Car Cam Realtor Ian Watt bids farewell to the video blog

Ian Watt had hair?

That and other tidbits in Ian Watt's final video blog as Watt's parks the video cam along with his car.

For nostalgia purposes, here is one of Ian's first cam car vids from May 1, 2008 talking about car cam video blogs. Ian asks, "who watches this stuff?"

To date it's only attracted 65 views. :

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Will March Real Estate Sales be horrible because of HST/PST?

Everyone's favourite car cam salesman is without this vehicle in this clip, but Ian Watt's latest could be touching on what might emerge as a common theme this month.

The HST gets repealed at the end of March and we will see the return of the PST.  Many in real estate are expecting a significant impact for sales.

As we all know sales are down, but are the few sales that might occur this month being discouraged, sellers being pushed to hold closing off until April?

Conversely, will April see a Tsunami of new listings from sellers holding back for the same reason?

Could be an interesting month for statistics.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Mon Post #2: Remember that Telus Garden 'sell-out'?

Do we have another entry for the Liar, Liar contest?

Faithful readers will recall that back on April Fools Day (was it a hint?), the media trumpeted the news that the downtown Telus Garden development had sold out.

That was followed up with our favourite car-cam real estate agent, Ian Watt, telling everyone and all that the 'sell-out' was pure poppycock.

The issue of units in a condo offering going to real estate agents before they are made available to the general public is a topic we have discussed before, and the fact Watt insisted that Telus Garden had units for sale even after claiming a sell-out certainly adds fuel to this belief.

And when you see a Craigslist ad like this one, you certainly have to question the 'sell out' claims (click on image to enlarge):

FIVE Penthouse units available for sale?  FIVE???

Telus Gardens won't be completed until 2015 and a mere 7 months after the supposed sell-out five of the Penthouses appear for sale by one real estate agent.

Uh-huh.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Rear View

As many market observers are recognizing, perceptions about the market by the 'average joe' are being dramatically influenced by the barrage of negative real estate sales news stories hitting the mainstream media.

It seems that everywhere you turn, bubble deniers are slowly beginning to admit the market is changing. 

No where is the change in attitude more entertaining to watch than with our favourite cam-car realtor, Ian Watt.

As we noted two days ago, Watt is out with his latest video clip and he says that it's more than mortgage rules that are bringing down prices in Vancouver Real Estate... Vancouver is over priced - simple as that.

In fact, in the above video clip, Watt states:

"Vancouver may have been 10% overpriced"

May have been?

As the poster 'crashcow' on VCI notes, this is a bit of a change from just a couple of months ago.

Faithful readers will recall that is was only July 9th when Ian was singing a slightly different tune in a video we posted here.

In this July 9th vid, Watt was telling us the stats were out for June 2012 for the downtown condo market.

Ian said June was the worst month, as far as activity was concerned, in Greater Vancouver in 10 years.

Market sales were down 20% and Watt conceded we were slipping into a buyer's market.

His prescient crystal ball told him that prices "may correct 5%" and then he then gets giddy as he suggests you might want to get out there and look around to buy because:

"someone might be desperate, someone might be motivated, someone might be fearful of all this news."

With a correction of 5%, July was the time to buy! 3 months later,Watt now tells us the market is 10% overvalued... Gee Ian, how fearful will sellers be now that the market is 10% overvalued instead of 5%?

How long before we post the next Ian Watt car cam clip telling us the market was actually 20% overvalued?

Maybe this is why Watt always records these clips in his car.  The rear view mirror outlook is easily facilitated as he chases the market downward.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

It isn't mortgage rules bringing down real estate. Vancouver is simply overpriced.

Cam-car realtor Ian Watt comes out and says that it's more than mortgage rules that are bringing down prices in Vancouver Real Estate... Vancouver is over priced - simple as that.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Local Realtor says: "Make an impact with your price reductions"

You know the market has shifted when the major thread of a realtor's spiel is urging you to reduce your listing price significantly.

The latest from cam car realtor on the go... Ian Watt.

“A lot of people don’t understand that prices have started to come down and they’re still trying to get those huge numbers.”

“When you’re doing a price reduction make sure you go way below what you think it is in a declining market because you want to catch those numbers.”

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Tues Post #2: June stats for Downtown Condo market - market down over 20%. Ian Watt says 'take advantage of market fear'

Everyone's most annoying realtor is out with some interesting tidbits again.

Ian Watt has fired up the car cam to tell us the stats are out for June 2012 for the downtown condo market.

The statistics for the month were down 27% and Ian says it was the worst month, as far as activity is concerned, in Greater Vancouver in 10 years.

Watt goes on to tell us that year to day, market sales are down 20%.

