I saw this post on ZeroHedge yesterday and could hardly believe my eyes:
3.9 million dollars for a house with zero bedrooms and zero baths. In fact, it’s just a big pile of rubble. Well, the address was close by so i went and had a look...and yep! Just what was desribed, a huge pile of junk for sale (via a numbered company).
(Pics by me)
Freaking unbelievable! But what i find even more interesting, is the number of “For Sale” signs around everywhere here in Vancouver. Mom & Pop may not be selling the homestead, but it seems like the smart money is cashing out, or trying to cash out — much like people flood gas stations and supermarkets when there is an expectant major crisis.
Who know’s?
Just a couple years ago there was a game that people played: “Crack-Shack or Mansion” with the over under being 1 million dollars. Now it looks like 3.9 mil is the new “low-bar.” Although i didn’t see any squatters or drug addicts at the above ruins. Why? Because they’re probably crashed at a vacant home worth north of 4 million that has a roof!
Crazy times friends. Got Bitcoin?
Cheers! from @thedamus
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Is this for real??? That is off the bloody chart! :-O
Cg
My buddy’s 1 bedroom + den downtown apt (no balconey, no view) has been assessed at $850 k
😳😳😳
Ree-donculous!
Woah! And here's me thinking London's ridiculous! That is ker-A-zee!!!
Cg
That problem of inflated prices occurs in Vancouver, not in all Canada. Due to the intense Asian immigration, they bring their money and buy houses/apartments in Vancouver, many as just an application of money. Many of the houses/apartments are kept closed and the prices for renting go to the skies. So, when someone wants to sell a house, he asks for a price that is not real.
Of course your example is absurd!
China 🇨🇳 is coming for all of our Great Lakes
Both USA and Canada
“Numbered company” says it all...
What does "numbered company" mean?
It means the house is owned by an anonymous investment group/corporation and not a person or a family. There is a lot of local pushback on this as “we” have been completely priced out of our own market.
Ahh, yeah, I know what you mean. There are a lot of places right now that are getting bought up by companies at speculative prices, and they're driving the locals out of the market. It's a shame to see. I've even heard of whole communities that are bought up one house at a time by a company. The company then rents all the houses out at the prices they set... because they own all the houses. Grrr.
That’s insane!!!!!!! WTF???? They must be on crack
That is crazy TD! I knew they were talking about the housing bubble here in the US, it sounds like people are going to be getting out of Dodge sometime in the near future.
Unbelievably absurd!!!
There is a bubble in real estate across this country, but Vancouver is the biggest bubble of all, with Toronto and Calgary tailing behind them. Here in The Queen City, rent has doubled in a few years and starter homes have gone up 4x in ten years. When the west coast bubble obursts, there's 2 ways that I can see things play out.
The bubble bursts across the country, and home prices in Cities crash, and farm land price explodes, maybe doubles.
Home prices in the interior BC and the prairies rise drastically as people flee the big city markets.
But No one knows for sure what and when will happen.
Also throw in that our Glorious Leader ain't making any friends overseas, the Asians may all of a sudden cut and run from Vancouver with whatever they can get for the property!
Good analysis E.
When “normal” returns, a pile of junk in kitsilano will no longer be 4mil.
Dang, that's crazy! I wonder if that means the dominoes are starting to fall. Could be bad news very soon. Time to get more silver!
And bitcoin too 😜👍
If Trump signs a new free trade deal with Mexico and excludes Canada, then poaches our auto industry, we’re in deep trouble.
I can’t wait honestly
You’ll be better for it. It’s kinda like us here with Obama
You need enough people to vote that idiot out next election
All I know is there’s no hope in hell im voting liberal in the next Canadian federal election!!
It’s a phenomenon well beyond just Trump, but yeah, some unexpected market coditions arise and there’s gonna’ be a lot of people underwater with fat mortgages!
We have a real estate bubble. You’d have to be blind not to see it.
Everyone inside of it cannot see it...
Things are different here. #sarcasm
Right up until it isn’t.
Are you in Van City?
I am up on Alaska Highway, far from anywhere and even here houses are shit. I am so poor cant afford nothing 😳
But yeah rubble for almost 4 mill is freaking crazy! 🤣
Cheers,
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Hiya kf, yep! Here in scam-couver... lol
Ok I am in absolute shock right now. 4 Million for that.
It is crazy! 4 million for above pile of crap or a Chatêau in France?
This is a fluke though
You can buy a nice place for 4 million that’s not like this pile of shit. Even with the bubble caused by China buying up everything you can get a nice pad for 4 million
It is true. There Re many “deals” for under 4mil, but this property is in a very desirable part of Vancouver and it is a large lot. 🤣🤣🤣
Look at This one apartment at Burj Khalifa costs One mil which is way better than that
Yeah, but zero local bars to go to 😜
nice post you have done
I doubt that'll sell, not with rising interest rates... thanks for sharing.
I doubt that'll sell,
Not with rising interest
Rates... thanks for sharing.
- sweptoverniagara
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I did not know that the situation on Vancouver was so dire...