“The house across from us in Point Grey is up for sale. It has been for a month. Today they had an open house. Not one person came. I am watching the sad and lonely realtor sitting in his Mercedes looking quite forlorn.”

“The Loneliest sight in the world” – The house across from us in East Pt. Grey, 2 blocks from the beach on a 50 x 120 lot is up for sale. It has been for a month. Today they had an open house. I was able to watch from my living room…… not one person came. A few Porsche Cayenne’s flashed by and slowed down a bit, but NO ONE stopped. 18 months ago 2 houses at the end of our block both sold for $500K over asking…that’s ask $1.9mil and get the first person in a long line-up, to offer $2.4 mil. I am watching the sad and lonely realtor sitting in his mercedes looking quite forlorn.”
Westsider at VREAA 8 Sep 2012 4:02pm

“I like taking a walk around Point Grey and Kits at about 4 pm on Saturday and Sunday afternoons just to see the rather forlorn Used-House Salesmen pack up the open house signs and drive off in their expensive cars. Never have I seen them so depressed and never have I seen so many “For Sale” signs stay up for so long in this part of Vancouver.”
UBCghettodweller at VREAA 8 Sep 2012 6:41pm

There are more than 11,000 realtors in the Greater Vancouver area, up from 6,500 in 2002, and the highest number on record. – ed.

24 responses to ““The house across from us in Point Grey is up for sale. It has been for a month. Today they had an open house. Not one person came. I am watching the sad and lonely realtor sitting in his Mercedes looking quite forlorn.”

  1. You could make him a lowball offer… on his car.

  2. But the vehicle is leased!

  3. I saw a car with personalized license plates off Denman yesterday… It screamed “Douchebag” – White late model C series Mercedes. Custom license plate said “BC RLTR”… I thought… “That’ll make it easier for the repo man to recognize it next year.”

  4. I did a little digging around online to see what census data I could get for Canadian house salespeople but unfortunately with 28K people in the Vancouver biz, its clear the census data isn’t just realtors. Going through the different boards I got:
    Canada: 100,000+
    BC: 18,000+
    Vancouver: 11,000+
    Looking specifically at the BC workforce data, in 2006, there were 7,230 real estate agents in the province.

    Why am I interested in this? With an almost trippling in the profession in 6 years, I am interested in following the data on the way back down and wonder when we are going to have news items like this one from down under:

    “Going, going, 10,000 estate agents gone”

    http://afr.com/p/business/property/going_going_estate_agents_gone_Vryl5IgL9cOsm89QsC7FYP

  5. How long does it take to sell a house ?

    I’ve posted about this example before, and while one example does not validate a statistical database, it can influence many people.

    I went to have breakfast with my father yesterday at his house here in Calgary…….his direct neighbour has had his property listed on and off 4 or 5 different times now since he bought it in 2009. He paid $377K……………and while he had it listed at $359K this past week……….I’d imagine he sold it for much less, just like everyone else, especially when you consider that the neighbour directly on the other side of my father’s hosue sold for $320K 4 months ago.

    So, 3 years of trying, numerous price reductions, he’s facing a huge loss, and from what I know, probably bringing a cheque to the closing table……..RE….what a great investment !!!

    • Relatives of mine who want to stay put in Calgary (they live in a very nice part of Varsity) are celebrating the coming of lower prices because their property taxes will drop accordingly.

    • It can be a great investment. My wife bought a house near the University of Alberta (Edmonton) in 1999 and sold in 2007.

      • 4SlicesofCheese

        If you sold Nortel stocks at the right time it could of been a great investment as well. I have a feeling most did not.

  6. http://www.theglobeandmail.com/report-on-business/video/video-how-a-vancouver-womans-finances-crumbled-when-she-lost-her-job/article4528255/

    This is what happens when people have to put every cent they have into their home and not have enough at the end of the month to put anything away into a rainy day fund, RRSPs aside.

    This lady is older, imagine a young couple making average wages and a job loss. This is a disaster in the making.

    • Nearly 30% of BC GDP is real estate related, what could possibly go wrong?
      (We are so screwed)

    • Vreaa, perhaps this should be headlined?
      A “heartbreaking” story of entitlement and bad financial decisions.
      She lost her job, got severance, then EI, borrowed money from her brother and it still wasn’t enough to pay for her expenses, like a mortgage on her million dollar house in Vancouver. What a sad story.
      🙄

      • The only thing I could think was: “Sell the bloody house woman!”

        She would have sold at the peak of the market with pretty much zero effort to find buyers.

        Zero sympathy.

      • “entitlement and bad financial decisions”

        The mistake, perhaps, was booking her then earnings over an extended period. I have sympathy because it sounds like she aspires to be earning that money but perhaps that isn’t in the cards. That’s a tough message, requiring some serious navel gazing and relinquishing what she has coveted and briefly enjoyed. On a personal level that must be devastating, knowing that is now most likely out of reach. That happens a lot as people transition to management positions and not having the “right stuff”. The housing thing is in a sense a sidebar.

        This case is one of those “have to sells” that even some of the local boffins claim are required to elicit price drops (see the most recent Province piece). The mistake made in that line of thinking is linking “have to sells” to severe employment distress when all that’s required is moderate or low aggregate employment distress and an absolute disaster in terms of sales turnover.

      • Ironically, Mish today has an interesting post about a man who “when he loses his job, he gets another within a few days.” How can he accomplish this in these touch economic times? Answer: he doesn’t have a boat anchor of a house tying him to Vancouver.

        http://globaleconomicanalysis.blogspot.ca/2012/09/plenty-of-jobs-if-you-are-king-of-road.html

    • bubbly -> Will definitely headline; a very relevant story, and noteworthy that’s it’s up at the G&M. Thanks, 4Slices.

    • Vreaa, did you see this one?
      http://bc.ctvnews.ca/vancouver-residential-real-estate-plunges-1.943679

      Don’t miss Andreas Conrad, who will be forced out of retirement because he had to lower his asking price from $2m to $1.7m.

      Hat tip: Best Place on Meth/midnite toker/kabloona at VCI.

      • …forced out of retirement because he had to lower his asking price from $2m to $1.7m.

        Only in Vancouver.

      • Wow. Intriguing slightly urgent tone to the whole piece.
        Thanks, all; will headline, natch.

        BTW, does that seller’s ‘duplex’ mean he has one, or two, units for sale?

      • Thant can’t be correct – if it is, it is super scary!!!!

      • Jeff -> My sincere apologies… I waited until today (15 Sep 2012) to transcribe that (priceless clip; especially the part about the guy selling the $2M property) and find it has been taken down from the CTV site. Anybody have access to that video archived somewhere?

  7. Does anyone happen to know how many mortgage brokers there are in the GVRD?

  8. Number of and productivity of Canadian RE agents, chart: ow.ly/i/RPOa #VanRE

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