[Surrey] Park Avenue | 124m & 118m | 36 & 40 Floors | Complete

[PitBoss]

Great to hear your alternative comments, which sadly often seem to be the case in this part of the world. Let's hope the crash occurs and recession sets in, then you'll be right and feeling thoroughly satisfied .

Obviously "cornholio" as I've only posted 6 times in the past 6 months, in your eyes that makes me a novice..........great thinking, it certainly adds strength to your argument .

This will probably be the last post I make again for several months, so let's meet again and see where we are in the summer next year. I'm sure you'll still be pessimistic and I'll still be optimistic, but such is the way of the world............and something tells me that during those months I will have made a considerable profit for a good number of people. Cheers.

[jlousa]

Pitboss before you go can you answer where the 3Billion is being invested?

[cc85]

cornholio I do agree with your assertion that the babyboomers will play a major role in the future of our economy, primarily the downsizing of it and the rapid increase in health care and pension costs which will have to be supported by a slowed growth rate of our population. Add the demographic transition to the mix, and we simply are not going to get the additional one million people in Metro Vancouver. Look to Asian and South America receiving the majority of immigrants from Africa in the next 25 years.

While it seems that pitboss has been with us since march and posted only six times I can only lead myself to believe he uses this board, as many others do, for insight on the market and happend to be reading the skytowers thread due it being the most recent - high profile sell out. As he has posted, he is trying to convey a sense of continued optismism of the market in an attempt to stave off any possible reduction of his 'company's' investment. Of which I believe is not residential, simply due to the fragmentation of the existing supply network. Alas, in order to use a sum of what 3 billion, it would have to be diversified in commercial or industrial lands in order to have enough low-priced properties add up to the sum.

As this board points out, we people, that is, urban invigorator wannabes are knowledgeable of the urban fabric, and I assume something equally important to that matter, land value is a necessary knowledge needed. However, I have been shown otherwise due to some peoples' lack of adequate probabilities regarding future prices.

I'm certainly happy for a market correction to hit and for people to lose considerable amounts of money simply because of the very greed that put them there. As much as I believe in a capitalist system, there is only a certain amount of market freedom that can be tolerated when something as pivotal as the provision of housing is factored in. These people are the reason why we have no social housing, poor land use planning, poor urban design. We have ignorant developers who continue to build the status quo because they are stupid, scared, unenlightened, uneducated, greedy, condesending, and more importantly unconcerned with society.

[phesto]

Originally Posted by cc85

As this board points out, we people, that is, urban invigorator wannabes are knowledgeable of the urban fabric, and I assume something equally important to that matter, land value is a necessary knowledge needed. However, I have been shown otherwise due to some peoples' lack of adequate probabilities regarding future prices.

Huh?

[LeftCoaster]

I second that...

[giallo]

Originally Posted by cc85

cornholio I do agree with your assertion that the babyboomers will play a major role in the future of our economy, primarily the downsizing of it and the rapid increase in health care and pension costs which will have to be supported by a slowed growth rate of our population. Add the demographic transition to the mix, and we simply are not going to get the additional one million people in Metro Vancouver. Look to Asian and South America receiving the majority of immigrants from Africa in the next 25 years.

While it seems that pitboss has been with us since march and posted only six times I can only lead myself to believe he uses this board, as many others do, for insight on the market and happend to be reading the skytowers thread due it being the most recent - high profile sell out. As he has posted, he is trying to convey a sense of continued optismism of the market in an attempt to stave off any possible reduction of his 'company's' investment. Of which I believe is not residential, simply due to the fragmentation of the existing supply network. Alas, in order to use a sum of what 3 billion, it would have to be diversified in commercial or industrial lands in order to have enough low-priced properties add up to the sum.

As this board points out, we people, that is, urban invigorator wannabes are knowledgeable of the urban fabric, and I assume something equally important to that matter, land value is a necessary knowledge needed. However, I have been shown otherwise due to some peoples' lack of adequate probabilities regarding future prices.

I'm certainly happy for a market correction to hit and for people to lose considerable amounts of money simply because of the very greed that put them there. As much as I believe in a capitalist system, there is only a certain amount of market freedom that can be tolerated when something as pivotal as the provision of housing is factored in. These people are the reason why we have no social housing, poor land use planning, poor urban design. We have ignorant developers who continue to build the status quo because they are stupid, scared, unenlightened, uneducated, greedy, condesending, and more importantly unconcerned with society.

I think your anger is misdirected. The developers shouldn't be at the brunt of your hate.

[cc85]

Originally Posted by giallo

I think your anger is misdirected. The developers shouldn't be at the brunt of your hate.

I deal with land developers every day, they know jack shit about proper planning and the larger context .

Please excuse my language.

[cornholio]

Originally Posted by PitBoss

Great to hear your alternative comments, which sadly often seem to be the case in this part of the world. Let's hope the crash occurs and recession sets in, then you'll be right and feeling thoroughly satisfied .

Obviously "cornholio" as I've only posted 6 times in the past 6 months, in your eyes that makes me a novice..........great thinking, it certainly adds strength to your argument .

This will probably be the last post I make again for several months, so let's meet again and see where we are in the summer next year. I'm sure you'll still be pessimistic and I'll still be optimistic, but such is the way of the world............and something tells me that during those months I will have made a considerable profit for a good number of people. Cheers.

