Condo Boom Is Back!

[SethM]

Let's see if this ends up like another Rennie sales bust - i.e. like Olympic Village that had exactly same hype and claims of being sold out on first weekend, yet buyers dropped deals, hundreds of units turned out were NOT to sold on first weekend and it turned out it was all a lot of hype w/ no real substance....

Also, this is yet another example of LOCAL Chinese buyers, NOT from Mainland China, thus refuting the myth that it is foreign money fueling speculation in Vancouver real estate:

http://www.news1130.com/news/local/arti ... anada-line

One buyer, Cynthia Lam, says Marine Gateway has several things going for it.

"The SkyTrain station, and there's going to be a big Chinese supermarket - the T & T, nice view, reasonable price," says Lam who spent $464,000 on a two bedroom unit with her husband.

"We're just planning for retirement because we live in a house right now, so when we get old we won't be able to walk up and down stairs, so we bought a condo unit." <ie NOT from Mainland China, they already live here, in a house>

http://www.ctvbc.ctv.ca/servlet/an/loca ... lumbiaHome

"Stephen Tse, from Vancouver, only found out about the sale on Saturday morning. He managed to snag the very last unit, and intends to live in it after he retires."

415 condos sold. The media interviews the only 2 local buyers in the project (purposely staged to diffuse the Mainland Chinese/Foreigner buyer uproar by the locals) and you extrapolate that all 415 buyers are local and no Mainlanders have bought. Vanpro, doesn't your hypothesis sound a little absurd to you????

[jesse1]

Well, you don't pay PTT on a new sale, only on resales. So maybe $100k loss. I'd like to know the story though, maybe it's forced because of divorce or something else.

Maybe the owner couldn't get financing. No wait it's not 2014. My bad.

[MultipleOffer]

Well, you don't pay PTT on a new sale, only on resales. So maybe $100k loss. I'd like to know the story though, maybe it's forced because of divorce or something else.

your information is wrong. PTT applies to new construction AND resale unless you can get a FTHB exemption for properties under the ridiculously low threshold of $425k.

I've been in that particular unit in Capitol. Nice floorplan, beautiful finishes, good as new, never occupied but looks directly over granville street - way too noisy and 'neony' for most buyers. Despite how far below presale prices that one is, there was another exact same floorplan on a significantly higher floor - in the mid 30's i believe - that sold for what this one is asking. Seems even at $80k below assessed it is still way overpriced for today's market, and tough sale with the granville street outlook. Too bad for the original buyer.

[DAB]

I've been in that particular unit in Capitol. Nice floorplan, beautiful finishes, good as new, never occupied but looks directly over granville street - way too noisy and 'neony' for most buyers.

My friend who was looking in the building saw a similar unit on a bit higher floor. He said the building is nice, but he woudn't want to be facing granville street on a lower floor. The noise from the commodore ballroom can be quite loud at night.

[Warren12]

Sounds like another vote against presales (don't know exactly what you are getting into when it's a model in a showroom).

My mistake on the PTT, not sure why I had that impression. Although you can get a break in these circumstances:

transfers following bankruptcy
transfers resulting from marriage breakdowns

[vanpro]

Let's see if this ends up like another Rennie sales bust - i.e. like Olympic Village that had exactly same hype and claims of being sold out on first weekend, yet buyers dropped deals, hundreds of units turned out were NOT to sold on first weekend and it turned out it was all a lot of hype w/ no real substance....

Also, this is yet another example of LOCAL Chinese buyers, NOT from Mainland China, thus refuting the myth that it is foreign money fueling speculation in Vancouver real estate:

http://www.news1130.com/news/local/arti ... anada-line

One buyer, Cynthia Lam, says Marine Gateway has several things going for it.

"The SkyTrain station, and there's going to be a big Chinese supermarket - the T & T, nice view, reasonable price," says Lam who spent $464,000 on a two bedroom unit with her husband.

"We're just planning for retirement because we live in a house right now, so when we get old we won't be able to walk up and down stairs, so we bought a condo unit." <ie NOT from Mainland China, they already live here, in a house>

http://www.ctvbc.ctv.ca/servlet/an/loca ... lumbiaHome

"Stephen Tse, from Vancouver, only found out about the sale on Saturday morning. He managed to snag the very last unit, and intends to live in it after he retires."

415 condos sold. The media interviews the only 2 local buyers in the project (purposely staged to diffuse the Mainland Chinese/Foreigner buyer uproar by the locals) and you extrapolate that all 415 buyers are local and no Mainlanders have bought. Vanpro, doesn't your hypothesis sound a little absurd to you????