Watt even concedes we are slipping into a buyer's market, that prices may correct 5% and then gets giddy as he suggests you might want to get out into the market to look around because:

"someone might be desperate, someone might be motivated, someone might be fearful of all this news."

Ian Watt... the Darth Maul of Realtors?

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Tues Post #2:The Real Estate standoff

Local realtor Ian Watt on the current 'standoff' between buyers and sellers of Vancouver Real Estate.

Downtown condo sales are down dramatically, 23.5%. In 2011 Jan-Feb-March, we had 808 sales; in 2012 Jan-Feb-March, we have 619 sales. We used to have about 11.5 sales per day, now we have 8.5 sales per day...big changes. But the pricing, as far as condo sales is concerned, hasn’t changed all that much... Our listing counts are only up 5%; not a big deal right there... But it goes to show you that people are not really motivated to buy right now... And it goes to show you that sellers aren’t willing to drop their prices, and they’re not motivated to sell right now. So, it’s a bit of a stand-off. Only time will tell if this is going to impact pricing... if people become more motivated to buy, or more motivated to sell... but as far as things are concerned right now, it just means activity is down... Eventually, if this continues, it’s going to impact prices... and I can’t see it going up anytime soon... I can’t see buyers becoming more motivated because mortgage rates are already super-low... and sellers don’t really want to sell all that much, because if they bought in the last two years and they have to sell now they’re going to take a loss. So, it’ll be very interesting to see what happens in the next quarter.

Thanks to VREAA for taking the time to transcribe the key points.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Sat Post #1: Foreclosure Process in British Columbia

Yesterday's post prompted a discussion about the Foreclosure Process in British Columbia so as the second last post of the year let's make that the topic.

Ever popular downtown realtor Ian Watt has a site that specializes in Foreclosures and some info on the topic.  This info is from his site. 

Buying a foreclosure in BC is somewhat different from buying a regularly owned property and it is certainly different from buying a bank owned property in the United States. 

First of all, please understand that in BC the courts will ensure the homeowner is protected and their property is marketed and sold for an amount as close to "Fair Market Value" as possible. 

Whereas in the US, the laws protect the banks and properties can sell substantially well below market value, buying a foreclosure in BC could get you a deal and save you some money on the purchase price, but rarely does a property ever sell less than 20% off fair market value.

  

The Foreclosure Process in most cases works like this:

After a lender has been given the right to sell the property by the BC Supreme Court, the lawyer acting on behalf of the lender hires a realtor to market the property. The property can still be owner occupied and showing may be limited and sometimes difficult due to the nature of the circumstances. 

When the foreclosure property is listed on the MLS, the listing agent will showcase that property to as many purchasers as possible in hopes to get an offer that is suitable to the lender.

When a buyer submits a written offer, which includes a Schedule A (which amends the regular Contract of Purchase and Sale), to the listing agent, the listing agent will present that offer to the lender's lawyer and he or she will act of behalf of the lender during the negotiation. During this period the lender and the purchaser will negotiate a price they are both satisfied with. 

Upon accepting the offer, the purchaser will have 5 business days (in some cases) to do all their due diligence. After the buyer is satisfied with her due diligence and she has her financing in order, she then prepares a certified deposit cheque or bank draft and remove all subjects in regards to the lender. This is now a subject free offer as far as the buyer and the lender are concerned. However, there is one last subject which is "Subject to Court Approval". 

The lender's lawyer will now set a court date and this could take on average 2 to 4 weeks time. A few days before court, the listing realtor will disclose the price which the offer was accepted for. That will give any other perspective purchasers the ability to decide if they want to come to court and outbid the original offer or not.

Unlike a regular property for sale, the first offer that comes in and is accepted by the lender is not necessarily the person who ultimately ends up owning the property at the end.

At Court the listing agent will collect all, if any, competing offers which must be subject free, contained in a sealed envelope, include a schedule A addendum, and be accompanied with a certified deposit cheque or bank draft. 

When the judge has this property address file in front of her, the judge may give the owner one last time to redeem the owner's mortgage and any other outstanding debts. If there is no attempt to pay off all the debts she will proceed with the offers to purchase the property.

Should there be mulitple offers, whoever has the highest subject free bid in the sealed envelope will most likely be awarded the property. Depending if the property is vacant or owner occupied, the completion and possession could be after the court date will be somewhere between 2 to 8 weeks.

It is strongly recommended that the purchasers are in court to either up their bid or be present to initial any changes that the judge may request. There are no second chances for anyone after the judge has made her decision and there is no chance to back out of the contract.

The property is now sold and all documentation is forwarded to the parties involved for conveyance.

==================

Email: village_whisperer@live.ca
Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

I light a fire...

