Vancouver Condo Real Estate Video Blog #686 - September 11, 2011
Realtor Commissions for Condo Pre-Sales Are Doubling
Ian Watt video blogs about how Realtor Commissions for Condo Pre-Sales Are Doubling which is a sign of desperation in the Vancouver condo project and pre-sale market. 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. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2011 www.iWatt.ca .
Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. What were starting to see in Downtown Vancouver is a lot of pre-sales coming back but the cost of construction, the price of the land and just the profit margins are just not there so everything has escalated the price per square foot is through the roof and doesn't make financial sense to purchase unless it's Waterfront or A Class building. But what they're building this days seem to be all B class buildings in B or C Class locations. So this is very interesting when you look at all the commissions offer to all the realtors and keep in mind this has been a tough year for a lot of realtors in Downtown Vancouver. All the commissions for realtors who bring their clients in to buy a pre-sale are pretty much double their double there's big incentives, there's strips, there's a lot of money instead of like an eight, ten, fifteen thousand dollar commission were thinking thirty thousand dollars. It's a lot more money than this people are going to make by buying this properties and trying to flip them that's for sure cause those days are dead. So this is just another indicator that pre-sales in Downtown Vancouver are just not where is at. Bend your money in the product that already there or save your money until this projects are complete let somebody else make the mistake. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great!