$399K
$485KPardon my absence. I have been around, but a bit under the weather, and l'il solipsist is going through a very cool stage (just starting to walk), so I am greatly distracted.
Further, there just does not seem to be enough meaningful to write about - beyond the same old/sameold, and the expected "minor" catastrophes as the sub prime debacle continues to begin to unfold. BoC seems to be pumping money in almost daily, but it has become ho-hum to the MSM and sheeple in general. The stock markets continue to be manipulated, but are the beneficiaries of such blind faith in my view. Ignorance is more like it.
So perhaps some levity is in (dis)order.
I found these gems by following a link to Sapperton, and all I can really do is laugh. An MLS search of the area delivers 3 listings between the default $200K-$900K. It really just is nuts.
I sent the links to my sister (who lives in Hamilton, Ont.) and she was so shocked that she has not replied yet. It might be fun to send listings like this to China, and Germany, and you get my drift. Emblazon them with THE BEST PLACE ON EARTH, include the video of the Welcome Wagon at YVR. That might cool the market some.
24 comments:
I wonder if agents have read my criticism of their lack of photographic skills. Note that both of these shots are level (more or less).
Ahhh...Saperton, heaven on earth!
If it's built 100+ years ago, it's not old it's HERITAGE!
With the top house, they are really selling the lot. Problem is the lot is in a horrible location. Right on Braid St. with all its trucks and heavy traffic. I don't think anything could be done with it. Simply not a livable location. Flooooosh
Sapperton used to be a tolerable cheap area. Sure its rundown. But it was the kind of place where a blue collar family with a modest income could own an actual house. That was before the realwhores and infestors got their hands on it.
over 350 rental listings on craig's list on saturday alone..
tock tick?
it's not old it's HERITAGE!
Just like a 55 Chevy!
Problem is the lot is in a horrible location
Who wouldn't want to live 2 feet from the laneway for 400G's?
The realtor Luwei posted this foreclosure property in westca.com (permitted by forum rules) and was verbally attacked/abused by a flipper named HKboy.
Now if a flipper could go berserk over this, you know that the end is near.
Just like a 55 Chevy!
Or, more likely, a 1972 Datsun B210.
milo,
Why did the flipper flip out over it?
That's a lot of listings. I sure do seem to see the adjective "brand new" being used a lot in these ads. What is going to be really important is the change in rental prices. They will function as a duress-o-meter. If people keep asking 2 K for a two bedroom, they are probably doing OK. If that drops down to more realistic rates or even aggressively price rates, then the owners are feeling some pain.
A lot of the asking rents right now seem bogus. I wonder if some landlords are making deals at lower rents.
Pushing rents to the maximum of affordability must cause all kinds of stresses in the landlord-tenant relationship.
Tenants will get in trouble with the slightest financial problem, meaning they could flee or bring in surprise room mates.
Also, tenants that spend every last spare penny on rent will get resentful and demanding. Meanwhile, the amateur landlord will get personally offended by every demand and regard the tenant as a burden (instead of as a valued repeat customer).
This is the kind of win-win situation you can get with old-school landlords (who bought years ago) and their longterm tenants. The landlord gets a steady, modest rent and has their property well taken care of. Meanwhile the tenant gets affordable, longterm housing.
Hopefully, those kinds of landlord-tenant relationships will become the norm again after the speculators crash and burn.
"Patiently Waiting said...
milo, Why did the flipper flip out over it?
12/02/2007 5:19 PM"
That guy and his dad have been posting news of their "fry house" strategy including booking multiple units in pre-sale condos. And fear-mongering that "buy now or being priced out forever". That forum is visited mainly by new immigrants living in GVRD and other Canadian provinces wanting a second home here.
Can't really pinpoint the answer to your question. But then "foreclosure" is a dirty word to some.
Very interesting, thanks.
So some hardcore speculation. I wonder how long this strategy has been around. And how many are using it.
"Patiently Waiting said...
So some hardcore speculation. I wonder how long this strategy has been around. And how many are using it.
