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anyone seen Turbo Chen and Michelle Yu signs along Granville and oak street?
literally every houses on those street have one of them name on it.

i wonder how much they make yearly....

Quote:

Originally Posted by ImportPsycho (Post 8643256)

anyone seen Turbo Chen and Michelle Yu signs along Granville and oak street?
literally every houses on those street have one of them name on it.

i wonder how much they make yearly....

More than a surgeon I bet

Michelle Yu is everywhere, she definitely makes a 7 figure income.

Turbo actually don't own those listings, got a hook up to stick his name on Oak St to get some self advertising.

Quote:

Originally Posted by ImportPsycho (Post 8643256)

anyone seen Turbo Chen and Michelle Yu signs along Granville and oak street?
literally every houses on those street have one of them name on it.

i wonder how much they make yearly....

If I were asian and I knew another asian bro with the name Turbo Chen I would call myself Nitrous Wong and try and make friends with him

I'd just like to say something in SUPPORT of asians in Vancouver.

This group: Keep Vancouver Spectacular | City of Vancouver

I've seen them around town. Not once have I seen anyone but asians. Every single time it is friendly young asians who wander into the shittiest parts of Gastown+the DTES and clean up. Mega-respect for them. I bet you'll never find a Kitsilano hot white girl or a Prince of Point Grey bro down here cleaning up!

Every day I want to put effort into giving back to where I live, so whenever I go for a ride I have been cleaning up garbage I find. I do not pick up needles, but thank goodness I haven't found one at Stanley park... yet.

http://i.imgur.com/51tDM7I.jpg
http://i.imgur.com/aLXXJpS.jpg
http://i.imgur.com/QJYsEbg.jpg

Some fucking 2014 top-bun hipster tossed a lit cigarette at the beach while I was picking up slurpee lids and the cherry almost hit me. I yelled "Get fucked, haircut" and was satisfied with his shocked facial expression.

http://i.imgur.com/1FILcdI.jpg

I love it here but people's attitudes stink!

Thank goodness a good sepia-tone photo is a great cure for the blues.

Quote:

Originally Posted by Gululu (Post 8643146)

http://i.imgur.com/P63Ygtq.jpg
http://i.imgur.com/WmzFN85.jpg

show you guys just a fraction of Chinese buying power :hotbaby:
this was yesterday, in richmond, a bus carrying 2 dozen families from China part of tour group (all visitors) specifically to purchase your real estate.

and they're welcome to it, if that's what they really want.

rents are, to a degree, controlled and can only raise so much, never raising above what the market will allow.

yes, renting is not a perfect solution to some, but in the end of the day, why worry about what others do. especially when it's largely a media fueled campaign to get people to buy stuff, houses, newspapers, news stories, hatred, whatever.

Fuck...how come i haven't seen any Hot Halfers in Vancouver yet?..is it against some Chinese law?? :suspicious:

Quote:

Originally Posted by Gululu (Post 8643146)

show you guys just a fraction of Chinese buying power :hotbaby:
this was yesterday, in richmond, a bus carrying 2 dozen families from China part of tour group (all visitors) specifically to purchase your real estate.

Shit, more power to them.

Also, semi on-topic. but there's some grumblings in Miami of foreigners inflating property values:

Miami Association of Realtors | Miami Brazil Investments

Not Chinese :D

^ Hahaha... WTF... someone went to University and got paid to write that...

Quote:

Originally Posted by ImportPsycho (Post 8643256)

anyone seen Turbo Chen and Michelle Yu signs along Granville and oak street?
literally every houses on those street have one of them name on it.

i wonder how much they make yearly....

so if a realtor wants to show me some properties i can finally ask "does it have Turbo?"

Quote:

Originally Posted by multicartual (Post 8643389)

http://i.imgur.com/QJYsEbg.jpg

the glasses, unhappy face, and crash helmet remind me of bubbles
https://s-media-cache-ak0.pinimg.com...390fb5583b.jpg

Quote:

Originally Posted by superdennis (Post 8643338)

Michelle Yu is everywhere, she definitely makes a 7 figure income.

Turbo actually don't own those listings, got a hook up to stick his name on Oak St to get some self advertising.

You mean Michelle "land assembly" Yu? More likely in the 8 figures bro.

https://www.biv.com/article/2015/4/b...housing-booms/

Michelle Yu could be a .1/10 and still be wife material. :lol

Michelle Yu is so rich, she probably busts her husband's balls so hard if he doesn't make more

Vancouver?s housing crisis: No, not like before, and not like anywhere else (except Hong Kong) | South China Morning Post

Quote:

Try discussing Vancouver’s affordability crisis with enough baby boomers and you’ll probably encounter two corrosive falsehoods.

