UBC administration.” – Prof. Anon

      Not, OldChap, as outlandish as you might think… and who knows what other moonlighting opportuntities might ensue?…

      DearReaders, your Quote ‘O TheDay!

      “She [Tracey Foley*] was a darn good field agent.”- Glenn Kelman, President, Redfin Realty

      [G&M] – Russian spies with Canadian links were prepping son for espionage: report

      “The revelation came two years after the arrests of 11 people in the largest espionage-related bust since the end of the Cold War. All eventually pleaded guilty to working for Russia and were expelled.”

      *Expelled DeepCover [Sleeper], Russian SVR operative Tracey Foley worked as a real estate agent in Cambridge, Massachusetts, where her accent sometimes raised eyebrows as not sounding properly French-Canadian.

      http://tinyurl.com/clhdbad

      [NoteToEd: Could have been worse. Just imagine Vladimir’s disappointment if Heathfield&Foley had ‘gone rogue’ and chosen to secretly groom their son as a Realtor™]

  3. Achtung, HerrRedaktor! CommentDerStukken in DerLastenThreaden (it’s a biggie, IllustriousED… more of an essay, actually). Danke Schön!

    • Renters Revenge

      No soup for you!!

    • Mine too. Looking forward to reading your as always Nem. Sometimes reading your posts is like a rubics cube of the Englsih language. I definately have to think about what you are saying.

  4. One day people will realize that a HOUSE is not an investment. An investment is something that earns the investor an income; a house is a liability although it is misclassified as an asset just like an automobile is a liability not an asset unless it is a taxicab that earns an income for the owner. At the vastly inflated prices paid since the 90’s by buyers, a house can almost never produce a return, even as a rental, so the only way it could be an investment was as long as the ponzi scheme kept going and great fools and greater fools and greatest fools were to be found to sell to. Seems like we have run out of the last group, so now it is time to pay the piper! BANK-OWNED will be the new sign outside houses for sale instead of REMAX! The prosperity of fools shall destroy them (Proverbs 1:32). The fake prosperity of the great, greater and greatest fools of the past 15-20 years will crush them (at least financially!)

    • There is much more to life than just economics. You refer to cars as liabilities. My father and I used to fix up old British sports cars when I was a teenager. Made a few bucks sure, but believe me, those cars, and the times we spent together working on them, were pure asset. 🙂 Maybe some view a house the same way?

  5. Terminalcitygirl

    I doubt you’d be remembering those times quite as fondly if the large majority of your life savings was tied up in them and you were bleeding money…

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