Monday, July 07, 2008

888 state



Yesterday I was out and about, and noticed more "For Sale" signs than I have seen for a while. It seems that there are 4 or so on every block. It seems that it is sinking in that it is over.

My neighbour has had open houses the last three week-ends in a row. It seemed that it was mostly Chinese looking (I can tell the difference between Chinese, Japanese, Korean, etc. 19 times out of 20 +/- 3%). No Mercedes, Lexus, BMW, mostly small, less expensive vehicles. Maybe that indicates they are more frugal, and can afford a $900K house on a smallish lot in East Van.? Maybe not. I enjoyed doing yard work while my stereo pumped the Sex Pistols, The Ramones, Forgotten Rebels, etc., out my window. Hey! fore-warned is fore-armed. Right? The asking price is 20% higher than it was bought for last year. And the defects are starting to show. Good luck with that.

So, I was all juiced up, and did some MLS searching. Still no houses in East Van. under $400K. I guess we will have to wait for fall for things to sink in. Prices and quality are all over the map, with tear-downs listed in the same price range as new construction, and big lots in the same range as small lots. A little price compression before the price depression sinks in, me thinks.

What I found interesting was all of the houses listed with a bunch of eights. I counted 10 places (out of 160 or so) that were listed for $888K. That is kind of blatant, and if I were Chinese, I would be somewhat offended. Do the listing agents think that they (Chinese) are that stupid/naive/superstitious? You would not want to mess with over/under bids on a place that was listed for $888,888.00 would you? I'll give you $888,888.88 plus my lucky rabbit foot. No Deal? I'll throw in a four-leaf clover!

Sadly, many who over-extended themselves to buy in the last couple of years - with the hopes of insane appreciation - did not see the credit crisis, doubling of energy costs, accelerating property taxes to pay for Olympic cost over-runs, food inflation of 30%, etc., coming when they factored their top line.

Why don't we just start bidding $300K with a bunch of conditions on these $800K places? Let us bring it down!

There are deals ahead. Keep your powder dry.

10 comments:

Anonymous said...

“Do the listing agents think that they (Chinese) are that stupid/naive/superstitious? You would not want to mess with over/under bids on a place that was listed for $888,888.00 would you?”
Yes, most are :D
Personally I much prefer 666 (pronounced as luk luk luk in Cantonese, or luck luck luck in Taiwanese) :D

“No Mercedes, Lexus, BMW, mostly small, less expensive vehicles. Maybe that indicates they are more frugal, and can afford a $900K house on a smallish lot in East Van.?”
I read Chinese papers regularly
Bank of China lost billions to internal thefts some of which made it to GV.

According to Vancouver Sun - Suspected bank frauds bought houses in Richmond
U.S. court told that Chinese nationals gambled in Vegas and on B.C. real estate
Chad Skelton, Vancouver Sun
Published: Friday, July 04, 2008

Who live in those houses? relatives and friends?

Anonymous said...

Ha ha..."bomb the boats and feed the fish" First Forgotten Rebel reference I read in years....must be in the same age bracket :-)

Interesting strategy with the 8s..

pbell

TheCollective said...

Powder is dry

Radio is squelched
Gun is zeroed
Canteens are silenced
Watch is covered
Face is painted
Night vision is turned on
Shoes are mudded
Dogtags are taped
Knife between teeth



Yep - I am ready.

solipsist said...

First Forgotten Rebel reference I read in years

I knew that someone would catch that. The line actually running in my head was I don't want no foreign pricks to take my job (house) away from me...

I actually knew those guys through a mutual friend, and believe it or not, they weren't very racist. Just punks doing social commentary.

Anonymous said...

My buddy, an FM rock station dj, who moved out from Hamilton got me into the Rebels...we went through our punk stage...not the dress, just the tunes..that was about 1981 ish...good times :-)

pbell

Anonymous said...

Do the listing agents think that they (Chinese) are that stupid/naive/superstitious? You would not want to mess with over/under bids on a place that was listed for $888,888.00 would you? I'll give you $888,888.88 plus my lucky rabbit foot. No Deal? I'll throw in a four-leaf clover!
You've obviously never sold real estate for or to Chinese.

solipsist said...

You've obviously never sold real estate for or to Chinese.

No, I have not. What am I missing?

Anonymous said...

"I knew that someone would catch that. The line actually running in my head was I don't want no foreign pricks to take my job (house) away from me..."
Do you even know there are 300,000 Canadian passport holders working in Hongkong. :D
I do feel for you, but too bad that our Imm policy is so out of whack. Liberals and NDs are screaming Harper not doing enuf.

Anonymous said...

You've obviously never sold real estate for or to Chinese.

No, I have not. What am I missing?

Complimentary chopsticks?

jesse said...

In parts of Asia 8 is considered a lucky number where 4 is unlucky. If the price is right I doubt it plays much in the marketability of the home but who knows.