This is the way the world ends

Sorry for being late to the party, friends. It’s old hat now, this news about the “levelling off” and “cycle change” now underway in Vancouver real estate. Since this broke I’ve been wrestling with the uncertainty of my fate, and reading lots of Nietzsche. This is the headline we’ve been waiting for. It’s the headline I’ve been writing towards. Now that it’s here, what does it mean for this blog? Is it time for me to bid farewell?

41 Responses to “This is the way the world ends”

  1. puhlaya Says:

    Ahhhh, no way!

    You’re way too darn funny and satirical to leave now.

  2. Kablooey Says:

    Where will you go? What will you do? Just don’t do anything rash.

  3. Provecho Says:

    Sure, things are flattening out, but the Vancouver market is still fantastically overpriced. It’ll be a loooong while before the price-salary ratio returns to anything reasonable.

    The ball is just finally now rolling. No need to get all existentialist just yet. I think that we’ve still got months and months of fun ahead of us!

  4. jesse Says:

    This is only Act III. We all know MacBeth dies in the end but I’m not going to walk out of the play now! Soon, condohype, your rhymes will be sought.

  5. yarb Says:

    Don’t be such a drama queen! The downturn will only inflame the hype!

  6. nofutureface Says:

    this isnt the end, just one more act in the ongoing drama/comedy/horror that is real estate in vancouver……youll be around for a loooooooong time…..

  7. buff_butler Says:

    This site has some of the best writing I’ve seen.

    Here in Edmonton we have been working through price declines. Theres been a lot of desperation from some of the builders so you’ll have some of the funniest gimics to write about. For example…

    http://greenborohomes.com/50homes/

    Theres way more money involved in Vancouver so I think it will be much worse.

  8. jesse Says:

    BTW, “cycle change” are Muir’s words. More dire headlines are sure to follow. The Sun reporters need not even use original material from now on. Just call up a colleague in a bubble city in the US, ask for some articles from 2006-08 and global replace “City X” with “Vancouver”. Then submit hours before the editor deadline and go to Steamworks for afternoon beers.

  9. blueskies Says:

    yes! the fat lady is on stage singing her tits off and when the lights go up will there be a standing ovation or a curtain call…..?

    or maybe everybody will rush to the exits for a fast getaway…..

    interesting times indeed.

  10. Simon Says:

    condohype, unless you anticipate condo marketing will be drastically more intelligent in the next few years, don’t plan on going anywhere!

    Love this blog.

  11. Bubble Lad Says:

    Don’t despair, Condohype. You may need to shift focus, but something tells me this has all just been the overture to the main attraction – detailing the slow motion car crash that will be the RE bubble popping.

  12. Ultraman Says:

    “the fat lady is on stage singing her tits off”

    You have to come to Condohype for funny stuff like that.

  13. Chrissy Says:

    35% OVERVALUED!!!!!!

    Hey Gang,

    Here’s a Globe & Mail article published today that features an interview with a Merrill Lynch economist stating Victoria and Vancouver are about 35% overvalued! Great to get an economist’s opinion outside of Cameron Muir (BCREA Chief Real Estate Cheerleader).

  14. macchiato Says:

    Dude, gonna need you to mock the ‘desperation hype’, stick around.

  15. Brian Says:

    It’s not time to hang up your blogging hat; just time to change your focus.

    Throughout the coming 2-5 years, the media and internet are bound to be flooded with premature-bottom-calling bears who are trying to stem their own losses by spreading falsehoods about the market not being able to fall any farther.

    You need to call these folks what they are: after a 15% drop they’ll be all over the news and internet claiming that real estate is somehow a huge bargain and everyone needs to buy before it’s too late. We need folks like you to provide balance!

    Don’t quit!!

  16. ROCK Says:

    He he, condohype, don’t be a drama queen wailing that the end is nigh; for the fun has only begun. We need your poetic justice more now than ever, because this is when the marketing machine of the Rennies, Macs and Jurocks of the GV and FV go from overdrive into desperate hyperdrive.

    In fact, about this time next year, I fully expect the hype to be at “ludicrous speed” and soon we’ll be into the plaid zone (this is when the CMHC blows up).

    I wonder which of the lying scoundrels will be first to call a “bottom” next month? My guess it will be someone out of the CMHC or LePage.

    On a more serious note, we should all be lobbying the MSM very hard to hold these real estate hacks accountable.

  17. Carioca Canuck Says:

    It is only going to get funnier and more absurd as the market slowly tanks…….keep up the good work.

  18. Mike Says:

    Keep on writing…it will be amusing to observe the ads of the condo marketers as they grow increasingly desperate.

  19. Larry Yatkowsky Says:

    Eisenhower noted that neither a wise nor a brave man lies down on the tracks of history to wait for the train of the future to run over him.

    It’s been a slice…… but, as others suggest, you sure do make me laugh.

    For that, I Thank You.

  20. montery Says:

    Condohype… I think you provide a valuable service: Pointing out absurdity and sloppy marketing hype. You are teaching (me, at least) the abysmal and the awful of Vancouver condo marketing.

    Your contributions are welcome and I look forward to your continued entries. If anything, I would actually like to see examples of GOOD marketing (if anything like that exists in Vancouver/BC) as a counterpoint.

    Thanks!

  21. dingus Says:

    Hey. c’mon! It’s just starting to get interesting! You can shift from skewering laziness/incompetence/arrogance of developers and marketers to skewering their desperation. You don’t want to miss the free toaster offers, the Brick-style savings “big tent events”, the kraaaazy late nite pitchmen, the condo sign twirlers, do ya? Tell ya what. You can quit when the first use of the word “BOGO” is used in a condo ad.

