‘Crib Crawl’ – Failed RE Venture Developing Into A Television Series – “As a way to shift slow-moving inventory it was a flop.”

“Desperate times demand desperate measures. When Jordan and Russ Macnab, estate agent brothers in Vancouver, Canada, had a glamorous single-bedroom apartment, priced at over C$600,000, that was stubbornly refusing to sell, they decided on a marketing innovation: the “crib crawl”.
They rented a limo bus, stocked it with drinks and snacks, and took a party of possible buyers on an evening tour to see the apartment in question and about half a dozen others, in a mobile viewing party.
The experiment was not a complete failure: the Macnabs attracted a lot of interest, and are developing a television series based on their idea. They are planning their second crib crawl next month.
As a way to shift slow-moving inventory, however, it was a flop. Not one of the apartments they showed found a buyer. Vancouver, which until last year had Canada’s strongest growth in house prices, is now its weakest region. The number of homes sold in the greater Vancouver area dropped by 23 per cent last year.
“It’s a bit of a stalemate at the moment,” says Jordan Macnab. “Buyers are waiting for it to crash, and sellers don’t want to give it up.”

– from ‘Canada housing cloud cast over Carney’, Financial Times, 6 Feb 2013

15 responses to “‘Crib Crawl’ – Failed RE Venture Developing Into A Television Series – “As a way to shift slow-moving inventory it was a flop.”

  1. Any go go dance girls?? Just booze with a bunch of old married couple or young single guys don’t sound like a fun party to me. Add in some hot easy party girls into the mix then we are talking. Seriously, not that many people puts housing buying as a priority when there is free booze flowing.

  2. As several others here have already mentioned, it would appear that a shortage of capable buyers is being mistaken by “experts” such as Mr Macnab as a stalemate.
    With an already unaffordable market, home ownership rates higher than they’ve ever been, anemic income growth, consumer debt levels completely out of control, and historically low interest rates – there are likely very very few qualified buyers just sitting idly on the sidelines.
    So, even severe price reductions won’t necessarily end this “stalemate.”

  3. pricedoutfornow

    It seems to me that if buyers are expecting a crash and refuse to buy until prices come down substantially, then there will be a crash, simply because buyers expect it and refuse to buy otherwise. Sellers can continue to ask obscene prices, but they won’t get anywhere until the prices are lower. Or have we simply run out of buyers altogether, which won’t help things either.
    This thing is going down!

    • The Poster Formerly Known As Anonymous

      That there are not enough buyers is the primary cause of lowered prices. A secondary effect that accelerates the lowering is when some of the remaining pool of active buyers realize that they will get a better deal by waiting. It won’t be all of them at first, but the proportion will grow in significance as the prices lower even further – hence a vicious downward spiral. Reductions beget even less active buyers, begetting more reductions in turn and so on…

      • I think this is where we’ll really see the difference between the US and Canada. The US popped theirs fairly quick. Canada knowingly propped it up. Guess who recovers faster?

    • Probably more with a whimper than a bang though. That is why it is so decieving and baffling to those holding out as prices wither month after month until little equity remains.

  4. Realtor has a better chance making it big in reality TV as opposed to selling real estate.

  5. ” …the Macnabs … and are developing a television series based on their idea. They are planning their second crib crawl next month.”
    ————-
    HGTV Canada will eat it up. Canada has become the San Fernando Valley of Global House Porn.

  6. anyone know how to get on their invite list?…hard to pass on free booze.

  7. Laughing hard at the “stalemate” propaganda, as if these clowns actually know there’s buyers on the sidelines. There’s no way to know that. Just more BS from desperate industry people.

    • Yeah, I get a kick out of the “stalemate” term too. It suggests the ending is open to debate when in fact the end is already known to be tears and regrets. This batch of sellers don’t seem to understand that buyers hold all the cards now.

  8. 4SlicesofCheese

    I think this goes to show that there are some realtors who are absolutely clueless about the state of the market, and they really have drunk the cool-aid enough that they actually believe the crap they tell other people.

    That is probably scarier then if they were just being deceptive.

  9. 4SlicesofCheese

    OT and in toronto, but this is kinda depressing, and I don’t even like trains!

    http://www.theglobeandmail.com/news/news-video/video-canadas-largest-model-railway-ousted-for-condo/article8288342/

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