News   Jul 19, 2024
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News   Jul 19, 2024
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Baby, we got a bubble!?

http://www.theglobeandmail.com/repo...ye-on-canadian-housing-market/article2280838/

Link to a new item in The Globe and Mail. IMF casts nervous eye on Canadian Housing Marke

"A collapse in housing prices would be a serious blow to the economy because of the link between consumer demand and household wealth."

I feel that the Government will do everything in its power to prevent collapse in housing prices.

What say you?
 
Holiday Foreclosure

Here is a unit under Power of Sale at the Festival Tower

http://www.realtor.ca/PropertyDetails.aspx?&cul=1&propertyId=11414778&pidKey=1957100918

General Description

*** Power Of Sale *** Vacant, Never Lived-In, $57094.80 Spent In Upgrades - See Attachment - Festival Tower, Home Automation And Sound Package In Every Room, Electric Blinds, Fireplace, Radiant Floor Heating, Jacuzzi Tub, Fitness Centre, Sports Lounge, Yoga/Pilates Studio, Roof Top Sundeck,Sauna, Indoor Pool, Cinema, The Jolie 1 Br + Study **** EXTRAS **** Listing Agent Has Interest In The Property, Please Bring Disclosure
 
I really don't understand these MLS ads.

Here is a unit under Power of Sale at the Festival Tower

http://www.realtor.ca/PropertyDetails.aspx?&cul=1&propertyId=11414778&pidKey=1957100918

General Description

*** Power Of Sale *** Vacant, Never Lived-In, $57094.80 Spent In Upgrades - See Attachment - Festival Tower, Home Automation And Sound Package In Every Room, Electric Blinds, Fireplace, Radiant Floor Heating, Jacuzzi Tub, Fitness Centre, Sports Lounge, Yoga/Pilates Studio, Roof Top Sundeck,Sauna, Indoor Pool, Cinema, The Jolie 1 Br + Study **** EXTRAS **** Listing Agent Has Interest In The Property, Please Bring Disclosure

I really don't understand these MLS ads. What disclosure shell I bring? How do I see the PoS Attachment? No information about the size of the suite.

Do you guys think that this agent wants to sell the condo or it is just a sort of trick?
 
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627 sq.ft. unit, north facing with small 49 sq.ft. balcony. $479,900.
The listing also mentions "Listing agent has interest in the property." So the agent may possibly be the owner of the unit?
Sounds fishy.

It's a great condo in an excellent location with probably the nicest amenities around. However I can't get over how small and expensive most of these units are.
 
I really don't understand these MLS ads. What disclosure shell I bring? How do I see the PoS Attachment? No information about the size of the suite.

Do you guys think that this agent wants to sell the condo or it is just a sort of trick?


GEnerally, those remarks are for the buying agent. An attachement to the agent version of MLS probably discloses the full details. He's probably a part owner.
 
Don't lose sight of the fact that this unit is in power of sale proceedings. For all intents & purposes the bank is the owner of this unit and the sale is resulting from the borrower's default.
 
627 sq.ft. unit, north facing with small 49 sq.ft. balcony. $479,900.
The listing also mentions "Listing agent has interest in the property." So the agent may possibly be the owner of the unit?
Sounds fishy.

It's a great condo in an excellent location with probably the nicest amenities around. However I can't get over how small and expensive most of these units are.

Yep. It's like 600 sq ft is the new 800 sq ft.
 
627 sq.ft. unit, north facing with small 49 sq.ft. balcony. $479,900.
The listing also mentions "Listing agent has interest in the property." So the agent may possibly be the owner of the unit?
Sounds fishy.

It's a great condo in an excellent location with probably the nicest amenities around. However I can't get over how small and expensive most of these units are.

at almost $800 psf, WAY OVERPRICED !

i wonder if it truly is a power of sale ...
weren't the original selling prices at VIP sales around $600 psf?
 
at almost $800 psf, WAY OVERPRICED !

i wonder if it truly is a power of sale ...
weren't the original selling prices at VIP sales around $600 psf?

Maybe it's just a marketing ploy like in that Adam Sandler movie 'Zohan' where the electronics store was called 'Going Out of Business'.
 
Prices in the later phase of sales were at higher prices. It was starting in the $750+ psf. I thought the prices were pretty crazy then. But I guess some people bought in.
 
Prices in the later phase of sales were at higher prices. It was starting in the $750+ psf. I thought the prices were pretty crazy then. But I guess some people bought in.


perhaps, but the seller is a R/E agent so why wouldn't he/she have bought at VIP opening to R/E agents / friends / family / etc.


from February 2007 ... and that's the public notice so the VIPs might have even got it cheaper.:

I got mail on Friday from the good folks at Festival Tower, telling me that final touches are being applied to the suite designs, and that...

suites will range in size from approxiamtely 500 square feet upwards

and that they will be priced

from the $300,000s to about $2.3 Mil or so.

That makes the smallest suite at least $600 per square foot.

Yipes. I think I'm bowing out...

42
 
I can't really prove the price I saw because I threw the price list away. But it was pretty high I'm sure. It was after VIP and their second stage of sales. The building was already under construction and they set up a presentation centre where Cinema Condo is being built currently. I was curious about the price for the building so I went to check it out.

If you're interested, I do have a price list for Monde. They're asking pretty crazy prices for an up and coming area.
 

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