Sunday Post #1: Definition of deluded?

You have to love the chutzpah of our real estate bubble.

If you click on the image above, you see a realtor's listing photo for 40813 Government Road on the edges of West Vancouver near Squamish (which is the only way I think you can describe it to try and justify the price... for you and I, it's in Squamish).

The realtor's website is here.

This spectacular 13-acre gated estate offers the ultimate in luxury living and complete privacy. With an elegant yet casual ambiance, the 6,050 sqft six-bedroom, timber-framed residence seamlessly blends indoor and outdoor living. The vaulted master suite graces the entire upper floor allowing for panoramic views and a private terrace.The covered outdoor patio features a fireplace, BBQ and bar area opening to the salt water pool and hot tub. Only 45 minutes from Vancouver.

You have to admire the marketing efforts of the realtor.  She's managed to get the home profiled in the Vancouver Sun newspaper (who says our media sells it's journalistic soul for real estate advertising dollars) and that's what being a realtor is all about - getting exposure and selling the property.

But in a market with sales collapsing, doom and gloom in the media, high end properties slashing their asking prices by up to 25% with no sales in sight... this property surely is in the running for most delusional.

For while 40813 Government Road is assessed at $2,481,000... the current asking price on this property is a mere $7,880,000.

Delusion doesn't begin to describe this.

It is a nice property tho.

(hat tip to JR)

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Fri Post #1: Realtor's bashing of Vancouver market goes mainstream

On Wednesday you met realtor Keith Roy. He's the westside realtor who is telling clients it's time to cash out of the real estate market in Vancouver before prices decline significantly.

On his website he noted:

If the media picks up on this story, you can be sure the rest of the market will follow the west side.

Well it seems Roy has been doing everything to ensure the media does pick up on his story.

Yesterday he was on TV on BNN and now the Financial Post has picked up on his story.

As John Andrew, a professor at Queen’s University, said it’s very rare to hear the real estate community downplay the market.

I suspect we are in for quite the battle in the media in the coming weeks.

(hat tip JR)

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Email: village_whisperer@live.ca
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