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I’m Going To Have To Contact The Bank And Something Is Going To Have To Give

A report from the Globe and Mail in Canada. “In downtown Vancouver, the condo market has softened considerably, with prices coming down as more units come onto the market. Vancouver realtor Ian Watt is seeing many of those downtown condo owners unloading their investments. The people who were highly leveraged and believing that the market would only go up are getting hit the hardest, he says. ‘With prices going down, many of these people are losing what little equity they had, and are drowning. Those who live within their means will be more than fine, but those who aren’t, are dumping their debt.'”

“Mr. Watt says the wave of listings has swamped some sellers. One of his Olympic Village listings had an asking price of $699,000. It sold for $660,000, after two months on the market. It completes Sept. 24. Mr. Watt says the seller had to drop the price after several other units in the same building came onto the market. ‘It destroyed our momentum.'”

“Realtor Patricia Houlihan has felt the loss of Airbnb income personally. She says she lost $21,000 of short-term revenue on one property over the summer, but she had the savings to cover the loss. Others aren’t as fortunate. ‘I did what other people did, and converted it to long-term rental. But what’s happened is it’s harder to rent out long term because there are all types of [former] Airbnb [units] to compete with now. They used to say that all the Airbnb was taking away rental stock, and it was true. But now all of those who’ve converted to long term are pushing rents down.'”

The Oman Daily Observer. “An on-going exodus of expatriate professionals, long the mainstay of Muscat’s once-thriving residential rental market, is expected to see landlords doling out incentives to attract and retain tenants amid a glut in capacity. ‘At a very high level, there has been an average drop of 30 – 40 per cent in achievable rental values for apartments from 2014 to 2019,’ said Matthew Wright, a key expert at Savills Oman.”

“But also compounding the situation for the residential rental market is the on-going increase in the supply of apartments. For example, around 1,000 new apartments have been completed in the Boulevard area of Muscat Hills over the past two years. While many of these are investment properties, they are likely to be eventually introduced into the rental market, thereby having an impact on achievable rental values.”

From India Today. “Aslam, 48, a Noida based property agent who mostly deals in the resale housing market, has not been able to clinch a single deal since March. He cracked at least five to six deals in the previous years, in the same period. ‘Housing market is almost finished, even in the resale market, where flat-owners are not able to bear with home loan EMIs and are desperately looking to sell their home with more than 25 per cent discount, still not getting buyers. Uncertainty in jobs is the main reason for the slowdown,’ Aslam told India Today.”

“Average home prices have fallen by up to 35 per cent from 2019 levels in NCR. In Gurgaon, one of the biggest real estate markets of NCR, sellers have so far held back, and only a few distress deals have been executed. Experts say the housing market in this satellite city of Delhi is virtually dependent on the distress sellers. ‘The current pandemic is an unprecedented Black Swan event that is expected to contract growth in the global economy, including that of India. As anticipated, demand was adversely impacted due to economic uncertainty combined with growing unemployment; in fact, our recent Housing-NAREDCO buyer survey indicated buyers had pushed back their purchasing decision up to a year,’ said Mani Rangarajan, Group COO, Housing.com.”

The South China Morning Post. “China’s biggest developers are likely to step up price discounting this year to clear a growing pile of unsold homes, with authorities sounding another alarm in their deleveraging campaign to pre-empt any financial shock to the economy. Completed but unsold homes amounted to 480 million square metres (5.16 billion square feet) across 100 mainland cities at the end of July, according to data compiled by E-house China Research and Development Institute. That’s a 7 per cent increase from a year earlier, and the highest level of inventory since November 2019.”

“‘Developers will offer more discount campaigns to ease inventory pressure and shore up their cash levels as fast as possible,’ said Yan Yuejin, director of the Shanghai-based institute. ‘Home developers are in a fierce competition to lure buyers in the second half.'”

“Chinese companies are facing increasing refinancing pressure as the deadly coronavirus outbreak ravaged the economy, Fitch Ratings said in a report in February, with smaller property developers the most at risk of failure.”

From Domain News in Australia. “The state government’s September 6 announcement that even one-on-one inspections were banned until at least October 26 stunned the real estate industry. This time last year there were 672 reported auctions in Melbourne, according to Domain data. Last weekend there were none. Leah Calnan, Real Estate Institute of Victoria president, says her inbox is jammed with pleas for help. There are landlords receiving no rent and elderly people needing to finance a retirement move.”