  22. Atom Says:

    I would agree that it’s not time to put up your hat and call it day… for one reason. As the markets decline, there will be “more” hype, like that recent one about “we will guarantee your condo up to 10%”

    When the ridiculous assertions in the ads stop, condohype stops. Until then… Just today, a co-worker said to me… “Hey you’re looking at buying a condo, right!? It’s a REALLY good time to buy now, as the market flattened and we even saw a few price decreases.”

    I said: “Why would I buy at the TOP of the bubble?”

    He said: “Oh, you’re waiting for it to decrease more?”

  23. chris Says:

    Ah yes, the sign twirlers. Last summer, I was driving through the outskirts of Reno. Zillion degree heat, you understand. So many balloons. So many teenage girls twirling signs to yet another exclusive subdivision. What will the Vancouver condo tower equivalent be?

    Don’t go away, Mr. Hype. There’s at least a year’s worth of fun before this will get old.

  24. dingus Says:

    A year? That’s it? Awww….

    We have to have something to do after the olympics. I had my heart set on the post-2010 assignment holder luge/biathalon. You know, where a bunch of keraaazzy specuvestors strap themselves onto a sled hurtling downhill at a kajillion mies an hour, then you ski up to them and shoot…

  25. Paulb Says:

    I very rarely actually LOL when reading but I do here. You are a riot, and I forbid you from leaving! 😉

  26. vomitingdog Says:

    Move into Direct Marketing!

  27. Charles Says:

    Please do keep posting!

    And during a downturn, I wonder what those Surrey condo ads will start to look like…

  28. Johnny33 Says:

    I’m sure it will still be interesting to post on all the projects going into receivership!!

    And all the crazy little things they’ll do to sell homes, like the guarantee for Morgan Crossing! 😉

  29. exx Says:

    Speaking of Morgan Crossing, Silverman on RET posted more details. Below in italics are some of those details.

    Commission incentives for realtors: “For 6 sales, more than $100,000”

    Subsidized Mortgages: After your home at Morgan Crossing is complete, Larco Investments Ltd. will subsidize your mortgage payments for twenty-four consecutive months.

    Free Parking Spots: If you have more than one car in your household, this could be for you. Larco Investments Ltd. will provide you at no additional cost an additional parking space. It’s a $15,000 value that will always stay with the value of your home.

    Morgan Crossing Genie only offers one wish: These offers apply to new purchasers only and each purchaser is limited to one of the three offers specified.

    I guess the 3rd option missing above is the 10% guarantee?

  30. Ted Says:

    How’s this for realtor hype?

    MLS: V727576

    Stop! This is it! Was rented unfurnished for $2,000 per month. Furnish it & rake in a much higher rent, or move in & live in style. In-suite storage (office?), 24 hour concierge, fitness centre & meeting room. View of the water & Robson Street. Close to everything. Hurry – you snooze, you lose!

  31. The Urban Dweller Says:

    No need to bid farewell Condohype. I’ll be bringing in many rich Chinese business men after the olympics to lift the market back up in no time flat.

  32. matchstick Says:

    Condohype,

    Another idea for the coming months: there will be many half-sold condo developments with sales agents ready and waiting for anyone to come down for a viewing of their “luxurious” or “state-of-the-art” apartments. There’ll be no registering for a viewing, and certainly no lining up the night before. Just wander down on a nice Saturday afternoon and see what the sales agent has to show you!

    Now, at the same time, you’ll be able to compare what you see regarding the layout, finishing touches, amenities, neighbourhood (and what the agent tells you!) with what the developers have stated on their websites and marketing brochures. How do they compare? I’m sure you’ll find many awesome juxtapositions.

  33. Ms.JonesSuburban Says:

    CondoHype, why do you plan to leave the party when it just started?

    Think of how much fun it will be to watch the developers marketing machine trying to sell their condos in the suburbs! With gas prices rising!

    Please, leave the party only when you see ads for “buy one condo and receive another one for free”

  34. mark Says:

    Ms.JonesSuburban: You are very correct. There are BRAND NEW condos (look honey! stainless steel appliances and granite countertops!) for rent in Chilliwack, Abbottsford, etc that are renting in the $700 to $800 range. Check out Craigslist. The smell of desperation is getting stronger. This is just starting to get good!

  35. mark Says:

    Sorry forgot the link:

    http://vancouver.en.craigslist.ca/apa/796529140.html

  36. mk-kids Says:

    It’s been a long time condohype… it appears this is how the world (of condohype) ends. Thanks for the laughs.

  37. dingus Says:

    whimper

  38. rob bennie Says:

    For Sale: One Used Blog.

    Exquisite Adjectives, Superlative Satire.
    Close to Everything. Far from Ordinary.
    Live, Work, Play, In your own spacious one column
    West Coast inspired domain.

    Sorry Mr. Hype, as long as there’s a Condo Guide
    there must be a Condo Hype.

  39. scullboy Says:

    Dude,

    I’ve said this on other blogs. We have just passed the top of the right, and the people in front can see the drop. THe laughing has stopped but the screaming has yet to begin. 🙂

  40. Johnnyrent Says:

    Conohype

    As an ad agency veteran (yes I had real estate clients a lifetime ago) I suspect that condo advertisements are going to become even more comical as this market unwinds like a cheap watch. Don’t abandon ship just when its going to get really interesting. Speaking of ships, about the only difference between this real estate market’s future and the Titanic, is that at least the latter had a live band.

  41. Condo Abbotsford Says:

    More fun is ahead as real estate market changes to normal conditions. You couldn’t expect it to grow at 10% a year for the next 50 years.

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