Last 7 days..only going to look at list and sales...
North Shore:
139 New
12 back from the dead
62 sold
Whistler:
22 New
11 back
8 sales
Burnaby:
131 New
9 returning
69 in new hands
Squamish:
13 New
3 Old friends
6 in debtor's hands
Van West:
314 Virgins
20 Old hands
146 Bought for an arm and a leg
Coquitlam:
93 Freshly ground
8 stale but trying again
32 off to the chapel
Sunshine Coast:
28 pulled on
14 pulled back on
9 gone for now
Langley:
103 fresh as fallen snow
12 trampled a bit
38 shovlled up
Have a great week-end. May put a post up on Sunday, if not - enjoy the turkey or tofurkey or sweet and sour turkey or curried turkey or shish turkey or whatever tickles your fancy.
Friday, October 8, 2010
Tuesday, October 5, 2010
OK Vicky
OK first (sales/total listing/ MOI)
Central
221/ 5059 = 23
Northern
134/ 1663 = 19
Shuswap
143/ 1663= 29
All areas
413/ 9305 = 23
............................
Victoria
395/4300 = 11
From the Victoria RE Board
'A total of 395 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 425 sales in August. There were 776 sales in September of last year. '
Like we saw in Vancouver the average SFH price bounced a little , even as sales were down- half last years.
ie more expensive properties are selling. Though they are still down 10% from the peak and condos look like they are sliding down a very slippery slope.
All well into bear territory. Lets just go over that again. At CURRENT sales it will take two years to sell all the properties listed in the OK. That would mean the over-priced or crappy stuff never gets sold.
Central
221/ 5059 = 23
Northern
134/ 1663 = 19
Shuswap
143/ 1663= 29
All areas
413/ 9305 = 23
............................
Victoria
395/4300 = 11
From the Victoria RE Board
'A total of 395 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 425 sales in August. There were 776 sales in September of last year. '
Like we saw in Vancouver the average SFH price bounced a little , even as sales were down- half last years.
ie more expensive properties are selling. Though they are still down 10% from the peak and condos look like they are sliding down a very slippery slope.
All well into bear territory. Lets just go over that again. At CURRENT sales it will take two years to sell all the properties listed in the OK. That would mean the over-priced or crappy stuff never gets sold.
Monday, October 4, 2010
Detached HPI is Down!- Just added Fraser Valley numbers
What did uncle Fish tell you? I told you in several posts and comments that I expected HPI to be down, as the buying has moved to higher priced properties.
Well the REBGV numbers are out:
HPI - August $795,076 Detached
HPI- September $790,992 Detached
Attached is flat and apartments are up a tad, but detached is down nicely.
I would say prices are flat at best and that many areas have MOI which are in the double digits and are waiting for more seller anxiety to bring on price reductions.
...................................................................................
Fraser Valley Numbers Benchmark prices
Detached- down 0.5% fom August 2010. 3.3% higher than Septmeber 2009
Attached- down 0.8% from August 2010. 3.2% higher than September 2009.
Apartment- unchanged from August 2010. Down 0.3% from September 2009.
MOI = 9.5
Well the REBGV numbers are out:
HPI - August $795,076 Detached
HPI- September $790,992 Detached
Attached is flat and apartments are up a tad, but detached is down nicely.
I would say prices are flat at best and that many areas have MOI which are in the double digits and are waiting for more seller anxiety to bring on price reductions.
MOI= 7
Lets see what Fraser Valley, OK and Victoria bring.
...................................................................................
Fraser Valley Numbers Benchmark prices
Detached- down 0.5% fom August 2010. 3.3% higher than Septmeber 2009
Attached- down 0.8% from August 2010. 3.2% higher than September 2009.
Apartment- unchanged from August 2010. Down 0.3% from September 2009.
