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It is all the Developer's fault

Recs

12

February 21, 2009 – Comments (0)

Hmmm, now where have I seen the argument that those selling to the price the market will bear are responsible for the devaluations in the past????

I have been checking Vancouver's market online and resalers are not bring their prices down the way developers are according to the article.  It seems to me resellers are only down 10-15%.

"I never imagined it would be so drastic, so fast," he says, seated in a downtown Starbucks. "People are coming through to see our apartment... but everyone is just waiting, waiting, waiting. Now you have developers blowing away properties at 40 per cent. No one is wanting to buy because they are waiting for these deals to come out. They are devaluing the whole Vancouver market, actually."

 The guy agreed to buy 2400 sq ft for 1.5 million ...

But ugly, really ugly, if you bought a second property with plans to sell your first developers have legal rights to go after your assets in your first property if you think you can just walk away...

And look at that couple that put down a 25% non-refundable deposit...  The developer then selling 25% less.  Personally if you look at the price it is still very unaffordable, but what a rip-off for people who put down good deposits...

The Vancouver market got to something like 8.2 times average family income, about 2.5 times what is considered affordable.  People are finally looking at the market with some realism.  40% off would still be about 50% more then what is affordable...  Unless you've made something on a bubble of some kind it would be very hard to manage through wages...

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