tag:blogger.com,1999:blog-5936637281134795592.post3883192530226670160..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: Richmond: another example from ground zero for the real estate collapse in Greater VancouverUnknownnoreply@blogger.comBlogger11125tag:blogger.com,1999:blog-5936637281134795592.post-34688652459231152492012-10-11T12:56:12.300-07:002012-10-11T12:56:12.300-07:00I'm involved in politics and I remember hearin...I'm involved in politics and I remember hearing last fall in Vancouver, from people door to door canvassing that the demographics since the 2008 Municipal elections had noticeably changed in just 3 years. People who "apparently" can now afford to live in Vancouver, who are they? Not really sure, but suffice to say the price of land is changing the community. Many restaurants can't afford the rents anymore, new more agile ones may take their place? Before we even get used to the changed or changing demographics, we're sliding back down to where we were. The whole process is quite disturbing. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-18184653422684163752012-10-11T12:46:07.388-07:002012-10-11T12:46:07.388-07:00...and will that be part of the final bursting equ......and will that be part of the final bursting equation!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-53909590926650683452012-10-11T11:13:32.896-07:002012-10-11T11:13:32.896-07:00Good timing on this article form my perspective Wh...Good timing on this article form my perspective Whisperer. I had the opportunity to drive up to Richmond from Seattle this week on Tuesday.<br /><br />Some Ancedotal Observations:<br />* There seemed to be good quantity of for-sale signs, though I can't say it seemed terribly overwhelming. Kind of thing every couple blocks something was for sale- what's the limit when it moves from a lot offered for sale to a flood? Not sure on that but my take is it's not the flood yet, but getting close - perhaps in the new year it will be. <br />* I drove around south side of town, south of Williams between 1 rd and 5rd. I was suprised at how non-remarkable and slightly down-troddened it looked with old homes in need of upkeep. Hardly speaks to the value of $1million+ Richmond that everyone reads about. Probably there's some better areas, but it didn't seem super desirable other than perhaps proximity to Vancouver for someone that has a need to go there. I currently live in the Redmond, WA area, and what I saw in Richmond doesn't compare.<br />* RE was all over the radio like is not heard in the US at all. Bill Good had an hour on housing. After that on another show I think on CBC Radio, callers kept turning the conversation to residential Real Estate, even though it wasn't even the topic at hand directly. <br /><br />Some history on my side, I was born and grew up in greater Vancouver, and have lived / worked in Richmond for a good deal of time and remember it well.<br /><br />By contrast a nice home in suburban WA around Seattle, in a decent school district would be $300-$400k range tops, quite possibly lower. Be clear, you can buy a new constructed home, in a great school district, good area in Seattle burbs in the lower $300's quite easily - this is no super deal. Homes that cost $525 in 2007 can be had for $299 in the burbs. This isn't a trade-off scenario but a 2nd home move-up for people. If you spend $500k now you will be amazed at what can be had in the Seattle burbs. I've had friends in Vancouver come and down to visit be absolutely perplexed and begin to try to understand the difference in price. There is however one topic that people steer away from, I assume for emotional reasons - The Vancouver Bubble. I'm heading up for a dinner with friends on the Canadian side of the border this weekend. It'll be interesting to observe if Real-Estate is topic #1 as has it was last year.<br /><br />CanAmerican<br />CanAmericanhttps://www.blogger.com/profile/13498944583802865163noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-2385508469988756372012-10-10T18:27:45.916-07:002012-10-10T18:27:45.916-07:00@Anonymous
Very encouraging words for any house h...@Anonymous<br /><br />Very encouraging words for any house horney 40 year olds.<br />Lets work our asses off for 20 or 30 years and hopefully then we can enjoy it, when we're 70.<br /><br />FAIL<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-58327576583662505892012-10-10T15:22:06.628-07:002012-10-10T15:22:06.628-07:00with no buyer in site should be with no buyer in s...with no buyer in site should be with no buyer in sightAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-27287489698075226582012-10-10T11:55:17.441-07:002012-10-10T11:55:17.441-07:00they better buy now before they are priced into th...they better buy now before they are priced into the market! Hahahahah.<br /><br />Humans.....only think of what happens 2,3,4 years. Not realizing that real estate is a 20-25 year (or longer) time frame.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-52387636867424105662012-10-10T11:51:04.782-07:002012-10-10T11:51:04.782-07:00No debating what's happening in Richmond real ...No debating what's happening in Richmond real estate. It's a race to the bottom.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-47208944681703493392012-10-10T11:21:34.347-07:002012-10-10T11:21:34.347-07:00Those cranes represent developers that have bought...Those cranes represent developers that have bought land already (maybe at inflated prices), spent a few years and $ getting rezonings, sold about 80% of pre-sales in order to get financing. All that momentum began before prices started falling.<br /><br />They have little choice but to keep moving.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-9426070252161808622012-10-10T09:56:33.890-07:002012-10-10T09:56:33.890-07:00All of these falling RE prices and there is appare...All of these falling RE prices and there is apparently a construction boom happening as we speak. Approximately 135 tower cranes in the city and more every week. Amid suggestions that developers/speculators need or want to cash in on the outrageously high RE by building more, as prices are already starting to tumble! Interesting recipe.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-43297340334085999862012-10-10T09:50:54.550-07:002012-10-10T09:50:54.550-07:00Thanks for the link.Thanks for the link.Whispererhttps://www.blogger.com/profile/03524022285962626228noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-29053075243674223852012-10-10T09:42:11.806-07:002012-10-10T09:42:11.806-07:00This article in The Tyee today seems to coincide w...This <a href="http://thetyee.ca/Opinion/2012/10/10/Chinese-Oil-Imports/" rel="nofollow">article in The Tyee</a> today seems to coincide with much of what has been posted here in the past.<br /><br />QUOTE:<br /><br />"Did China cook the debt books?<br /><br />Many reports have suggested that Chinese cities created financing entities to push the cost of this infrastructure off the books. According to a recent report by Northwestern University's Victor Shih, China's cities have taken on between 15.4 trillion yuan to 20.1 trillion yuan (or 40 to 50 per cent of China's GDP) leading some to question if China is hiding the mother of all debt bombs. While Western governments have provided stimulus through federal balance sheets, most of China's stimulus since 2009 has come through banks which took on $5.4 trillion in debt, 73 per cent of China's GDP in 2011."Anonymousnoreply@blogger.com