Comments on: Weekly Update

By: Tony Danza

Tony Danza — Thu, 15 May 2008 16:17:29 +0000

I’m sure it’s different in condos, but just looking around my SFW west side neighbourhood, i don’t see a bunch of flippers with beads of sweat and a shaking finger over the ejection button.

FWIW I have noticed a lot more new basement suites in my hood (PG near Byng) and from some of the convos I’ve had with my neighbours and acquaintances who’ve put in new suites they are basically in a rent out or die scenario (one guy on my soccer team said if he misses more than a months rent from his two suites he’ll be screwed). A lot of these folks received early inheritances or no interest loans from their parents to get into their places in the early 2000’s.

By: exx

exx — Thu, 15 May 2008 07:00:14 +0000

One of my sellers is so scared that he’s dropped from $599k to $524.9k

lol Jeff… I’ve been following that listing.

By: Jeff

Jeff — Thu, 15 May 2008 06:40:52 +0000

deals are getting done on well priced properties.

By: watching the market

watching the market — Thu, 15 May 2008 06:34:44 +0000

Good luck Jeff, things will no doubt be very tough for you guys until the sellers figure out what is really going on and either de-list and sit on the sidelines, or lower prices to get the deals done. Hopefully things will start to shake out sooner rather than later…..

By: WoW

WoW — Thu, 15 May 2008 06:21:29 +0000

Well, eventually some of them will sell (the right buyer comes along or the seller reduces) and you’ll get paid…stay in the game during the tough times, may hay during the good ones I guess…

the thing about condos is they are practically a commodity (similar, so if there are 20 units in the same blg for sale – its price that is the key differentiator)…your sellers will figure it out eventually.

By: Jeff

Jeff — Thu, 15 May 2008 06:17:43 +0000

I have never worked so hard in my life. I thought Real Estate was easy. I do so much to persuade my sellers to reduce and they meet me half way with half ass reductions. I’m getting 1 or 2 showings on these listings each week and the buyers have so much choice that my overpriced listings don’t stand a chance.

By: WoW

WoW — Thu, 15 May 2008 06:11:27 +0000

Jeff – why do the 4 suck – its always good to have listings, you never know….?

Seller who reduced – smart…he’ll thank you later.

In west side, I’m hearing of reductions in the hundreds of thousands (one for 1.5mm reduced to 1.2MM after no offers and desperate sellers – loads of folks ‘moved up’ to the westside…lets see what a few months does to the ‘price reduced’ population here….

Jeff – whats next?

By: Jeff

Jeff — Thu, 15 May 2008 06:09:30 +0000

I have 4 dead listings. They suck. And 1 new listing that I am open housing this weekend.
One of my sellers is so scared that he’s dropped from $599k to $524.9k

By: WoW

WoW — Thu, 15 May 2008 06:07:55 +0000

Jeff, please advise:

Why doesn’t Mr. Rennie just ramp UP his Marketing System – he has a system, so why is he not using it to get all the inventory gobbled up?

By: WoW

WoW — Thu, 15 May 2008 05:56:36 +0000

Betcha North Van total listings go from 885 right now to over 1,000 in the next 30 days.

Sellers have caught wind – somehow they have figured this out (or started to) and are now hitting the sell button….testing the market…whatever….nervous?

Jeff – are sellers getting nervous at all? Or do they really follow what is happening in any great detail?

Could you see realtors sitting in one of the 17,000 open houses this weekend, with few or no visitors coming through, or pure lookeeloos (like me!:)), thinking what the f’k am I going to do, I told the seller we’d have some offers, maybe multiple offers, by 6 pm tonight – can you see this scene play itself out? What does it look like?

Once again, I wish YOU the best, and glad that you’ve had some sales – you will do fine, but there is turbulence ahead….