The first states that Vancouver might be unaffordable, but it’s been like this before. The second states that even if Vancouver has become particularly unaffordable recently, other “world-class” cities are being hit to the same degree everywhere, and Vancouverites should get used to it, because it’s the new normal.

For full effect, these sage observations are best delivered with a worldly sigh. Maybe a kindly pat on the head.

The subtext is that Vancouver’s pampered millennials should stop whining about the fact that their city’s real estate is now the second-least affordable in the world. Sometimes it’s not even the subtext. Sometimes it’s the actual text.

The problem is that both positions betray a disregard for facts that is either woefully ignorant or wilfully self-serving.

Quote:

Originally Posted by multicartual (Post 8643866)

Michelle Yu is so rich, she probably busts her husband's balls so hard if he doesn't make more

So does that mean Carrie Underwood busts Mike Fisher's balls? Cuz even though he is a professional hockey player, I'm sure his wife makes more money than he does. :troll:

not sure if she busts his balls...but i'm sure she helps him bust a nut :badpokerface:

Quote:

Originally Posted by MR_BIGGS (Post 8643810)

You mean Michelle "land assembly" Yu? More likely in the 8 figures bro.

https://www.biv.com/article/2015/4/b...housing-booms/

I'm sure the money is real good but don't make it so glamorous.

Land assemblies don't come often and it's often alot of leg work to get a 8 figure deal.

Vis-a-vis with these efforts the commission is approx 2% if you are agent on both ends or 1% per side (seller agent and buying agent).

With all this said don't forget she has a team of staff that's on her payroll, add in deal, desk, agency, insurance, realtor membership.

So you get the idea.

She's done 20 land assemblies in her career. That's one each year since 1995.

Maybe not an annual 8 figure income, but she's making serious coin.

Quote:

Vancouver inventory squeeze finds buyers panicked, sellers anxious

Kerry Gold
Special to The Globe and Mail
Published Friday, Jun. 19, 2015 5:52PM EDT
Last updated Friday, Jun. 19, 2015 5:57PM EDT

Emma Co has been a real estate agent for several years in Vancouver, but she’s never seen the market so fired up, particularly on the city’s east side.

“I can’t believe this market,” she said, seated in a coffee shop near Kingsway and Fraser. “I was talking to one realtor, and she said, ‘where is this going?’ ”

It’s a reasonable question, considering the selling prices. The average price for a detached house on the Multiple Listing Service in May was $2.23-million in Vancouver proper. In some cases, east-side houses are going for west-side prices. Urban planner Andy Yan said in March that the invisible $1-million line that once divided east from west has evaporated. We’re now looking at pockets of expensive homes throughout the east side, and some pockets are hotter than others.

As agent Keith Roy says: “Every month this year, the value of the detached home has gone up. The attitude of sellers right now is, ‘Why sell now when my house is going to be worth more next month?’ ”

Inventory is low and demand is high, which is pushing prices up with each passing month. Buyers are getting anxious and so are sellers, who are questioning whether they’re getting top dollar. Sellers often change their minds on the asking price and re-list higher after receiving a flood of offers.

It’s not often that inventory on detached houses gets this low.

“If we stopped adding new houses to the inventory and kept selling at the current rate, we would run out of houses in about 35 days – they would all be sold,” says Mr. Roy. “It’s super tight inventory, and we have enormous demand. Every time you hear of a story where a house sells over asking with 10 offers, it means there are nine people who didn’t get a house and they are still shopping.”

At 895 E. 14th Avenue, east of Fraser, a completely renovated 2,440-square-foot character house with garden suite was listed this month for $1.599-million. It sits on a standard 33-by-122-foot lot, but has no garage. The house had been renovated from top to bottom, while maintaining some original features from when it was built in 1925. It sold in 11 days for $1,751,571.

Local buyers are either panicking to get into the market to settle down, or they’re investors looking for a deal, Ms. Co says.

“They want to buy because the interest rates are very low, and they are panicking because the market keeps going up.”

One neighbourhood is under extra pressure because of rezoning.

The Kingsway neighbourhood dubbed Norquay Village – part of Renfrew Collingwood – has become a beehive of agent and developer interest since the city rezoned the area from single-family to multiple-family housing. Norquay is part of a push to transition select areas to higher density housing from single-family detached homes.

