We’re all buyers now

I’m not much of a fan of the Vancouver dinner party. I love my friends, especially my older ones, but I can’t stand the real estate talk at the table. Why we can’t we just enjoy eye contact and the fine flavours of chicken teriyaki? There’s no need for an exchange like this:

“What you do you mean you’re not gonna buy?”
“The numbers don’t make sense. I’m ahead by renting.”
“What? Prices can only go up.”
“Prices go up and down. It’s OK, I’m fine with renting.”
“You don’t know what you’re talking about. You need to get into the market.”
“Really, it’s alright. Can you pass the hot sauce?”
“Don’t change the topic. This is important.”

And so on. Fortunately this talk is less common now that local real estate is crumbling harder and faster than a Sarah Palin TV interview. I should give credit to my friend though. He went on to say that I would be buying whether I liked it or not. With taxpayers on the hook for the completion of the Olympic Village — which is part of the Millennium Water super development — I’m finally poised to “own” a piece of the condo action. Now that’s what I call Rennie Green!

19 Responses to “We’re all buyers now”

  1. jesse Says:

    From now on, never discuss religion, politics, or real estate at dinner parties. The last not because it instills hatred and adversity but it makes people lose their appetite when they think about how many HUNDREDS of K they will end up losing.

    There but for the grace of God, goes jesse.

  2. mk-kids Says:

    great post condohype!! i especially like the sarah palin slam, too funny. i think many of us can relate to the ” exchange” having had similiar at some point over the past year or two….

  3. Bubble Lad Says:

    Kind of makes you wonder about the “homeless crisis” we (wink wink) don’t have any tax money to solve. I guess we only have tax money for homeless yuppie dinks and Olympic specuvestor scum.

  4. Skye Says:

    I’m wondering what % of the Olympics boondoggle will be passed along in the form of property tax hikes. Maybe another reason to rent…

  5. rob bennie Says:

    Thank God for the market collapse…. a great excuse for Olympic cost overruns.

  6. ds7777 Says:

    is it just me or is that a picture from Stanley park looking at coal harbor?

    either way they must’ve picked this model for her body and not her face..

  7. s.p. Says:

    as i often do, i like to search on craigslist in real estate for the word ‘reduced’ or ‘new price’

    reduced: 370 returns
    “new price”: 195 returns

    hmmmm.

  8. Irish Order Says:

    Hey ds7777, I think the shot is from the south falsecreek seawall, just east of Granville Island (note the stonework paving) looking at the downtown core, from the leasehold, woodframe leaky condos and townhomes.

  9. blueskies Says:

    soon to be known as:

    “The Millennium Water Leak”

    you wanted green?

    how does algae fit the bill?

  10. condohype Says:

    Cute joke blueskies.

  11. Condo Abbotsford Says:

    Trying to sell 2010 eh!

  12. kabloona Says:

    Skye:

    Not to be excessively downbeat, but it took the good citizenry of Montreal about 30 yrs to pay off Jean Drapeau’s 1976 Olympic boondoggle.

    Best thing about 1976 was that Trudeau refused to put the Canadian taxpayer on the hook – unlike what Harpo has done for Gordo’s “Enrich the Whistler/Yuppie/Developer” Games of 2010.

  13. LB Says:

    Maybe I’m being a humourless stick in the mud today but the CoV is only on the hook if Millenium goes totally belly up which it has shown no signs of doing. Yeah the project is over budget, show me a major project in BC that isn’t. (Actually, the Canada Line isn’t, but still, being over budget is hardly shocking.)

  14. condohype Says:

    LB, you’re correct. Nothing’s been committed to as of yet. I guess that makes the graphic at the top of the post more of a “forward-looking statement” than representation of current fact. 🙂

    For more context, check out Frances Bula’s article from yesterday’s Globe and Mail.

  15. Greenhorn Says:

    LB said “I’m being a humourless stick in the mud today but the CoV is only on the hook if Millenium goes totally belly up which it has shown no signs of doing.”.

    LB, what are you talking about? Millennium is unable to meet their financial obligations and are now going to the city and their lender, looking for $100 million. If that is not a symptom of financial problems and possibly insolvency, then nothing is.

  16. octagonian Says:

    Great post, no better, or witty a document of the times have I read on a Van RE blog!

    I have actually “written off” a few friends because their obnoxious, noxious, agressive, greedy, grasping, arrogant, condescending and mocking attitudes pushed me over the edge. I could not bear to be in their RE obsessed and distorted reality: with HHI’s lower than my own in one case, these people undertook one and two million-dollar mortgages and roped elderly parents into brain dead condo deals that have now gone south on them. I suffered thru their mindless pontifications as a sullen bear, but now…

    …I almost miss these moronic ex friends only cuz I wish I could say “told you so”. Tho they are each the type to believe dogmatically and religiously that the bounce back is right around the corner.

    Bitter? Not any more!! :-()

  17. octagonian Says:

    Vancouver looks, for several reasons, the Olympic scam only one among them, to be headed for status as Canada’s highest taxed city for the next coupla decades.

  18. landlessinvan Says:

    I sure would like to know how much of the Millennium Water financing went towards Rennie’s marketing. There were double-page ads in the Chinese language newspapers, continuous advertising in the Vancouver Sun, Alaska Airlines Magazine, and many more places more numerous to mention. I figure the advertising budget easily adds $150,000 or more to each suite.

    The CHEAPEST prices offered on the first round of suites was over $900 a square foot, and these were facing 1st Avenue with not even a glimpse of waterfront. Wonder what they will want for the waterfront?

  19. Olympic Village deal demands disclosure « condohype Says:

    […] Friday. It made the covers of all the local newspapers. It’s worth pointing out readers of condohype knew about it on October 8 when I picked up on a report by Gary […]

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