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Million $ House: Seattle vs VanBC


JayB
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yeah, but don't a million of them funny colored hockey-dollars just buy you a pack a smokes, a sixer of molson and but a single evening w/ a 14 year old-thai hooker, w/ little more to show for it the next day then a serious case of crabs (which admittedly, you do get cleared up w/ "free" medicine, so ya got that going for ya)?

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Fuck I'm confusing my Hollywood  movies.

 

so buddy #1 moved to Dubai last week to save $. Buddy #2 moving back in with mom and pop to save $. Both have spousal combined income over 100k. Buddy #3 managed to leverage his way into a million dollar teardown this year. Assessed value of dwelling on property taxes was $35,000.

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You guys should let China invest in your real estate market too. It's like musical chairs. Round and round they go and when they stop, someone's out.

 

Central bank dropping rates + banks tossing out lending standards when they learn they can transfer the downside risk onto the public have quite a bit more to do with it IMO. Same story as the US, told with a different accent.

 

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Should be fun times at the CMHC when leverage starts to work the other way. Ditto for folks who bought in at historically low rates with non-recourse loans that will reset in 5 years.

 

Anyone who has significantly more debt than equity should price to sell and enjoy their windfall. I'd wager It's much easier to live with the regrets that come from missing the absolute peak of the market by a few points than it is to live with a crushing debt burden that will haunt you for the rest of your life.

 

 

 

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Dispatch from the blast radius:

 

“The town condo market is now in freefall, the condos that were built in abundance during the peak can’t be given away at $200k. One development is now back to the pricing they were at in 2002 and they have only sold 2 condos since spring. There are several developments like this all next to each other in the same boat.

 

“However, the three sisters development, 7 miles from town, is in worse shape, condos sold a few years ago for $740k for a 970ft, 2 bed apartment (the 2nd bed has no windows). These now underwater by about $500k, even to have a chance of selling. Many of these are in the shadow of abandoned projects, tarp and wire fencing dominating the area devoid of residents. Rental prices for these places are about $1000 per month, if they can find tenants….. These “fine estates” have a long way to drop yet….. We were lucky, we just sold our place and are now being “smug renters” renting a comparable place for half the cost of owning. It was a lucky escape.”

 

 

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