Vancouver Condo Real Estate Video Blog #622 - November 17, 2010
Speak to an Accountant if You Bought in the Patina or the Capital Condos in Downtown Vancouver
Ian Watt video blogs if you bought any luxury condo pre-sales in Downtown Vancouver in the past 3 years, you should speak to an accountant as most of the people who bought in those building are probably not going to break-even should they sell right now, and perhaps some losses could be used against some - get professional advice from an accountant. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs.
Ian Watt: Hi, Good afternoon! It's Ian Watt in Downtown Vancouver.
What we've seen in 2010 is kind of a flattening or downward pressure on
pricing. It's definitely not going up but a couple years ago. The
Patina and the Capital were sold at peak levels and were just not seeing
those numbers achieved in Downtown core for a similar product. So what
were gonna see when this things complete in the next few months is that
people are selling them at the substantial loss. They should be really
lucky and thankful if they can sell at the break even number. But less
the market goes up 20% in the next few months were gonna see a lot of
people selling at losses and that just the reality. But the thing is
those losses might be able to be used again some of your other income.
So check with your accountant. I'm not an accountant but check with your
accountant because there might be some ways that you can use this
losses at a advantage to you. My name is Ian Watt. If you have any
questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!