As a result of the rezoning, a couple of old bungalows that might have sold for $950,000 a year ago are now going for at least 50-per-cent more.

As part of her job, Ms. Co looks for rezoning potential on behalf of builder and developer clients. She found two side-by-side houses on 44-by-88-foot lots for her client after drawn out negotiations with the homeowners. In the end, the house at 2396 E. 34th was listed for $1.420-million and sold for $1.440-million, and the house next door at 2384 E. 34th sold for $1.350-million. The street is zoned RM-7, for stacked townhouses or rowhouses.

Another house, a Vancouver Special at 6797 Butler St., sold for $1.220-million last June. It’s back on the market and it was just re-listed for $100,000 more than the price it was at a week ago. The asking price is now $1.580-million.

“It’s hot right now because of the densification approved two years ago. It’s now having an effect.”

Rezoning for more density has the effect of turning land into gold. The intention by the city was to create denser housing that would offer affordable entry-level housing for people struggling to get into the Vancouver market. However, if rezoning escalates land values, then development costs go higher, which means the consumer pays more in the end.

Real estate development consultant Richard Wozny is skeptical that an increase in density is the antidote to unaffordability.

“Speculation on rezoning houses into higher densities always leads to higher prices as buyers overwhelm sellers,” says Site Economics’ Mr. Wozny. “Once the former house sites are redeveloped to multifamily, the units do cost a little less than the cost of the original house if no rezoning or redevelopment ever took place. While that seems affordable, it is worth noting that $1-million for a house is far better value for a family than a townhouse or condo which costs 25- to 35-per-cent less.”

Economist Will Dunning, who used to work for Canada Mortgage and Housing Corp., is based in Toronto. He’s studied Vancouver and recently wrote a report for Vancouver-based Landcor, which provides data and quarterly reports on the real estate industry. He forecasts that the B.C. market will slow, at least for domestic purchasers. He attributes the slowdown to the weak job market in the past couple of years, as well as a levelling off of mortgage rates. Rates are unlikely to go down much further. Although he expects “quite good” real estate numbers in the second quarter this year, that combination of factors should slow the current frenzy.

One of the pressures on the Vancouver resale market is the low supply of detached houses. With the crush of new buyers on the scene, there’s not enough to go around.

“What’s driving Toronto is the same as Vancouver – the lack of land for construction of new low-rise housing,” he says. “What are their avenues? Compete in the resale market, buy from a small [new] supply that is available, but not in the right location, or buy a small existing property and tear it down. Or buy from a builder. We had a similar pressure in Toronto, which is resulting in rapid price growth here.”

Perhaps a sign of an already cooling market is the recent sale of a Kitsilano house for well below asking. The two-storey renovated house on a 40-by-105-foot lot at 2765 W. 8th Ave. was listed at $1.799-million and sold for $1.580-million after 34 days on the market.

“It’s still active, no question, but I don’t think you see the same activity we experienced about six weeks ago,” says agent Christopher Rivers, who sold a house down the street for $1.569-million.

Also, in terms of prices, the line between east and west has definitely blurred, he says.

“The east and the west are starting to blend. “A lot of people are going to the east side because they want a neighbourhood that still plays street hockey. Plus, you can buy something over there for $1.6 [million] or $1.7 [million] and have community.”

There’s a theory among some agents that the low supply is due to homeowners’ fears that they won’t have anywhere to go if they sell.
Ms. Co knows of a couple that is looking for a home after selling as part of an assembly land sale. They got good value for their house, but they wanted to remain in the area. If they’d held out and stayed in their home while their neighbours had sold, their house could have dropped in value. So, they see themselves as having been kicked out of the market. Now, they’re trying to get back in and are desperate to find something.

Another factor driving the market is that rents are on the rise, particularly with a vacancy rate that’s almost at zero. That’s welcome news for investors and buyers who can’t make payments without a mortgage helper.
Agent Paul Albrighton says the majority of his transactions involve properties between $500,000 and $2-million. Few buyers put only 5 per cent down. The majority has at least a 25-per-cent down payment.
“They’re taking big mortgages, but they aren’t over leveraged like we saw in 2007,” he says.

Mr. Albrighton says he’s frequently explaining to his buyers that they can expect to spend around $1.3-million or $1.5-million for a decent house. If that doesn’t scare them off, he then explains the current process. They need to have all their financing in place before they start looking. If they want an inspection, they need to have it done prior to making the offer. The offer needs to be presented with a deposit in hand, and without any subjects.

