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Harvey Spector

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21 hours ago, kingofsurrey said:

Went to look at a few condo projects yesterday.. they were pre-order higher end projects. 

 

Didn't pull the strings on a deal though....   I think i will wait for the 20 % off sale later this year.

Good luck with that. There is a condo for sale in my building that is 10k more than what I paid (took possession in May) despite being 100 sq ft smaller. 

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7 minutes ago, Down by the River said:

Good luck with that. There is a condo for sale in my building that is 10k more than what I paid (took possession in May) despite being 100 sq ft smaller. 

While I agree prices aren't dropping a ton in the near future (especially condos) - sq footage isn't everything unless they are new places. Renovations and floor (for high rises) can make a big difference from what I have seen

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Just now, Chicken. said:

While I agree prices aren't dropping a ton in the near future (especially condos) - sq footage isn't everything unless they are new places. Renovations and floor (for high rises) can make a big difference from what I have seen

True, but I looked at the listing, and the unit has not been renovated. 

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40 minutes ago, bishopshodan said:

I heard on the tv last week that even though sales are down , condo prices are still up by 11%.

 

@Frankie Sinatra

Welcome back, do you think there is any chance at all that DT condo's will dip in the next year? ....asking for a friend :ph34r:

 

Hey my friend, how are you?  Condos in downtown aren't moving like they used to.  I would say they have hit their peak, especially the ones over $1 million.  There is alot more inventory out there than their used to be.  I see a dip in prices downtown in the short term.  Long term it depends on these interest rates and mortgage rules, as it is really hard to get a mortgage from a conventional lender these days.  Lots of buyers are going the B lender route, or even private lenders.  Credit Unions don't fall under the federal regulation for the stress tests but I believe Vancity is following the new rules.  I don't believe Coast Capital are.

 

Could be a good time to cash out on a downtown condo depending on your situation.  If it's just a rental and you are cash flowing, then you can always sit tight until things turn around.  If you are living downtown and want to move it might make sense to pull the plug and cash out.

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2 hours ago, Frankie Sinatra said:

Hey my friend, how are you?  Condos in downtown aren't moving like they used to.  I would say they have hit their peak, especially the ones over $1 million.  There is alot more inventory out there than their used to be.  I see a dip in prices downtown in the short term.  Long term it depends on these interest rates and mortgage rules, as it is really hard to get a mortgage from a conventional lender these days.  Lots of buyers are going the B lender route, or even private lenders.  Credit Unions don't fall under the federal regulation for the stress tests but I believe Vancity is following the new rules.  I don't believe Coast Capital are.

 

Could be a good time to cash out on a downtown condo depending on your situation.  If it's just a rental and you are cash flowing, then you can always sit tight until things turn around.  If you are living downtown and want to move it might make sense to pull the plug and cash out.

I'm good, thank you. Hope you are well.

 

I want to sell next summer DT. I think I've got a good situation. 710 sqft, one bedroom +den, very solid cement building with great strata and contingency fund.

The only draw back is that it's 70% owner occupied...makes for a great environment but reduces the appeal to investors. So the price tags are a bit lower even though its a beauty of a building.

Recently a unit sold for $635... similar to mine but not as nice, and facing the alley.

I'm hoping for $710 ( $1000 per sqft) next year...I think I might be sitting in that sweet spot for those who refuse to head towards the $1MIL mark for an apt. I'll cross my fingers, 

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23 minutes ago, bishopshodan said:

I'm good, thank you. Hope you are well.

 

I want to sell next summer DT. I think I've got a good situation. 710 sqft, one bedroom +den, very solid cement building with great strata and contingency fund.

The only draw back is that it's 70% owner occupied...makes for a great environment but reduces the appeal to investors. So the price tags are a bit lower even though its a beauty of a building.

Recently a unit sold for $635... similar to mine but not as nice, and facing the alley.

I'm hoping for $710 ( $1000 per sqft) next year...I think I might be sitting in that sweet spot for those who refuse to head towards the $1MIL mark for an apt. I'll cross my fingers, 

So the last sale was at $894sf.  One bedroom and dens are selling over $1,000sf in most of the buildings downtown, even in the West End those older buildings are getting over $1,000sf.  It might be a challenge to get $1,000sf if you wait until next year.  Although the lower price range will have more buyers, I don't think you will actually see prices increase in downtown next year, even on the lower end.  I have a client who wanted to get over $900k for his place downtown, and the last sale was $850k in his building, so I told him he's not getting $900k.  So he's just gonna rent it out again and hold off for awhile as he cash flows.  

 

I would follow the market closely and see where prices are at in the fall.  The market is unsettled at the moment so it's anyone's guess what will actually happen.  Hold tight for now.  

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4 hours ago, Frankie Sinatra said:

That CBC article is from February and shows CIBC's Q1 earnings which are from Nov-Jan.  It says right in the article that CIBC boosted its earnings and offset it's slower mortgage portfolio by aquiring a US bank, which makes perfect sense since the US economy is booming. 

