Wednesday, October 29, 2008

capitulation

I heard of Cameron Muir on CBC this AM, saying that Vancouver RE has corrected by 12% since March, and will correct another 18% over the next year. Wait a minute! Wasn't he saying earlier this year that price increases would moderate to 8% this year, and a bit lower the next? Now he is talking about a 30% correction. If we extrapolate the errors of the forecasts of the experts, we ought to see a 70% correction before this is done. Why does anyone even bother to interview these bobble heads? They have their heads so far up their arses... If it was me, I would be too embarrassed to get on the radio and make another prediction. And the interviewers... I would ask "well, you were so drastically wrong over the last 8 months, why should we give your statements any credence now?" Pulitzer must be weeping in his grave. Maybe rename it The Puh-leasitzer Prize, and award it to the most vapid "journalist".

I did my bi-monthly MLS search for all of East Vancouver today, and came up with 3 properties under $400K. That is a slight improvement over the one that I found last time. Pushing the maximum price up to $500K provides 35 properties - pretty much all of which are junk. The place that I wrote of on Oct. 10 has been "slashed" from $499K to $469K - not nearly enough.

The blurbs are not so over-the-top anymore; no real mention of heritage features such as original, cracked concrete walkways, and such. I found the place featured below ($419K), and thought the photographs to be simply weird.
Attention Builders or 1st time Buyers, cute 3 bedroom rancher on 41st/Earles in sought after Killarney area, renovate it to your hearts desire or build your new dream home, steps to all amenities, sunny south facing backyard/garage with lane. V727568

This wondrous house of character and fortitude comes with a door knocker and letter slot on a dove grey door!


A lovely, original fireplace (converted to gas!), with energy saving, candle-powered coach lights! These fine chattels are included in the purchase price!


Here is a close-up of one of the coach lights. The discerning value buyer will instantly recognize the antiquity of these features - as evidenced by the layers of dust. Sotheby's is interested!



There were 5 such pictures of the property. No over-view shot, no shots of any rooms, just fixations on mundane fixtures. Sad sellers.

I feel myself preferring (again) the fun of the housing crash over the over-all crash. It is easier to laugh.

15 comments:

Will said...

I read a real estate photography post somewhere pushing for more photos of details. Emotional shots, if you will. The door knocker and fireplace are two such types of pics. Other closeups such as faucets were encouraged. The post did not say to do those shots exclusively, however.
Since the MLS grants the realtor 10 shots you would think one of those could have been a decent outdoor shot of the home... or maybe it couldn't be decent, hence the ommission.

Will said...

(begin sarcasm)

Oh, and Cam Muir is following the rest of the pundits with a price reduction call? How dare he! Doesn't he know who pays his salary?!

(end sarcasm)

M- said...

...strange photos, that's for sure. And teh backyard photo is downright sad-- a cheap resin chair on a decaying patio...

Chilled said...

I really like the wide angle shots myself. You know the ones, the bathroom looks like the toilet is 3ft wide and the antiquated tub looks more like a KOI pond. I actually have emailed a few realturds on this issue, asking them where I could get a 3 ft wide toilet, as my ex sister-in-law is suited for same. All the major home improvement stores don't sell them either. What gives? The Realturd industry *deserves* the commission they get (er, got) for having the skills to search out such amenities, invisible to the average buyer.

sutluc said...

I wonder if those are asbestos cement shingles on the wall beside the entrance?

Anonymous said...

I agree with your cbc comments. Nothing but finacial pumpers saying "there there it's all gonna be ok" with no facts to back up their predictions.

j6p

Anonymous said...

900 sq. feet, eh? That'll do for my dog, where's my family going to live?

Gotta love those turn of the century one-bath hovels with postage stamp kitchens (because only the cook ever went in there.)

And of course the downstairs maid to dust all the accoutrements... when she wasn't in the cellar.

Big E said...

I know the area ... what amenities are they referring to??? There is a park and it is a couple of blocks to Kingsway, but seriously.

Anonymous said...

I feel kind of sad for you Sol, that you want to live in that area.

To each, his own, I guess.

solipsist said...

I feel kind of sad for you Sol, that you want to live in that area.

I feel kinda sad for you too, because you see (read) things that are not really there - like me (not) writing that I want to live in any given area.

Do you see dead people too?

Weirdo.

sidelines said...

The funniest RE post I've read in a while. Well done! Those pictures... holy crap (truly)!

Thanks, Sol!

jesse said...

Is that pink carpet in the fireplace shot? Nice. Weird selection of photos but it is East Van after all.

jesse said...

what amenities are they referring to??? There is a park and it is a couple of blocks to Kingsway, but seriously."

That's right beside the main whoring strip on Kingsway. I know exactly what they mean by "amenities". Likely they'll be using the house's back alley for just that purpose.

It is reasonably close to Vic Drive though. 41st sucks bigtime because the #41 buses are noisy diesels and go by every 10 minutes or so. With those single pane windows the noise will be sure to drown out the noisy rats running around in the attic.

BearClaw said...

solipsist,

CMHC capitulated as well. Their forecasts for Calgary and Edmonton were poor but for Vancouver was laughable. They dropped the outlook for 2009 by over $100,000 from $645,000 to $535,000.

link

Anonymous said...

Hey, wait a minute!! This place is EXACTLY the kind of place the joker from the article below will find himself living in... and in that outfit too. There IS a God...