“Those who bought intending to sell before settlement are in dire straits; Calnan knows of a lost deposit because the buyer could not settle. ‘It’s extremely heartbreaking,’ Calnan says.”

“‘Most investors are mum-and-dad investors, not tycoons,’ says REIP chief executive Sadhana Smiles. ‘We will have people with settlements coming up and they cannot move and will need bridging finance, but the banks – will they come to the party?'”

“Landlords, too, are under pressure, as Dennis (who does not wish to give his full name for privacy reasons) knows. His North Melbourne investment apartment tenants struggled financially so he dropped their rent from $510 a week to $400, then $350, while topping it up to pay his mortgage. ‘I am not a fat cat, I’m not sitting in a deckchair by a pool drinking pina coladas because I don’t have to work or pay the mortgage,’ he says. ‘It’s been a struggle.’ Now, his tenants are leaving.”

“Dennis’ apartment, which has been listed for six weeks with Harcourts, cannot be viewed, even with key pick-up. ‘I am sort of in a sticky situation,’ he says. ‘I’m going to have to contact the bank and something is going to have to give.'”

“Calnan says agents are under strain too, expecting some to be ‘absolutely in financial trouble in the coming months. I think there will be businesses that don’t reopen.’ Ancillary businesses – photographers, conveyancers, stylists, floor plan writers – are also taking a hit.”

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  1. ‘her inbox is jammed with pleas for help. There are landlords receiving no rent and elderly people needing to finance a retirement move. Those who bought intending to sell before settlement are in dire straits; Calnan knows of a lost deposit because the buyer could not settle. ‘It’s extremely heartbreaking’

    ‘Calnan says agents are under strain too, expecting some to be ‘absolutely in financial trouble in the coming months. I think there will be businesses that don’t reopen.’ Ancillary businesses – photographers, conveyancers, stylists, floor plan writers – are also taking a hit’

    via GIPHY

  2. ‘I am not a fat cat, I’m not sitting in a deckchair by a pool drinking pina coladas because I don’t have to work or pay the mortgage,’ he says. ‘It’s been a struggle.’ Now, his tenants are leaving.’

    ‘I am sort of in a sticky situation,’ he says. ‘I’m going to have to contact the bank and something is going to have to give’

    It’s died in the arse Dennis.

    1. ‘I am sort of in a sticky situation,’ he says. ‘I’m going to have to contact the bank and something is going to have to give’

      I know what’s going to give, and it’s not the bank. It’s your credit score, your net worth and your mental health.

      1. It is if as events we are seeing are following a well-worn script.

        There are but two steps involved here:

        1. Suck ’em in.

        2. Shake ’em out.

      2. “I know what’s going to give, and it’s not the bank.”

        LMAO!

        Just imagine Tom Vu losing all those fine ash babes?

  3. ‘people who were highly leveraged and believing that the market would only go up are getting hit the hardest, he says. ‘With prices going down, many of these people are losing what little equity they had, and are drowning’

    Wa? But UHS says Canadia is red-hotcakes?

  4. ‘Housing market is almost finished, even in the resale market, where flat-owners are not able to bear with home loan EMIs and are desperately looking to sell their home with more than 25 per cent discount, still not getting buyers’

    You know Aslam, I’ve heard stamping yer little feet helps.

  5. “Realtor Patricia Houlihan has felt the loss of Airbnb income personally. She says she lost $21,000 of short-term revenue on one property over the summer, but she had the savings to cover the loss. Others aren’t as fortunate. ‘I did what other people did, and converted it to long-term rental. But what’s happened is it’s harder to rent out long term because there are all types of [former] Airbnb [units] to compete with now. They used to say that all the Airbnb was taking away rental stock, and it was true. But now all of those who’ve converted to long term are pushing rents down.’”

    Rot in hell, scum.

  6. The people who were highly leveraged and believing that the market would only go up are getting hit the hardest, he says. ‘With prices going down, many of these people are losing what little equity they had, and are drowning.

    Die, speculator scum.