MOI = 9.5
Sunday, October 3, 2010
Disney Week at Someday Crafts
Hey Guys
I hope that you all have had a fantabulous weekend. Mine has been extremely eventful....let's just say that some little girls should have auditioned for the Poltergeist movie;o)
Just wanted to share some wonderful news with you all. I was contacted a few weeks ago by Michelle at Someday Crafts to see if I was interested in sharing my Disney Themed outfits that I made for S.R. She is hosting a Disney Week on her blog this week. Of course I said yes! Check my side bar for some of the outfits I made. Also, check out the Mickey Mouse Button on the right. It's a direct link to Someday Crafts! After checking out the other Disney themed items, make sure to check the rest of her blog out. You won't leave without being inspired!!!
I am not using my computer right now...it's a friend's, hence the lack of pictures and links. I am using a Mac...I have no idea what I am doing?!?!?!?:o)
Have a great day!!!
The Right Truth behind Donation
From time to time we hear about how rich people donate their wealth away. Some donate whole of their wealth, some half and some donate just enough to optimize their tax planning.
Most people would think that the rich has too much, hence they want to give some away since they can't use it anyway. That ... would be 20th century mind set.
The fact is ... the rich who donates, is not only rich, but also smart rich. Whatever they have now, they can continuously have it at anytime. Hence it doesn't really matter if they give anything away tonight, they will have it again tomorrow morning.
That would be the ultimate power of passive income, or smart income.
Once you know how much you 'really' need, you 'find a way' to keep your needs fulfilled without doing anything much. Then whatever extra comes in is the one you can easily donate away without filling any pinch. Yet many will feel much appreciated because it means the whole world to them.
So in short, you can really see which rich man has smart income in him and which rich man is barely surviving with his active income, by seeing the way they donate.
Now, let me ask .... do you think USA rich men is smarter or China's rich men ?
Saturday, October 2, 2010
Victoria is really not Amused
September 2010 .....Victoria hits 20 year low sales.
Less than half the sales of September 2009.
Same New listings as September 2009.
20% higher total listings than September 2009.
Does this sound like a strong market?
MOI 11
This is all happening with extreme low interest rates, and with a fairly robust economy. SO what's up? Basically things are just too expensive.
The wealthy can and do still buy. They aren't adding up the mortgage and the taxes and wondering whether they are paying 60 or 75% of their income to buy- which is why the average and median prices are moving up, even as sales collapse.
That doesn't mean that sales cannot come back, some RE agents expect them to, but if they don't and sales keep heading down - prices will follow.
.......................
This mortgage broker's blog is the one mentioned in the news report and worth reading. The 21st September entry is the one to read:
http://www.victoria-mortgages.com/blog
Friday, October 1, 2010
While we wait for September's numbers to come in From around the Province
We can cogitate a bit on what is happening with the City and Millennium. The story posted on other blogs is here.
Here is my thoughts, for the very little it is worth:
1) Millennium bit off too much. Not only the enormous Olympic Village, but developments on Vancouver Island, a tower downtown and a large development in West Van (Evelyn - designed by Arthur Erickson). All this was being done simultaneously. These guys were coming off some nice developments, Water's Edge in West Van and L'Hermitage Downtown so I guess they just carried away with their own hubris and ego and over-stretched.
2) Who is responsible? No one apparrently. It was just the financial crisis of 2008 , which by the way seems to have passed and we are at new highs in RE prices and yet this project is still a bust.
The Mayor and Councillors came out fighting today. They must percieve that there is going to be a big red hole and the quicker they are seen to be fighting hard to get back tax-payer's money the better for their political future. Until now everyone had been talking in very diplomatic and conciliatory tones, but the gloves are suddenly off.
So who is responsible? Well a developer in these agreements is responsible only to make the best deal for themselves. It is the responsibility of the City staff, councillors and advisors to make sure the sharks don't eat us...good luck with that!
The truth is the City of Vancouver was on the hook for this project as far back as 2002 when it was signed. Do you remember all the fanfare at the time about how this was a partnership with a private company and wouldn't cost the tax-payer anything except the land and they would be making money on that too! Wow. Amazing. Most other cities were driven to near bankruptcy by building Olympic Venues. But some of ours would be built for free, even a hefty a profit. Nice...lets have two.
