The media firestorm over the Surrey Quattro is burning hot. The local rags gave it major front-page treatment. Metro Vancouver — that “other” McPaper you read to avoid being social on the bus — used its headline to ask the only question that counts: Will buyers be getting their money back?
The answer is no, but this didn’t stop wishful thinking on the part of the speculators. Quattro buyer Claus Sandhack says it best:
The realtor who sold it to us phoned us up and told us the unit was on fire. We were happy. We thought we’re going to be able to get out. It cost me $308,000. In two years is it going to be worth $200,000? A $150,000?
As much as this comment is sad — really, Claus, you were “happy” the building was burning? — it’s an accurate reflection of what many pre-sale owners were probably thinking when they saw the flames. This is the nature of speculative markets. Nobody cares so long as money’s being made. Now that the party’s over, everybody’s looking for an exit.
Expect more of this.