  7. Mr. Watt says the seller had to drop the price after several other units in the same building came onto the market. ‘It destroyed our momentum.’”

    I love the smell of burning speculators in the morning. It smells like…victory.

  8. But what’s happened is it’s harder to rent out long term because there are all types of [former] Airbnb [units] to compete with now.

    Well then, Patricia, I guess you better watch one of those old Jamie Lee Curtis horror movies so you get the basic idea when it comes to sawin’ and slashin’ like you mean it.

  9. ‘At a very high level, there has been an average drop of 30 – 40 per cent in achievable rental values for apartments from 2014 to 2019,’ said Matthew Wright, a key expert at Savills Oman.”

    Is that a lot?

  10. ‘Housing market is almost finished, even in the resale market, where flat-owners are not able to bear with home loan EMIs and are desperately looking to sell their home with more than 25 per cent discount, still not getting buyers.

    Well, then, greedheads, looks like you’re going to need a deeper discount.

  11. “China’s biggest developers are likely to step up price discounting this year to clear a growing pile of unsold homes, with authorities sounding another alarm in their deleveraging campaign to pre-empt any financial shock to the economy.

    Previous buyers, please form an orderly line and try to refrain from stamping of little feet as the developer throws you under the bus.

  12. “Those who bought intending to sell before settlement are in dire straits; Calnan knows of a lost deposit because the buyer could not settle. ‘It’s extremely heartbreaking,’ Calnan says.”

    A family of modest means priced out of decent housing is heartbreaking. A greedy Boomer being forced to slash their wish price, or a speculator watching the valuation of their shack or skybox plummeting, isn’t heartbreaking at all. As a matter of fact, it’s exhilarating.

  14. The Marxist BLM founder, not content with serving only her globalist oligarch bankrollers, is now teaming up with CCP proxies. I am Jack’s complete lack of surprise.

    https://nypost.com/2020/09/17/blm-co-founder-teams-up-with-pro-chinese-communist-party-group/

    A “trained Marxist” founder of Black Lives Matter has teamed up on a new venture with a pro-Chinese Communist Party organization.

    Alicia Garza is now behind the advocacy group Black Futures Lab, which is backed by the Chinese Progressive Association, according to the website.

    The group says it “gathers information about the ways that policy affects black communities” to educate and challenge lawmakers.

  17. I just got an email from Poway Unified School District re: Parenting LGBTQIAP2+ Children. WTH! And, I’m an agnostic, NPP voter thinking this.

    1. I draw the line at poisoning our children. If someone organically comes to whatever realization around adulthood, so be it. But this reeks of an agenda.

      1. Language should also evolve organically which was Jordan Peterson’s original point when these types of words begun to be mandated by the Canadian gov.

        We home school. It’s not easy but I could not look at myself in the mirror in the morning if I just sent my kids off to these indoctrination camps. Then we spend more money on involving them in camps, art classes sporting activities offered by various townships, parks and private businesses. My disgust is at maximum overload when I then see school teachers expecting the same pay for either not having classes because they are ‘skeered’ of the beer flu and or don’t want to teach classes on sight in the public prison system. The taxes we pay need to ‘die in the arse’ of these scum bag politicians.

    3. Heh, you should have seen the comment section for the WaPo article reporting gender reveal party that set off the one of the fires. Many of the commenters remarked that we shouldn’t have gender reveal parties because we shouldn’t assume the infant’s gender.

  19. LOL@ paying property taxes to the City of Denver:

    “According to the parent, his young daughters have already been exposed to several things he believes are inappropriate on their way to and from school.

    “Probably 75 homeless people, tents, a port-o-potty, piles of garbage, bicycle chop shops, needles on the ground, I have seen it all,” he said.

    The campers do not appear to be on school property. However, there are a number of campers directly across the street on at least two sides of the school building.

    “It’s really just become crazy that this is even a thing. You have 50-year-old homeless people smoking meth 20 feet from where my kids are going to school. That’s not cool,” the parent said.

    https://kdvr.com/news/local/denver-parent-refuses-to-send-kids-back-for-in-person-learning-due-to-homeless-camp/

    1. “It’s really just become crazy that this is even a thing. You have 50-year-old homeless people smoking meth 20 feet from where my kids are going to school. That’s not cool,” the parent said.