 

The second article again shows how the 5 big banks have beneifted from their US operations, noting also that BMO had a write down of $425 million because of the new US tax reform.  You really have to dig deep and look at the financials closely to see the whole picture.  The picture to me is the banks in the first quarter made money from other operations that offset their slower mortgage portfolio.  That isn't going to last forever.  At some point a 30-50% decrease in mortgage growth is going to hit the banks hard.  Like I said let's see the numbers at year's end.

 

You sound like this poster that used to be around here.  Harvey Danger or Spectrum or something.

 

Handsome guy, knew his stuff.  A shade out there in the trolling dept for a few threads and a conspiracy wacko but good guy.

 

you should have met him. 

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2 minutes ago, Warhippy said:

You sound like this poster that used to be around here.  Harvey Danger or Spectrum or something.

 

Handsome guy, knew his stuff.  A shade out there in the trolling dept for a few threads and a conspiracy wacko but good guy.

 

you should have met him. 

Sounds like a guy I'd like to meet.  Maybe you can make the introduction.  Does he have blue eyes like me?  I'll get him in line for you, he just needs a good smack in the arse.  You have to get these Italians in line or they will go full whacko real quick.  Maybe I can teach him how to sing.  You know I am a very good singer, probably the best singer around really.  My singing button is far larger than anyone else's, and it works too.  Maybe I can teach him about Real Estate.  I'm sure I know more about Real Estate than some dude who pretended to be a lawyer on this forum...

 

B)

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Prepare for the imminent housing price correction......

 

Look at what is happening south of us...

 

How can you profit from real estate as prices are about to correct downwards ?

Can you sell " short " on real estate ?  How ?

 

More and more people in my neighbourhood are moving into the selling market....  declines in prices  are imminent .

 

 

Fed Raises Interest Rates and Signals 2 More Increases Are Coming

  • June 13, 2018
  •  

WASHINGTON — The Federal Reserve raised interest rates on Wednesday and signaled that two additional increases were on the way this year, as officials expressed confidence that the United States economy was strong enough for borrowing costs to rise without choking off economic growth.

Edited by kingofsurrey
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3 hours ago, Warhippy said:

You sound like this poster that used to be around here.  Harvey Danger or Spectrum or something.

 

Handsome guy, knew his stuff.  A shade out there in the trolling dept for a few threads and a conspiracy wacko but good guy.

 

you should have met him. 

He also was, mysteriously, the only poster in this thread that posted those "[Insert Month] 2018 Housing Market Update" videos from The Real Estate Board of Greater Vancouver... at least he was the only poster to do this until @Frankie Sinatra showed up. 

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2 hours ago, kingofsurrey said:

Prepare for the imminent housing price correction......

 

Look at what is happening south of us...

 

How can you profit from real estate as prices are about to correct downwards ?

Can you sell " short " on real estate ?  How ?

 

More and more people in my neighbourhood are moving into the selling market....  declines in prices  are imminent .

 

 

Fed Raises Interest Rates and Signals 2 More Increases Are Coming

  • June 13, 2018
  •  

WASHINGTON — The Federal Reserve raised interest rates on Wednesday and signaled that two additional increases were on the way this year, as officials expressed confidence that the United States economy was strong enough for borrowing costs to rise without choking off economic growth.

They are trying to leave the US and who could blame them?

Edited by riffraff
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It is starting..... How  hard will the crash hit....

 

The Canadian Real Estate Association is now expecting an even bigger decline in home sales this year as the latest statistics showed the crucial spring homebuying season came to a lacklustre end in May.

The industry association which represents about 100,000 real estate agents across Canada said Friday is forecasting home sales this year to fall 11 per cent compared with a year ago to 459,900 units this year.

This downward revision is from the 7.1 per cent decline the association forecasted in March.

 

http://vancouversun.com/pmn/news-pmn/canada-news-pmn/crea-cuts-home-sales-forecast-may-sales-down-16-2-compared-with-year-ago/wcm/873d2620-dc98-4be4-8a3a-d472e166e794

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Just gets worse for BC realtors....

 

https://www.abbynews.com/business/b-c-realtors-must-now-disclose-commission-cant-represent-buyer-and-seller/

 

As of Friday, Realtors and real estate agents are no longer allowed to represent both the buyer and seller in a transaction – a practice also known as “dual agency.”

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On 2018-06-14 at 8:30 AM, bishopshodan said:

I used to train with this guy during my Karate days at Hombu Dojo.

Great Karateka and wonderful dude....a man's home is his castle and Mike's is for sale.

 

http://www.cbc.ca/news/canada/british-columbia/castle-home-real-estate-vancouver-1.4703445

The way king of surrey is talking ill just wait a few months and it will be worth about 100,000

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8 minutes ago, Violator said:

The way king of surrey is talking ill just wait a few months and it will be worth about 100,000

Doubt it. Vancouver is a beautiful city.  Single family homes are going to disappear in Vancouver as the city densifies. Property is just too expensive for single family homes to occupy that much land. 

 

I was in Paris last summer.  Did not see a single family home in the city....

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4 minutes ago, kingofsurrey said:

Doubt it. Vancouver is a beautiful city.  Single family homes are going to disappear in Vancouver as the city densifies. Property is just too expensive for single family homes to occupy that much land. 

 

I was in Paris last summer.  Did not see a single family home in the city....

400 summers ago there wasn't any either.

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