Real Estate

From August 12 to 14, 2009 we spent three days in Montreal, primarily to watch the Rogers Cup, one of the premier events on the ATP Tour. Given that we are ardent tennis fans and have been attending the Rogers Cup in Toronto for many years, we decided to expand our tennis horizons and travel to Montreal this year. We had a chance to see the world elite of mens tennis players competing in Montreals Uniprix Stadium which is located in Jarry Park.

We spent two days at the stadium with our matinee tickets and saw all top 10 tennis players either compete or warm up on one of the side courts. Competitors included world number 1 Roger Federer, Rafael Nadal, Andy Murray, Andy Roddick and many more. Attending a tennis tournament mid week is great because you see so much action, both in the main stadium and on the side courts. Watching Marat Safin practice bare-chested and tossing one of his rackets against the fence was definitely one of the highlights of this excursion.

We also had a bit of time to explore the city and enjoyed a nice dinner on Prince Arthur Square on the first day. This cobblestoned pedestrian street holds a large collection of restaurants and is buzzing with people at night time. We even played some tennis ourselves at Parc Lafontaine, an expansive public park that features a large pond and a variety of recreational facilities.

On Friday morning we also spent some time in Old Montreal and the Montreal Port area, one of Montreals primary tourist draws. This historic district dates back to 1605 when French Explorer Samuel de Champlain set up a fur trading post in the area. Ville Marie, the first permanent settlement in the Montreal area is also located in Old Montreal.

The Port of Montreal was one of Canadas most important ports until it lost importance in the 20th century, particularly with the opening of the St. Lawrence Seaway in 1959 which shifted much of the marine shipping business further west in Canada. Many of the formerly abandoned warehouses have been converted into loft condos in recent years and have made Old Montreal one of the citys most popular (and expensive) residential areas.

Finally, we also drove up to Mount Royal, the mountain which overlooks Montreals downtown area. At a height of 233 m above the city, it provides great views of the downtown core, particularly from the Kondiaronk Belvedere, a large semicircular plaza with a perfect view of the downtown business district, the St. Lawrence River and the surrounding countryside. The Belvedere is anchored by the Chalet, a building from the 1930s that used to house big band concerts and many other social events.

Mount Royal is a popular public park and contains many kilometers of walking and biking trails, a short ski slope, a sculpture garden, a pond called Beaver Lake and various monuments. In the winter it is popular with cross-country skiers.

Montreal is a great summer getaway because of its many interesting neighbourhoods, restaurant districts and the myriad of festivals that are hosted by the city, which include the world famous Montreal International Jazz Festival and the annual Just for Laughs comedy festival.

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What I learned today will have devastating ramification for the real estate marketing and in turn the entire financial and stock market and the broader economy as a whole.

If true…our real estate fate is seal. There will be more housing and real estate foreclosure carnage ahead. The road is long.

Prepare yourself and protect your family from this coming economic catastrophe.

PLEASE RATE, LINK, SHARE and SPREAD the word so others can learn about the real nature of our real estate and economic crisis. Don’t be a sponge to the talking heads that spew only that which benefits them and their bosses. Wake up!
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From L.A Times:

Bulk of bank-owned homes aren’t even on the market yet
“Banks to unleash flood of REOs” at Inman News looks at the effect of foreclosures on the housing market this year:

Inventories of unsold homes are likely to swell in coming months as lenders begin to push a growing backlog of repossessed homes up for sale — often in communities already awash in distressed properties….

Because it can take weeks or months for lenders to put repossessed homes on the market, the impact of real estate-owned (REO) properties on inventories lags behind foreclosures. Government efforts to recapitalize banks through the Troubled Asset Relief Program (TARP) and other bailout measures may also have taken some of the heat off of lenders to unload REO properties at fire-sale prices.

But with the emphasis of TARP and other government relief efforts now expected to shift to creating jobs, helping troubled borrowers avoid foreclosure and providing incentives for home buyers, lenders could soon unleash a torrent of real-estate owned, or “REO” properties — even in markets already flooded with an oversupply of homes for sale.

“It’s almost like a tsunami — you can see it coming and you know it’s going to hit but you can’t get out of the way,” said Ann Stickel, vice president of affiliated services with Sarasota, Fla.-based brokerage Michael Saunders & Co.

So how many bank-owned properties aren’t even on the Multiple Listing Service yet? RealtyTrac senior vice president Rick Sharga puts the number at 75%. That’s a lot of houses.

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Tags: “The dollar collapse” “housing crisis” “financial crisis” subprime hyperinflation inflation economy “economic collapse” “stock market” “stock market collapse” “real estate” fed “federal reserve” money “fiat money” gold silver commodities housing bubble 2009 2008 downfall investing for sale training agent agency selling subprime Peter Schiff Jim Rogers Gerald Celente Alex Jones Ben Bernanke

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Peter Schiff video blog Oct 27th 2009 Also check me out on
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Aug. 10 (Bloomberg) — The collapse in commercial real estate is preventing Federal Reserve Chairman Ben S. Bernanke from declaring the economy and financial markets are healed.

Property values have fallen 35 percent since October 2007, according to Moodys Investors Service. Thats making it tough for owners to refinance almost $165 billion of mortgages for skyscrapers, shopping malls and hotels this year, pressuring companies such as Maguire Properties Inc., the largest office landlord in downtown Los Angeles, to put buildings up for sale.

Negative Fundamental

Demand for commercial space comes from employment and the income generated by that employment, said University of Pennsylvania Professor Joseph Gyourko, director of the Wharton Schools Samuel Zell and Robert Lurie Real Estate Center in Philadelphia. Mounting job losses are a really significant negative fundamental, signaling that conditions are going to be tough for the industry for a while, he said.

That may spill over into mounting losses at some banks. Forty-seven percent of loans at the 7,000-plus smaller U.S. lenders are in commercial real estate, compared with 17 percent for the biggest banks, according to New York-based Goldman Sachs Group Inc.

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