New Luxury Condos: Tough Sell!
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- Опубликовано: 18 сен 2024
- Just built and pre-sale luxury condos in Downtown Vancouver are a difficult sale right now. Inventory is growing and prices are continuing to slide. Many of these buyers are going to be looking at substantial losses on these units when they finally do sell. The main culprit is the massive spike we have seen in borrowing costs. Many of these homes were bought with the expectation they could be flipped at a profit. In other situations the sellers' plans have changed and now need to sell. Some of these new strata have as many as 60 listings and the developers still have units for sale as well. Some sellers are doing large reductions in hopes of cutting in front of the competing units to get them sold.
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OWEN BIGLAND
MACDONALD REALTY WESTMAR
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2018 - 2021 Medallion Club Member. Top 5% of Greater Vancouver Realtors
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Great Info!
Thanks for watching!
What an amazing video!!! Thanks for the wonderful content!! Great as always!!!
Thabk Owen! Dan/Mad Slug.
Yes, great content!
Owen you should think about topping up the Tequila, tax time is not far off 😊
Great great stuff owen
Hi Owen great show , after the spec tax , transfer tax and g s t are these luxury condos feasable to rent out.
Not the 2 or 3 beds or the higher floor units. Only thing that might make a good investment buy would be studios, junior 1 beds and low floor 1 beds if u can get them at the right price.. Still not there yet... but i'm keeping an eye on them as i see prices continue to soften. Todays .50 basis point hike didn't help matters. Luxury 2 and 3 bedroom units do not make for good investments. Very poor cap rate and difficult to rent. Most people who can afford a $6,000 monthly rent are buyers. Downtown 1 bedrooms are the sweet spot for investors also nice to be the least expensive unit in a very high end/ expensive building
Great job as always!
Owen what do you think about buying a 1 bed/ studio condo in downtown Calgary as an investment? It's pretty hot market there and prices are still ok. Your advice is always valuable. Thanks
I wouldn't do it. I would buy in Nanaimo or Kelowna.
@@NWYVR is there any particular reason for that? Thanks
@@alexkroll9178 Unlimited land in Calgary vs limited land in Nanaimo/Kelowna
I don't know enough about the Calgary market to give you a deep opinion so hire an experienced Realtor who works with investors and knows the buildings and neighbourhoods well. . What i will say is that if you buy the right unit at a fair price put a tenant in it and keep it for 15-20-25+ years.. Use a safe amount of leverage in fixed term rates and let the capital gains build tax sheltered you will will very pleased with the decision and investment.
@@OwenBigland Thanks for your opinion
12% mortgage are no going to help.
Anything can happen but i don't see rates getting anywhere near 12%. BOC is already sounding more dovish with this new hike to 4.25%. I think we might see one or 2 small .25 basis hikes next year then a pause. Let's see.
2 bedroom 50th floor. Good deal. I would not buy it though...
I think it will get even better in 2023.
You need to top up your liquor supply it's looking pretty dry.
Yeah.. it's looking pretty low. It's funny i have barely touched that bar over the past 3-4 months. I swear my maid is dipping into it as i look at the levels drop on video. Tax season just around the corner hopefully Santa brings me some more supplies.
Burrard place which just achieved occupancy in September has over 30 units for sale with prices at $1500 a sq and up. Little value to be had here. Heard there has been a lot of issues with the buildings HVAC system.
Also the location is questionable. But the presale buyers are still making a tons of money. They purchased many many years ago.
I'm not sure about that. I'm seeing losses on recent sales in Burrard Place after you factor in PTT commissions, GST, a second set of 5% GST and conveyance charges. Looks like some of the more expensive higher floor units are going to be taking even bigger losses when they finally do sell?
👍👍👍👍
Alberni Tower 📉📉📉
This is some antidotal fire. 🔥Thanks Owen.
Is that a virtual background Owen?
I always wonder the same thing!
Had me fooled for a sec too but you go back to older videos and you can see he does slightly different angles of the same room and the shading is different. It’s a real background.
No this is real. This is shot in my home office/ Man Cave