12/03/2007 12:54 PM"
Alexa.com shows a traffic rank of 20,752
Approx 10k a year arrive in BC - easily generate 1 principal home + revenue RE for those who rather park their cash offshore. With steady stream of new arrivals anticipated, RE is foolproved compared to high-tax business ventures or minimum-wage jobs.
Undoubtedly many have flipped successfully in recent years and many new citizens return to their country of origin for more lucrative business environment not available here. Interestingly, as long as they are not absent from Canada longer than 6 months each trip, they continue to receive child & family benefits for low income earners. How is Revenue Canada going to find out if they do not report their assets abroad (in the name of parents & siblings).
Fed's refusal to repatriate white-collar criminals who stole hundreds of millions on (laughable) ground of "human rights" continues to attract such funds to be laundered here through "associates and relatives".
The want-ads are certainly illustrative.
One thing I noticed was that most of them sound like they're SELLING to place to someone. "you are steps to (insert silly amenity here)". It's like the specuvestors absorbed the bad marketing language from the developers.
But I also noticed we're getting into an untenable situation with 4 classes:
Poor people
Renters
Owners
Rennie and drug dealers.
Seriously. All the amateur owners out there are now trying to turn around and sell a "lifestyle" to renters.
Renters on the other hand have different priorities from owners. When I owned, I was concerned about a lot of things. As a renter, I just want to be sure the place doesn't leak, and won't be sold out from under me in 2 months.
We're seeing an important phase in the end of the bust, one which many people predicted.
First we see a glut of new rentals on the market, more then the rental market will bear (kind of like England I suspect). Some get occupied, others sit idle.
In the meantime still MORE units are completed.
More and more units sit idle. More and more specuvestors get burned because they aren't able to carry the cost of the units.
Meanwhile the bad financial news keeps on pouring in, contributing to the general feeling that the boom is over.
One by one, the specuvestors either go into foreclosure or are forced to sell places at dramatically reduced prices.
Meanwhile they now have to compete with all the new places coming on line, and those will doubtless have lot of free "upgrades" and will be prices to sell (especially if they haven't been flipped several times before they were even built)/
Someone smarter then me said prices are set at the margin. The margin that worked so well on the way up will certainly work just as ruthlessly on the way down.
This is a bit OT, but England is another big bubble that was never going to pop because of shortage of land, desirability and rich foreigners (what is it about rainy climates?) and now we have this:
http://tinyurl.com/yunea7
"Scullboy said..." Actually your analysis is pretty good if not right on. Hard to believe your GenX toooo smart! :-)
http://vancouver.craigslist.ca/apa/498104404.html
$700 / 1br - 1 Bedroom Ground Level Suite
"Large 1 bedroom ground level suite with fireplace. includes heat and light. no laundry. Available to a non-smoker, no pets. Available for january 1st. close to transit."
LOL... Includes light! WOW!
I love how rental listings emphasize stainless steel appliances and granite counters. Such things mean nothing to your typical renter. Certainly not an extra $500/month.
I only received one of those gems.. The one link was not there for some reason.. I think it expired...
Rejoice in Edmonton!
Average price all residential Edmonton down 6.5% in one month.
July $354,718
...
Oct $347,668
Nov $325,060
Sales 30-40% below last years levels for the last few months.
link
Vancouver is next. Believe it.
Strataman:
I bought 4 years ago in Toronto. My realtor was awesome. She said "don't overextend yourself but spend toward the upper end of what you can confortably afford. You want to live in your place for at least 10 years, and if you spend too little and don't get something you like, yu'll just end up moving in 2, and that's expensive"
Makes sense, right? Set a budget, set priorities, have a 10 year horizon. That's NOT something you typically hear from realtors in Van! :)
I'm not smart for GenX. I'm just smart for Vancouver. ;)
It's also why SatV's comments are so... illustrative.
"Makes sense, right? Set a budget, set priorities, have a 10 year horizon. That's NOT something you typically hear from realtors in Van! :)"
Well you see, for most people what they can comfortably afford = a shithole. That's why realtors don't say that in Van, because people would stop overextending themselves to afford something half-decent.
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