See prior posts on other threads quoting Rennie himself stating categorically that it is a MYTH that Mainland Chinese are buying condos here: he says it is a very minor 1% (1 out of 100 condos is what he said, I believe) - do you really want me to dig that up for you?

[jesse1]

Using selective quotes from Rennie, who to be frank is in the business of spinning facts to suit the goal of high sales at maximum price, seems strange to me. Nonetheless I expect most people in the lineup have significant ties to the Vancouver region. For me that's the test for "foreign" versus "local". I could care less where you live for most of the year but if you have lived in Vancouver and continue to visit to manage local interests and investments, you might as well be considered "local".

[red_lantern]

Condo boom isn't really back, it's just a perception from that one development. Actually sales are slipping and lots of unsold units to be had. You'd have to be crazy to think that you can buy pre-sale today and sell in 1 or 2 years for a great profit because you will be sadly dissapointed but lucky if you can break even at that time but probably would have to sell for a loss, especially if mortgage rates go up.

[SethM]

Let's see if this ends up like another Rennie sales bust - i.e. like Olympic Village that had exactly same hype and claims of being sold out on first weekend, yet buyers dropped deals, hundreds of units turned out were NOT to sold on first weekend and it turned out it was all a lot of hype w/ no real substance....

Also, this is yet another example of LOCAL Chinese buyers, NOT from Mainland China, thus refuting the myth that it is foreign money fueling speculation in Vancouver real estate:

http://www.news1130.com/news/local/arti ... anada-line

One buyer, Cynthia Lam, says Marine Gateway has several things going for it.

"The SkyTrain station, and there's going to be a big Chinese supermarket - the T & T, nice view, reasonable price," says Lam who spent $464,000 on a two bedroom unit with her husband.

"We're just planning for retirement because we live in a house right now, so when we get old we won't be able to walk up and down stairs, so we bought a condo unit." <ie NOT from Mainland China, they already live here, in a house>

http://www.ctvbc.ctv.ca/servlet/an/loca ... lumbiaHome

"Stephen Tse, from Vancouver, only found out about the sale on Saturday morning. He managed to snag the very last unit, and intends to live in it after he retires."

415 condos sold. The media interviews the only 2 local buyers in the project (purposely staged to diffuse the Mainland Chinese/Foreigner buyer uproar by the locals) and you extrapolate that all 415 buyers are local and no Mainlanders have bought. Vanpro, doesn't your hypothesis sound a little absurd to you????

See prior posts on other threads quoting Rennie himself stating categorically that it is a MYTH that Mainland Chinese are buying condos here: he says it is a very minor 1% (1 out of 100 condos is what he said, I believe) - do you really want me to dig that up for you?

Vanpro, you do know that Bob Rennie is a salesman right? His job is to herd buyers in a soft market which is a harder feat than rounding up feral cats. He has to talk out of both sides of his mouth.

Bob Rennie says it is a good time to buy right now and real estate prices in Vancouver are going to rise this year. Do you believe this too or are your beliefs about what Mr. Rennie says, selective only?

Let me tell you who the buyers are in Vancouver. RICH MAINLAND CHINESE. No one will tell you this because you can't handle the truth.

Vanpro, either you believe everything Mr. Rennie says or you believe none of it. Which one is it for you?

[Warren12]

Vanpro, either you believe everything Mr. Rennie says or you believe none of it. Which one is it for you?

Why does that have to be true?

As a Vancouver taxpayer I only wish Rennie was as successful with selling the OV as compared to Marine Gateway.

[unicas]

As a Vancouver taxpayer I only wish Rennie was as successful with selling the OV as compared to Marine Gateway.

Rennie will have a much easier time selling OV if they have a T & T planned there. LOL

[SethM]

As a Vancouver taxpayer I only wish Rennie was as successful with selling the OV as compared to Marine Gateway.

Rennie will have a much easier time selling OV if they have a T & T planned there. LOL

Yes, if OV had a T & T, a Bubble Tea cafe, a Congee restaurant and a Dim Sum restaurant, it would have sold out 5 times over. There is the lesson to be learned.

[SethM]

This blogger did a very thorough analysis of the Marine Gateway sell out:

http://whispersfromtheedgeoftherainfore ... cture.html

Lots of Marine Gateway condos are for sale now on Craigslist.

[Warren12]

So what was the presale price on this?

If you have 7 days to cancel with no commitment, it might not be a bad idea to try this. Lineup overnight, signup for a condo, flip your assignment for $10k. Like concert tickets...

[jesse1]

Warren12, I believe assignments have to be fed through the developer, and they take a big cut. That there is a 1 week cooling off period certainly removes all barriers from buying on a whim. Just be absolutely sure that cancellation is done by the book and on time.