“A couple of weeks ago I hung out with a guy who doesn’t have a day job, he just renovates and flips. He was oblivious to the shift in the market, and quoted Global as saying prices were up.”

“A couple of weeks ago I hung out with a guy who doesn’t have a day job, he just renovates and flips. He was oblivious to the shift in the market, and quoted Global as saying prices were up (HPI). Another friend, who took out a home-equity loan to cover his daughters downpayment was even less aware (basically unaware that there is such as thing as a market that can change). When the truth gets out to the masses, we are going to see sales grind to a near dead stop.”
N at VCI 15 Aug 2012 6:18pm

When the “truth” of the falling market becomes obvious to the vast majority, all buying premised on rising prices will stop.
In Vancouver’s case, that describes the majority of the buying in recent years.
– vreaa

2 responses to ““A couple of weeks ago I hung out with a guy who doesn’t have a day job, he just renovates and flips. He was oblivious to the shift in the market, and quoted Global as saying prices were up.”

  1. …”quoted Global as saying prices were up”… [* but failed to notice they were talking about CentralParkWest, Manhattan… not Burnaby ]

    Quote ‘O TheDay Time!!!

    “Anything’s possible… but just because one transaction or a couple of transactions broke a record doesn’t translate into guaranteed results for its neighbors.” – Jonathan Miller, President of appraiser Miller Samuel Inc

    [BloomBerg] – Manhattan’s 15 Central Park West Fuels Ultra-Luxury Condo Surge

    …”Apartment owners at Manhattan’s 15 Central Park West, home to Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd Blankfein and the musician Sting, are seeking to double their investments after the complex shattered price records and sparked a wave of ultra-luxury listings.

    Four condos have hit the market since May with asking prices at an average 192 percent premium over what owners paid in 2007 and 2008, according to data from StreetEasy.com. The priciest listing came last week, with Leroy Schecter, chairman of metalworks firm Marino/Ware Industries Inc., seeking $95 million for a five-bedroom unit on the 35th floor.”…

    http://tinyurl.com/9rkkffv

  2. I saw this article on CBC today and thought, these Toronto guys have a real competitive edge over Vancouver in terms of finding office space (a house) to set up shop.

    http://www.cbc.ca/news/business/story/2012/08/15/hacker-house-toronto.html

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