tag:blogger.com,1999:blog-5936637281134795592.post5450198679697508124..comments2024-03-08T08:55:52.985-08:00Comments on Whispers from the Edge of the Rainforest: Three Harbour Green marketing firm responds to our post questioning "Sold Out" statusUnknownnoreply@blogger.comBlogger41125tag:blogger.com,1999:blog-5936637281134795592.post-12649147408271531512013-03-17T06:03:44.725-07:002013-03-17T06:03:44.725-07:00Anonymous, holding back inventory as a sales tacti...Anonymous, holding back inventory as a sales tactic to manage prices scales just fine, and works on any level, whether entire city blocks, or a 10 unit development.<br /><br />My stance is the same as many posters here, even taking Mr Wong's statements at face value; that is why are there still outstanding contracts a year after completion? They don't sound very sold to me. The cynic inside me says if you were to come to them with a suitcase of money to buy a unit, one would "magically" become available to you, as some itchy pre-sale buyer gets released from his contract.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-16492587679393157322013-03-15T15:45:00.254-07:002013-03-15T15:45:00.254-07:00Personally I think you caught them in a lie and th...Personally I think you caught them in a lie and they've given a vague, catch-all answer to save face.<br /><br />I give Wong credit for contacting you directly to offer his explanation, but I just don't see all those units selling that quickly while the Penthouse languishes on the market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-14852815837673023252013-03-14T20:13:26.445-07:002013-03-14T20:13:26.445-07:00Certainly doesn't look like anyones lived in i...Certainly doesn't look like anyones lived in it. A couch and a couple of kitchen chairs. I guess they only bothered with those so a potential buyer can sit down for while.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-31667669636684384682013-03-14T20:08:18.227-07:002013-03-14T20:08:18.227-07:00Penthouse hard to flip. One bedroom, two bedroom n...Penthouse hard to flip. One bedroom, two bedroom not so much.Ying Mi Yangnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-90234633183013636462013-03-14T18:05:49.328-07:002013-03-14T18:05:49.328-07:00And they bought everything except the penthouse? I...And they bought everything except the penthouse? I don't believe that. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-12612544681990204142013-03-14T17:49:30.436-07:002013-03-14T17:49:30.436-07:00Lets take another look.
Did flippers buy Three? M...Lets take another look.<br /><br />Did flippers buy Three? Maybe<br /><br />http://www.motsang.com/ActiveListings.php/Details/146#viewdetail<br /><br />http://www.motsang.com/PrintPDF.php?listingid=146<br /><br />Maybe not<br /><br />The data relating to real estate on this web site comes in part from the MLS Reciprocity program of the Real Estate Board of Greater Vancouver. Real estate listings held by participating real estate firms are marked with the MLSR logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver. Copyright 2013 by the Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board, Chilliwack and District Real Estate Board, BC Northern Real Estate Board, and Kootenay Real Estate Board. All Rights ReservedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-68188263921903468912013-03-14T17:49:15.711-07:002013-03-14T17:49:15.711-07:00Some guy flew in from HK or China and bought them ...Some guy flew in from HK or China and bought them all as a block at a discount rate; lawyers still closing the deal. Aspac probably already broke even somewhere between 60-80% of sale, so no rush for them.<br /><br />Projects like Coal Harbour and Concord were making profits in the 90's when prices were less than half what they are now. Certainly construction costs are up since then, but one can only wonder what profit margins these guys are making now.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-14891790954067603782013-03-14T17:22:48.254-07:002013-03-14T17:22:48.254-07:00Well, the units may well be under contract. Time w...Well, the units may well be under contract. Time will tell.<br /><br />Interesting to know the debt structure of the builder. And/Or the lender's name(s).<br /><br />I sure would not want to be in the supply/construction biz in the Lower Mainland right now.