Well having been to Britain a few times, and to mainland Europe often and having lived there for a good chunck of my life I must say that people there are much more pessimistic then out here regarding everything and realestate. Realestate in Europe is not only in a completly different market but prices have also been driven up to record highs and are also at a tiping point due to to just about the same reasons I mentioned. By the way i dont consider my self pesimistic, i just like to look at the world and events in a unbiased logical way, infact the world needs recessions, ups and downs, and so on, they are just a fact of life and in the end help keep us chugging along. My only concern about your 6 posts was that it clearly showed that you have hidden intentions about convincing us that our market is doing good, that means the reliability of what you say drops.

I don't see serious problems at least until summer anyways, and more serious problems in another decade, not to mention that you can take your profits and have allot of fun with them in you death, which probably is close assuming your in your 60's. Personally I could care less.

By the way although the baby boomer's have a strong effect, its the baby echo or what ever its called that has a huge effect too and changes in our society has allowed the combination of them to unnaturally increase demand above what it should be and will be, temporarily off course, though temporarily means a good chuck of our life's.

Anyways I would love to take you previous post and dissect it and show why it made no sense.
Any how I find this a interesting discussion none the less.

cheers...

[cornholio]

.

[Slippy]

Let's get this thread back on track...

Has anyone bought into Sky? What did you buy and for how much?

[Volksboi]

I agree, This is a thread for Sky Towers not the furture of the realestate market. We all have different opinions of what will happen. I side with PitBoss, but each to there own.

[Canadian Mind]

I side with Jlousa, but I hope Pitboss is right. Like Manhattan in the US, I would love for this city to be virtually immune to economic turmoil.

Anyways, Skytowers, how many meters high are they???

[SpongeG]

they have that one road all closed and fenced off

the one between where sky will be and the station...

[Volksboi]

I just got an email from sky tower stating that they are releasing 40 units from people that could not get financed... they will probaly get snapped up pretty quick

[cc85]

people can't get financing for $149,000? i wonder if any of them would be overextended? no...can't be so

[Volksboi]

lol overextended? noooo never...lol

[GMasterAres]

The real estate market is a risk based market just like the stock market. People that invest take a chance no matter where it is. The people I know that purchased 5+ condos in Yaletown for under $100,000 when they started building that area up and then resold them for closer to $450,000 are laughing to the bank. The bubble could have burst then though and they could have been out the money.

Much like everyone today purchasing. You have to remember though that based on all Olympic cities over the last decade or so, they've enjoyed a boom after the Olympics and most of the condos being constructed right now in Surrey won't be complete until around 2010 so people would be required to get a mortgage until then.

For now we just need the 15% down payment (25%ish for rental properties). As a business (which I own) that means really my condo is only 75% of the total cost long term (that's the price risk) as 25% was paid in cash.

Either way, everyone is entitled to their opinions as always and as with everything, we'll see what the future holds. I mean an asteroid could strike the city tomorrow for all we know.

For the record, I've purchased into Infinity tower 3 which is currently under construction, 1 condo on the 21st floor and a unit on the 8th floor in the larger Sky Towers high-rise. It was reasonably priced per square foot compared to the other units.

I agree some units in there (such as the townhouses) are just insanity and some of the higher floor units are well above what I would deem as reasonable. But on the 8th floor the unit I purchased into was reasonably priced for rental income and resell value (being 1 bedroom).

Investing in real estate always requires people to step away from emotion and look at the hard numbers. Do I think some of the projects in Surrey are grossly overpriced such as Ultra? Sure. Do I think some of the units in Sky Towers are over inflated? Sure. But as long as you do some research and set reasonable boundaries for your money, you can mitigate the risk. And the fact again that we may perhaps see a down turn in prices before the Olympics doesn't concern me as again mortgage considerations won't be until at least 2011 for Sky Towers when the up turn would be in affect (post Olympics).

I do think Surrey Central does have a lot of potential if the current council continues its trek towards cleaning up crime as best it can and focusing more efforts on transportation or the lack thereof.

We shall see.

As for the releasing of the 40 units, I hope people don't just snatch them up without doing a bit of research. It also doesn't worry me as there are always fruit cakes that try to get in on the band wagon without having the necessary monetary resources. Given there were 900someodd units, 40 constitutes only ~4% which is negligible.

Just a piece of advice (and you may state my low post count on these forums as disqualifying anything I say if it makes you happy I won't lose any sleep), people rarely make a lot of money or get far in life without taking risks. Just use your head, ignore the rhetoric of people driven by emotion, and make a well educated decision that works for you and your financial position.

You may get burned. But you won't win the lottery unless you play it. :-)

I would love to see Surrey build a respectable downtown and sky-line I'd enjoy visiting and living in.

[SunCoaster]

Here's hoping that both towers get built soon with no height reductions etc. ... as a matter of fact I'd like to see all of the current Surrey/Whalley proposals get built ... for it's population Surrey currently has a pathetically meager skyline so all these projects will help to densify the Surrey's 'core' (eg. the King George Highway corridor)

... as an aside, but still on the issue of densification, Langley just amended it's downtown OCP and starting immediately Langley will permit towers up to 20 stories in its core (which Langley considers to be the area surrounding Willowbrook Mall - eg. area rezoned goes roughly from 192 Str on the west to 203 Str on the east and 66 Ave on the north to Logan Ave on the south) - the closer to Willowbrook Mall the closer the towers are permitted to be built to the 20 story maximum ... conversely, towers on the 'fringe' of the core will be permitted up to 10 stories ... translation as towers start appearing in Langley that city will eventually end up with the traditional tiered 'wedding cake' type core ...

[vanman]

^Didn't know that. It seems all the distance suburbs that 5 years ago I would have never guessed would allow towers in their core are all now down for densification. Maple Ridge, Abbotsford, Port Moody, Port Coquitlam and now Langley. It's pretty amazing.

[Dylan Leblanc]

This towers would fit right in in Mississauga.