Going coastal

Aqua at Coastal Village

Well, let’s just say I’ve been writing for a lot longer than I thought I would. By now, I figured all would’ve gone to hell and I’d be set to retire. With no hype to deflate, it was gonna be time to shut ‘er down. But here we are in 2008 and the sky has shown no limit. The market is foaming at the mouth. Prices are as high as ever. The best I can do is shake my head, browse some ads, and spew literary venom at the merchants of shoebox homes.

Focus Real Estate Marketing brings us today’s fodder — a Squamish townhouse and condo project called Aqua at Coastal Village — and it’s a beauty. There’s no picture of the building in the ad, just two white-shirted common laws lounging barefoot on a dock. I can’t blame them. Dropping $362,000 for Squamish’s “best value” doesn’t leave much budget for shoes. (Though apparently there’s money for Lululemon; click the amenities link on the project website for a view of a lifestyle-living fashionista locked in the downward dog.)

I want my market crash. Now.

8 Responses to “Going coastal”

  1. The Publics Says:

    I was theorizing the other day on what kind of city Vancouver would be if a massive real-estate crash occurred. I think such a scenario would potentially produce some pretty amazing results.

    All of a sudden we would have Montreal-style rent without the painful winters, and while certain sectors of our economy would be crushed and move to Calgary overnight, the incoming economy would be a bizarre combination of SF and Berlin-style niché industries.

    Of course, there would thousands of depressed young professionals moping around and cursing their new-found mortgage-based slavery. Those types would probably bum the rest of us out pretty badly.

  2. Panda Says:

    It is rather sad to me to see the changes going on in Squamish. As for the ad, it doesn’t speak to me at all. I don’t want to live someplace where I am tripping over kids spread out on the boardwalk. And this “Your last opportunity” stuff makes me gag.

  3. mohican Says:

    What the heck is a “fully displayed show suite”?

    Were they hiding part of it before? Are they now showing the black mould that is growing in the walls? How about the flooring made from $50 bills? For goodness sakes, $460k for 1400 sq ft in Squamish the developer could certainly afford to wallpaper the suite with $20 bills!

  4. condohyper Says:

    I am fairly regular reader and so keep up the great site!

    I live west coast but I couldn’t believe my eyes when I saw: southbeachtoronto.com

    That’s the funniest thing I’ve seen in a while…are they serious?

  5. RE-anon Says:

    LOL…South Beach Toronto. Didn’t you know there were palm trees growing at Lakeshore and Parklawn? It’s the tropical oasis in the awkwardly inaccessible dead zone of Toronto!

  6. solipsist Says:

    Good evening Your Eminence.

    Just in case you haven’t seen the cbc marketplace piece on condo hyping. You may find some blogging fodder.

  7. patriotz Says:

    I was theorizing the other day on what kind of city Vancouver would be if a massive real-estate crash occurred.

    No need to theorize, just talk to someone who was around 25 years ago.

    All of a sudden we would have Montreal-style rent without the painful winters,

    No. Rents are determined by actual (not speculative) demand for housing, and incomes. This is why rents don’t track house prices, which these days are driven by speculation.

    Since a large part of the economy is driven by RE, you will get some decrease in rental demand, but don’t expect any significant declines in rent. There weren’t in the 80’s. You might see rents flat for a while though.

  8. doubt-it Says:

    Unlikely patriotz. The ’80’s bubble was over and done with far too quickly to trigger the massive construction boom of the current 7 year plus run-up. All these novice investors carrying multiple properties on the certainty of retiring on appreciation will be at each other’s throats bidding for tenants. Vancouver’s pop growth just isn’t that great.

    Re: Beaches South, when did it move from the east side, and west of east become south? If I remember the neighbourhood correctly you’ll never lack for companionship available on an hourly basis.

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