<br /><br />Three built be Aspac<br /><br />http://www.buzzbuzzhome.com/db/aspac<br /><br />Aspac now developing<br /><br />http://www.rivergreen.com/<br /><br />Now Selling? But not on MLS<br />http://www.realtor.ca/map.aspx#acr:false;ac:false;baths:0-0;beds:0-0;fp:false;gar:false;pmin:0;pmax:0;rmin:0;rmax:0;openh:false;pool:false;stories:0-0;buildingstyle:;buildingtypeid:;viewtypeid:;waterfront:false;forsale:true;forrent:false;orderBy:A;sortBy:1;LisStartDate:;mapZ:17;page:1;mapC:49.173497455676035, -123.1552952528;curView:;curStyle:r;leftMin:false;rightMin:false;chkSchl:false;chkTran:false;chkPol:false;chkMed:false;chkWrk:false;chkFire:false;chkAll:false<br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-35161260855187800462013-03-14T15:49:18.582-07:002013-03-14T15:49:18.582-07:00Do rich people actually find prospective propertie...Do rich people actually find prospective properties via the mass media? If I was forking out 22 mill for a penthouse I'm sure I'd have a snotty, exclusive RE agent with the inside scoop on all suitable properties, regardless of whether they are available or not. I've always thought the ads in the papers for outrageously priced properties are weird, some sort of manipulative gimmick to keep the serfs drinking the kool-aid. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-75770696767649982642013-03-14T13:53:32.441-07:002013-03-14T13:53:32.441-07:00Your point is well taken. Developers hold inventor...Your point is well taken. Developers hold inventory back by not developing land, as both these Marathon lands and Concord Pacific have done, bringing on one tower at a time. Developers also watch each other and do not try to bring on too many units in an area at the same time. Having these large land parcels owned by two developers has help to create scarcity. (Which is also why they love NIMBY's)<br /><br />However, once the ball starts rolling on a project thru rezoning and construction there no incentive to hold back on pre-sales. Holding back 10 or 20 units in a building is nothing in a market where they've carefully managed the absorption of 2,500 units (Marathon) or 10,000 units (Concord).<br /><br />PS. And how many development firms aren't owned by HK tycoons? (Okay there's the Italians, but that 's about it)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-29848361103168236182013-03-14T13:33:51.470-07:002013-03-14T13:33:51.470-07:00Developer's don't let pre-sale buyers off ...Developer's don't let pre-sale buyers off the hook that easily. They'll sue you if you don't close, or else the pre-sale buyer has to try to find some loop hole to get out, as the buyers at the Georgia project are trying to do.<br /><br />If the market's up, they'll probably more easily give the buyer their deposit back as they can sell the unit for more. But, if the market's down, as it is now, I doubt that the developer would happily hand the deposits back. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-23382446148001783272013-03-14T13:00:38.083-07:002013-03-14T13:00:38.083-07:00You may find it an irrational thing for the develo...You may find it an irrational thing for the developer to do, but that's indeed what many developers do in Hong Kong (unlike here, property ownership is public information in HK so you know exactly who owns what.) They will do whatever to keep the prices inflated, and not selling their inventory is only one tactics. They have the willingness and the means to do it, as these companies' balance sheet can tell you.<br /><br />And you must know that Aspac is owned by a HK property tycoon.<br /><br />another value investorhttps://www.blogger.com/profile/07659083327214275843noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-24621934741148187542013-03-14T12:41:45.178-07:002013-03-14T12:41:45.178-07:00"Maybe trying to get out or trying renegotiat..."Maybe trying to get out or trying renegotiating the price."<br /><br />Again, in the real world, if the buyer were not able / willing to complete by a specific date, which should be sometime before today, then the buyer's deposit is forfeited and the developer re-lists it for sale.another value investorhttps://www.blogger.com/profile/07659083327214275843noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-45494222834772139652013-03-14T12:23:23.228-07:002013-03-14T12:23:23.228-07:00But this corrupt money doesn't purchase the cr...But this corrupt money doesn't purchase the crown jewel, the penthouse?<br /><br />Historically the hardest unit to sell is the one below the penthouse, but in this place everything sells but the penthouse?<br /><br />And supposedly the surge in sales is to corrupt Asian money out of China but they don't buy the penthouse?<br /><br />This gets fishier and fishier with each passing moment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-53864678308647637802013-03-14T12:19:24.771-07:002013-03-14T12:19:24.771-07:00I suspect that a few foreign buyers purchased mult...I suspect that a few foreign buyers purchased multiple units, as a means of moving corrupt money out of China. They also have every intention of re-selling these units, most likely through the developer as an assignment of contract. Therefore, the completion dates for these "sold" units may be a year or two down the line.