“It’s so competitive buying these very nice east-side houses, you can’t have subjects,” says Mr. Albrighton.

Mr. Albrighton says the media overlook the group of domestic buyers that have good jobs and have earned money in local real estate. That group is also fuelling the market, especially those buyers who now prefer the east side to the west side.

“Interest rates are helping people to go to a higher price. And there is a lot of consumer confidence. That gets people into buying mode. And there is foreign investment from all sorts of places, because our dollar is lower. I had clients recently buying from Europe. There are quite a few reasons why this is happening.”

As to whether the frenzy will continue, Mr. Roy, the agent, believes the market has plateaued and could go either way.

“Expectations keep going up, but at some point, that changes. Over the long term, your house will be worth more than it is today. But there’s going to be one day when your home is worth less than it was the day before.”

Vancouver inventory squeeze finds buyers panicked, sellers anxious - The Globe and Mail

Fair to say, all the fearmongers in this thread (including me) have been wrong. Real estate in Vancouver is the single best investment period. Anyone who had sold his or her house in Vancouver has lost money. This doesn't just go back 1 year or 5 years but since the beginning of this city.

Even if Vancouver real estate market crash and burn tomorrow, it still doesn't change the fact the bears have ultimately been proven wrong by the only thing that matters -- Price. Prices continues to rise despite massive pessimism and, this is pretty much a classic sign of a sustainable bull market.

You can rent and invest the difference if you are frugal and shrewd, but for most people who doesn't watch the daily ticks of the stock market, buying a house to live in with the hope of being mortgage before retirement is still the best investment both financially and psychologically.

Quote:

Originally Posted by Carl Johnson (Post 8650301)

. This doesn't just go back 1 year or 5 years but since the beginning of this city.

.

go look at real estate prices in 2000 - prices were dirt cheap, they were normal, they were livable. vancouver was a much nicer city not full of people telling everyone that they lived in the best place on earth. people then didn't talk about real estate only, they had lives.

that statement is exactly what the MSM wants everyone to think. this is a recent phenomenon, in my opinion, based on cheap money - yes the top end is full of foreign money, many cities have these same factors, but i've been through this, and it's my opinion only.

as for best investment ever and only investment you should have - no way in hell. risk adjusted return stinks - it's such a huge risk to put all your net worth in real estate in one city (especially if you're taking on 90% debt), if you're really rich and this is part of a portfolio, fine, your risk is less, but for joe average, it's such a risky move, just ask americans circa 2005.

let's not forget that the NASDAQ is at all time highs, and has quadrupled since it's low of 2009 (though that is a STUPID way of looking at it and no one can time the market like that), and that is a much more diversified asset holding than 1 house.

so, no, i don't think it's the best investment ever, i'm not saying put all your money in the NASDAQ (it's expensive), just the same as i wouldn't buy vancouver real estate because it is at all time highs. these assets are all driven by cheap money, difference is the NASDAQ is backed by growing earnings of its holdings, though multiples are a bit lofty.

So, from one piece of BS media drivel to another (can't actually open on my work computer, so click the link, if you want to read a shitty piece of journalism):

Miserable Vancouverites fed up with housing costs, want to move away: survey | Metro

Quote:

Originally Posted by Carl Johnson (Post 8650301)

You can rent and invest the difference if you are frugal and shrewd, but for most people who doesn't watch the daily ticks of the stock market, buying a house to live in with the hope of being mortgage before retirement is still the best investment both financially and psychologically.

not true at all, and has been proven untrue.

you do not need to look at stocks daily - you invest your excess funds once a month, it's much less stress to rent and invest with a long term outlook than worry about a potential market crash when you have debt.

if you're going to make bold statements like this, please prove it mathematically.

you're 100% right on the basis that people won't save the difference, but we can't account for personal weakness - if that's the reason to buy real estate, then that's just ridiculous

Home owners and landlords want prices to rise so they make more money

Home ownership is a huge part of how status is measured in Vancouver

Renters are seen as lesser people

Quote:

Originally Posted by 4444 (Post 8650480)

I literally spend 15-20 mins a month deciding where to put my monthly dividends. Watching stocks daily is what I used to do before switching to a more passive style of investing. I bet home owners spend way more than 15 mins a month maintaining their "investment"

House on my gf's street in Vancouver just sold for 1.8m, assessed at low 1.4's. Ridiculous.