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See What $890,000 Buys In A Housing Bubble And After The Bubble Pops

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posted on Mar, 4 2012 @ 03:10 PM
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www.businessinsider.com...

"Inquiring minds seeing new data on Vancouver's massively overpriced real estate just might be seeking new comparisons to other places. First, Let's take a look at what $890,000+- will buy in Vancouver.







===

With those bargain listings in hand, let's consider a single property sale that just took place in Ireland. The previous price for the Sandhouse Hotel located in Donegal, Ireland sold at auction was $6 million.



Paul Diver has purchased a spectacular 55 bedroom hotel overlooking the Donegal coastline for a mere $860,000, down from the $6 million price the original owners sought for the Sandhouse Hotel three years ago.



===

It's usually the top when people start justifying high prices by saying, "This time is different because ...."




posted on Mar, 4 2012 @ 03:16 PM
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My girlfriend wants to go out to BC for a graduate program- but I dont think we will be able to afford the cost of living. It's a shame too since it's really beautiful. Obviously it's more inflated there than here in Toronto, but I did recently see new town houses outside of the city going for $600,000 +



posted on Mar, 4 2012 @ 07:24 PM
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reply to post by leo123
 


Wow.. I thought the NW's housing market was all jacked up. For the price of the "as is" house without a front door you could buy 5 of my house lol.. of course I had to buy some 30 miles outside of the city, and my poor property value just keeps falling. And falling. And falling. I give whole new meaning to term "under water".



posted on Mar, 4 2012 @ 08:52 PM
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Originally posted by Rockpuck
reply to post by leo123
 


Wow.. I thought the NW's housing market was all jacked up. For the price of the "as is" house without a front door you could buy 5 of my house lol.. of course I had to buy some 30 miles outside of the city, and my poor property value just keeps falling. And falling. And falling. I give whole new meaning to term "under water".


What comes around, goes around. Canadian real estate - and our banks - are about to get slammed.



posted on Mar, 4 2012 @ 08:59 PM
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Its mostly rich immigrants driving these prices up....they all want to come here/there. But your right....when money becomes useless....look out.

Im doing it right....15 000 cad gets me farmland far farrrrrrr.......far away.....and it will feed me.



posted on Mar, 4 2012 @ 09:10 PM
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Damnt I would have bought that hotel. I wish I had known about it. Lucky bastard.

I cant believe anyone would pay that price for a crap shack. Buy a mansion and hire a driver for the commute. Probably cost less.



posted on Mar, 4 2012 @ 09:14 PM
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Out west it's Crazy!! You want to buy Eastern Canada or Southern U.S



posted on Mar, 4 2012 @ 09:16 PM
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The Royal bank was one of the top twenty Trap bailout recipients

Here a hundred Mi North of TO in a nice little town, my buddy just sold a nice location and had to drop his pants 35 percent - that was 6 months ago he sold
If he was selling now it would be even worse.



posted on Mar, 4 2012 @ 09:26 PM
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The clock is ticking in Vancouver, and when the bell goes off, there could be a 30 to 40% correction in those prices in a few months time. If I were there, I would sell now, move east (much farther east than Toronto) and let the dust fly. Then go back in a few years and pick up the same property for 50%. They have been able to get away with what is going on for a long time, but it cannot last much longer.
edit on 4-3-2012 by charlyv because: (no reason given)



posted on Mar, 4 2012 @ 09:36 PM
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Originally posted by Danbones
The Royal bank was one of the top twenty Trap bailout recipients

Here a hundred Mi North of TO in a nice little town, my buddy just sold a nice location and had to drop his pants 35 percent - that was 6 months ago he sold
If he was selling now it would be even worse.


Yea, my cousin got into the same jam in Newmarket, and they moved to Aurora, thinking that the dust had settled, and got screwed twice.



posted on Mar, 4 2012 @ 10:18 PM
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I bought my home in Calgary in 2008 for $360,000, I could still sell it for as much now.

That's the thing about Alberta, Here even when the recession hit, it wasn't that bad. It was definitely not as busy as before but things seem to be picking up more and more, which is what happened right before the great depression.

I think we are in a bubble right now, but when or if it will pop remains to be seen. I do not think they will let that happen anytime soon as there is already to much uproar among the middle class that a second recession/depression would cause a lot of animosity.

I am thankful to be living in Alberta though, we seemed to get out of the recession with very little damage, lets hope this next one we fair good too. I would love to sell my home, but what do I buy then? It's all relative, even if I buy a townhouse, they will drop by roughly the same percentage....

Pred...



posted on Mar, 4 2012 @ 10:41 PM
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Originally posted by Danbones
The Royal bank was one of the top twenty Trap bailout recipients


It put them in a good mood too. They refinanced me last year at 3.6%, sight unseen. Just pics, no appraisal.
Then again, I am in Saskatchewan, it isn't as forward moving as other places


Most rural places out here, 10 acres out here with a decent house, approx $100,000. Maybe $300,000 for a nicer place.
Those houses, if in Saskatoon, would probably also be in a bad neighbourhood, being run down, so they would be worth about 150,000 maximum - I think, I haven't looked at the city prices lately. Maybe less.

And for some silly reason, no one wants to live in this province

High winter heating costs, I guess....

The same property anywhere around Vancouver
Millions

Prices are insane there.
At least here, when the bubble bursts, we're already among the lowest prices in Canada, so things don't go down much. If at all.



posted on Mar, 4 2012 @ 11:04 PM
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But the property tax yearly on that $800.000 house/hotel will probably be $200.000 a year... because the actual appraisal would probably still be in the millions..

Its like winning a car on a tv show.. yey! new car.. uh, no, you gotta pay tax and luxury taxes.. in the end, they decide to take a reduced amount of cash.. like a lotto 'one lump sum' deduction..



posted on Mar, 12 2012 @ 10:31 PM
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Originally posted by Pharyax
But the property tax yearly on that $800.000 house/hotel will probably be $200.000 a year... because the actual appraisal would probably still be in the millions..

Its like winning a car on a tv show.. yey! new car.. uh, no, you gotta pay tax and luxury taxes.. in the end, they decide to take a reduced amount of cash.. like a lotto 'one lump sum' deduction..


Pharyax:

You bring up a very important point. While many areas around the world and the US have seen resale prices tank - and in many cases BIG TIME - what hasn't gone down is property taxes and utilities.

Those are the mortgage payments you can NEVER get rid of.



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