      Denverites elected Bolshevik Democrats (redundant). Homeless addicts shooting up and defecating on lawns and sidewalks means “we have arrived” from a progressive utopia standpoint.

    2. “According to the parent, his young daughters have already been exposed to several things he believes are inappropriate on their way to and from school.”

      This parent and the Leftist mayors and District Attorneys from Chicago, NYC, Portland etc. have inspired a new Christmas song.

      I only wish Bing Crosby was still around to sing it. 🙂

      “Homeless tents It’s Christmas time in the city”

      (Homeless tents, homeless tents)
      It’s Christmas time in the city
      You must wait (you must wait)
      While they defecate (defecate)
      Soon it will be Christmas day

      City sidewalks, busy sidewalks.
      Dressed in holiday style
      And the ground is all covered with needles
      (People passed out,
      Business cast out,
      Toothless smile after smile)
      And on every street corner you’ll see

      (Homeless tents, homeless tents)
      It’s Christmas time in the city
      You must wait (you must wait)
      While they defecate (defecate)
      Soon it will be Christmas day

      Hear the snow crunch
      See the Moms blush
      This is Santa’s big day
      And above all this bustle you’ll see

      Homeless tents) this corner Santa Claus,
      (Homeless tents), it’s busy now because
      It’s Christmas time in the city
      You must wait, (it fills the winter air)
      While they defecate (you’ll see it everywhere)
      Soon it will be Christmas day.

      (Lyrics borrowed from)

      Silver Bells – Bing Crosby

      https://youtu.be/jHefeA-hyMA

    3. “It’s really just become crazy that this is even a thing. You have 50-year-old homeless people smoking meth 20 feet from where my kids are going to school. That’s not cool,” the parent said.

      Heaven forbid they should learn about people not as fortunate as they are.

    4. According to the parent, his young daughters have already been exposed to several things he believes are inappropriate on their way to and from school.

      I wonder if this parent cast a vote for our pal Cindi CdeBaca?

      1. “I wonder if this parent cast a vote for our pal Cindi CdeBaca?”

        Bill Ayers and Bernadine Dohrn must be so proud of her.

        Councilwoman Candi CdeBaca

        District 9 councilwoman Candi CdeBacaCandi is a proud fifth-generation native of northeast Denver, Colorado. She lives in the same home in the Swansea neighborhood that her great-grandmother lived in nearly 80 years ago. Raised by a single mother and grandparents, Candi understands the importance of tight-knit communities and stepping up for neighbors in need. Moving her family and community forward meant going to work at ten years old and focusing on academics.

        Candi is a proud graduate of Manual High School where she was valedictorian and class president and one of the first students to be appointed to the Denver Mayor’s Commission on Youth and Denver Mayor’s Latino Advisory Council. A recipient of the Daniels Fund Scholarship, Candi was the first and youngest dual-degree graduate from the University of Denver Graduate School of Social Work. She is accomplished in policy development, federal policy compliance, organizational development, investigation, monitoring, training, motivating and leading diverse groups of people to share a mutual vision and achieve common goals. She was previously the Executive Director of Project VOYCE, a youth development and civic engagement organization Candi co-founded at 18 years old.

        Candi is a fearless leader, prominent voice, and community champion in Denver on social justice issues spanning the range of nonprofit, K-12 education, higher education, community, business, development and environment.

  20. Meet Isabella Aguilar, one of the “new breed” of Soros-installed anti-white DAs that are subverting the judicial system from within.

    https://www.bigtrial.net/2020/09/larry-krasners-diverse-ada-doesnt-like.html

    She’s an assistant district attorney in Philadelphia who doesn’t like white people.

    She goes on Twitter to advise members of Black Lives Matter on how to keep themselves out of jail by not posting videos of their illegal activities online.

    She thinks the legal profession is racist, the criminal justice system is racist, the bar exam is racist, elite law schools are racist, the Republican and Democratic parties are racist, and the U.S. Constitution is racist.

    She’s Assistant District Attorney Isabella Aguilar, a native of Chicago, and a graduate of the Northwestern University Pritzker School of Law. She’s been a Philly ADA since August 2019, when she was personally recruited by District Attorney Larry Krasner. On her Twitter account, Aguilar says that she’s “currently in Philly trying to reform our system,” and she’s “unapologetically Latina.”