Faithful readers know that in the inflation/deflation debate I side solidly on the side of looming inflation.

We may go through a period of deflation first... but inflation is coming: guaranteed.

That's why I note today's decision by the Bank of England to keep interest rates at historic lows.

Bank of England Governor Mervyn King has announced he is setting aside his inflation target to protect the economy from the biggest budget cuts since World War II.

And this action is taken as a split widens on the nine-member British Monetary Policy Committee (MPC) on the danger posed by rising prices. Resisting calls to increase interest rates, King insists it may be a “considerable” time before the benchmark interest rate of 0.5 percent returns to “normal.”

Prices continue to rise in England and King is tolerating faster inflation as Prime Minister David Cameron’s push to slash the Group of 20’s largest budget deficit threatens to hurt the economic recovery. Policy maker Andrew Sentance, for now the only advocate of higher rates, counters that growth is solid enough for the bank to withdraw emergency stimulus.

Inflation has exceeded the bank’s 2% target since December.

“King is willing to take risks with inflation,” said Steven Bell, chief economist at London-based hedge fund GLC Ltd. and a former U.K. Treasury official.

The combination of persistent inflation and budget cuts has widened the debate about when to raise rates in England.

Sentance voted for higher rates at the last two meetings of the MPC. And while there are calls for the central bank to be “incredibly vigilant” on prices, inflation was allowed to rise to 3.2% in June and has exceeded the government’s 3% limit since March.

King said last week the rate is likely to stay above the bank’s target “for much of next year”. King “sees no need to try and offset what is likely to be rather a temporary continuing overshoot,” said former Bank of England policy maker Charles Goodhart.

Fears of continued recession have economists and central bankers eager to ignite inflation and King's actions are sure to be echoed in North America.

Goodhart says officials may find it hard to justify their actions after a “pretty poor” forecasting record in the past two years.

With the inflation overshoot set to persist. Goodhart make an interesting observation.

“In a sense we’re in the worst possible situation, with inflation above target and output growth well under target.”

Meanwhile, on the real estate front in Vancouver

Check out this Global TV clip on the declining real estate sales environment.

How desperate is the climate getting in the industry?

At the end of the clip we have our favorite downtown huckster, Ian Watt, actively encouraging buyers to start pitching low ball offers to undercut asking prices.

Will wonders ever cease?

(hat tip to Observer in yesterday's comments)

==================

Email: village_whisperer@live.ca

Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.

Nothing to see here... move on.

The turning of the real estate market in Vancouver continues unabated. Listings are up, sales are down... even the CREA came out in the middle of last month (June 16th) with a press release confirming this fact from May's sales.

And just like in 2008, the R/E machine cranked up the P/R offerings as to why this should not concern you.

Last month the angle was all about 'Hot Asian Money' (HAM). The spin was 'HAM' was pouring into town and this would support property values - ergo no need to drop your asking price.

Stories appeared everywhere promoting this angle, but it appears reality is having it's effect.

If you are a faithful reader of this blog, you have seen postings about the ever-upbeat downtown realtor, Ian Watt. Watt posts regular youtube blurbs constantly pumping the market. During last year's downtimes, Watt regularly chided buyers for following negative press about the market.

So should we expect a similar tact this time around?

Perhaps recognizing early on a similar pattern as the start of last year's downturn, Watt has posted this latest blurb telling potential sellers that they have to recognize the turning market and bring down their asking prices:



You know the market has to be turning significantly when you see such a blurb by Watt. Which means we should be seeing the next move by the R/E P/R cabel in response to this turn of events.

And right on que comes this article in Saturday's Vancouver Sun.

Authored by real estate bull (and developer) James Shouw, we are chided to stop focusing on declining sales numbers and increasing listings as red herrings that distract you from the real issue (although somehow this point is never relevant when sales are booming, listings are few and prices are climbing).

Shouw's position?

"Real estate numbers are transitory, but value is forever, the only 'news' that matters: the metropolitan population increases 50,000 annually."

Schouw basically throws realtors under the bus dismissing them because they focus on those headlines that focus on a year-over-year decline. While that concerns realtors who are primarly focused on volume, this news shouldn't concern real estate owners.

"As a developer, I'm primarily concerned about value. As a real estate broker, I'd likely be more concerned with volume. Value and volume can fluctuate in parallel, or in opposition, depending on underlying market dynamics."

It's a variation of the 'buy now or be priced out forever' mantra. Land is running out, people continue to move here, so don't worry... values will fluctuate but real estate will always go up.

Look for this theme to be repeated all summer long to counter a falling market.

==================

Email: village_whisperer@live.ca

Click 'comments' below to contribute to this post.

Please read disclaimer at bottom of blog.