The weather was so nice this weekend, the wife and I decided to take baby mohican for a little drive. No better way to celebrate good weather in the suburbs than burning fossil fuels!
Some interesting observations from driving a little bit off the beaten path.
1) We aren't even close to running out of developable land.
2) There are innumerable new homes under construction in Langley / Surrey.
3) There are many "Development Proposal" signs all over the place for new subdivisions that contain 50 - 500 homes. (Bedford Landing, Milner Heights, Yorkson, Copper Creek, Clayton, and more - these are by developers like Parklane, Adera, Morningstar, Solterra, Foxridge, and lots of other smaller developers)
4) There were hundreds of for sale signs, mostly in new home developments. I assume most of these homes for sale are speculators or developers trying to sell their investment. Very few "sold" signs.
What are your observations from where you were out and about this weekend?
18 comments:
Is there an area around here that is not being overbuilt? New West, Burnaby, Coquitlam, Port Moody -- all the areas I frequent -- are full of new condo projects. Its all in the $400K range, requiring families with six digit incomes. These are, for the most part, modest blue-collar neighbourhoods. I foresee lots of new cheap "luxury" rentals in a few months. When I drive down the Lougheed Hwy, I can't help but snicker to myself.
Took a stroll down to the Downtown Costco and noticed quite a lot of agents around the Spectrum condos. It's wild listening to the hype. The agents make it sound like there's all this demand. Go on to MLS and you'll find tons of units for sale.
This boom is gonna bust. Just a matter of time.
Nothing too unusual away from the new developments. Replacement construction is continuing. Recently I've noticed more custom jobs than the cookie cutter stuff I'm used to seeing.
Mohican
As I posted on my blog.
What's with Seascape in West van?
15 listings on MLS for this NEw development. Most from the same realtors.
http://fishre.blogspot.com/2008/02/north-shore-dreaming.html
A crapload of open house signs out this weekend atop Burnaby Mountain.
I too can help but notice when I'm out and about how much vacant land there is in Vancouver and how many ready-to-tear down & rebuild buildings there are too. It makes me sick that people fall for that crapola hype.
Crap seems to be a theme in my post tonite... craptastic!
I was in Port Moody this weekend visiting a friend who just rented herself someone else's condo. On the way in, there were probably 8? 9? for sale signs. Nice enough rental, but you wouldn't want to be paying $400K for it.
Interesting that you mentioned "Copper Creek". I'm assuming you mean the sign up at 72/192 for Copper Creek North? That developer has already built 6 phases (about 30 per phase) just to the south on 192nd, around 66th Ave.
There are so many other developments in that area that you would likely never know about unless you happen to drive the backroads. We're talking about thousands of units coming online in the next year or two... Tate, Sunset Grove, Waterstone, Leafside Lane, Compass, Manhattan Skye, Montana, Two Blue (phase 2), and those are all townhouses within about a 4 block radius. Theres also TONs of lots for sale and small detached houses at all stages of building.
I was walking a little road near Lighthouse Park West Van and was astonished at the number of For Sale signs. Seems like every third or fourth house is for sale.
White Rock South Surrey plenty of signs on condos and a few on homes, but a lot of open houses this weekend.
fencesitter - I know what you are talking about. The amount of supply in the Clayton area is astounding. Attached, detached - whatever - it is really amazing. To beat all it really isn't selling that well anymore either. I don't know why the developers keep starting new units but they are.
Brentwood Mall area in Burnaby has gone from 4 towers (20 years old)to more like 12 in the last 5 years. 4 more are in the pipe and all the towers come with surrounding lowrises as well it seems. Lots and lots of supply but yet it still hasn't made a difference.
Kinda makes you wonder how all these people loading up on FV real estate are going to react when gas hits $1.50/L. The number of people who will be willing to commute into the lower mainland is going to drop off, and I'm pretty sure this will be where the slide will begin. How's an extra $100/month on gas going to affect people who are already stretched to the limit?
Yes, oversupply, sounds good to me! Can't wait for the price decreases. Check out craigslist rentals as well, people there asking what seem to be unreasonable prices for BRAND NEW condos, NEVER LIVED IN (as per their ads, hehe). Is a condo near Brentwood mall really worth $2000/month? Or a condo in Whalley for $1400/month? I wouldn't be surprised to see these rentals end up back on the market soon enough.
rentingsucks,
A lot of that supply is still being built. Give it a few months, and the Brentwood Mall area will be a flipper bloodbath.
OT - News From Budget 2008
http://www.budget.gc.ca/
Tax-Free Savings Account (TFSA)
Canadians need all the help they can get to save money.
The TFSA will allow Canadians to watch their savings grow tax-free throughout their lifetimes.
Canadians can contribute up to $5,000 every year to their TFSA and carry forward unused room to future years. There is no lifetime limit and no tax on investment income earned, including capital gains.
The TFSA can be used any way you like—for example, to buy a new car, pay for an emergency, finance a child’s wedding or bankroll a dream family vacation.
scoop: here are the details of the tax initiatives. Accountants and financial advisors will be scrambling once again.
The new TFSA sounds like an American IRA.
I just take a peek and I suddenly discovered your post. I do enjoy reading it. Thank you and keep sharing.
Philippines properties
Post a Comment