    1. She’s an assistant district attorney in Philadelphia who doesn’t like white people.

      Yet George Soros likes her. Weird, right?

    2. Aguilar says that she’s “currently in Philly trying to reform our system,” and she’s “unapologetically Latina.

      It’s gonna be interesting when Hispanics reach the critical mass where they can blacks to get lost. And it will happen.

    1. Interesting, when you think about it. The Fed is cranking out dollars like there is no tomorrow, yet the dollar is considered “strong”.

  22. The MSM omertà on the taboo subject of the role of globalist oligarchs in bankrolling and directing the Communist insurrection in American cities and subverting the judicial system to ensure the Soros scum can go about their mayhem with impunity is being challenged by no less an Establishment figure than Newt Gingrich.

    https://americanmind.org/post/the-soros-cover-up/

  23. ‘Over the past four months, he, too, has seen an influx of out-of-state buyers and recently sold a piece of land in Sundance to a retired couple from California, who anecdotally told him they had chosen Wyoming for space and less strict gun laws.’

    “They said they were looking for more freedom and fewer restrictions,” he said. “They just wanted to get a gun safe and live free and were tired of their laws always changing.”

    ‘Other California buyers have not been as accepting of Wyoming’s conservative values and relatively lenient regulations, he said, recounting a story about one couple who refused to go inside to view a house after seeing an American flag waving in the front yard.’

    https://county17.com/2020/09/17/refugee-buyers-add-to-surge-in-real-estate-in-county-state/

    1. I’m still baffled that State Troopers in places like upstate New York are allowed to set up checkpoints to block possible COVID vectors from entering their municipalities, yet California libtards infected with the virus of collectivist ideology are free to flee the mess they’ve created and wander freely into the red states.

    3. Other California buyers have not been as accepting of Wyoming’s conservative values and relatively lenient regulations, he said, recounting a story about one couple who refused to go inside to view a house after seeing an American flag waving in the front yard

      So why are they moving to Wyoming? Do they want to turn it into another California?

      1. I have a buddy who recently moved from CA to a large ranch he purchased out in the middle of Wyoming.

        They have no worries from him…born and raised in TX, Trump supporter, gun owner, etc.

      2. So why are they moving to Wyoming? Do they want to turn it into another California?

        Maybe they like the way they are, but don’t like other people who are like them or enabled by them? Logical consistency probably isn’t required.

  24. “Realtor Patricia Houlihan has felt the loss of Airbnb income personally. She says she lost $21,000 of short-term revenue on one property over the summer, but she had the savings to cover the loss.”

    A HousingHen, DegenerateGambler and lying Realtor too.

    A DebtDonkey Trifecta!

    Arlington MA Housing Prices Crater 13% YOY As Enraged Sellers Slash Prices Double Digits

    https://www.movoto.com/arlington-ma/market-trends/

    As one real estate economist observed, “Housing prices and rental rates are cratering everywhere.

  25. “The people who were highly leveraged and believing that the market would only go up are getting hit the hardest, he says. ‘With prices going down, many of these people are losing what little equity they had, and are drowning.”

    Cry Me A River

    “Those who live within their means will be more than fine, but those who aren’t, are dumping their debt.”

    Those who live within their means but bought the same kind of condos the debt HODLers are now dumping are in for an azz pounding as well, when prices get hammered.

    Wealth effects worth both directions.

    1. Those who live within their means will be more than fine, but those who aren’t, are dumping their deb

      How does one “dump debt” other than via a BK court?

      1. You can dump debt by Gov. Bail Outs, to answer you question. Bankruptcy is another way. Just massive loss from a crash.

  26. “Completed but unsold homes amounted to 480 million square metres (5.16 billion square feet) across 100 mainland cities at the end of July, according to data compiled by E-house China Research and Development Institute. ”

    Is that alot?

    A little maths may shed light. Suppose that each such house is 2000 square feet (probably a wild overestimate!). Then the number of such houses completed but unsold is

    5.16 billion square feet divided by 2 thousand square feet =

    5,160,000 thousand sq feet divided by 2 thousand sq feet =

    2.58 million completed but unsold homes.

    That’s alot, especially for a country that is already over its head in debt.

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