Vancouver Condo Real Estate Video Blog #740 - November 26, 2012
Would Vancouver Condo Pre-Sale Buyers Be Suing Developers If The Market Was Rising?
Ian Watt video blogs about how a handful of presale buyers are suing the developer of the Residence at the Georgia Hotel over some paper work…. However Would Vancouver Condo Pre-Sale Buyers Be Suing Developers If The Market Was Rising? 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 2012.
Ian Watt: Hi! Good afternoon it’s Ian Watt in Downtown Vancouver. Last week on Global News I was interviewed regarding the people that are suing the developer at the Residence on Georgia. Now apparently from what I understand and I haven’t seen any documents this is just what I’ve heard and what I’ve read is that people are suing because the developer did not amend the disclosure statement properly and notify everybody. So there’s suing in wanting to get out of the contract. Of course the market has dropped significantly since the people purchased and I think that we should all be responsible for our own commitments when it comes to buying pre-sales that chances are you gonna make any money on pre-sales anymore that doesn’t happen in Downtown Vancouver anyone who's bought from 2010 onwards in pre-sales is gonna lose money in the short term. So all these people have bought record high prices the markets come down and they’re locked in to this contracts so they’re looking for any way out possible. We saw this in 2008 people were trying to sued to get out of this contracts before I don’t think they had much success and now this people were doing it again. Of course they are looking for a technically to get out but the thing is if the market is going up they wouldn’t be doing this. I think it’s about time these people who made money in pre-sales since 2003 to 2008 face the fact that they’re losing their money, their investments are not as strong as they used to be. If you are in that situation do not sell your property complete on it. Go long term wait another 20 years and sell it chances are you will make money but in short term you already lost money from a stupid purchase that you made 2 or 3 years ago. It shouldn’t be the developers fault because they didn’t amended disclosures properly that you can’t get out of making a poor investment. 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!