Quote:
Originally Posted by Etoile
Etoile
I concur Woofer, there is no other venue where you can make the kind profits you speak of but in real estate. Vancouver is one the top cities with prices to go with it. I bought and sold here in Ottawa recently that was less than 2 years old and sold it for 30K more (minus 10k of which went to real estate agent) I did great I feel and this was my first stab in real estate, where and how else can you make this kind of money on an investment, and all of this was just prior to the economic downfall otherwise it would have more. It amazes me, and I'm still amazed and wonder why I did not do it sooner, probably because I was travelling a lot and moving from Province to Province so to me buying wasn't veen a thought. In Vancouver you need to have a lot more $ behind you cause the prices are sky high especially downtown, I can't imagine how much an HP unit would cost if it was in YVR...scary thought!
Again it's a personal choice, rent, buy, condo, house, downtown, suburbs, etc etc. I have to say I'm liking the odds and the value of my investment is sure to go up, property, location, timing and a great real estate agent, and maybe a little luck :-)
![Cheers](images/smilies/cheers.gif)
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Of course if you time it wrong:
Yaletown condo developer offers steep discounts
DOMINIQUE ARMAND FOR METRO VANCOUVER
March 17, 2009 05:17
A developer in Yaletown is offering buyers discounts on condos of at least 22 per cent, including those already sold.
The Beasley, a 33-storey, 221-unit condominium by Amacon, is 65 per cent sold.
Cameron McNeil, president of MAC, the firm marketing the development at Homer and Smith streets, said the initiative called Pass It On Campaign came about after months of exploring reduced construction costs.
“We are in a very different market than a year ago,” McNeil said. “When we negotiated our construction cost and realized the savings we made we were happy to pass on those savings to our purchasers.”
Tsur Somerville, a professor of real estate finance at the University of B.C. Sauder School of Business, said there are usually two reasons why developers give discounts to pre-sale buyers.
“One is not to piss people off,” he said. “If you bought an unit pre-sale and they’re now selling (comparable units) for a lower price (the developer) will have an issue with the people already there.”
Somerville said that when pre-sale buyers “have found a way to walk away from their contracts” developers also have reason to offer incentives.
The Beasley is expected to be completed by July 2012. Outstanding inventory will be available on April 4 with units starting at $219,900.