WoW at robchipman.net 7 May 2010 5:33 am -
“I went for a drive today (putting my little guy to sleep after dinner out….he’s only 3 and has no clue about the housing bubble, it’s weird how even people who live with me could care less) and I saw a fair chunk of ‘For Sale’ signs in my westside driveabout…not that many sold’s… my kid’s grandma was with me on the drive around… she called (against my will) the realtor for a listing we saw on 45th and Columbia…..she asked me (before she called) to guess the price…I said $1.3million, but I think I can get it for $850k in the crash..the realtor told us it was listed for $2,900,000…I kid you not…I said that I would rather pay $12,000 a month to rent than to buy at that price…I imagine rent for that place would run $5,000 – tops. So do the math. In the end, prices will reflect fundamentals. That house is worth 1/3rd of asking. Eventually (I think its gradually happening) buyers/sellers will clue in.”
The house in question is not only 7 bedrooms, 6 bathrooms and 4220 sq. ft., it is on a 50×152 lot, about twice the size (in area) of a standard lot in Vancouver.
the poster ‘wow’ is out to lunch. no wonder he is still renting.
As he said, worth about $850k after the crash.
Who is more out to lunch? The individuals paying $3M for these houses, or those who see them as more than two times overvalued?
The poster will get their price, not sure about 2010 but I can see this happening in 2011 when buyers will be hard to find.
I hope I can dump my Vancouver house soon.
G, are u being realistic when you said that the poster will get his price?
Currently at 2.9 million to go to 850k,
it’s the same as a million dollar home going for $280k. is this possible? and all this in 1 years time (as you said it may happen in 2011)
keep dreaming.
I really think people need to consider how much time it takes the average person in Vancouver to earn 100k outright. 2.9 million is just slightly under what I will earn in MY LIFETIME!!! I am an engineer! If I had 3 million I would buy in hawaii or the carribean not Vancouver.
People have lost touch with just how much these numbers actually are. They will come back down…and just to put it into perspective… 850k is still completely out of reach of the average person…that means that it will still be considered a very expensive home despite being valued at less than 1 million.
it’s the same as a million dollar home going for $280k. is this possible?
You mean like all those beautiful listings on Crackshack or Mansion? Heh.
I saw the same house but I guessed 2.2 million. I was SHOCKED when I found it was 2.9. The house is very nice, but I’m thinking for 3 million I should have pool and a waterfront view and acerage.
t – I am with you. A “nice” house that costs 100% of your life time income before you even start to pay interest on the mortgage is ridiculous. People have completely lost touch with reality in this city. 1M is an unbelievably large amount of money – 10 years ago, 1M lottery jackpot would set you up for life. Now it is just enough to afford one of the city’s worst houses or just barely a down payment on a nicer one. Unbelievable.
vreaa, you have deleted posts again. What is going on?
Sorry, maybe it’s just a caching issue.
[bubbly-> thanks for the comment. I'm unaware of any lost posts. No more (than the one we've adequately discussed) have been deleted. Let me know if there's a problem. -vreaa]
You know, I buy 1/2 million dollar home in San Jose, and an lsland somewhere in South east asian for Vacation. And eat on interest, and enjoy the sun and not working.
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