Most of the senior staff who were there when the contract was signed are now out. Most of the Councillors are gone. Even those who apparently voted against it, did not speak up about the problems with the deal until it hit the fan (see the article).
BTW- why were so many of the meetings held in camera regarding this deal. I think it gives local politicians a sense of importance to have these oh-so-secret-the-national-security-is-at-risk meetings. In my experience the decisions that come out of these meetings are invariably BAD!
What is still a mystery to me, is what legal and financial advice the CoV got. Hopefully they did get some and did not just depend on staff and their own hunch on the matter.
If they did, What is the liability of these advisors Anyone have the energy to contact the city and get this information, or have we have all sank into whining apathy.
3) Ok so what now? Struggling developer with many diverse assets + dropping sales + unsold OV + complex agreement + $500 M or more on the line = Bonanza for lawyers.
What if the City takes a really big bath on this? Cut services, borrow money, raise taxes? What will they do.
My vote is to make Jacques Rogge and his merry band of Olympic glad-handers take them off the books. In fact Gregor Robertson should fly to Switzerland (now that he is back from China) and ask Jacques to buy an apartment each for all his Olympic committee members for all their hard work. They don't have to actually take possession, they can just rent them out like most of the other specuvestors in this town, and Voila the problem is fixed.
It should just be chump change for the Olympic Committee.
Next post- how should we tax homes.
Here is my thoughts, for the very little it is worth:
1) Millennium bit off too much. Not only the enormous Olympic Village, but developments on Vancouver Island, a tower downtown and a large development in West Van (Evelyn - designed by Arthur Erickson). All this was being done simultaneously. These guys were coming off some nice developments, Water's Edge in West Van and L'Hermitage Downtown so I guess they just carried away with their own hubris and ego and over-stretched.
2) Who is responsible? No one apparrently. It was just the financial crisis of 2008 , which by the way seems to have passed and we are at new highs in RE prices and yet this project is still a bust.
The Mayor and Councillors came out fighting today. They must percieve that there is going to be a big red hole and the quicker they are seen to be fighting hard to get back tax-payer's money the better for their political future. Until now everyone had been talking in very diplomatic and conciliatory tones, but the gloves are suddenly off.
So who is responsible? Well a developer in these agreements is responsible only to make the best deal for themselves. It is the responsibility of the City staff, councillors and advisors to make sure the sharks don't eat us...good luck with that!
The truth is the City of Vancouver was on the hook for this project as far back as 2002 when it was signed. Do you remember all the fanfare at the time about how this was a partnership with a private company and wouldn't cost the tax-payer anything except the land and they would be making money on that too! Wow. Amazing. Most other cities were driven to near bankruptcy by building Olympic Venues. But some of ours would be built for free, even a hefty a profit. Nice...lets have two.
Most of the senior staff who were there when the contract was signed are now out. Most of the Councillors are gone. Even those who apparently voted against it, did not speak up about the problems with the deal until it hit the fan (see the article).
BTW- why were so many of the meetings held in camera regarding this deal. I think it gives local politicians a sense of importance to have these oh-so-secret-the-national-security-is-at-risk meetings. In my experience the decisions that come out of these meetings are invariably BAD!
What is still a mystery to me, is what legal and financial advice the CoV got. Hopefully they did get some and did not just depend on staff and their own hunch on the matter.
If they did, What is the liability of these advisors Anyone have the energy to contact the city and get this information, or have we have all sank into whining apathy.
3) Ok so what now? Struggling developer with many diverse assets + dropping sales + unsold OV + complex agreement + $500 M or more on the line = Bonanza for lawyers.
What if the City takes a really big bath on this? Cut services, borrow money, raise taxes? What will they do.
My vote is to make Jacques Rogge and his merry band of Olympic glad-handers take them off the books. In fact Gregor Robertson should fly to Switzerland (now that he is back from China) and ask Jacques to buy an apartment each for all his Olympic committee members for all their hard work. They don't have to actually take possession, they can just rent them out like most of the other specuvestors in this town, and Voila the problem is fixed.
It should just be chump change for the Olympic Committee.
Next post- how should we tax homes.
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