Seller Urgency – “I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS?”

Seller Urgency – “I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS?”

from VREAA blog

$278000 I AM GIVING THIS CONDO AWAY FOR $80,000 LESS THAN COST!! – ANY TAKERS? (15152 RUSSELL AVENUE – WHITE ROCK B.C…)

Date: 2012-07-19, 12:57PM PDT
Reply to: ********@hous.craigslist.org

THE ADDRESS IS 15152 RUSSELL AVENUE. THE 21 FLOOR BUILDING WAS BUILT BY BOSA PROPERTIES IN 2009. IT IS BY FAR THE NICEST BUILDING IN WHITE ROCK AND THE BEST LOCATION. THE CONDO IS VACANT NOW AND I CAN SHOW IT TO YOU FRIDAY. THIS IS A 502 SQUARE FOOT STUDIO ON THE 5TH FLOOR, IT IS VERY WELL DONE AND HAS EVERYTHING. I HAVE A FULLY ASSUMABLE MORTGAGE WITH TD CANADA TRUST AT 2.2% INTEREST, $180,000. FOR 35 YEARS. THE INTEREST PAYMENTS ARE ABOUT $600. PER MONTH. THE STRATA FEES ARE $137 PER MONTH WHICH INCLUDES MAINTENANCE, HEAT, AIR CONDITIONING, GAS FOR THE COOKTOP STOVE, AND HOT WATER. IT ALSO COMES WITH A PARKING SPACE AND A STORAGE LOCKER. THE UNIT FACES NORTH WITH A VIEW OF THE MOUNTAINS. THIS IS A LOT CHEAPER THAN RENTING. THERE IS AN AMENITIES ROOM AND A GUEST SUITE. THE POOL AND JACUZZI HAVE NOT BEEN BUILT YET BUT WHITE ROCK HAS EVERYTHING YOU WILL NEED WITHIN A SHORT WALKING DISTANCE. INCLUDING THE OCEAN, THE BOARDWALK AND THE BEACH.

IT IS BY FAR THE NICEST BUILDING IN WHITE ROCK AND THE BEST LOCATION. THE CONDO IS VACANT NOW AND I CAN SHOW IT TO YOU TOMORROW. THIS IS A 502 SQUARE FOOT STUDIO ON THE 5TH FLOOR, IT IS VERY WELL DONE AND HAS HIGH END LUXURY EVERYTHING. THESE UNITS ORIGINALLY SOLD TWO YEARS AGO FOR $349,000. PLUS GST. I AM SELLING FOR $279,000. (INCLUDING HST) BECAUSE I HAVE SOME PERSONAL PROBLEMS AND NEED TO LIQUIDATE ALL OF MY REAL ESTATE ASSETS. MY LOSS IS YOUR GAIN. FORTUNATELY, I HAVE A FULLY ASSUMABLE MORTGAGE WITH TD CANADA TRUST AT 2.2% INTEREST, THE BALANCE IS $180,000. THE AMORTIZATION IS 35 YEARS. THE MONTHLY PAYMENTS ARE ONLY $600. PER MONTH. THE STRATA FEES ARE $157 PER MONTH WHICH INCLUDES INSURANCE, MAINTENANCE, HEAT, AIR CONDITIONING, GAS FOR THE COOK TOP RANGE AND HOT WATER IS ALSO INCLUDED. IT ALSO COMES WITH A SECURE UNDERGROUND PARKING SPACE AND A STORAGE LOCKER. THE UNIT FACES NORTH WITH A VIEW OF THE MOUNTAINS. THIS IS A LOT CHEAPER THAN RENTING. THERE IS AN AMENITIES ROOM AND A GUEST SUITE. WHITE ROCK HAS EVERYTHING YOU WILL NEED WITHIN A SHORT WALKING DISTANCE. INCLUDING THE OCEAN, THE BOARDWALK AND THE BEACH.
PETS ARE ALLOWED UP TO 15 KILOS. YOU COULD RENT THIS CONDO OUT FOR $1,000. TO $1200 PER MONTH OR IF YOU FURNISH THE CONDO WE CAN GET YOU $1500 PER MONTH GUARANTEED IN OUR CORPORATE RENTAL PROGRAM.

– from craigslist, 19 Jul 2012 12:57PM [hat-tip ‘Anonymous’ at VCI]

Our apologies, the screaming capitals are exhausting to read, but we’ve let them stand as a reflection of the urgency that some sellers are beginning to experience.
Notes:
Selling below prior purchase price is not “less than cost”. Selling “below cost” means selling for less than the cost of production (and even that may be above fundamental value, given land price speculation and inflated construction costs during a bubble). Properties will sell for what is truly “below cost” much later in the price decline.
– vreaa

======================================================================================

COMMENT :

This one is intriguing because it is located in White Rock. Having family out there, I am a bit familiar with the ever- important “Local Politics”. This specific project was very contentious , given the eventual height far exceeded that of any existing  multi – family building.

The two existing towers still stand out like a sore thumb.

The developer had bought up a fairly large footprint of Low – Rise commercial property. Obviously,  as per the “rubber -stamp” norm, they lobbied White Rock Council and Staff to approve the project, build a first phase of (2) towers, then additional phases on the basis the project would be  popular…right?

 

W-R-O-N-G.

 

From what I have gathered,  the project has been a disaster, even though the first phase has prime views.

The existing commercial properties were given notice to vacate, but have since been given a reprieve.

I am not sure why ……”exactly”…….but if its a dog …..ITS A DOG. My “guess” is there is a vibe in a community the Developers did not sense, and,  in  the case of White Rock..the citizens prefer LOW density…..which is its attraction..hence such nouveau Hi – Density is repugnant to current and future residents.

If the article above denotes desperation by a blind sucker buyer…..but perhaps these types have been the Bane/Pox of the entire economic climate, buying into a corrupted fiat currency system that has seduced them …..yet affects us all.

There is much to be extrapolated  from this,……… but perhaps it is more of a “Moral Tale”…that Developers should suffer the economic consequences for jumping into bed with a supposedly representative “Elected Council” and their often Machiavellian Bureaucrats,……. hoping to bypass the given culture of the specific locale.

Advertisements
Gallery | This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s