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-60811117131670321582013-03-14T12:17:15.203-07:002013-03-14T12:17:15.203-07:00When almost 40% are suddenly are purchased after t...When almost 40% are suddenly are purchased after they told the Vancouver Sun on Nov 26th they hadn't sold - even five years after sales began... then something is wrong.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-53392104108992027962013-03-14T12:10:05.780-07:002013-03-14T12:10:05.780-07:00Geez, just because they got buyers delaying closin...Geez, just because they got buyers delaying closing doesn't mean this is some conspiracy theory. If 3-6 months from now these buyers have wiggled out, that will be news, but it doesn't mean Wong or Aspac are liars.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-90791851063857292642013-03-14T11:51:35.199-07:002013-03-14T11:51:35.199-07:00I'm beginning to think that "sold" i...I'm beginning to think that "sold" is a four letter word...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-83265815985273983422013-03-14T11:39:24.057-07:002013-03-14T11:39:24.057-07:00Bullshit. PR spin, pointless taking a manipulator&...Bullshit. PR spin, pointless taking a manipulator's damage control attempt as fact. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-40038194399758389712013-03-14T11:39:21.708-07:002013-03-14T11:39:21.708-07:00And to think that this little corner of the blogsp...And to think that this little corner of the blogsphere has got the BC Real Estate on their toes.<br /><br />Good work Whisperer, glad to see someone keeping these guys accountable.<br /><br />This story should be revisited in 3-6 months to see if the units closed. If they have not then Mr. Wong should be held accountable for the above statement. Davehttps://www.blogger.com/profile/08956155381690841710noreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-36577913103761577682013-03-14T11:26:03.557-07:002013-03-14T11:26:03.557-07:00This is pointless, suggesting this guy is a liar b...This is pointless, suggesting this guy is a liar by innuendo and thinking you'll get an inside look at these transactions. The problem is the real estate industry is opaque. It's private transactions between developers and wholesalers who horde product and hold pricing up and/or sell to offshore buyers moving money into Canada against their home country rules. <br /><br />The people who suffer are the buyers tied to local economy who believe local demand is driving prices or that one day prices will reflect local incomes & wages.<br /><br />Good for Mr. Wong. He has firm contracts and deposits in place and now can move on to his next project. He has shown you the wall, which you are not permitted to look behind, and the door at the same time. macnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-26517779744866163332013-03-14T11:17:53.388-07:002013-03-14T11:17:53.388-07:00Developers build buildings to sell units, they don...Developers build buildings to sell units, they don't build buildings to not sell units. If they still had these units unsold they wouldn't say that there weren't any for sale.., defeats the purpose. They might say that there are only a few left, hurry on down, or some such thing, but not that they're gone. Especially as this was their last Phase.<br /><br />But, it is very interesting that Aspac seemed to be taking a while to close on these deals, usually pre-sale buyers take possession upon completion. That is a very interesting piece of information.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-29362507202169040922013-03-14T10:54:17.688-07:002013-03-14T10:54:17.688-07:0070% pre-sold would probably be enough to get finan...70% pre-sold would probably be enough to get financing and start building, so it doesn't seem like an unreasonable figure at that time.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-32700407282314422772013-03-14T10:51:19.751-07:002013-03-14T10:51:19.751-07:00Perhaps, since Coal Harbour prices have tanked in ...Perhaps, since Coal Harbour prices have tanked in the last year or so, these buyers were being sticky about closing. Maybe trying to get out or trying renegotiating the price.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5936637281134795592.post-21837972385797220942013-03-14T10:43:15.746-07:002013-03-14T10:43:15.746-07:00Yeah... because a development company isn't go...Yeah... because a development company isn't going to say 'boo' when a major daily newspaper incorrectly states the building is 30% unsold after five years... but that same company is going to jump all over a blog when it questions the sales figures.<br /><br />LOLAnonymousnoreply@blogger.com