“With regards to ‘Yu Living’ green condo at UBC south campus, my in-laws in China bought a place site unseen. They are furious now that the view overlooks a future BC Liqour store and Save on Foods. The agent in China was caught off guard as well – the brochure showed a trees and ocean!!!
They should not bought a place with so little advance research; they come from a generation that respected universities and assumed that they were buying into a quality life style for future grand kids.”
– ‘Not too happy’ at VCI 27 Aug 2012 6:02am
It’s easy to be happy with almost any property when prices are barrelling upwards.
When prices stagnate or start falling, owners become more critical of a property’s shortcomings.
Expect lots of stories like this in the downturn.
Pretty much explains it all.
I am actually drafting a comment on the general issue …but I don’t think anyone who follows the market is at all surprised by this. The only question is…how much of this blind buying of Real Estate has actually gone on ?
Real Estate, while an ” investment ” is a balance of a physical asset and a physical liability as opposed to say other investments. It is an investment if it provides cash flow and appreciation. However, it can burn…sit vacant…require regular maintenance, insurance etc.
However, there are external factors, such as view. No view is eternal…things can change so quickly.
I recall a Richmond condo development built approx 20 year ago. They built the first phase at the back (South end) of the property and had a large fancy fountain between the new units and the road…the appearance was that of a royal estate. However, eventually a 2nd and 3rd phase was built to the East and West, which took away the regal ambience. IMHO, the first phase was built as it was so as to lure the buyers.
The lesson is kick the tires,…buy something that you can see….that exists and got to City Hall and get an idea of future plans and zonings. Many reasons why this happened to this Asian couple…but in hindsight they….. and their realtor…. were dumb and lazy.
Unless you are in a penthouse or right up to the waterfront…no such thing as a permanent/predictable view.